Schlagwort: crypto business

• One of Bitwise’s amendments is that it’s added a six-month fee waiver of up to $500m
• Analysts believe listings could take place over the course of July
• Bloomberg ETF analyst Eric Balchunas doesn’t know why the SEC is “taking their sweet time” with making a decision

Asset management company Bitwise has filed an amended S-1 registration form for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) days before the July 8 deadline.

Filing the amended form on July 3, Bitwise added a six-month fee waiver of up to $500 million; however, it didn’t specify what the management fee would be once shares in the Bitwise Ethereum ETF are listed on the NYSE Arca exchange. 

While Bitwise hasn’t indicated a launch date to the public, it did mention it would do so “as soon as practicable after the effective date of this Registration Statement.”

“Expect more from other issuers throughout the rest of the week,” said Bloomberg ETF analyst James Seyffart on X. “We’re thinking these things could potentially list later next week or the week of the 15th at this point.”

In June, Bitwise CIO stated that Ethereum ETFs could see around $15bn in net flows in their first 18 months on the market.

Taking their sweet time

The update from Bitwise follows from the SEC’s approval of eight spot Ethereum ETF 19b-4 filings in May, including Bitwise. The others being Ark, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco Galaxy, and VanEck.

Taking to X, Bloomberg ETF analyst Eric Balchunas said “no one really knows why the SEC is taking their sweet time with these, given how light comments were, these could have easily been trading by now.”

Despite this, he believes that a launch could take place this month.

Notably, SEC Chair Gary Gensler said during a June Senate Banking Committee meeting that the commission could give a final nod of approval over the S-1s “sometime over the course of the summer,” but didn’t announce a date.

When the SEC approved the 19b-4s in May, the price of Ethereum spiked. It’s anticipated that once the greenlight has been given, Ethereum’s value will rise, giving it a much needed boost during current economic activity.

Currently, the price of Ethereum is down to around $3,165, as the market continues in the red following a market selloff.

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Key takeaways

• Solciety has raised over $700k in two weeks as more investors enter the project.
• PolitiFi coins are gaining traction amongst investors ahead of the United States presidential elections in November.

What is Solciety?

The cryptocurrency market has been in a bearish mode this week, with the prices of most coins and tokens down by more than 5%. However, that hasn’t dampened investments in new crypto projects, especially those in the PolitiFi space.

One project that is attracting investors is Solciety. It is a meme coin that seeks to become a leader in the PolitiFi meme ecosystem. Solciety intends to become the very first political party of degens.

Per the development team, the meme coin is pegged to the only real-world currency: attention. With Solciety, users would have a platform dedicated to spreading the degen gospel across the Twitterverse. 

Solciety to enable users to create meme coins

Meme coins have become an important part of the crypto ecosystem. Shiba Inu, Dogecoin, Dogwifhat, Bonk, and Pepe are some of the highest-ranking cryptocurrencies and they are all meme coins. 

Solciety wants to join this rank by providing utility to investors. It will offer the Meme Campaigner, a tool that allows users to create their own meme coins. With the Meme Campaigner, users will have access to over 200 traits, backgrounds, and fonts.

The tool would enable users to create and share memes on Twitter to earn points. Users will earn one point for every meme shared, the points will be collected and the top ten users will earn presale tokens.

According to the development team, some of the funds raised via the presale will be used to develop new tools such as Solciety’s AR. The Augmented Reality tool will allow users to view their weird and wonderful meme creations layered over the real world.

Solciety will also develop its AI tool and intends to launch it in the first quarter of next year. The AI tool will make it possible for natural language programming to autogenerate captions and translate memes into other languages. Thus, easing the meme creation process for users.

Solciety’s presale surpasses $700k

The Solciety presale is less than two weeks old and has already crossed an important milestone. So far, the presale has raised $722,954. This represents almost a 100% surge in less than a week. 

Early investors enjoyed a heavily discounted price of $0.000963 in the first stage. The presale is currently in its fourth stage, with the SCLTY token going for $0.002222. The SLCTY token’s price will increase every 72 hours, with early investors enjoying a 125% increase in price before the presale ends. 

