Author: Max Bauer

DefiLlama founder 0xngmi has publicly criticized Coinbase’s cbBTC token for its lack of transparency. In a social media post, the founder stated that while most cross-chain bridges, including WBTC, provide proof of reserves to ensure user confidence, Coinbase has failed to implement this standard. 0xngmi explained that DefiLlama has not listed cbBTC on its platform due to the inability to verify its Total Value Locked (TVL). The founder emphasized that the platform maintains consistent standards for all projects and will not make exceptions, even for major players like Coinbase. Previously, Coinbase CEO Brian Armstrong admitted in a statement that cbBTC…

Police in China’s Shanxi province have dismantled a criminal gang involved in money laundering through USDT, arresting seven individuals, according to a report from the Heshun Public Security Bureau. After an extensive investigation, the Criminal Investigation Brigade successfully took down the gang, which specialized in defrauding victims, withdrawing cash, and using the cryptocurrency USDT to launder funds. The case began in early September 2024 when a local resident, identified as Zhao Moumou, was defrauded of 50,000 yuan by someone impersonating a government official. The funds were withdrawn from a bank in Chongqing, prompting police to investigate. Officers analyzed bank surveillance…

In a recent analysis, cryptocurrency research firm QCP Capital assessed the implications of Vice President Kamala Harris’ renewed support for the crypto industry, following her remarks at a fundraiser over the weekend. Harris pledged to assist in the growth of the cryptocurrency sector, aiming to win over the crypto community as part of her campaign strategy. Notably, her efforts are supported by prominent crypto advocates, including Anthony Scaramucci, who are collaborating on her campaign’s crypto policies. QCP Capital suggests that a victory for Harris in the upcoming election may not be as bearish for the cryptocurrency market as some analysts…

In a new bankruptcy filing, executives at Silvergate Capital Corporation, the parent company of the crypto-friendly bank Silvergate Bank, have attributed the bank’s closure to a “sudden regulatory shift.” Despite facing challenges from the shrinking cryptocurrency industry and rising interest rates, the bank had stabilized and was able to meet regulatory capital requirements. However, in 2023, “abrupt regulatory changes” from agencies such as the Federal Reserve, FDIC, and OCC made it clear that they would no longer tolerate banks with significant digital asset customers. Silvergate Capital Corporation CEO Elaine Hetrick’s statement in the bankruptcy filing provides a timeline leading to…

In a recent interview, VanEck’s CEO expressed a bullish outlook for Bitcoin, predicting that its market capitalization will eventually reach half of gold’s. This would put Bitcoin’s value at approximately $350,000 per coin. The CEO based this prediction on the growing adoption of Bitcoin and the potential for central banks to embrace it as part of their monetary systems. He also highlighted the long-term trend of Bitcoin’s increasing value, comparing it to the performance of Indian equities over the past decade. While acknowledging the risks and potential volatility associated with Bitcoin, the CEO emphasized the importance of diversification and including…

The Telegram Open Network (TON) chain has seen a significant surge in popularity, with its top five tokens boasting millions of addresses. This growth puts TON far ahead of Ethereum’s popular memecoin PEPE, which has only 280,000 addresses. According to recent data, the top five tokens on the TON chain are TON, USDT, CATI, NOT, and DOGS. TON, the native token of the network, leads the pack with a massive 19.39 million addresses. USDT, a stablecoin pegged to the US dollar, follows with 1.54 million addresses. Other notable tokens include CATI, NOT, and DOGS, which have 1.09 million, 2.86 million,…

Arthur Hayes, co-founder of BitMEX, has recently reduced his holdings in the decentralized finance (DeFi) protocol Pendle Finance (PENDLE). He bought 392,911 PENDLEs at about $5.6 between May 20 and June 21, and sold 350,000 PENDLEs at a loss yesterday. Hayes says that he is still a big believer in PENDLE and that he plans to profit off of its success. He has reduced his position to fund a special situation, which he will reveal in the near future. It is important to note that Hayes is selling his PENDLE at a loss. This could be a sign that he…

While Bitcoin (BTC) has demonstrated strong performance following the Federal Reserve’s interest rate cut, altcoins have emerged as the real winners in the cryptocurrency market. Total3, an index tracking the top 125 cryptocurrencies excluding Bitcoin and Ether (ETH), has surged by 5.68% since the central bank’s announcement of a 50 basis point rate reduction. In contrast, Bitcoin’s market capitalization has only increased by 4.4%. Bob Wallden, head of trading at Abra, explained that this outperformance is not surprising. “Altcoins are higher beta than Bitcoin and Ether, making them a leveraged play on the broader crypto market similar to tech stocks…

Cryptocurrency analyst James Van Straten sees a potential silver lining for Bitcoin, suggesting a divergence between its price and hashrate could be setting the stage for a rally. Hashrate refers to the total computing power of the Bitcoin network, and according to Van Straten, historical data reveals that such divergences have often preceded price increases. “These divergences have occurred only a few times in the past three years,” Van Straten noted. “In some cases, Bitcoin prices have reached a local bottom during these events, followed by a rally as the market catches up with the rising hash rate.” Hashrate fluctuations…

Avalanche, once a rising star in the blockchain space, is now facing a significant uphill battle to attract and retain users. The number of active addresses on Avalanche’s C-Chain has plummeted to a 12-month low of 31,000, a stark contrast to the network’s peak of 99,000 active addresses in December 2023. This decline is particularly notable considering the surge in activity related to inscriptions that occurred in December, inspired by similar trends on other blockchains like Bitcoin’s Ordinals. Designed to address scalability issues, Avalanche’s unique consensus mechanism and multi-chain architecture aim to deliver decentralization, scalability, and security. Despite its potential,…