Kategorie: Crypto News

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WazirX hacker sends $6.5M ETH to Tornado Cash amid ongoing INR withdrawals

  • WazirX hacker sends $6.5M ETH to Tornado Cash as the second phase of INR withdrawals starts
  • The hack on July 18 led to a $230M theft, causing halted trading and frozen withdrawals.
  • WazirX is battling legal issues and ongoing investigations.

The WazirX hacker has moved $6.5 million worth of stolen Ethereum (ETH) to Tornado Cash.

This transfer comes as WazirX, the Indian cryptocurrency exchange that got hacked in July 2024, begins the second phase of Indian rupee (INR) withdrawals.

The first phase of partial INR withdrawals started on August 26 and was initially scheduled to run until September 8.

WazirX hacker has moved 2.6K ETH through Tornado Cash

Blockchain security firm Cyvers reported that the hacker responsible for the WazirX breach has transferred 2,600 ETH, worth approximately $6.5 million, through Tornado Cash.

Tornado Cash, which has been sanctioned by the US government, is known for its role in obfuscating the origins of digital assets, making it difficult for law enforcement to trace and recover stolen funds. The hacker’s move underscores the sophisticated tactics employed by cybercriminals to evade detection.

The WazirX hack, which took place on July 18, 2024, led to the theft of over $230 million from the exchange’s multi-signature wallet. The breach significantly impacted WazirX’s operational stability, affecting its ability to maintain collateral against its assets.

Following the attack, withdrawals were frozen, and trading was halted, with the exchange focusing on a partial recovery. Reports indicate that the losses may be socialized among users, potentially resulting in some not receiving the full value of their cryptocurrency holdings.

WazirX’s efforts to restore operations

Originally, the second phase of INR withdrawals that started today, allowing users to withdraw up to 66% of their INR balances, was scheduled to open on September 9, but the exchange decided to move it forward to provide users with access to their funds sooner.

This decision comes as part of a staggered plan to restore financial operations following the massive hack.

WazirX has also been engaged in legal proceedings in Singapore as part of its restructuring efforts. The exchange’s approach includes working with law enforcement agencies to address the fallout from the attack and to seek justice.

Despite seeking a 30-day moratorium from Singapore’s High Court to restructure its operations and address user withdrawals, the exchange has been sued by CoinSwitch for $9.7M.

The company has faced challenges in fully reinstating INR withdrawals due to ongoing investigations, with a portion of rupee-denominated balances still being inaccessible as of late August.

As the situation evolves, both the stolen funds’ recovery and the broader impact on WazirX’s users remain critical concerns.

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Bitcoin ETFs outperform Ether ETFs as BlackRock’s IBIT leads peers

  • Bitcoin ETFs have attracted $5B net inflows while Ether ETFs have seen $500M net outflows.
  • BlackRock’s IBIT leads with over $224M in a single day, currently holding over 350,000 BTC.
  • Ether ETFs are struggling due to liquidity issues and Grayscale’s $2.5B outflows.

Recent trends in the cryptocurrency exchange-traded funds (ETF) market have highlighted a significant divergence in the performance of Bitcoin and Ether ETFs.

Comparing Bitcoin ETF Flow data to Ethereum ETF Flow data on Farside Investors, Ether spot ETFs have underwhelmed compared to their Bitcoin counterparts. Since their launch, Ether ETFs have experienced net outflows of approximately $500 million, a stark contrast to the $5 billion net inflows recorded by BTC ETFs during a similar period following their debut.

Several factors contribute to this disparity. To start with, Bitcoin’s “first mover advantage,” higher liquidity, and lack of staking opportunities in Ether ETFs have made Bitcoin more appealing to institutional investors.

Additionally, unexpected outflows from Grayscale’s Ethereum Trust (ETHE), amounting to $2.5 billion, far exceeding the bank’s initial $1 billion estimate, have further dampened Ether ETF performance. To counter these outflows, Grayscale introduced a mini-Ether ETF, but it has only managed to attract $200 million in inflows.

In contrast, BTC ETFs have shown resilience and robust performance with US-based BTC ETFs recording an impressive eight-day winning streak, with net inflows totalling $202 million led by BlackRock’s iShares Bitcoin Trust (IBIT).

