Kategorie: Crypto News

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Tether plans to launch Dirham-pegged stablecoin

  • Tether will launch a Dirham-pegged stablecoin in collaboration with Phoenix Group.
  • New stablecoin will join USDT, EURT and other Tether-issued stablecoins.

Tether plans to add a new stablecoin pegged to the United Arab Emirates’ Dirham to its suite of stablecoins, according to an announcement on Aug. 21.

Per details of the planned launch, Tether will collaborate with Phoenix Group PLC, a UAE-based multi-billion dollar tech behemoth. The new stablecoin initiative will also involve Green Acorn Investments Ltd.

“We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond,” Seyedmohammad Alizadehfard, co-founder and Group CEO of Phoenix Group, said.

Tether’s range of stablecoins

When launched, the Dirham-pegged stablecoin will join a host of Tether tokens that include the world’s largest stablecoin USDT. Other products are the Euro-pegged EURT, Chinese yuan-pegged CNHT, Mexican peso-pegged MXNT, and Tether Gold (XAUT).

Tether is seeking regulatory approval for the fiat-backed cryptocurrency, with application made with the UAE Central Bank.

“The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition,” Tether CEO Paolo Ardoino noted in a statement.

As well as launching the range of fiat-backed digital assets, Tether has aggressively expanded its flagship product USDT.

Currently the top stablecoin with a market cap of over $116 billion, USDT native access is live on major blockchains, including Ethereum and TRON.

The latest blockchain network to see USDT expansion is Aptos.

The post Tether plans to launch Dirham-pegged stablecoin appeared first on CoinJournal.

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Bitfarms agrees to buy Stronghold Digital for $175M in stock and debt

  • Bitfarms to acquire Stronghold Digital for $175M in stock and assumed debt.
  • Bitfarms’ stock fell 8%, while Stronghold’s rose 60% following the news.
  • Riot Platforms, holding 19% of Bitfarms, previously attempted a takeover in June.

In a significant development within the cryptocurrency mining sector, Bitfarms (BITF), a leading Bitcoin mining company, has announced its acquisition of rival Stronghold Digital (SDIG) for $175 million. The deal, which includes $125 million in stock and the assumption of $50 million in debt, marks a strategic move by Bitfarms as it continues to navigate a competitive industry landscape.

The acquisition terms specify that Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share they hold. This represents a 71% premium based on Stronghold’s 90-day volume-weighted average price on Nasdaq as of August 16.

The stock-for-stock transaction reflects Bitfarms’ aggressive growth strategy, despite recent challenges and market volatility.

Giving Stronghold Digital a lifeline

The deal comes on the heels of Stronghold’s announcement in May that it was exploring strategic alternatives, including a potential sale.

Stronghold, based in New York, has been actively considering its options in response to the evolving market conditions.

The acquisition provides Stronghold with a lifeline while enabling Bitfarms to consolidate its position in the market.

Riot Platforms abandoned Bitfarms takeover bid

Bitfarms’ move to acquire Stronghold is particularly noteworthy as it comes at a time when the company is also contending with an ongoing approach by Riot Platforms (RIOT).

Riot, which holds nearly 19% of Bitfarms, previously attempted to acquire the Toronto-based company in June. However, Riot chose to abandon the bid temporarily, opting instead to overhaul Bitfarms’ board of directors.

This strategic manoeuvre has kept Bitfarms in the spotlight, as Riot’s interest in the company is likely to continue influencing its future actions.

The market reaction to the acquisition has been mixed, with Bitfarms’ stock dropping nearly 8% in pre-market trading, while Stronghold’s shares surged by about 60%.

This acquisition underscores the ongoing consolidation within the cryptocurrency mining industry as companies seek to strengthen their positions in a rapidly evolving market.

The post Bitfarms agrees to buy Stronghold Digital for $175M in stock and debt appeared first on CoinJournal.

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TRON’s revenue hits 24-hour high of $3.84m amid SunPump hype

  • SunPump memecoin hype has seen TRON (TRX) price, volume and revenue surge.
  • Following SunPump’s launch, the 24-hour revenue on TRON spiked to an all-time high of $3.84 million

TRON (TRX) continues to lead the altcoin market’s top cryptocurrencies by market cap after experiencing significant gains over the past 24 hours.

After breaking above the $0.14 resistance level reached last in late June, TRX continued higher to hit prices near $0.17 and see its market capitalization rise to over $14.3 billion. While still outside of the top 10 by market cap, the cryptocurrency is just off 10th spot currently occupied by Dogecoin that has a market cap of $15.1 billion.

TRON revenue surges amid meme coin hype

As TRX price soars to see bulls target the all-time peak reached during the last bull market, there’s fresh momentum likely to make this quest achievable.

This relates to the massive hype that currently surrounds SunPump, the fair launch platform for meme coins on TRON. On-chain data from Dune Analytics shows that SunPump has seen over 20,880 meme coins launched since its debut.

It’s a milestone that has catapulted revenue for the memecoin launch platform and for TRON. SunPump revenue as at the time of writing stood at 8,353,268 TRX, or about $1.38 million.

Notably, the 24-hour revenue for TRON has spiked to an all-time high of $3.84 million amid the SunPump hype.

Meanwhile, TRON’s total revenue over the month exceeds $161 million, compared to over $45 million and $21 million for Ethereum and Solana.

The meme coin platform’s massive traction – including with the outperformance of the Sundog (SUNDOG) meme coin – has helped TRON outpace Ethereum and Solana in 24-hour volume.

