Bitcoin and most major altcoins are reeling under intense selling, and charts suggest that the market sell-off is not complete.
This strategic collaboration aims to provide market participants with accurate and timely pricing information, fostering greater transparency and confidence in the evolving digital asset space.
The world’s leading derivatives platform, CME Group Inc (NASDAQ: CME) has partnered with CF Benchmarks to launch Bitcoin (BTC) and Ethereum (ETH) reference rates, cementing crypto’ growing significance in the Asia-Pacific (APAC) region.
CME Group stated in a press release that the two new reference rates, CME CF Bitcoin Reference Rate APAC and the CME CF Ether-Dollar Reference Rate APAC will go live on September 11. These reference rates will offer a once-a-day snapshot of the US dollar price of Bitcoin and Ethereum, respectively, at 4 p.m. Hong Kong/Singapore time.
Giovanni Vicioso, Global Head of Crypto Products at CME Group, emphasized the importance of these reference rates in the context of the crypto ecosystem. “These new reference rates are designed to meet the ever-evolving needs of global participants in the growing digital asset space,” Vicioso stated.
It is worth mentioning that CME Group and CF Benchmarks have earlier solidified their partnership by introducing three new Metaverse reference rates.
The three Metaverse reference rates introduced features Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA). These tokens are key players in the metaverse landscape, each contributing unique aspects to the virtual realm. With their inclusion in reference rates, CME Group and CF Benchmarks acknowledge the increasing influence and potential of the metaverse space.
CME Group in APAC Market: Core Benefits
The introduction of Bitcoin and Ethereum reference rates in the APAC region is a significant step forward for the cryptocurrency ecosystem. APAC has been at the forefront of crypto adoption and innovation, with countries like Japan, South Korea, and Singapore leading the way.
Vicioso pointed out that 37% of crypto volume at CME Group year-to-year has been traded during non-US hours, with a noteworthy 11% of trades originating from the APAC region. Therefore, providing accurate reference rates tailored to this region’s trading hours and market dynamics is essential for attracting institutional investors and further legitimizing the crypto market.
One of the primary advantages of these reference rates is the potential for improved risk management and hedging strategies. Institutional investors, who frequently require precise and trustworthy data, will be able to make more informed judgments concerning their Bitcoin exposure.
Additionally, these rates are anticipated to significantly impact the risk management methods of institutions entering the crypto space, improving their ability to mitigate possible market swings. This partnership couldn’t come at a better time as the crypto market is expanding rapidly, with popular usage increasing as complemented by growing institutional interest.
Furthermore, the introduction of these reference rates contributes to the ongoing process of legitimizing the crypto market within the regulatory framework. As governments and financial watchdogs increasingly engage with the crypto space, these reference rates can be seen as a responsible step towards meeting regulatory expectations.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Voyager Digital has been busy in recent months as it looks to sell its remaining crypto holdings on centralized exchanges. In its latest move, the bankrupt crypto brokerage has transferred millions in SHIB and ETH to Coinbase. According to on-chain data, Voyager moved SHIB and ETH tokens to Coinbase’s ledger on Friday, August 11.
Millions In SHIB And ETH Transferred To Coinbase By Voyager
Voyager has been selling off assets since the beginning of the year. Specifically, the latest on-chain transactions show that Voyager moved a total of $5.5 million in crypto to Coinbase. The transactions consisted of 1,500 ETH sent in two transactions.
Before being moved to Coinbase, 1,000 ETH and 500 ETH, with a combined value of $2.77 million, were sent to separate wallets. Another 250 billion SHIB valued at $2.7 million was then sent to Coinbase.
On-chain data also shows that Voyager has been moving all its token holdings to its primary address. This likely means the company is consolidating its crypto assets before moving them to crypto exchanges.