The team has allocated 30% of its tokens to presale investors, with a total of 3 billion tokens available for presale. 20% of the total token supply has been allocated to marketing and 10% to community rewards and incentive programs. Upon launch, liquidity will account for 17% of the total supply. 

Is buying the SLCTY token now a wise investment?

Historically, purchasing coins during presale is one of the best forms of investment in the crypto space. Solana was sold for $0.22 during its presale in 2018 and has gone on to deliver thousands of percentages over the last six years.

Solciety’s presale could be the only time investors can purchase the tokens at a discount. The coin is launching on Solana, which is now home to some of the crypto ecosystem’s leading meme coins and DeFi protocols thanks to its transaction speed, security, and transparency.

Solciety could also become a leading PolitiFi coin as investors pay attention to the upcoming presidential election in the United States. In terms of utility, Solciety is exciting thanks to its ability to allow users to create their meme tokens and share them on social media platforms. Its native SCLTY token could become a leading meme coin with the right level of adoption.

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• Blast Token plunges amid market downturn and declining Total Value Locked.
• Blast Foundation plans Phase 2 rollout with focus on full-stack ecosystem development.
• Delayed integrations and market skepticism challenge Blast’s path to recovery.

Blast token price has plummeted despite the promising future plans laid out by the Blast Foundation as it focuses on the next phase of Blast Chain.

This drop in the tokens value has raised concerns among investors, especially seeing that it coincides with the dropping Blast’s total value locked (TVL).

Blast token has dropped by 31% in a week

Over the past week, Blast Token has experienced a sharp decline, plummeting by 31% in its valuation. At press time, BLAST was trading at $0.01724.

This stark downturn comes as a surprise to many within the crypto community, considering Blast’s rapid ascent in previous months. The token’s price, which reached an all-time high of $0.02943 on its opening day (June 27, 2024), has now retraced significantly, currently trading 37% below that peak.

Market analysts attribute this decline to a combination of factors, including broader market volatility and specific challenges facing the Blast ecosystem.

Investor sentiment surrounding Blast has also notably worsened, exacerbated by a 21% decrease in Total Value Locked (TVL) over the same period.

The TVL reduction underscores a decline in confidence among users and liquidity providers, reflecting broader concerns about the platform’s sustainability and future growth prospects.

The recent performance of Blast’s native token marks a stark contrast to its initial bullish reception, highlighting ongoing uncertainties and potential hurdles for the Blast ecosystem to address moving forward.

Blast Foundation plans for the next phase of Blast Chain

Despite current setbacks with the Blast token, Blast Foundation remains steadfast in its commitment to advancing the Blast Chain project.

With Phase 2 on the horizon, the Foundation aims to pivot towards a comprehensive full-stack approach, akin to tech giant Apple’s ecosystem strategy.

This ambitious phase will see the development of dedicated desktop and mobile wallets tailored for cryptonatives, aiming to surpass existing user experiences offered by platforms like Metamask.

Phase 2 is positioned as a critical juncture for Blast, aiming not only to enhance user accessibility and functionality but also to shore up community confidence through targeted incentives and development milestones.

The Foundation’s roadmap, outlined alongside Blast Token’s launch, promised significant integrations and advancements, including ERC-1155 integration, Artblocks integration, and the introduction of the “F-Switch.”

However, delays in these promised features have led to criticism and heightened scrutiny from stakeholders and industry observers alike.

Looking ahead, the success of Phase 2 will hinge on the Blast Foundation’s ability to navigate current challenges and effectively execute its strategic vision. The Foundation’s emphasis on building a robust, integrated ecosystem underscores its commitment to long-term sustainability and adoption within the burgeoning onchain economy.

As Blast continues to evolve amidst turbulent market conditions for its native token, stakeholders remain cautiously optimistic about its potential to rebound and carve out a niche in the competitive cryptocurrency landscape.

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• The 2FA app Authy breach exposed 33 million phone numbers, posing phishing attack risks.
• No accounts have been compromised yet.
• Twilio has already secured the endpoint and improved app security.

