Schlagwort: crypto business

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Ethereum Foundation sells 300 ETH as price hits $2.5k

  • The Ethereum Foundation has sold a total of 950 ETH worth over $2.2 million in the past three weeks.
  • On Sept. 20, the non-profit sold 300 ETH for over $760,000 as Ethereum price rose to above $2,500.

The Ethereum Foundation has once again dumped more Ether tokens, this time offloading 300 ETH worth more than $760,000.

According to on-chain data, the foundation sold the 300 ETH on Friday for an average of $2,543 – which is a level that is 5% up on intraday lows of $2,440.

In recent days, the organization had put some breaks to its selling spree. Before the brief lull, the Ethereum Foundation had become one of the top ETH holders to dump as prices stalled. But on Sept. 20, the dump resumed.

EF has sold Ether every 4-7 days

On Sept. 6, the Ethereum Foundation sold 100 ETH for $226,868. It’s a sale that brought the foundation’s increased selling across three weeks to 650 ETH, with these valued at about $1.5 million.

According to on-chain insights platform Spot On Chain, the non-profit organization has sold 950 ETH since the start of September. These sales amount to over $2.2 million, with the average sale price being $2,392.

The Ethereum Foundation has sold the native Ethereum token every 4-7 days, on-chain data shows.

In May 2024, the Ethereum Foundation sold 1,000 ETH for over $3 million, with year-to-date totals at the time reaching 1,766 ETH sold for over $4.8 million.

The latest dump, another big one, comes after Ethereum price surged from under $2,200 levels reached earlier this month.

At the time of writing, ETH traded around $2,552, roughly 5% up in the past 24 hours and +8.5% in the past week.

These gains have come as Bitcoin price surged to above $63,000 after this week’s Fed moved to cut interest rate by 0.5%.

Earlier, CoinJournal highlighted that five Satoshi era Bitcoin wallets that had been dormant for 15 years, woke up and transfered 250 BTC.

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Crypto exchange BingX hacked for $43 million

  • BingX was hacked early Friday, Sept. 20, with $43 million in cryptocurrencies stolen from the exchange’s hot wallet.
  • Hacker stole ETH, BNB, USDT and over 300 other coins and tokens.
  • On-chain data shows the attacker quickly swapped most of the assets for Ethereum and BNB.

BingX has been hacked, with the security breach resulting in the draining $43 million from the Singapore-based cryptocurrency exchange’s hot wallet.

Blockchain security firm PeckShield reported on the exploit early Friday.

Etherscan data indicates that of the $43 million stolen, over $13.2 million ETH, more than $2.3 million BNB, and more than $4.4 million USDT. The hacker also drained BingX’s hot wallet of 360 other coins – with these swapped into ETH and BNB at decentralized exchanges including Uniswap and KyberSwap.

BingX suspends withdrawals

Vivien Lin, the chief executive officer of BingX, confirmed the incident via an update posted on X.

Lin noted that the exchange’s technical team detected the breach around 4:00 am on Sept. 20, identifying an “abnormal network access.” The BingX security team immediately initiated the platform’s emergency plans, including urgently transferring assets from the hot wallet and halting withdrawals.

“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest,” Lin added.

The BingX CEO also assured users that the exchange is safe.

According to BingX, the losses are “only minor” and that most of the users’ funds are in cold storage.

One of the biggest exploits on a crypto exchange in 2024 happened in July when hackers stole over $230 million from India-based cryptocurrency exchange WazirX. The attacker has managed to launder most of the funds, the latest being $6.5 million sent to Tornado Cash.

The post Crypto exchange BingX hacked for $43 million appeared first on CoinJournal.

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SEC requests for more time to produce documents in Coinbase case

  • SEC reportedly seeks an extension to February 2025 for it to provide case documents to Coinbase.
  • Coinbase, Binance and Kraken all facing SEC lawsuits.

The US Securities and Exchange Commission has filed for an extension from the court, asking for more time as it looks to provide documents related to its case against crypto exchange Coinbase. Cointelegraph reported this on Sept. 19

SEC asks for extension

Court documents filed on Sept. 18 reveal that the SEC wants the court to extend the timeline for them to furnish Coinbase with key material by four months.

The regulator filed its request at the US District Court for the Southern District of New York, and if granted, will see it have until February 2025 for the deadline to share over 133,000 documents.

SEC’s court filing comes a month to the end of the initial timeline on Oct. 18, which is when the securities watchdog was to hand over documents as part of the case’s discovery proceedings phase. According to the regulator, an extension will allow it to produce the necessary documents.

