Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Tether attestation shows cash & cash equivalents rose to 85.7%

  • Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report.
  • It shows the company’s cash and cash equivalents increased to 85.7% of reserves, with $72.6 billion in US T-Bills.
  • Tether holds $1.7 billion in BTC and $3.1 billion in gold.

Tether has released its attestation report for Q3, 2023 that shows the USDT stablecoin issuer’s cash and cash equivalent reserves have risen to its highest ever percentage share of total reserves.

Per the report published Tuesday, cash and cash equivalents stood at 85.7% as of September 30 this year. Of this, the largest percentage was in US T-Bills at $72.6 billion – which were in both direct and indirect exposure.

Tether also reported a significant reduction in its secured loans, with this at more than $330 million.

“We’ve achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem. Our ability to reduce secured loans and weather market volatility is a demonstration of our robust risk management strategies,” Tether CEO Paolo Ardoino said.

Tether’s Bitcoin, gold holdings

Cash and cash equivalent investments returns in the quarter was nearly $1 billion, while investments in industry-related research projects was $670 million for the quarter and $800 million for the year. Notably, the USDT issuer says the investments do not constitute part of the stablecoin’s reserves.

The consolidated reserves shows $1.7 billion in Bitcoin (BTC) and $3.1 billion worth of gold. Meanwhile, excess reserves as of the end of the third quarter was $3.2 billion and forecast $4.3 billion for October 31. That will leave roughly $0.9 billion in secured loans as part of the total reserves.

Tether issuance stood at $83.2 billion as of the end of Q3, and up to $84.5 billion by the end of October, 2023, the company noted in the report.

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BREAKING: Floki says Bitget listed a “fake version of $TOKEN”

  • Bitget announced the delisting of TokenFi (TOKEN) citing potential price manipulation and liquidity issues.
  • Floki has responded by saying the exchange listed the tokens against requests not to at the time.
  • The listed version was reportedly a fake one, apparently the listing resulted in millions worth of trades.

The Floki team has responded to Bitget’s delisting of TokenFi (TOKEN) by saying that the crypto exchange ignored requests not to list the token until after seven days of it going live.

What is Floki saying about $TOKEN listing on Bitget?

Apparently, Bitget disregarded this request and listed $TOKEN, which Floki now says was a “fake version”. It also went on to allow trades worth millions of dollars on the token, allegedly without holding the equivalent in assets to facilitate customer withdrawals.

One of the announcements warning against the fake $TOKEN is this:

Floki accuses Bitget of listing $TOKEN 12 minutes before the tokens officially became tradable.

“Not only did #Bitget list a fake token, which they claim to be associated with Floki, against our request and before our token officially went live, they also DECEPTIVELY traded tens of millions of dollars in $TOKEN volume without any blockchain evidence of them having a single unit of the actual token in any of their wallets to represent user purchase of these tokens on their exchange,” a statement posted on X reads.

The said fake $TOKEN listing has left Bitget with a $10 million hole that they need to plug, with this requiring about 10% of the TokenFi total supply. However, since most of the supply is currently locked in Floki’s staking pool, a lack of liquidity sees the exchange unable to buy $TOKEN from the market.

As highlighted earlier, Bitget had accused Floki of not providing enough liquidity after its token launched and cast doubts on the tokens’ treasury and vesting schedule. 

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Starknet launches 50M STRK reward program for early contributors

  • The Starknet Foundation is the organisation behind the Ethereum layer-2 blockchain platform Starknet.
  • Starknet’s native token is $STRK and is expected to go live in April, 2024.
  • Early ecosystem contributors will benefit from a 50 million $STRK allocation.

The Starknet Foundation, which is helping to develop the Ethereum layer-2 rollup Starknet, has revealed an Early Community Member Program (ECMP). The program aims at rewarding and incentivizing further support from early ecosystem contributors.

Application is open to all builders, technical and non-technical, the organisation said in an announcement on Monday.

50 million $STRK allocated to initiative

According to the Starknet Foundation, the ECMP is for Starknet believers. It’s meant to recognise the vital role played by early contributors via a reward program using the native Starknet token $STRK. 

The foundation has thus earmarked 50 million ion of $STRK for this program.

