Kategorie: Crypto News

• CFTC Chair Rostin Behnam says a majority of cryptocurrencies, 70-80%, are non-securities.
• Behnam appeared before the  U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday.

Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), has reiterated his belief that the CFTC is better placed as the agency to oversee crypto.

The CFTC chair made the comments in a testimony during the  U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday.

Behnam told lawmakers of the recent court rulings in Illinois that declared Bitcoin (BTC) and Ethereum (ETH) are commodities.

“Just last week, a District Court in the Northern District of Illinois entered summary judgment in favor of the CFTC in a case involving fraud by an unregistered entity that promised steady returns in digital asset commodities such as Bitcoin and Ether. In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act,” he said in a testimony.

In the same manner, the CFTC chair noted that most of the cryptocurrencies in the market are not securities, with a percentage applicable to this being around 70-80%.

Behnam also talked of the Commission’s regulatory efforts, particularly in bringing enforcement actions against individuals and entities that breach the commodities laws, including in the digital commodities market.

The CFTC has over the past few years filed more than 135 digital commodity-related cases, with the lawsuits resulting in billions of dollars in penalties and restitution.

While the CFTC continues to work with  law enforcement, there’s continued escalation of digital asset fraud and other violations, largely down to “accelerated and sustained adoption of digital assets by U.S. investors.”

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• Ronaldinho is the latest soccer star to promote Water Coin on Instagram, a Solana-based meme coin
• Earlier this week, soccer legend Lionel Messi promoted Water Coin on his Instagram Stories
• The price of Water Coin rose nearly 40% to $0.0012
• Water Coin claims it’s focusing on water-related issues and sustainable projects

Soccer legend Ronaldinho Gaúcho has become the latest to promote the Solana-based meme token Water Coin on his Instagram account.

On social media, the Brazilian retired soccer star posted a story to his 76.6 million followers showing a photo of him with the Water Coin’s mascot peering over his shoulder. It also tagged the project’s Instagram account.

Following Ronaldinho’s post, Water Coin’s price rose nearly 40% to $0.0012. The excitement didn’t last long, and at the time of publication, Water Coin’s price had levelled at around $0.00088, CoinMarketCap data shows.

Ronaldinho’s post follows that of another football legend, Lionel Messi.

Earlier this week, the Argentinian player promoted Water Coin on his Instagram Stories. Like Ronaldinho, Messi showed a picture of himself with the meme coin’s mascot peeking over his shoulder, along with tagging the project’s Instagram account.

Notably, one of the exchanges listing the Water token is Bitget, a company Messi has been partnered with since 2022.

Facing Criticism

According to its website, the charity token “aims to have a net-positive impact on [the] real world with the help of charity.” However, it doesn’t state how it will achieve this.

Despite the promotion from several well-known soccer players, some have met their posts with criticism.

Taking to X, analyst @ericonomics wrote of Messi that this was the “third token scam” that he’s promoted, adding “this time it’s Water. They will probably rug soon so make yourself a favour and don’t buy that sh*t.”

“The first one was Leafty, which was a rug (they removed the liquidity like 5 days later lol),” @ericonomics wrote. “The second one was PLANET, a slow rug that is like -90% since that promotion.”

Similarly, this isn’t the first time Ronaldinho has been connected with a controversial crypto project. Last August, he appeared before a Brazilian parliamentary committee inquiry over an alleged $61m crypto pyramid scheme that used his likeness without permission.

The scheme, “18kRonaldinho, used images of the soccer star in its marketing while promising investors a 2% daily return. During the inquiry, Ronaldinho denied any involvement, claiming he never partnered with the company.

The post Ronaldinho Becomes Latest to Promote Solana Meme Token on Instagram appeared first on CoinJournal.

• CertiK has revealed that two CoinStats exploit wallets have moved 311 ETH ($959K) to Tornado Cash.
• CoinStats breach on June 22 affected 1,590 wallets after AWS was hacked via social engineering.
• CoinStats resumed full operations on July 3 amid intense investigations.

Blockchain security firm CertiK has revealed that two wallets linked to the recent CoinStats exploit transferred 311 ETH, worth about $959,000, to Tornado Cash.

The security breach, which occurred on June 22, affected 1,590 crypto wallets managed by CoinStats resulting in the company promptly suspending user activity and shutting down the application to isolate the security incident.

CoinStats still conducting investigations into the incident

Since the breach, CoinStats has been taking significant steps to secure its platform.