SEC has sued several crypto companies

These latest developments in the SEC vs. Coinbase lawsuit adds to several others in recent months and weeks. It includes court filings and verdicts in the regulator’s cases against crypto exchanges Binance and Kraken, which are the other major industry players in a legal battle with the SEC.

Both the courts and US lawmakers have taken issue with the SEC’s use of the term “digital asset securities’. This is part of the main allegations against crypto exchanges, with the regulator alleging securities laws violations by these firms.

In 2020, the agency sued Ripple Labs over the XRP cryptocurrency – a case that dragged for three years before a notable ruling in July 2023 declared XRP not a security. The regulator also reached a $4 billion settlement with Terraform Labs.

A judge denied Kraken’s motion to dismiss the SEC’s lawsuit agaisnt the exchange in August this year.

The post SEC requests for more time to produce documents in Coinbase case appeared first on CoinJournal.

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Tether invests $1.5 million in Sorted Wallet

  • Tether announced its $1.5 million strategic investment in Sorted Wallet on Sept. 19.
  • Sorted Wallet will tap into this investment to expand its services across Africa and Southeast Asia.
  • Tether is the company behind leading stablecoin USDT.

Tether has invested $1.5 million in Sorted Wallet, a crypto wallet platform targeted for crypto adoption across the emerging markets.

In an announcement on Thursday, Sept. 19, Tether said the strategic investment in Sorted Wallet aims at enhancing financial inclusion in Africa and the Southern Asia region.

“This investment underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions,” Paolo Ardoino, chief executive officer of Tether, said.

Financial inclusion

According to the Tether CEO, investing in Sorted Wallet will help bring more people with basic mobile phones into the crypto space.

Such support unlocks new opportunities that allow more users to integrate the digital assets ecosystem across the financial space. Most of these are the unbanked in emerging markets – whose stand to benefit from financial inclusion.

“Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy,” the Tether exec added.

Sorted Wallet eyeing expansion

Sorted Wallet is a non-custodial wallet that allows users to engage in the digital asset finance market using their feature phones or low-powered smartphones.

The $1.5 million investment from Tether will bolster Sorted Wallet’s expansion efforts both in Africa and Southeast Asia.

As the issuer of the world’s largest stablecoin USDT, Tether plays a key role in the crypto space. The company has expanded its stablecoin usage across the globe with initiatives.

In recent months, Tether has partnered several platforms and institutions to support blockchain and crypto through educational programs.

The post Tether invests $1.5 million in Sorted Wallet appeared first on CoinJournal.

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Pixelverse debuts TON Microtransactions outside Telegram with beta browser game launch

  • Pixelverse launches a closed beta MMORPG browser game with TON microtransactions.
  • The game marks the first TON integration outside Telegram, expanding web3 gaming.
  • Pixelverse aims to grow its user base and enhance gaming with immersive web3 elements.

Pixelverse, the innovative gaming ecosystem known for its cyberpunk theme and blockchain integration, has achieved a major milestone by launching the closed beta of its highly anticipated MMORPG web browser game.

The launch of the beta browser game makes Pixelverse the first platform to implement TON (The Open Network) microtransactions outside of Telegram.

Pixelverse building on PixelTap’s success

Originally built on Telegram with its flagship mini-game PixelTap, Pixelverse quickly attracted a large following due to its seamless integration with the TON blockchain.

With over 10 million monthly active users, PixelTap became one of the most popular mini-games on Telegram.

In August 2024, Pixelverse launched its largest profile picture (PFP) NFT collection on TON, attracting 234,000 investors, followed by the successful release of its Bots NFT collection, which saw over 40,000 investors participate.

Pixelverse NFTs offer unique benefits across its gaming ecosystem, providing access to exclusive content, character customization, and profit-sharing opportunities. These digital assets are more than just collectibles; they provide players with real-world value, enhancing the overall gaming experience.

MMORPG web browser game launch scheduled for Q4, 2024

The closed beta release of Pixelverse’s web browser game represents a pivotal moment for both the game and the TON ecosystem.

Set 800 years in the future, players awaken in a dystopian city called Neopolis, where they embark on quests, collect rare items, and gain influence in the city’s dynamic economy.

The game’s open-world format allows players to shape the environment and economy, embodying the true spirit of web3.

Pixelverse CEO Kirill highlighted the company’s ambitions to move beyond mobile ecosystems and deliver a richer, more immersive web3 gaming experience. By leveraging its massive Telegram user base amid the growing Telegram gaming landscape, Pixelverse aims to organically grow its presence in the broader web3 space.

With its public release scheduled for Q4 2024, Pixelverse is poised to push the boundaries of web3 gaming, setting a new standard for blockchain integration and player engagement.

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