Kategorie: Crypto Markets

• The withdrawals were flagged by Security firm Cyvers Alerts.
• The cryptocurrencies involved in the withdrawals include USDT, ETH, DAI, USDC and STAKE.
• Alphapo, a supplier of payment services to several crypto-gambling sites saw similar erroneous withdrawals on July 23.

Security firm Cyvers Alerts has flagged withdrawals from the cryptocurrency gambling Slake platform totalling $16 million on September 4 as “suspicious transactions.”

Etherscan’s designation of the withdrawing account as a “Stake.com Hacker” suggests that the cash may have been siphoned as a result of a stolen private key.

How the funds were withdrawn from Stake

Blockchain evidence reveals extremely significant withdrawals from Stake.com contracts into the account of the suspected attacker. $3.9 million worth of Tether (USDT), was transferred from Stake to the attacker’s account in the first transaction, which happened at 12:48 pm. Two other transactions took 6,001 Ethereum (ETH), worth about $9.8 million. The hacker did not stop there. He/she continued to steal tokens, including $900,000 worth of Dai (DAI), 333 Stake Classic (STAKE) worth $75.48, and about $1 million in USD Coin (USDC).

🚨ALERT🚨Our AI-powered system has detected multiple suspicious transactions with @Stake.https://t.co/0ZoMITOyF5 address received about $16M in $ETH $USDC $USDT and $DAI

All the stable coins are converted to $ETH and distributed to different EOAs.

FYI: @tayvano_ @zachxbt pic.twitter.com/CSGwRHEiVm

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 4, 2023

The alleged attacker allegedly siphoned off the money and split it among many accounts.

Crypto gambling sites hacks

Stake has so far not yet released a statement about the shady withdrawals as of the time of publication. Dice games, Blackjack, Lingo, and other casino games are available through the cryptocurrency gambling protocol Stake, along with sports betting for basketball, tennis, volleyball, and other sports.

It’s possible that hackers have targeted cryptocurrency gaming sites before in 2023. Alphapo, a supplier of payments services, had $31 million in erroneous withdrawals on July 23. Hypedrop, Bovada, and Ignition are just a few of the cryptocurrency gambling websites that used Alphapo as a supplier.

The post Crypto gambling site Stake sees suspicious withdrawals totalling $16M appeared first on CoinJournal.

• LSEG plans on launching a blockchain-based trading platform next year.
• The financial information company is already in talks with British regulators.
• Shares of London Stock Exchange Group ended marginally down today.

The London Stock Exchange Group PLC just announced plans of launching a blockchain-based trading platform.

Julia Hogget will lead the new trading venue

On Monday, its Head of Capital Markets – Murray Roos told the Financial Times that LSEG had been evaluating the potential of blockchain technology in trading financial assets for about a year.

The financial information company now expects to officially introduce the said platform next year provided that it secures the required regulatory approvals. According to Roos:

The idea is to use digital technology to make a process that it slicker, smoother, cheaper, and more transparent … and to have it regulated.

Julia Hogget – the Chief Executive of the London Stock Exchange is slated to lead the announced projects. Shares of LSEG ended marginally down on Monday.

LSEG is in discussions with British regulators

The London Stock Exchange Group is already in talks with regulators as well as government of the United Kingdom. Murray Roos also told the Financial Times today:

Ultimate goal is global platform that allows participants in all jurisdictions to interact with people in other jurisdictions abiding by regulations, potentially multiple jurisdictions simultaneously.

He confirmed, though, that LSEG is not interested in building cryptoassets – all it wants is to be able to use the blockchain technology to enhance the efficiency of trading financial assets.

Last month, the capital markets firm said its income was up 11.8% on a reported basis in the first six months of this year.

The post LSEG to launch a blockchain-enabled trading platform appeared first on CoinJournal.

• Bitrue and Xahau Ledger are collaborating to drive innovation in the XRPL Ecosystem.
• Xahau Ledger has a cutting-edge smart contract sidechain integrated into the XRPL ecosystem.
• This partnership signifies a significant leap in innovation and user-centric excellence.

Bitrue (BTR/USD) and Xahau Ledger have joined forces with a shared vision to redefine transactions, governance, and user participation within the XRPL ecosystem.

Central to this collaboration is Xahau Ledger’s cutting-edge smart contract sidechain integrated into the XRPL ecosystem. This integration introduces the revolutionary concept of “Hooks” – intelligent components seamlessly integrated into Xahau accounts. These Hooks function as intuitive smart contracts, validating transactions based on predefined rules. This breakthrough innovation opens the door to automated transaction processes and the development of secure and efficient decentralized applications (dApps).

Bitrue assumes a pivotal role in the Xahau Ledger journey, occupying a prestigious Governance Game Validator seat during the launch phase. This strategic involvement underscores Bitrue’s unwavering commitment to fostering a robust and trustworthy blockchain ecosystem. By actively participating as a Governance Game validator, Bitrue plays a decisive role in shaping the trajectory of Xahau Ledger, exemplifying its dedication to advancing blockchain technology.

