Kategorie: Crypto News

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Chibi Finance allegedly executes $1M rug pull on Arbitrum, CHIBI plummets 98%

  • Chibi Finance has allegedly executed a $1M rug pull on Layer 2 blockchain Arbitrum.
  • The team has vanished and their social media accounts are inaccessible.
  • Security platform Peckshield says the team channeled the funds via Tornado Cash.

Arbitrum-based DeFi project Chibi Finance has disappeared into thin air with $1 million in what is reported to be a potential rug pull.

Chibi Finance, which went live only recently on Arbitrum’s Layer 2 network, is said to have drained its liquidity pool, vanishing with 555 ether (ETH). At current market prices, that’s about $1 million worth of user deposits.

Chibi Finance latest in rug pulls

According to an alert by blockchain security and data analystic firm PeckShield, the Chibi Finance team withdrew staked tokens by converting them to ETH and then funneling them to the Ethereum network via the crypto mixing service Tornado Cash.

The Chibi Finance team has allegedly also “disappeared” with the DeFi projects social media accounts on Twitter and Telegram deleted. The platform’s website is also offline.

Chibi Finance’s apparent rug pull adds to the recent spate of bad actors in the Arbitrum and Ethereum ecosystems. In April, zkSync project Merlin allegedly siphoned off $2 million from its users. Meanwhile, Arbitrum-based Swaprun vanished in May, with close to $3 million of user funds in another rug pull.

CHIBI, the native Chibi Finance token, has plummeted following the news. After trading above $1.62 on Monday, CHIB price fell sharply on Tuesday morning to almost zero. Data from CoinGecko shows the crypto token has lost 98.7% of its value in the past 24 hours and currently hovers near $0.017.

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SwissOne launches ecosystem fund for IOTA and Shimmer

  • SwissOne Capital launched a major ecosystem fund for IOTA and Shimmer.

  • The fund will invest in the most promising projects in the ecosystem.

IOTA and Shimmer received a boost on Tuesday when SwissOne Capital unveiled the first ecosystem fund to support developers. The fund, which is dedicated to IOTA and Shimmer will invest financial resources to developers working on the ecosystem.

The minimum investment the fund will offer will be 10,000 euros or the equivalent in $MIOTA and $SMR. In a statement, Steffen Bassler, the CEO of SwissOne Capital said:

“We are excited to launch this fund and offer our clients early access to projects building within the Shimmer and IOTA ecosystem. With ShimmerEVM rolling out, we believe this is the perfect time to launch a dedicated fund. We are committed to working with the Tangle Ecosystem Association to ensure that the fund is managed in the best interests of our clients.”

IOTA is one of the pioneers in distributed ledger technology (DLT). It pioneered a technology known as tangle, which is an open, feeless and scalable ledger, which is designed to support frictionless data and value transfer.

Shimmer, on the other hand, is a layer 1 network that provides staging and validation for the IOTA DLT. Like Polkadot’s Kusama, Shimmer makes it possible for developers to build dApps and then test them before moving them to IOTA’s ecosystem. SMR, its native token has over $71 million in market cap and over 249,150 total active addresses.

Shimmer is currently testing its EVM capabilities, as we wrote here. Ethereum Virtual Machine is a piece of software that is able to handle Ethereum smart contracts. It is one of the most popular approaches of improving a network’s interoperability. In a note, the founder of IOTA said:

“With the introduction of EVM-compatible smart contracts, Shimmer and IOTA kick off a new era of growth fueled by crypto-native use cases, primarily in DeFi, NFTs, gaming, and more. We are thrilled to see SwissOne Capital’s commitment to investing in projects across the ecosystem and to see SISO grow alongside the community.”

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Polygon, Cardano price outlook as major crypto trading platform delists tokens

  • Polygon (MATIC) traded around $0.66 on Tuesday and Cardano (ADA) hovered above $0.28.
  • Both tokens are to be delisted from Robinhood app after the SEC labelled them securities.
  • MATIC and ADA fell sharply when Robinhood initially announced it would be ending trading support for the tokens.

Robinhood will end its support for a number of crypto tokens today, June 27 following an announcement made earlier this month. Among the tokens to be delisted are Polygon (MATIC) and Cardano (ADA).

The prices of both tokens dipped after the crypto trading platform’s initial announcement added to the overall negativity triggered by the US Securities and Exchange Commission (SEC)’s lawsuits against crypto exchanges Binance and Coinbase.

What’s the price outlook for the two tokens even as Bitcoin (BTC) bids to hold above the psychological $30k level?

Polygon price outlook

MATIC price fell 35% over two days when Robinhood announced its delisting on June 9, tanking from near $0.79 to $0.50. While bulls face pressure around $0.66, it’s likely a bounce to the $0.75 area could materialise and galvanise buyers.

One of the factors in favour of Polygon bulls is the increased exchange outflows for MATIC. Data shows that more holders have moved tokens to self-custody wallets, the potential impact of which is further reduction in selling pressure.