On July 1, 2024, Twilio, the developer behind the popular two-factor authentication (2FA) app Authy, disclosed a data breach affecting user phone numbers.

While the accounts themselves were not compromised, the exposure of phone numbers poses a significant risk of phishing and smishing attacks.

Details of the Authy data breach

In a security alert issued by Twilio, it was revealed that hackers had gained access to the Authy Android app database through an “unauthenticated endpoint.”

The breach allowed attackers to identify data associated with user accounts, including phone numbers.

Despite this, Twilio assured users that their accounts were not compromised and that authentication credentials remained secure.

However, the exposed phone numbers could be exploited for phishing and smishing attacks, prompting Twilio to urge users to remain cautious and aware of suspicious texts they might receive.

Authy, widely used by centralized exchanges like Gemini and Crypto.com for 2FA, generates codes on user devices for secure access to sensitive tasks such as withdrawals and transfers. Coinbase and Binance also allow the app as an option. It is often compared to Google Authenticator, serving a similar purpose in enhancing digital security.

Following the breach, Twilio secured the compromised endpoint and released an updated app version with improved security measures. The company emphasized that there was no evidence of attackers gaining access to Twilio’s systems or other sensitive data.

Implications of the 2FA app security breach

The Authy breach underscores the persistent threat posed by cybercriminal groups like ShinyHunters, reportedly responsible for the attack.

Known for high-profile breaches, including the 2021 AT&T data breach affecting 51 million customers, ShinyHunters leaked a text file containing 33 million phone numbers registered with Authy.

This breach serves as a stark reminder of the vulnerabilities in even the most trusted security applications.

Authenticator apps like Authy and Google Authenticator were developed to counter SIM swap attacks — a prevalent social engineering tactic where attackers trick phone companies into transferring a user’s phone number to the attacker. This allows them to receive 2FA codes intended for the legitimate user.

Despite these apps’ security advantages, this recent breach highlights that no system is entirely foolproof.

To mitigate the risks associated with such breaches, users are advised to adopt multi-layered security measures. This includes regularly updating authentication apps, enabling app-based rather than SMS-based 2FA, and remaining vigilant against phishing attempts.

Additionally, users could consider using hardware security keys for an added layer of protection.

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• Kamala Horris (KAMA) meme coin was up 322% in the past 24 hours.
• Polymarket traders see odds of Biden dropping out from the race as high as 80%.
• Jeo Boden meme coin has dropped nearly 40% in the past 24 hours.

Kamala Horris (KAMA), a meme coin inspired by current US vice president Kamala Harris, has skyrocketed more than 320% in the past 24 hours.

The staggering gains for the meme coin come amid growing belief that President Joe Biden could drop out of this years’ US election.

On June 27, the first presidential debate between Joe Biden and Donald Trump took place. While the Trump team left the stage upbeat, most of the Democratic Party’s base felt Biden had been a disaster. Almost immediately, calls for the incumbent to step aside to allow for a replacement began to surface.

Although VP Kamala Harris has not officially commented on the matter or been publicly endorsed by the inside circle at White House, the market is factoring this possibility.

That’s why a political meme coin linked to the VP went parabolic on Wednesday. In this case, reports suggest that Biden is aware of the nosedive his chance of winning has taken since the debate.

Will Biden drop out?

According to Polymarket data, traders have catapulted bets on the odds that Biden drops out to over 60%. Traders on Polymarket see a 43% Kamala Harris becomes the Democratic nominie, ahead of Biden’s 36% and Gavin Newson at 7%.

This outlook coincides with the massive upside move for Kamala Horris (KAMA). CoinGecko data shows the meme coin is up 322% to $0.01588 at the time of writing. Earlier in the day, KAMA token reached highs of $0.01852.

While KAMA appears to be soaring, “Ruburt F Kenidy Jr” (KENIDY) has slumped more than 30% in the past 24 hours. Jeo BODEN (BODEN), on the other hand, is down 37% in the past 24 hours and over 79% down this past week.

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