Kategorie: Crypto News

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Genesis Trading has moved 12.6k BTC to Coinbase, signaling start of asset liquidations

  • Genesis Trading has transferred 12,600 BTC ($719.9M) to Coinbase, possibly for asset liquidations.
  • Resent settlement with NY requires $2B repayment, impacting Genesis’ financial strategy.
  • The BTC transfer suggests Genesis aims to fulfill legal obligations, reassure investors promptly.

Over the past month, a wallet associated with Genesis Trading has transferred over 12,600 Bitcoin (BTC) totaling approximately $719.9 million to to Coinbase according to data from Arkham Intelligence.

This substantial BTC transfer follows a legal settlement with the State of New York, raising speculation about the firm’s financial strategy and its implications for investors.

Is Genesis Trading planning to liquidate assets?

In May 2024, Genesis Trading reached a pivotal settlement with the New York Attorney General’s office, agreeing to pay $2 billion to resolve allegations related to its Earn program.

The settlement mandated the repayment of defrauded investors and included a ban on operating within New York.

Following this legal resolution, the recent transfers of BTC to Coinbase suggest Genesis Trading may be preparing to honor its financial commitments through asset liquidations to fulfill the restitution requirements outlined in the settlement.

The timing aligns with similar actions taken by other entities under legal scrutiny, where compliance with financial obligations often involves liquidating assets to reimburse affected parties promptly.

What does it mean for Genesis investors?

The sizable BTC transfers to Coinbase indicate a proactive approach by Genesis Trading to address its financial obligations, potentially reassuring affected investors of forthcoming restitution.

This transparency in asset management also underscores the importance of regulatory compliance in the evolving crypto landscape, where legal settlements increasingly shape operational strategies and investor confidence.

Moreover, the scale of these transfers highlights Genesis Trading’s substantial presence in the cryptocurrency market, with holdings totaling $2.28 billion across various digital assets comprising of BTC valued at $1.91 billion alongside significant holdings in Ether (ETH) amounting to $364 million.

Such holdings not only demonstrate the firm’s market influence but also raise questions about its liquidity management and the broader implications for market stability.

As the firm navigates its obligations under the settlement with the State of New York, it remains to be seen how it will do with the moved bitcoins.

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Dough Finance flash loan attack: What we know so far

  • Dough Finance lost $1.8M in a flash loan attack due to smart contract vulnerability.
  • Attacker exploited unvalidated calldata stealing USDC before converting the assets into 608 ETH.
  • Users urged to withdraw funds to secure wallets.

Dough Finance has fallen victim to a significant flash loan attack, resulting in a staggering loss of digital assets worth approximately $1.8 million.

The attack, which exploited vulnerabilities in the protocol’s smart contract, highlights ongoing security challenges within the cryptocurrency space, and specifically within the DeFi space.

What happed in the Dough Finance attack?

The attack, detected on July 12 by Web3 security firm Cyvers, targeted Dough Finance’s “ConnectorDeleverageParaswap” smart contract.

This contract, designed to facilitate transactions within the DeFi platform, failed to adequately validate call data during flash loan executions giving the attacker a chance to manipulate transaction details and illegally transfer of 608 Ether (ETH), valued at approximately $1.8 million at the time of the attack.

The funds, originally in the form of USD Coin (USDC), were swiftly converted into ETH using the zero-knowledge protocol Railgun, complicating efforts to trace and recover the stolen assets.

Who were affected by the flash loan attack?

The Dough Finance flash loan attack primarily affected users who had funds deposited in the exploited contract of Dough Finance.

While the lending pools of Aave, another prominent DeFi platform, remained unaffected, the incident underscores the vulnerability of smart contracts and the potential risks associated with decentralized finance protocols.

Security experts, including Olympix, emphasized the importance of users withdrawing their funds to secure wallets and refraining from interacting with Dough Finance until the platform issues clear guidance on safety measures.

Remarkably, the attack on Dough Finance adds to a concerning trend of security breaches plaguing the cryptocurrency industry in 2024.

According to a recent report by CertiK, on-chain attack incidents have already led to losses exceeding $1.19 billion in the first half of the year, with phishing attacks and private key compromises contributing significantly to these figures.