In a post on X on Aug. 21, TRON founder Justin Sun touted the growth potential for TRON network’s activity and SunPump’s volume, noting these metrics would “see a 100% daily growth.”

The post TRON’s revenue hits 24-hour high of $3.84m amid SunPump hype appeared first on CoinJournal.

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Binance and former CEO CZ face new lawsuit over alleged crypto laundering

  • Binance and CZ are sued for allegedly laundering stolen cryptocurrency assets.
  • Plaintiffs claim Binance’s lack of AML and KYC controls facilitated the laundering.
  • The case could impact blockchain analytics and crypto exchange compliance standards.

Binance and its former CEO, Changpeng “CZ” Zhao, are now confronted with a new class-action lawsuit alleging their involvement in laundering stolen cryptocurrency.

The complaint, filed on August 16, 2024, in the United States District Court for the Western District of Washington, accuses the defendants of facilitating the conversion of stolen digital assets into untraceable funds.

Binance accused of helping criminals to obscure stolen assets

The lawsuit, brought by plaintiffs Philip Martin, T.F. (Natalie) Tang, and Yatin Khanna, asserts that Binance’s crypto exchange, Binance.com, was central to a scheme enabling criminals to obscure stolen assets.

According to the plaintiffs, the exchange’s operations allowed bad actors to use the platform to convert stolen cryptocurrency into different assets, effectively erasing the connection between the original stolen funds and their new form.

The complaint highlights that Binance, under CZ’s leadership, failed to implement effective anti-money laundering (AML) and know-your-customer (KYC) procedures. This failure, the lawsuit argues, made Binance a preferred choice for laundering illicit funds, directly violating US laws and regulations designed to protect consumers and national security.

Key points of the lawsuit include allegations of violating the Racketeer Influenced and Corrupt Organizations Act (RICO), conversion, and aiding and abetting conversion. The plaintiffs claim that Binance’s lack of compliance controls and deliberate evasion of regulatory measures enabled criminals to exploit the platform extensively.

Binance and Changpeng “CZ” Zhao’s legal woes

This lawsuit follows a series of legal troubles for Binance and Zhao. In November 2023, CZ pleaded guilty to US money laundering charges and resigned as CEO as part of a settlement that included a $4.3 billion fine.

Binance has also faced scrutiny from various US regulators, including the SEC and CFTC, for alleged regulatory violations and misleading practices.

Legal experts suggest that if the class-action suit proceeds to trial, it could put the efficacy of blockchain analytics and on-chain asset recovery to the test.

The outcome could have profound implications for the cryptocurrency industry, potentially reshaping how exchanges handle regulatory compliance and fraud prevention.

The post Binance and former CEO CZ face new lawsuit over alleged crypto laundering appeared first on CoinJournal.

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Bitcoin drops below $60k and could dip lower as MEXC lists POODL

Key takeaways

  • Bitcoin has lost 3% of its value and is trading below $60k once again. 
  • Poodlana’s native token is now live on the MEXC exchange after its presale has been concluded.

BTC could drop below $59k as Mt.Gox moves more bitcoins

Bitcoin is underperforming again following a positive start to the week. The world’s leading cryptocurrency by market cap is trading below $60k after losing 3% of its value in the last 24 hours.

At press time, the price of Bitcoin stands at $59,409 and could dip lower if the bears remain in control. The bearish performance comes after Mt.Gox moved over $700 million worth of bitcoins to an unknown wallet. Traders are anticipating more selloff in the market as Mt.Gox distributes more bitcoins to its creditors. 

What is Poodlana?

The broader market is bearish, but the adoption of cryptocurrencies continues to pick up pace, both among retail and institutional investors. 

Poodlana is one of the projects that is gaining traction among investors. It is a Solana-based meme coin focused on introducing the glamor of high fashion to the crypto world. 

By focusing on promoting the ethos of community while providing utility to users, Poodlana could become one of the leading dog-themed meme coins in the world. The team will leverage Poodlana’s popularity in Japan, Korea, and China to build a strong community for this project.

Poodlana’s token now live on MEXC

The Poodlana presale has officially ended, with $8 million raised during the event. The project didn’t waste time getting its token listed on a centralised cryptocurrency exchange.

MEXC, a leading crypto exchange, announced earlier this week that POODL, Poodlana’s native token, is now live on its trading platform. Currently, only the POODL/USDT pair is live on MEXC, but the crypto exchange could list more pairs, such as POODL/BTC and POODL/ETH, in the coming weeks or months. 

Poodlana allocates 50% of the total supply to presale

Poodlana didn’t adopt a lock-up period, which means its tokens are now available to investors. Per their tokenomics, Poodlana will have 1  billion POODL tokens, with 50% going presale. 

The remaining 50% will be divided among marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%). 

Poodlana’s team kept their promise and unlocked 100% of their tokens immediately after the presale. The unsold tokens would be burned, ensuring the token’s deflation. 

Should you buy POODL as it lists on exchanges?

If you missed buying the Poodlana tokens during the presale, you can still purchase them from crypto exchanges. At the moment, POODL is only available on MEXC but could be listed on other exchanges soon. 

Meme coins have become a crucial part of the cryptocurrency ecosystem, with several having a market cap of $1 billion or more. With POODL still in its early days, this could be the perfect opportunity to invest in the project.

The post Bitcoin drops below $60k and could dip lower as MEXC lists POODL appeared first on CoinJournal.