Bankrupt crypto firm Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Additionally, Voyager is moving all remaining tokens to the main address. There are currently about $81.63 million worth of cryptocurrency in Voyager addresses.…
— Wu Blockchain (@WuBlockchain) August 12, 2023
Looking To Pay Pack Customers
Voyager’s goal is to eventually reimburse all customer accounts, at least partially. The firm went bankrupt last year after the failure of crypto hedge fund Three Arrows Capital which failed to repay its $665 million Voyager loan. The company, however, received court approval in May 2023 to begin winding down its operations and start repaying customers a portion of their crypto assets that’s been locked for over a year.
According to court filings, Voyager had only about $630 million to pay back $1.8 billion in customer claims. As a result, Voyager users could only claim 35.72% of their tokens. They could either withdraw their claims immediately or choose to wait for 30 days to be paid in USD after Voyager sells the tokens.
VGX prices tanks as bankruptcy proceedings continue | Source: VGXUSDT on Tradingview.com
At the time, data from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. But now that the time for customer claims is over, Voyager seems to be consolidating its remaining assets into one address before selling them. According to Arkham Intel, there is currently about $81.63 million worth of cryptocurrency left in Voyager addresses.
What This Means For SHIB And ETH Prices
The recent transfers of millions of dollars in SHIB and ETH tokens from Voyager Digital to Coinbase could signal selling pressure is on the way for the two cryptocurrencies. If Coinbase unloads these tokens onto the open market, it may drive prices down further as supply outpaces demand.
SHIB is currently on a roll and is up by 15.55% in a 7-day timeframe. ETH, on the other hand, is currently ranging around $1,850 after the ETH ecosystem reached a milestone recently with the number of non-zero addresses reaching a new all-time high.
Featured image from Currency.com, chart from Tradingview.com
San Francisco’s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.
BTC, ETH, and DOGE Lead the Way
A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in ‘digital gold.’ Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.
The meme-inspired Dogecoin takes the third spot with $5 million, while Cardano secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC).
SoFi Bank's crypto holdings | Source: X
SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.
The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin.
While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies.
Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year.
BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com
Strategic Growth And Financial Success
The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape.
SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,” SoFi CEO Anthony Noto said.
SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like Wells Fargo, JP Morgan, and Goldman Sachs, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients.
Other notable entrants into the industry include BlackRock and ARK Invest, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, will be deliberated on to be approved or rejected by the SEC. However, the regulator could also end up extending the deadline.
Featured image from BitIRA, chart from Tradingview.com
The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action.
The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale?
Who Is The Mysterious Ethereum Whale?
Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform.
Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account.
The Tweet read:
Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account
This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS.
ETH price plunges to $1,823 | Source: ETHUSD on Tradingview.com
Contributing To The Growth Of ETH
While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems.
His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated:
“If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.”
True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to.
According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.”
Featured image from iStock, chart from Tradingview.com
Nonfungible token (NFT) and decentralized finance (DeFi) protocol JPEG’d has confirmed that 5,495 Ether (ETH), worth roughly $10 million at current prices, has been returned by the Curve Finance hacker.
In exchange for returning the funds that were stolen on July 30, the hacker received a 610.6 ETH ($1.1 million) bounty.
JPEG’d exploit update:
Seems 5495 ETH was returned just now for a 10% whitehat bounty.
0x003b00378ac52c10200d8fcac0e42138a34e46b9d7c3350ad3372ae0eb141df3
Michael Razum is not the exploiter but was linked on-chain bc a few of his contracts were drained by this person. pic.twitter.com/mc3GGx2gyd
— ZachXBT (@zachxbt) August 4, 2023
JPEG’d is a DeFi lending protocol that enables users to borrow funds against their collateralized NFTs. The protocol lost $11.6 million of crypto in the Curve hack.
In an Aug. 4, X (formerly Twitter) thread, the team stated that the funds had been returned to the JPEG’d decentralized autonomous organization multisig wallet address.
“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue,” the JPEG’d team stated.