On June 30, the company announced that it was optimizing its transaction database and transitioning to a new platform aimed at enhancing efficiency and reliability. It also said that upgrades and audits were underway to bolster the security of their systems.

Quick updates! Currently, we’re focused on:

– Optimizing our transaction database and migrating to a more robust platform for improved efficiency and reliability.

– Enhancing our security systems with upgrades and audits to ensure top-notch data protection.

— CoinStats (@CoinStats) June 30, 2024

After a period of intense scrutiny and effort to address the vulnerabilities, the company on July 3 announced that its app had recovered full functionality.

All functionalities on CoinStats are now fully recovered and functional.

Thank you for your patience and support! 🤝

— CoinStats (@CoinStats) July 3, 2024

The most recent update from CoinStats, as of today, stated that the investigation is ongoing.

The firm is committed to ensuring that its new infrastructure is robust and secure, promising to share additional information, including victim support measures, soon.

Movement of funds to Tornado Cash raises alarm

Even as the investigations continue, the movement of 311 ETH by the exploiters to Tornado Cash by the exploited wallets has raised alarm bells.

Tornado Cash, a cryptocurrency mixing protocol, anonymizes transactions by combining identifiable funds with many others, making it a favored tool for laundering illicit gains.

CertiK’s report highlighted that one wallet transferred 211 ETH, while another sent 100 ETH to the mixer.

The community has reacted strongly to the breach, with some users reporting significant losses. One wallet allegedly lost almost $9 million in Maker (MKR), underscoring the severe impact of the exploit.

However, CoinStats has been transparent in its communication, detailing the steps taken to mitigate the attack and improve security.

The post Wallets linked to CoinStats exploit transfer 311 ETH to Tornado Cash appeared first on CoinJournal.

• Poodlana, a new meme coin set to launch on July 17, is attracting huge attention.
• The POODL token is an inspiration of Asia’s beloved dog breed and fashion accessory – the poodle.
• Poodlana will launch via a 30-day presale, with token sale price starting at $0.02.

It’s been a tough ride for bulls in the crypto market in recent weeks, with top coin BTC battling massive sell-off pressure.

But cryptocurrencies are showing signs of a bounce and meme coins have joined the party. Top of the trending list is Poodlana (POODL), the meme coin that brings the glamor of Asia’s hottest fashion accessory dog – the poodle – to Solana.

Poodlana (POODL) launch excites crypto market

Dog-themed tokens have dominated the crypto meme space since Dogecoin’s launch. Drink-themed meme coins have also attracted attention,  as have political meme coins.

However, while the shiba inu remains a beloved friend to many, there’s a new shift and strutting to the top is the poodle.

A leading fashion dog breed, the poodle has taken the world by storm – particularly in Asia where China, Japan and Korea are huge crypto markets. That’s the excitement that currently dominates the Solana meme market as Poodlana nears its launch.

Notable also is that Bonk and Dogwifhat continue to jostle for Solana’s top meme coin by market cap slot. The baton has changed between the two as recently as this week. However, this may be the case only until Poodlana arrives on the scene.

Poodlana: POODL launch and tokenomics

Poodlana will launch on July 17 and offer access to 500,000,000 POODL tokens to fashionistas and poodle lovers. The presale will be a 30-day blitz that starts at the low price of $0.02 before poodles’ value rises every three days after over 10 stages.

Apart from the presale having 50% of tokens go to the community, the tokenomics outline that 15% of the total supply will go to marketing POODL while another 15% will be reserved for liquidity. Poodlana also targets having Asian fashion brands and personalities on board as partners. To help bring these to the POODL runway is an allocation of 5% of toke supply.

What’s unique about Poodlana?

Poodlana is the crypto meme for fashionistas, inspired by Asia’s beloved dog. Meanwhile, meme coins are bouncing as crypto summer kicks in proper after a lull in June. Adding to that is Asia being one of the regions with the highest number of crypto owners in the world – and they love poodles.

But that’s not all that makes POODL an enormous opportunity. 

When the Poodlana presale ends on August 15, POODL will hit the market within 60 minutes. The project highlights no vesting periods or lockups and the first DEX listing will be live within the hour of the presale ending.

Meme coin enthusiasts who participate in the Poodlana token sale can therefore buy knowing when they will have access to their tokens. 

To learn more, visit Poodlana’s official website.

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