Per the announcement, the initiative will have phase one focus on individual contributors to technical discourse, key projects, event organisers and regular publishers of Starknet branded content. A committee will consider feedback after the first phase and decide on whether to embark on a second phase that would come with additional criteria.

Eligible individuals have between October 30 and November 23, 2023 to submit their applications. The committee is expected to deliver its decision on December 29, 2023. $STRK tokens are expected to be live traded as from April next year.

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Bitget announces the delisting of Floki’s TokenFi (TOKEN)

  • Bitget has announced the delisting of TokenFi (TOKEN), the token of an asset tokenization platform launched by Floki.
  • The exchange accuses the team behind TOKEN of potential market manipulation and opaque vesting schedule.
  • The price of TOKEN was $0.01806395 at the time of writing, having surged by 258% in the past 24 hours.

Bitget has announced the delisting of TokenFi (TOKEN), the tokenization platform recently launched by the team behind the meme cryptocurrency Floki.

The price of TOKEN on exchanges is currently $0.01806395, about 258% up in the past 24 hours. Bitget announced the listing of TokenFi on October 27.

Why did Bitget delist TOKEN

According to details in an announcement published on Tuesday, 0ctober 31, the decision to delist TOKEN relates to potential market manipulation by the project’s team.

“After the trading service of TokenFi (TOKEN) began, significant price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity,” Bitget wrote.

Other than the accusation of market manipulation via malicious compression of liquidity, the exchange also noted other possible issues around TokenFi. These include an opaque token economy and undisclosed vesting schedule.

TOKEN buyback launched

On top of halting deposit and trading for TokenFi (TOKEN) on October 31, Bitget has also canceled all pending orders. 

The exchange also announced a TOKEN buyback program to be implemented before November 7, with an automatic swap of TOKEN into USDT undertaken.

 “To be responsible for our users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan for users who hold the token on Bitget,” the crypto exchange added.

The swap price will be 1 TOKEN = 0.00605002 USDT, which is based on the highest closing price the token had in the five days after trading opened in the innovation zone.

Floki launched its tokenization platform on October 26, with the project aimed at capitalizing on the growing traction of an industry projected to hit $16 trillion by 2030. TOKEN has a total supply of 10 billion tokens, with 5 billion a piece on the BSC and ETH chains.

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Spain to implement MiCA six months ahead of EU deadline

  • Spain fast-tracks MiCA Act to December 2025, ahead of EU deadline.
  • Spain aims to boost legal security and protection for Spanish crypto investors.
  • Leading global exchanges have secured regulatory green light in Spain.

Spain is set to take the lead in implementing the European Union’s comprehensive cryptocurrency regulatory framework, the Markets in Crypto-Assets (MiCA) Act, ahead of the general deadline for all 27 EU member states.

This bold move aims to provide legal certainty and enhanced protection for Spanish investors involved in cryptocurrencies.

Spain to implement MiCA by December 2025

The Spanish Ministry of Economy and Digital Transformation announced that the MiCA Act will come into force at a national level in December 2025. This is six months earlier than the EU’s general deadline of July 2026.

The accelerated timeline will reduce the transitional period from 36 months to just 18 months for Spain.

The decision was made following a meeting between Spain’s first vice president, Nadia Calviño, and the president of the European Securities and Market Authority, Verena Ross. Spain’s goal is to expedite the implementation of MiCA, ensuring Spanish investors enjoy increased security and regulatory oversight in the crypto sector.

Crypto exchange developments in Spain

In parallel to this regulatory move, several international cryptocurrency exchanges have made significant strides in Spain.

Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, adding an extra layer of scrutiny and security for its operations.

Kraken also obtained a virtual asset service provider registration, reinforcing the exchange’s commitment to regulatory compliance. These actions demonstrate Spain’s dedication to ensuring robust AML and investor protection measures in the cryptocurrency space.

Moreover, Spain’s central bank, Banco de España, has joined other European financial institutions in exploring the advantages of a digital euro.

The central bank has expressed its belief that the digitalization of the economy and society requires a digital currency to fully exploit its benefits. This aligns with the broader trend of central banks worldwide exploring digital currencies as a means to stay relevant and efficient in an increasingly digital financial landscape.

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