The JPEG’d DAO confirms receipt of 5,494.4 WETH back to the JPEG’d Multisig for a total of 5,495.4 WETH. A 10% white-hat bounty of 610.6 WETH was awarded to the owner of the address that recovered funds from the pETH exploit.https://t.co/nIBwHHxfQU
— JPEG’d (@JPEGd_69) August 4, 2023
The DeFi ecosystem received a significant hit in late July after several liquidity pools on Curve Finance were drained.
The hacker managed to exploit a security vulnerability in the Vyper smart contract programming language used in the pools, with total losses estimated to be around $70 million worth of crypto.
The exploit impacted projects such as decentralized exchange Ellipsis, lending platform Alchemix, JPEG’d, and synthetic protocol Metronome, which all saw millions of dollars worth of assets stolen from liquidity pools. Curve Finance also lost around $22 million of Curve DAO (CRV) tokens.
Related: CRV exposure risk throws a curveball at the DeFi ecosystem: Finance Redefined
On Aug. 3, Curve, Metronome and Alchemix jointly announced an initiative to retrieve the stolen funds, offering the hacker a 10% bounty and no legal action if they returned the other 90% of the funds.
In less than 24 hours, the hacker apparently agreed to the deal and has gradually started returning the stolen funds to the various projects.
Apart from JPEG’d, the hackers have returned 4,820.55 Alchemix ETH (alETH) ($8.8 million) to the Alchemix Finance team and 1 ETH ($1,829) to the Curve Finance team.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu.
The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned.
Curve Finance Breach Ends On Positive Note
Curve Finance has announced the return of stolen funds worth over $60 million, which were taken in a recent exploit.
As reported by NewsBTC, the protocol had issued a statement on Etherscan, urging the hackers to return the funds, and offered a 10% reward for their return. The hackers have agreed to return the funds, keeping 10% of the stolen amount.
The attack on Curve Finance, which took place on July 30th, significantly impacted the decentralized finance (DeFi) sector and raised concerns about its security.
The hack targeted several pools on Curve Finance, withdrawing more than $47 million from various DeFi projects. This led to a drop in the value of Curve DAO (CRV), prompting its founder, Michael Egorov, to sell off the asset to save it.
Following the attack, Curve Finance has taken measures to improve its security, including updating its contracts and implementing stricter security protocols. The protocol has also called on the hacker to return the stolen funds and offered a reward for their cooperation.
The hack had caused significant concern among the cryptocurrency community. Still, the Alchemix Finance team’s swift response and the hacker’s decision to return the stolen funds demonstrate the importance of protocols taking swift action to protect their users and assets.
CRV Sees Strong Trading Volume Despite Recent Hack
Curve Finance is one of the largest decentralized exchanges (DEXs) in the cryptocurrency market, with a total value locked (TVL) of $2.349 billion, according to data from DeFiLlama.
The exchange has a market capitalization of $540.35 million and a fully diluted valuation of $2.035 billion, making it a significant player in the DeFi ecosystem.
The Curve Finance token (CRV) price currently stands at $0.62, with a 24-hour trading volume of $177.09 million. The staked amount of CRV is $432.64 million, representing approximately 80.07% of the market capitalization of the protocol.
The data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi sector, with a substantial TVL and a high level of staked tokens. The liquidity available for trading on the exchange is also significant, with a high annualized trading volume and fees.
The revenue generated by Curve Finance demonstrates the potential for decentralized exchanges to become profitable businesses, offering a viable alternative to centralized exchanges.
Overall, the data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi ecosystem and the potential for decentralized exchanges to become profitable businesses. With its high TVL, staked tokens, and liquidity, Curve Finance is well-positioned to continue its growth and become a leader in the DeFi sector.
Featured image from Unsplash, chart from TradingView.com
Bitcoin continues to range trade, and altcoin traders are starting to view BTC’s price consolidation as a positive sign for the rest of the crypto market.
