Author: Max Bauer
A previously inactive wallet associated with Cumberland DRW, a major digital asset trader and liquidity provider, has transferred a staggering 650.93 BTC to Coinbase. This transfer, valued at $41.96 million at the time of transfer, occurred approximately four hours ago when the BTC price was at its peak. On-chain data analysis reveals that these BTC were acquired from multiple DRW addresses six years ago at an average price of about $4,000. If sold at the current market price, the profit would be approximately 15 times the original investment, yielding a profit of around $39.35 million. Cumberland, a subsidiary of the…
Bitcoin has staged a promising rebound, breaking through a key resistance range, driven primarily by renewed interest in the spot market. According to a recent report from QCP Capital, Powell’s Jackson Hole speech has acted as a catalyst, sparking optimism about a potential September rate cut. While the exact extent of the rate cut remains uncertain, August’s employment data will play a crucial role in determining the Fed’s decision. A 25 basis point cut is widely anticipated, but a more significant 50 basis point cut could signal that the Fed is taking emergency action to avert economic stagnation. The current…
Tether Holdings, the issuer of the world’s largest stablecoin USDT, has abandoned plans to launch its own blockchain. The decision comes as a stark contrast to the prevailing trend of numerous crypto entrepreneurs launching new blockchains, often with questionable use cases. Tether’s CEO, Paolo Ardoino, explained the rationale behind the decision, citing the simple principle of supply and demand. “We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino said in an interview with Bloomberg News. “Launching a blockchain ourselves might not be the right move. There are very good blockchains.”…
US District Judge William H. Orrick has ruled that cryptocurrency exchange Kraken must face a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC accuses Kraken of operating an unregistered securities exchange, a charge that carries substantial regulatory implications. Judge Orrick stated in his opinion, “The SEC has plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.” This ruling highlights the SEC’s stance that many digital assets fall under the purview of securities regulations, requiring platforms like Kraken…
According to Onchain data, 35,000 ETH worth $93 million were moved from Ethereum Foundation wallets to cryptocurrency exchange Kraken. You can review the record of this transfer on Etherscan here. Details will be here soon.
Seoul prosecutors have launched an investigation into allegations that a senior police officer accepted bribes in connection with virtual asset-related cases. On August 23rd, the Seoul Southern District Prosecutors’ Office’s Virtual Asset Crime Joint Investigation Unit conducted a raid on the Gangnam Police Station, where the accused officer, identified as ‘A’, is currently stationed. The investigation focuses on accusations that Officer A received money and goods in exchange for favors related to virtual asset cases while working at the Gangnam Police Station. The fact that the Seoul Southern District Prosecutors’ Office, which does not have jurisdiction over the Gangnam Police…
Wyoming is spearheading the charge towards mainstream consumer payments with the creation of its own U.S. dollar-backed stablecoin, the Wyoming stable token. Set to launch in early 2025, this initiative aims to provide individuals and businesses with a faster, more cost-effective way to transact while generating new revenue for the state. It’s a vision that Wyoming Governor Mark Gordon believes could serve as a blueprint for a federally-backed digital dollar. “Success means the adoption of a transparent, fully backed stablecoin that relies on the U.S. dollar,” Governor Gordon stated at the Wyoming Blockchain Symposium. He underscored the potential to repatriate…
The recent success of Bitcoin ETFs has prompted discussions about the future direction of the cryptocurrency investment landscape. While speculation exists about which coin might follow Bitcoin into the ETF world, asset managers are increasingly looking beyond individual coins to provide investors with diverse portfolio construction options. At the Wyoming Blockchain Symposium, Cynthia Lo Bessette, head of digital asset management at Fidelity Investments, emphasized the need to educate investors about the broader crypto ecosystem, focusing on portfolio construction and creating exposures representing different sectors within the industry. Steve Kurz, global head of asset management at Galaxy, highlighted their partnership with…
In a controversial move, USDD, the algorithmic stablecoin on the Tron blockchain, has removed approximately 12,000 bitcoins from its collateral reserves. This action was taken despite the lack of approval from the TRON DAO Reserve, which supposedly governs the stablecoin. Originally intended to mirror the Terra model, USDD’s ambitions were scaled back following the collapse of Terra-Luna. While the USDD transparency page previously listed 12,000 BTC at a specific address, this address is no longer included. Despite claims of decentralized governance through a DAO, there’s no evidence of any vote corresponding to this change. In fact, the DAO has only…
Richard Teng, who took over as CEO of Binance following a major regulatory shakeup, has outlined his vision for the crypto exchange’s future. In a recent interview, Teng emphasized building a sustainable enterprise with a 100-year horizon, dismissing any immediate plans for an IPO. Teng highlighted Binance’s strong financial position, making fundraising unnecessary. Instead, his focus lies in transforming the company into a board-driven organization and securing a permanent headquarters. While the exchange previously maintained a somewhat opaque operational structure, Teng aims for increased transparency to foster better relationships with global regulators. Despite ongoing challenges, Teng downplayed the impact of…