Kategorie: Crypto Markets

• Jarett Dunn, aka @STACCoverflow, arrested in London for Solana memecoin exploit.
• Dunn used flash loans to manipulate pump.fun, stealing $2 million in liquidity.
• Released on bail, Dunn confessed online, citing mental health struggles and grief

The alleged orchestrator of the recent Solana memecoin protocol pump.fun exploit, Jarett Dunn, known online as @STACCoverflow, has been arrested in London.

The arrest follows a sophisticated 26-hour intelligence operation spearheaded by a third-party stakeholder who had enlisted a private intelligence firm to track Dunn’s activities.

Jarett Dunn arrested in Middle Eight Hotel

The operation culminated in the early hours of May 18 when local operatives, or “auxiliaries,” pinpointed Dunn’s location at the Middle Eight Hotel in Covent Garden.

After a seven-hour search, British authorities apprehended Dunn, who has since been released on bail pending his court appearance in August.

The Pump.fun flash loan exploit

Dunn, a former contractor, is accused of exploiting the Solana-based pump.fun protocol by utilizing flash loans from the Raydium lending platform.

Flash loans allow users to borrow large sums of capital without collateral, provided the loan is repaid within the same transaction.

Dunn allegedly manipulated the pump.fun bonding curves to access and withdraw substantial liquidity, profiting $2 million in the process.

In the aftermath of the exploit, Dunn took to social media to confess his involvement. His posts on X (formerly Twitter) revealed a mix of remorse and defiance, hinting at a desire to distribute the stolen funds to Solana (SOL) token holders.

Dunn also opened up about his mental health struggles and the recent loss of his mother, suggesting that emotional distress played a significant role in his actions.

The exploit has prompted pump.fun to work closely with law enforcement to investigate the breach. Initial theories by Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, pointed to an internal private key leak.

Dunn’s erratic tweets have since confirmed his role, though the specifics of his proposed fund distribution remain unclear.

As the investigation continues, the cryptocurrency community watches closely, awaiting further developments in this high-profile case.

The post Solana memecoin protocol pump.fun exploit mastermind arrested in London appeared first on CoinJournal.

• Kraken is exploring all options to continue offering USDT for EU customers.
• Mark Greenberg, Kraken’s Global Head of Asset Growth and Management, confirmed this via a post on X.

Kraken is not looking to end support for Tether (USDT) in the European Union, a company official has confirmed.

A Bloomberg report on Friday stated that Kraken was “actively reviewing” plans to end support for the stablecoin in the EU. The exchange’s apparent position related to upcoming implementation of the Markets in Crypto Assets (MiCA) regulations, according to an official. 

Kraken to continue offering USDT for EU customers

Mark Greenberg, Kraken’s Global Head of Asset Growth and Management, has now provided an update on the matter. He commented on the issue on Saturday.

In a post on X, Greenberg said the exchange has no plans to delist Tether. He also emphasised USDT’s role and importance as the world’s largest stablecoin to Kraken’s business and customers in Europe.

“Let’s be clear: [Kraken] continues to list USDT in Europe and we have no plans to delist at this time,” Greenberg posted.

Per the update, Kraken is exploring all options towards the continued support for USDT.  The exchange is indeed looking to comply with the MiCA regulations, Greenberg added.

“We know our European clients value access to USDT, and we continue to look at all options to offer USDT under the upcoming regime. We will, of course, follow all legal requirements, even those we disagree with. But the rules are not finalised yet, and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers,” Greenberg noted.

As highlighted in our previous report, EU’s MiCA regulations are set to come into effect starting this July with stablecoin rules and on December 30, 2024 for crypto exchanges.

The post Update: Kraken says no plans to delist USDT in Europe appeared first on CoinJournal.

• Dogwifhat (WIF) price was down 11% on the day as top meme coins struggled.
• The Popcat (POPCAT) token also traded lower, falling by 20% in 24 hours.
• A whale has dumped both WIF and POPCAT tokens at a loss.

Dogwifhat ($WIF) and Popcat (POPCAT) are down double-digits in the past 24 hours as the overall meme coins market experiences a significant sell-off.

Dogwifhat sheds 11% amid meme coin slip

WIF, one the tokens to catayse the rise of meme tokens on the Solana network, was down 11% in 24 hours on May 18.

Dogwifhat price has declined by 17% in the past week. WIF currently trades at $2.56.

Comparatively, top meme coins Dogecoin, Shiba Inu, Pepe and Floki are all green in the last seven days despite shedding gains in the 24-hour period. These tokens are however in the red in the past 24 hours.

Popcat (POPCAT) down 20% in 24 hours

As well as Dogwifthat, another meme token losing by double-digits in the past day and week is Popcat. The Solana internet meme token is down 20% over the last 24 hours to see weekly loses hit 14%.

Popcat’s lack of inherent value is likely to contribute to further price pressures if bears intensify their control in the meme coin market.

The token changed hands around $0.3, down more than 48% since hitting an all-time high above $0.71 on May 4.

Whale dumps WIF and POPCAT

As noted by Lookonchain, onchain data shows a whale has dumped WIF and POPCAT at a loss just days after splashing on the meme tokens.