On August 26 alone, IBIT attracted over $224 million in net inflows bringing its total Bitcoin holdings to over 350,000 BTC, solidifying its dominance in the market.

Bitcoin ETF flows outperform Ether ETFs as BlackRock's IBIT leads peers
US Bitcoin ETF AUM, August January 18 – August 30, 2024|Source: Bitcoin ETF Fund Flows

Competing funds such as those managed by Franklin Templeton and WisdomTree also saw positive inflows, while others, including Fidelity, Bitwise, and VanEck, reported negative flows. Notably, Grayscale’s Bitcoin Trust (GBTC) saw a decline in redemptions over the past two weeks, indicating stabilization in the market.

As investor confidence in Bitcoin ETFs grows, asset managers are increasingly exploring combined ETFs that offer exposure to both Bitcoin and Ethereum, reflecting the evolving dynamics of the cryptocurrency investment landscape.

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Metaplanet partners with SBI VC Trade to enhance Bitcoin strategy

  • Japanese investment firm Metaplanet has announced a partnership with SBI VC Trade, a subsidiary of financial services behemoth SBI Group.
  • Partnership will help boost Metaplanet’s Bitcoin strategy, including compliance.
  • Metaplanet has acquired 360 Bitcoin (BTC) as it targets becoming ‘Asia’s MicroStrategy’

In an announcement on Sept. 2, Metaplanet said its collaboration with SBI VC Trade is part of the company’s quest to enhance its Bitcoin strategy with support from Japan-based firms. This includes trading, custody and management of Metaplanet’s Bitcoins.

Metaplanet is a publicly-traded company listed on the Tokyo Stock Exchange and the partnership with the SBI crypto arm offers a route to further compliance.

“A key element of this partnership is access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize Bitcoin as collateral for financing,” Metaplanet said in a statement.

The alliance with SBI VC Trade aligns with Metaplanet’s vision of becoming a leading modern financial services firm. It also adds flexibility to Metaplanet’s corporate strategy, bolstering its efforts to accumulate more BTC via equity and debt financing.

Metaplanet will update its stakeholders of any financial o material impact that arises from the partnership, part of the statement read.

BTC as a corporate strategy

The partnership with SBI VC Trade comes amid Metaplanet’s increasing bet on Bitcoin as part of its corporate strategy. In April 2024, the company disclosed its addition of BTC as a core treasury asset and committed an initial 1 billion Japanese yen to buying Bitcoin.

Over the next months, the strategic pivot has seen the industry dub Metaplanet as “Asia’s MicroStrategy” in a nod to its target to mirror the US-listed MicroStrategy’s embrace of the digital asset.

Currently, the Michael Saylor-led company has acquired a total of 226,500 BTC. This accounts for just over 1% of the total supply of Bitcoin and makes MicroStrategy the largest holder of BTC among publicly-traded companies.

On the other hand, Metaplanet holds a total of 360 BTC, having increased its holdings with a series of purchases over the past two months.

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Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

  • Bitcoin Dogs’ token 0DOG surges after launching a high-APY liquidity pool.
  • Rising Bitcoin interest in the US boosts 0DOG’s value amid broader market trends.
  • Despite a US demand spike, global Bitcoin demand and profits remain weak.

The cryptocurrency market is abuzz with recent developments as Bitcoin Dogs’ native token, 0DOG, experiences a dramatic surge amidst rising Bitcoin demand in the US. This notable increase in 0DOG’s value comes on the heels of the launch of its liquidity pool and a spike in Bitcoin interest following Federal Reserve Chair Jerome Powell’s comments.

While Bitcoin’s broader market demand remains negative, the US sector’s engagement is driving significant shifts in both Bitcoin Dogs and Bitcoin itself.

Bitcoin Dogs (0DOG) sees significant rebound

Bitcoin Dogs (0DOG) has recently captured the spotlight with an impressive price surge following the launch of its highly anticipated liquidity pool.

Initially, 0DOG faced a bearish trend, dipping to a low of $0.00603 after an initial surge on its first trading day. However, the token’s fortunes have reversed sharply with the liquidity pool’s debut. At press time, 0DOG was trading at 0.01646 after surging above $0.029 on August 30, 2024.