The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum’s initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason.
The Ethereum ICO participant, whose address remained inactive for 2,922 days, stirred up by transferring 641 ether, an amount currently valued at nearly $1.2 million.
An Unexpected Move In The Ethereum Ecosystem
The intent behind these transactions was revealed through on-chain analytics X (Twitter) account Lookonchain, noting that the Ethereum ICO participant had moved the funds to stake them. This reason has raised speculation among the crypto community as some suggest that the whale behind this move might know something they don’t.
Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900
An Ethereum ICO participant woke up after 8 years of dormancy, transferred 641 $ETH out, and started staking.
He received 2K $ETH($3.7M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31. pic.twitter.com/ZO09r9uFMd
— Lookonchain (@lookonchain) July 31, 2023
Just over eight years ago, the same address received exactly 2,000 ETH from Ethereum’s Genesis. This amount of ETH at the time was worth $620 as the Ethereum network arranged an exceptional sale event then that made ETH sell for $0.31 per ETH.
This event was before the network commenced its own token generation, providing a platform for early participants and co-founders to accrue pre-mined ETH. However, fast forward to nearly a decade later today, this same amount of 2,000 ETH is currently valued at over $3.72 million, showcasing the meteoric rise in the value of ETH since its inception.
Notably, the awakening of this long-dormant Ethereum participant is not an isolated incident. It falls into a recent trend, observed over the summer, where several early ICO participants have begun transferring their ETH holdings.
ICO Participants Stirring After A Long Hiatus
This pattern of dormant Ethereum ICO participants springing into action isn’t new. Two weeks prior to the latest transaction, a pre-mined stash of Ethereum, which had been lying dormant for nearly eight years, was abruptly moved. At current rates, this stash is estimated to be worth more than $100 million.
This particular ‘whale’ move grabbed the attention of the crypto community, stirring speculation and interest in equal measure. Interestingly, the motives behind this transfer remain largely unknown, adding an element of mystery to the whale movement.
Regardless of these ICO participants’ movement on the blockchain, Ethereum has seen a continuous downtrend in the past few weeks. Particularly, the asset is currently down by 3.2% in the past 14 days. ETH has declined from a high of trading above $1,900 to a trading price of $1,866, at the time of writing.
Featured image from Unsplash, Chart from TradingView
DeFi protocol Conic Finance confirmed that it was exploited via a reentrancy attack earlier today for an undisclosed sum.
A reentrancy attack allows an attacker to drain funds of a vulnerable contract by repeatedly calling the withdraw function before it updates its balance. This attack has been commonly used to exploit several DeFi protocols.
Conic Finance stated that it initially disabled the front end of its Omnipool Ethereum deposits, adding that it has initiated a fix to the affected contract.
“The root cause was a re-entrancy attack that was able to be performed because of a wrong assumption as to what address is returned by the Curve Meta Registry for ETH in Curve V2 pools.”
Curve Finance also added that only the ETH Omnipool was affected.
According to its website, Conic Finance allows liquidity providers to diversify their exposure to multiple Curve pools easily. Any user can provide liquidity into a Conic Omnipool, which allocates funds across Curve in proportion to protocol-controlled pool weights.
Conic Finance did not respond to CryptoSlate’s request for additional commentary as of press time.
Meanwhile, blockchain security firm Decurity stated that the exploit led to the loss of 1724 ETH worth $3.2 million.
Decurity noted that the exploiter was active yesterday and performed a series of small hacks before attacking the CNCETH pool today. They also tried an unsuccessful transaction 10 minutes before successfully exploiting Conic Finance.
BlockSec corroborated the report, noting that the hacker was labeled as the Lady Pepe Exploiter by MetaDock.
This exploit continues a relatively busy month for hackers targeting crypto projects. Data from DeFillama shows that over $100 million in digital assets have been stolen from several protocols, including the cross-chain bridge Multichain (MULTI).
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