The whale bought $2.18 million worth of WIF, acquiring 732,481 WIF tokens at the price of $2.98 three days ago. Data also shows the large meme holder scooped 716,344 POPCAT at $0.5 for a total of $361,000.

Today, the whale dumped 732,481 WIF for $1.85 million and 716,344 $POPCAT for $281,000. This resulted in losses of $336,000 on Dogwifhat and $80,000 on POPCAT.

The post Dogwifhat and Popcat sell-off as whale dumps tokens appeared first on CoinJournal.

• Kraken is reportedly considering pulling support for the stablecoin USDT in Europe.
• The exchange’s plans come amid the push for compliance ahead of EU’s crypto regulations MiCA.
• Crypto exchange OKX ended its USDT trading support in the EU in March.

Kraken is considering a move that would see the crypto exchange end its support for the Tether (USDT) stablecoin in Europe.

A Bloomberg report published on Friday, May 17, noted that the crypto exchange was “actively reviewing” this position.

Kraken eying USDT delisting ahead of EU’s MiCA rules

According to the report, Kraken is looking at ending USDT support for the market ahead of the region’s Markets in Crypto-Assets (MiCA) regulation roll out date.

The delisting of USDT for the exchange’s EU users is part of the compliance procedure.

Crypto exchanges and other providers with operations in the EU know that MiCA’s stablecoin rules are set to come into effect on June 30, 2024. The comprehensive regulatory framework also includes rules targeted at cryptocurrency service providers – these will take effect on December 30, 2024.

Kraken is “absolutely planning for all eventualities,” Marcus Hughes, the exchange’s global head of regulatory strategy, told Bloomberg. The crypto platform will take a firm position on this in due course, the official added.

If it takes this step, Kraken will join OKX which ended support for USDT trading pairs on its European platform in March.

Tether is currently the world’s largest USD-pegged stablecoin with over $110 billion in market cap, accounting for 68.7% of the $160 billion market. According to data from CoinGecko, USDT is currently available across 347 exchanges.

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• Notcoin’s turbulent launch saw a 53% plunge post-airdrop but bullish predictions signal recovery.
• AlgoTech, a decentralized trading platform, promises innovation amid ongoing presale success.
• AlgoTech’s ALGT token is priced at 0.08 tether in current stage.

Despite a significant post-launch plunge, analysts believe Notcoin (NOT) has growth potential.

Alongside this, the ongoing AlgoTech presale has garnered attention, promising advanced algorithmic trading solutions for investors.

Notcoin (NOT) rollercoaster ride

After an initial plunge of 53% following its launch, Notcoin, a gaming token on the TON Network, faced significant selling pressure.

However, despite this setback, predictions for Notcoin’s future remain optimistic.

With support from major exchanges like Binance, OKX, and Bybit, Notcoin (NOT) is projected to recover and thrive in the volatile crypto market. Besides, the project’s innovative approach and widespread community engagement suggest a potential for long-term success.

Examining Notcoin price predictions and market dynamics

Although the 53% price plunge to $0.006398 triggered concerns among investors, investors believe it is not the end of the story.

Despite the initial turbulence, Notcoin’s price prediction remained optimistic, with several analysts forecasting a steady growth trajectory, with an average price projection ranging between $0.0175 and $0.0209 by the end of the year.

At press time, Notcoin (NOT) price had already recovered by around 6% from $0.006398 to $0.007024, further signalling a possible bullish reversal.

AlgoTech (ALGT): the new altcoin making waves

In parallel with Notcoin’s journey, AlgoTech has emerged as a promising player in the crypto ecosystem. The decentralized algorithmic trading platform offers advanced solutions for traders, leveraging cutting-edge technologies and machine learning capabilities.

With a focus on platform enhancements, expanded asset coverage, and advanced trading tools, AlgoTech promises to empower traders with comprehensive solutions. The ALGT token, serving as a gateway to the platform’s offerings, provides investors with voting rights, ownership stakes, and dividends from the profits generated by the fund.

With its ongoing ALGT token presale attracting attention, AlgoTech aims to revolutionize trading and investment by providing efficient, precise, and automated strategies to navigate the complexities of the financial markets.

As AlgoTech’s presale progresses, investors have the opportunity to participate in shaping the future of algorithmic trading. Already, the presale has captured the interest of thousands of investors seeking to capitalize on the platform’s cutting-edge technology and potential for growth.

At the current presale stage, the ALGT token is priced at 0.08 tether, with plans to increase to 0.10 tether in the next stage. With a minimum purchase requirement of $25, AlgoTech offers accessibility to a wide range of investors, further fueling excitement surrounding its development.

Conclusion

While Notcoin’s turbulent journey reflects the volatility inherent in cryptocurrency markets, it also underscores the potential for growth and innovation.

With bullish predictions fueling optimism and ongoing developments like the AlgoTech presale offering advanced trading solutions, the crypto landscape continues to evolve rapidly.

The post New altcoin makes waves amid bullish Notcoin (NOT) price prediction appeared first on CoinJournal.