The newly launched liquidity pool, offering an initial APY of 405.56%, has been a major catalyst for the price spike, drawing significant investor interest.

The liquidity pool’s dynamic APY structure is designed to incentivize early participation, making it a lucrative opportunity for investors.

With an initial pool size of $50,000, the APY will decrease as the pool grows, encouraging early entry to maximize returns. This structure, combined with Bitcoin Dogs’ innovative approach as the world’s first ICO on the Bitcoin BRC20 token, is driving heightened investor enthusiasm.

The integration of 0DOG into the Telegram gaming sector and the forthcoming NFT collection further bolsters its growth prospects.

These strategic developments are expected to attract a significant user base and provide added value through in-game utility for NFTs.

Rising Bitcoin (BTC) demand in the US

As Bitcoin Dogs regains its footing, Bitcoin’s demand in the US has shown a notable increase following Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium.

This uptick in US investor interest is evident from the rise in the Coinbase Premium to 0.11%, indicating higher local demand compared to international exchanges. The Inter-exchange Flow Pulse (IFP) metric has also seen a rally, signalling that BTC is flowing into US-based platforms in response to the price premium and increased demand.

Despite this localized surge, overall Bitcoin demand growth remains lacklustre. The price of Bitcoin has been struggling to stay above $60,000 making investor engagement not to be marked by significant profit-taking.

Realized profits of $536 million are modest compared to the multi-billion-dollar figures observed at previous market peaks. Furthermore, the Apparent Bitcoin Demand 30-day growth has transitioned from a positive 496,000 BTC in April to a negative 36,000 BTC, reflecting a broader decline in demand.

Conclusion

While Bitcoin Dogs (0DOG) benefits from the recent liquidity pool launch, there has been a rising Bitcoin interest in the US while the broader market presents a mixed picture.

For more information about the relatively new Bitcoin Dogs project, whose native token is currently available for trading on MEXC, Gate.io, and Unisat, you can visit the project’s official website.

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Vitalik Buterin defends recent ETH sales, says they’re for projects and charity

  • Vitalik Buterin clarifies ETH sales were for projects and charity, not profit.
  • He held 325K ETH three years ago but now holds 240K ETH.
  • Buterin has also defended Ethereum’s support for DeFi amid criticisms from some in the space.

Ethereum co-founder Vitalik Buterin has come out to address allegations surrounding his sales of Ether (ETH), clarifying that these transactions were not driven by personal profit but by a commitment to support Web3 projects and charitable initiatives.

According to a recent post by on-chain analytics firm Lookonchain, Buterin has reduced his ETH holdings by 85K ETH ($209M) in 3 years.

The most recent is the transfer of 800 ETH worth over $2 million to a multi-sig wallet. Lookonchain highlighted that the same wallet address had received 3,000 ETH from Buterin on August 9, fueling concerns about the motives behind Buterin’s sales.

Vitalik Buterin denies selling ETH for profit

In response, Buterin firmly denied any allegations of selling ETH for personal profit. He clarified that he has not sold any Ether for personal financial gain since 2018. Instead, he explained that his ETH sales were intended to support various Web3 projects and philanthropic endeavours.

Buterin’s statement aims to underscore his longstanding commitment to using his resources for the advancement of important causes rather than personal enrichment.

Supporting Ethereum and DeFi

Buterin’s statements also touch upon his stance regarding decentralized finance (DeFi) and the broader Ethereum ecosystem. He has come under fire for Ethereum allegedly not sufficiently supporting DeFi.

Kain Warwick, the inventor behind the concept of yield farming, and MilliΞ a crypto philosopher criticized Buterin for his perceived lack of emphasis on DeFi.

However, Buterin defended Ethereum’s role in DeFi and his position stating that he thinks “DEXes are great, and I use them every week.”

Buterin’s defence reflects his commitment to ensuring that Ethereum continues to support meaningful and sustainable developments within the blockchain space. He has consistently advocated for the importance of long-term value over temporary gains, reinforcing his position that the Ethereum network should remain focused on foundational principles rather than transient trends.

By addressing these allegations and defending Ethereum’s role in DeFi, Buterin reaffirms his commitment to the broader vision of a decentralized and impactful digital future.

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