Upcoming Xahau Ledger launch

The two are diligently crafting a series of captivating programs to be launched alongside the launch of Xahau Ledger. These meticulously designed initiatives are poised to enhance user experiences and optimize the advantages of this groundbreaking ecosystem.

The Bitrue-Xahau Ledger partnership signifies a significant leap in innovation and user-centric excellence. Together, the two are propelling the realm of blockchain forward by harnessing advanced technologies to elevate user experiences and redefine the boundaries of what can be achieved.

The post Bitrue partners with Xahau Ledger to drive innovation in the XRPL Ecosystem appeared first on CoinJournal.

• The founders of the blockchain gaming platform Gala Games have locked horns in court.
• One founder alleges theft of $130 million worth of Gala tokens while the other alleges corporate waste.
• The GALA token has dipped more than 5% over the last 24 hours.

The GALA token is taking a beating after the co-founders biff over the ownership and management of the blockchain gaming company.

Wright Thurston and Eric Schiermeyer, co-founders of Gala, filed lawsuits against one another in a Utah District Court on August 31. Schiermeyer, who is also the CEO of Gala Games, claims that at the beginning of 2021, Thurston and his investment company, True North United Investments, stole $130 million GALA tokens.

GALA tokens theft

According to Schiermeyer’s lawsuit, Thurston moved the GALA tokens into 43 different wallets after first moving them to a crypto wallet controlled by the True North United Investments Company. And when questioned about the changes, Thurston claimed he was holding the tokens in secure wallets for Gala Games.

Schiermeyer further claims that in a “complex web of obfuscatory transactions” between September 2022 and May 2023, Thurston allegedly removed the tokens from the wallets and swapped or sold them.

The lawsuit alleges that Thurston later denied knowing about the purported token sale although he is now asserting ownership of the sold GALA.

Additionally, Thurston is accused of stealing licenses to operate Gala ecosystem nodes, which can generate GALA tokens, selling the licenses, and then pocketing the money.

Thurston’s reply

Thurston’s True North, on behalf of Gala, filed a lawsuit suing Schiermeyer for allegedly forcing Gala to “sell off and waste millions of dollars in company assets” and borrowing millions from Gala for personal use.

Thurston’s lawsuit claims that Schiermeyer also reportedly established Gala companies in Switzerland and Dubai, where he appointed himself as the majority shareholder in order to seek commercial prospects.

In his lawsuit, Schiermeyer wants Thurston to step down from his position as Gala director and also seeks relief and damages payments, including the return of the stolen GALA tokens.

Similarly, Thurston in his lawsuit has requested that Schiermeyer be removed from Gala Games and be forced to pay at least $750 million in damages and relief.

It is, however, worth noting that in March 2023, the US Securities and Exchange Commission (SEC) sued Thurston and two companies he co-founded (True North and Green United) for selling investments in a supposedly fake crypto mining scheme.

The post Clash between Gala Games founders sends GALA token crashing appeared first on CoinJournal.

• Maker price jumped Thursday, hitting intraday highs above $1,186.
• MKR was paring some of the gains as crypto slumped, with prices around $1,141 at the time of writing.
• Data showed whales have been busy since early July, accumulating over 61.5k MKR.

Maker (MKR) price has witnessed an impressive upside over the past 24 hours, breaking above a price level that had constrained bulls since the broader market downturn in mid-August. 

MKR pushed to highs of $1,186 before it began to pare the gains as sellers swooped in amid profit taking deals.

Why is Maker price up?

On-chain data shows accumulation for Maker has been on the rise since early July. Santiment analysts are saying the two-month accumulation that saw whales and sharks buy more than $70 million worth of the cryptocurrency could provide the impetus bulls need to target new highs in September.

Per the platform, holders with 10k-100k MKR tokens added 61,500 of the governance token to their positions since July 9, 2023. The cohort held between $11.6k and $11.6 million worth of Maker’s token as price crossed the $1,160 level. 

What does this accumulation mean for Maker price? Further buy-side pressure could catapult bulls beyond $1,200, bringing the YTD highs around $1,350 into play in the short term. The flip side is added profit taking.

“Their holdings will continue to correlate with future price movement,” analysts at the market intelligence platform noted in a post shared on X.

🐳📈 #Maker has enjoyed a nice +12% day while the rest of #crypto slumps. This can largely be attributed to accumulation by the whales & sharks holding between $11.6K to $11.6M $MKR. Their holdings will continue to correlate with future price movement. https://t.co/FjwTAsXysg pic.twitter.com/eqY9LvvDa6

— Santiment (@santimentfeed) August 31, 2023

Other catalysts of MKR price

As CoinJournal highlighted today in a MKR price analysis piece, Maker’s push into South Korea appears to be one of the catalysts for upward move. This came even as the crypto market retreated after this week’s Grayscale-fueled spike.

Notably, the SEC is 2-0 down after the July 13 Ripple victory and the latest court ruling that the regulator acted “arbitrarily and capriciously” when rejecting Grayscale’s ETF application. Binning SEC’s order adds to the likelihood of a spot ETF finally coming to the US market. Bitcoin and altcoins are poised, with MKR firmly in the picture.

The post Maker (MKR) gains amid 2-month whale accumulation appeared first on CoinJournal.