Author: Max Bauer

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…

SEC charges TrustToken and TrueCoin with defrauding investors over stablecoin investment program. SEC claims 99% of TUSD reserves were invested in speculative offshore fund. Both companies, which were involved in the issuance and development of TrueUSD and the TrueFi lending protocol, respectively, have agreed to pay penalties and disgorgement without admitting or denying the SEC’s allegations. The SEC accused TrueCoin and TrustToken of engaging in the unregistered offer and sale of investment contracts related to TrueUSD and its associated profit-making opportunities. The companies were also accused of making false and misleading statements about the safety and trustworthiness of the investment.…

Federal Reserve Governor Michelle Bowman has expressed her concerns about the pace of interest rate cuts, stating that inflation risks persist and the labor market remains relatively strong. In a speech to the Kentucky Bankers Association, Bowman emphasized the importance of maintaining a cautious approach to monetary policy. She argued that the recent 50 basis point rate cut was excessive and that a more gradual reduction would better align with the Fed’s goals of achieving maximum employment and stable inflation. Bowman’s comments highlight a divergence of views within the Federal Reserve. While other officials have expressed a more balanced outlook…

Cryptocurrency analysis firm QCP Capital has evaluated the recent rally in global markets, driven primarily by China’s aggressive stimulus measures. In a statement, QCP Capital noted that the 4.15% surge in the Shanghai Composite Index (SSE) was a direct result of the People’s Bank of China’s (PBoC) significant policy easing. The 50 basis point cut in Reserve Requirement Ratios (RRR) and the 500 billion yuan funding program for stock market investment have ignited optimism across global markets. Commodity prices have also responded positively to the stimulus, with Brent Crude and Copper both experiencing notable gains. This reflects increased demand expectations…

EigenLayer, a popular restaking protocol, is preparing to lift restrictions on the transferability of its EIGEN token on September 30. This significant development will allow stakeholders to trade and transfer their EIGEN tokens, including the airdropped rewards. Following the successful completion of its second “stakedrop” season, EigenLayer distributed 86 million EIGEN tokens to active stakeholders. However, these tokens were initially non-transferable. The upcoming removal of restrictions will provide greater flexibility for token holders. It’s important to note that those who have staked their EIGEN tokens will need to observe a 7-day withdrawal period before they can unstake their tokens. This…

As the House Financial Services Committee prepares to question all five members of the Securities and Exchange Commission (SEC), including Chairman Gary Gensler, Commissioner Mark Uyeda has provided an exclusive preview of what to expect during the highly anticipated hearing. This marks the first time since 2019 that all commissioners will testify together, reflecting the urgency of oversight as potential political shifts loom ahead of the upcoming elections. A Unique Oversight Hearing The committee typically conducts annual oversight hearings with the SEC chair, but this year’s session is especially significant given the possibility of a changing political landscape. Following Gensler’s…

Turkey has officially abandoned plans to impose a new tax on profits from stock trading and cryptocurrencies, a move that has provided relief to investors. Vice President Cevdet Yilmaz confirmed this decision in an interview with Bloomberg on Monday, stating that the government is currently focused on narrowing existing tax exemptions rather than introducing additional levies. The initial proposal to tax stock market gains had sparked significant public backlash earlier this year, leading to a decline in trading activity. While the government had initially paused the plan, Yilmaz’s recent statement definitively ends any hopes of its revival. This decision is…