The post Dough Finance flash loan attack: What we know so far appeared first on CoinJournal.

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DWS to unveil Germany’s first regulated euro stablecoin

  • DWS plans to have its euro-pegged stablecoin live by 2025.
  • The €941 billion ($1.02 billion) assets management firm recently launched a new company called AllUnity that will unveil the stablecoin.

Deutsche Bank-owned asset management firm DWS is planning to release the first euro-denominated stablecoin in Germany, according to Reuters.

Per the report, DWS has created a new platform to be regulated by the Federal Financial Supervisory Authority (BaFin) and which will unveil the euro-pegged stablecoin by 2025.

DWS recently launched AllUnity

Stefan Hoops, the CEO of DWS, said the new company set to launch the new stablecoin is called AllUnity.

DWS partnered with Flow Traders and Galaxy Digital to launch AllUnity in June this year, according to details in the report.

While no official announcement has been published yet, this is a move that could be a major step into the crypto space for DWS. The company is a leading fund manager in Europe, currently managing over €941 billion ($1.02 billion) worth of assets globally.

When unveiled, the new stablecoin will bring its benefits to both digital asset investors and developers, including in industrial applications.

“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops said in a statement.

Stablecoins and MiCA regulation

DWS’s move comes as the EU moves ahead with implementation of the Markets in Crypto-Assets (MiCA) regulation that came into effect on June 30. One of the key regulatory standards is for stablecoins and various issuers and providers have taken steps to align with the law.

This includes getting the necessary licenses and approvals.

USDC and EURC issuer Circle recently became the first stablecoin issuer to secure approval with the Electronic Money Institution (EMI) license.

Binance, on the other hand, moved to delist stablecoins that fail to comply with the MiCA rules. Bitstamp also delisted Euro Tether (EURT) in June.

The post DWS to unveil Germany’s first regulated euro stablecoin appeared first on CoinJournal.

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Bitcoin fails to break above $60k despite CPI report as Poodlana presale commences in five days

Key takeaways

  • BTC rallied past the $59k mark on Thursday but has since retraced as the market failed to capitalise on yesterday’s CPI report.
  • The Poodlana presale commences in five days as investors get ready for another Solana meme coin. 

Bitcoin dips below $58k as bears stay in control

The cryptocurrency market has had a positive week so far, with prices of most coins and tokens up by more than 3% in the last seven days. Bitcoin has rebounded from the $53k low established last weekend and is now trading above $57k per coin.

BTC is down by more than 2% in the last 24 hours. At press time, the price of Bitcoin stands at $57,246. The bearish performance over the last 24 hours comes despite the recent CPI report indicating a decline in inflation in the United States.

Market participants are confident that the Federal Reserve will cut interest rates in its next meeting in September. Despite this positive news, BTC continues to struggle to push above the $60k psychological level.

What’s Poodlana?

Amid the consolidating market performance, new projects continue to emerge and Poodlana is one of the meme projects to keep an eye on. However, Poodlana is taking a unique approach in the market in a bid to become one of the leading meme coins in the crypto space.  

Poodlana is a new Solana meme coin focused on introducing the glamor of high fashion to the crypto world. The development team has set a goal of making Poodlana the number one dog token on the planet.

With Poodlana, investors will own meme coins that embrace the ethos of community-driven growth while providing them with unique value. 

Per their whitepaper, the team revealed that Poodles are in the top 3 dog breeds in Japan, Korea, and China where they are essential fashion accessories for the glitterati. Thanks to its popularity in Asia, the development team will leverage this combined with the love of meme coins in these countries to build a strong community.

Poodlana’s presale commences in five days

The Poodlana presale is fast approaching and will commence in five days. The presale will commence on July 17 and last for 30 days. Only the crème de la crème can join with SOL, BNB, ETH, USDT, USDC and Fiat/card payments.

With this presale, there would be no lock-up period for their tokens, no games, just pure, unadulterated excellence. The POODL presale goes live on July 17 and ends on August 16.

According to the website, the presale will be in 10 stages, with a price increase every three days, from $0.0200 in stage 1 to $0.0539 in the final stage. 