According to crypto analyst Michael van de Poppe, the dip to $0.50 resulted in “a chain reaction of liquidations on the long side.” 

He notes that all these have since been taken up and a breakout is likely. However, MATIC/USD needs to flip $0.75 into support to provide a base for new upside momentum.

Chart showing key price levels for MATIC/USD. Source: Michael van de Poppe on Twitter

Cardano price outlook

Cardano, like Polygon, fell sharply as the SEC labelled ADA a security earlier this month. ADA lost over 42% of its value in the week between June 5 and June 10, falling from highs of $0.37 to $0.22. 

That was before the recent bounce across cryptocurrencies helped bulls push to $0.30.

Cardano price chart. Source: TradingView

But while ADA/USD is up nearly 10% this past week, the losses over the past 30 days amount to 24% at current prices of $0.28. The areas around $0.25 and $0.22 are key should bears strengthen in the short term.

Meanwhile, the flipside would have breaking above $0.30 again highlight $0.40 as the next major hurdle.

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Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M

  • AltSignals token has raised over $1 million as it nears its target.

  • Bitcoin has held quite steady above $30,000 even as risks in the industry rise.

Bitcoin price has held steady above the $30k level as the recent momentum wanes. It was trading at the important level of $30,230 on Tuesday, a few points below the year-to-date high of $31,413. Still, it remains about 21% above the lowest level in June and 95% above its 2022 low. At the same time, the first stage of the AltSignals token sale is running out.

Bitcoin is outperforming stocks

Bitcoin and many altcoins is outperforming American stocks and other assets this year even as regulatory risks continue. The coin has jumped by more than 80% in 2023, bringing its total market cap to over $587 billion.

Other financial assets have risen at a slower pace than crypto. For example, while gold price soared to an all-time high this year, it has only jumped by less than 10% this year. American indices like the Nasdaq 100 and S&P 500 have risen by about 15% and 35%, respectively.

Bitcoin has done well in a show of resilience considering that the crypto industry has gone through hell in the past few months. In May last year, Terra and its ecosystem crashed, leading to the collapse of other companies like Voyager Digital, Three Arrows, and Celsius. 

In November, the industry experienced the collapse of FTX, a leading exchange that was valued at over $30 billion. Crypto investors lost over $8 billion following the collapse, as we wrote here.

And this year, the Securities and Exchange Commission (SEC) decided to sue Coinbase and Binance, the two biggest players in the industry. The SEC made several allegations, including accusations that the two were offering unregulated products to American customers.

Therefore, the performance of Bitcoin is a reflection that cryptocurrencies are extremely resilient. In fact, Jerome Powell, the head of the Federal Reserve believes that Bitcoin has a lot of staying power.

AltSignals token sale continues

This resilience explains why several companies have managed to raise millions of dollars this year. Earlier this year, Metacade raised over $16 million from investors. Its developers are building a gaming platform that will compete with the likes of Decentraland and Sandbox.

AltSignals has raised over $1 million its highly successful token sale. As you can see here, the developers have sold 95.23% of all the available ASI tokens. They have raised over $1.028 million in the first stage of the sale. Each token is going for $0.015 and the developers will boost it by 25% in the next stage of the sale.

For starters, AltSignals is a company that hopes to use artificial intelligence to disrupt the financial services industry. The developers aim to improve its service by incorporating AI in its existing platform which is already profitable platform.

After the first phase, the developers will launch the second phase of the token sale. According to its white paper,  the developers will then get to work ahead of the new AI platform launch. They will also list the token in key centralized and decentralized exchanges.

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Bitget formally enters Turkey with a new website

  • Bitget launched a dedicated website for Turkish users on Monday.
  • Bitget Turkey features a Fiat Gateway that allows using TRY to trade.
  • TokenInsight named it among the top 4 centralised exchanged in Q1.

Bitget continues to execute on its commitment to expand globally. On Monday, the crypto exchange formally entered Turkey with a dedicated website – Bitget TR.

Turkey is a fast-growing crypto market

Its new website aims at offering localized services to the crypto enthusiasts in Turkey. The transcontinental country is rapidly growing in terms of crypto adoption.

The launch of Bitget TR enables us to provide localized, convenient, and compliant crypto services to users in Turkey.

Last month, Bitget had successfully registered as a Virtual Asset Service Provider (VASP) in Poland (read more). TokenInsight names it among the top four centralised exchanges in the first quarter of 2023.

Bitget now has a team of 1,300 across more than 60 countries and regions.

Bitget TR comes with a Fiat Gateway

More importantly, Bitget Turkey features a Fiat Gateway as well that enables local users to use TRY – the Turkish Lira to trade on the website.

The user-friendly platform allows Turkish users to easily make deposits or withdraw funds in their local currency. Gracy Chen, the Managing Director of Bitget said in a press release today:

We will continue to gain trust and recognition with the launch of more localized services in collaboration with local partners.

Bitget that has the legendary Lionel Messi as a partner continues to expand its footprint at a time when peers Binance and Coinbase are facing intense scrutiny from the U.S. Securities and Exchange Commission.

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