Author: Max Bauer
As the highly anticipated Hamster Kombat token airdrop looms closer, the team behind the popular clicker game has unveiled their plans for the future. In a recent announcement, Hamster Kombat revealed their roadmap, which includes the launch of Season 2, a token buyback strategy, NFT integration, and the development of a progressive web app (PWA). Season 2, set to launch in the coming weeks, will seamlessly connect the platform’s content, including the Hamster Kombat metagame and third-party games. To incentivize players, the team plans to use advertising revenue to buy back tokens from the market and redistribute them to players…
Terraform Labs has announced that it is in talks with third parties to take over operations of some of its products and services. However, in the event that these discussions do not materialize, the company has announced that it will be shutting down these products on October 30, 2024. The products and services that are set to be shut down include: Products: Services: Terraform Labs received court approval for a bankruptcy last week after reaching a settlement with the SEC. The company had agreed to pay a $4.47 billion penalty to the SEC in January. Terraform Labs was the company…
PayPal, a leading online payments platform, has announced a significant expansion of its cryptocurrency services. Starting today, U.S. merchants using PayPal Business Accounts will be able to buy, hold, and sell cryptocurrency directly within their accounts. This new feature builds upon PayPal’s existing cryptocurrency offerings, which were initially introduced to consumers in 2020. By enabling businesses to engage with digital currencies, PayPal aims to further increase the utility and adoption of cryptocurrencies. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital…
Despite strict government regulations, China’s over-the-counter (OTC) cryptocurrency brokers are experiencing unprecedented growth. A new study by Chainalysis reveals that these brokers have attracted over $75 billion in inflows in just nine months, underscoring the enduring demand for alternative investments in the struggling Chinese economy. The surge in OTC trading volumes comes amidst a backdrop of weak equity and property markets, making cryptocurrencies an increasingly attractive option for investors seeking to diversify their portfolios. While China’s government has imposed a ban on digital asset trading, OTC services offer a discreet method of exchanging yuan for cryptocurrencies without going through regulated…
In a significant legal victory for the Securities and Exchange Commission (SEC), a federal court has ruled that cryptocurrency mining “boxes” offered by Green United LLC are securities. The decision comes in response to a lawsuit filed by the SEC alleging civil fraud against the company. Green United, which had argued that its customers were not involved in securities transactions, failed to convince the court of its position. Judge Ann Marie McIff Allen found that the SEC had adequately alleged an investment contract involving the Green Boxes and the accompanying hosting agreement. The SEC’s lawsuit against Green United revolves around…
A new study from crypto market maker Keyrock has debunked the notion that airdrops inevitably lead to price dumps. While 88% of tokens launched with airdrops this year have seen price declines, the study found that strategic planning can mitigate this risk. “Contrary to popular belief, larger airdrops don’t always lead to dumps,” said Keyrock in its report. “A token with 70% airdrop allocation saw positive gains, highlighting that FDV management is more important.” The study identified fully diluted valuation (FDV) and liquidity as crucial factors in determining an airdrop’s success. Projects with inflated FDVs often struggle to sustain momentum…
Sky, a decentralized finance (DeFi) lender, has decided to temporarily pause its plan to offboard wrapped bitcoin (WBTC) as collateral, following a discussion with BitGo CEO Mike Belshe. The decision comes after an influential adviser, BA Labs, expressed concerns about the involvement of Tron founder Justin Sun in the new custody arrangement for WBTC. Sun’s involvement raised questions about the security and control of the collateral. Despite an overwhelming vote by the Sky community to proceed with the offboarding process, recent discussions with Belshe have provided additional clarity and addressed some of the concerns. Belshe clarified that Sun would not…
Banana Gun, a popular trading bot platform, has released a statement detailing the recent exploit that resulted in the loss of $3 million. The developers have identified a vulnerability in the Telegram message oracle as the root cause of the attack. A total of 11 users were affected by the exploit, and Banana Gun has committed to fully refunding the lost funds from its treasury. No tokens will be sold to cover the reimbursements. The attack targeted experienced traders who were known in the cryptocurrency community. The attackers manually transferred Ethereum (ETH) from the victims’ wallets while they were interacting…
The Securities and Exchange Commission (SEC) has announced a delay in its decision on whether to approve options trading on the iShares Ethereum Trust. In a statement released on Tuesday, the SEC stated that it needs additional time to review the proposed rule change submitted by Nasdaq ISE, LLC. The original deadline for a decision was September 26, 2024, but the SEC has extended this period to November 10, 2024. The SEC also postponed its decision on the option application for the Bitwise Ethereum Spot ETF. The delay in the SEC’s decision comes as a disappointment to investors and market…
Cryptocurrency analysis firm Alphractal has revealed that miners have been actively selling their holdings of Bitcoin, Litecoin, Dogecoin, and Bitcoin Cash during periods of price surges. Contrary to popular belief, miners are not hesitant to profit from rising prices. Alphractal’s analysis indicates that miners have strategically utilized price increases to offload their coins, demonstrating their opportunistic behavior. This practice is essential for sustaining their mining operations and ensuring profitability. In the case of Bitcoin, miners capitalized on the significant upward trend between 2023 and 2024 to sell their BTC holdings. The increased hash rate and heightened competition among miners during…