Poodlana to issue one billion tokens

Poodlana is adopting a simple tokenomics approach to ensure maximum transparency amongst its community members and investors. The total supply will be 1 billion POODL tokens, with 50% going presale.

The remaining 50% will be split amongst marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%). 00% of tokens will be unlocked on day one, ensuring there are no lock-ups or vesting periods.

Following the end of the presale, Poodlana will burn unsold tokens. Investors will start claiming their tokens immediately after the presale, with the token set to list on decentralized exchanges (DEXs) hours after the presale. 

Click here to learn more about Poodlana

Should you buy the Poodlana token?

Poodlana wants to become one of the leading dog-themed meme coins in the market and its transparency is a huge plus for investors. By leveraging the popularity of the Poodlana dog, similar to the Shiba Inu dog, the project could gain massive adoption in the coming months and years.

The presale will last for 30 days, which means investors have a limited period to invest in the project before it is listed on exchanges. The swift listing on crypto exchanges could also help attract more investors to the project.

The post Bitcoin fails to break above $60k despite CPI report as Poodlana presale commences in five days appeared first on CoinJournal.

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Crypto price predictions: Toncoin, Solana, Solciety (SLCTY)

Cryptocurrencies had a relatively strong performance this week as Bitcoin bounced back to almost $60,000. Toncoin was trading at $7.23, a few points below its highest point this year while Solana rose to $146, up from this month’s low of $121. 

These coins rose as investors bought the dip and as the impact of the ongoing liquidations by the German government and Mt. Gox wallets. They also recovered after the US published an encouraging inflation report that revealed that consumer prices were falling. 

Another positive event that happened was that Solciety, an upcoming Solana meme coin, raised over $863k from investors in less than two weeks. You can buy the SLCTY token here.

Solana price forecast

Solana price bottomed at $122.10, where it failed to move below since May this year. It then bounced back and was trading at $140 on Thursday evening. 

On the daily chart, the token has formed a double-bottom pattern whose neckline was at $188.73. In price action analysis, a double bottom is one of the most bullish chart patterns.

It has also formed a small double-bottom pattern whose neckline is at $154. At the same time, the token has found substantial support at the 200-day Exponential Moving Average (EMA), which is a popular bullish sign. 

The MACD and the Relative Strength Index (RSI) indicators have also formed bullish divergence patterns. Therefore, the likely scenario is that Solana will resume the bullish trend in the near term. 

If this happens, the next key level to watch will be the key resistance point at $155. A break above that level will see it rising to the next psychological point at $160.

Toncoin price forecast

Toncoin has been one of the top-performing cryptocurrencies this year as the TON ecosystem continues doing well. The $TON price dropped to a low of $6.36 last Friday as other cryptocurrencies fell. That was an important level since it coincided with the lower side of the ascending channel.

There are signs that TON price could soon make a bearish breakout. It has formed a rising wedge pattern, a popular bearish sign. Unlike Solana, the MACD and the Relative Strength Indicator (RSI) have formed a bearish divergence pattern.

Therefore, with the rising wedge nearing a confluence level, there is a likelihood that the $TON token will have a bearish breakout in the coming weeks. 

Solciety analysis

Unlike Toncoin and Solana, Solciety is not yet publicly traded. Instead, it is a political neutral cryptocurrency currently in its presale event. Launched earlier this month, the sale has raised over $870k and the trend is gaining momentum.

Solciety aims to be at the intersection of non-fungible tokens (NFT), meme culture, and Solana meme coins. Recently, Solana’s ecosystem has produced some of the top meme coins like Book of Meme (BOME) and Dogwifhat.

It also aims to become the best political meme coins in the industry. Unlike Donald Tremp and Jeo Boden, Solciety will not be affiliated in either of the political space. As the US election nears, people supporting either candidate will feel comfortable investing in the SLCTY token.

A key feature of Solciety is its meme generator feature where users will be able to create political memes with over 200 traits, backgrounds, and fonts.Users can make some money in SLCTY tokens by creating and sharing these meme coins. 

As the network grows, the developers will introduce augmented reality features that will help users view their meme coins well. You can read more about Solciety and its tokenomics here.

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