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Category: Crypto News

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  • Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Solana’s decentralized exchange, Jupiter, is planning to hold another voting round for its 1.4 billion token airdrop plan. The reward worth $1.6 billion was rejected by 42% of voters who showed discomfort with the proposal via the protocol’s DAO platform.

    Why a Second Voting Round?

    The decision to hold a second round of voting stems from the team’s desire to achieve a 70% supermajority on their current proposal. This threshold hints that the team wants broad support from the community before moving forward, believing it will increase its chances of success.

    The plan for the second vote involves addressing the concerns and opposition raised during the initial vote. Over the next few days, the team will review feedback from all sources, tackle the main areas of concern, and put up a revised proposal. Jupiter claims the process will be transparent, with live reviews of the proposal’s progress over the weekend.

    Meanwhile, according to Dune, an on-chain analytics platform, Jupiter has processed over $1.9 trillion in trading volume since its inception. Its governance token, JUP, has a total supply of 10 billion, with 40% allocated for community rewards. At press time, the token was trading at $1.17 and has experienced a 3.92% increase over the past 24 hours.

    Jupiter Assures Users

    Jupiter co-founder Meow acknowledged the uncertainty surrounding the airdrop plans but assured users that the team remains steadfast in its commitment to long-term growth. He believes the team and community share the same goal of establishing clarity and working towards driving the project vision forward.

    The upcoming vote will be a crucial test for the community and its leadership. However, the co-founder claimed that with the team’s dedication to Jupiter’s ecosystem’s (Jupiverse) success, there is every reason to be confident in a positive outcome. He further noted that unity and collaboration will be essential in overcoming any challenges that lie ahead.

    Another project developer, Hyper Foundation, completed the genesis distribution of the HYPE token, airdropping over $1.6 billion worth of tokens to users. Following the launch, the native token surged to a peak price of $6.21. Most Hype airdrop participants flaunt their rewards online, as the reward seems to have exceeded their expectations.

  • Japan Issues Warning to Five Crypto Exchanges Over Alleged Illegal Operations

    Japan Issues Warning to Five Crypto Exchanges Over Alleged Illegal Operations

    The Japanese Financial Service Agency (FSA) has announced that it has sent warning letters to five cryptocurrency exchanges operating in the country that have not followed the registration process. These firms are Bybit, Bitget, KuCoin, bitcastle, and MEXC Global.

    Japan Warns Unregistered Crypto Exchanges

    According to the announcement, the Japanese authorities opined that under the country’s law code, illegal business operators risk losing government compensation should their businesses suffer financial loss.

    Furthermore, crypto exchanges that have yet to get officially registered documents to start operations will not come under the supervision of the Financial Service Agency. Hence, such businesses are not eligible to handle customers’ assets.

    Therefore, when an unforeseen occurrence occurs, such as a hack or theft, the Japanese authorities will not be responsible for any damages.

    Japanese Crypto-Friendly Outlook

    Despite its latest stance against some crypto exchanges, the Japanese government has shown itself to be a crypto-friendly nation. Before 2016, crypto custodian firms in the Asian country were largely unregulated by the authorities. However, in a bid not to restrict innovations like digital assets and blockchain technology, Japan has progressively improved regulations on virtual asset operators in the country.

    Despite the country’s economic pressure and the high volatility of the Japanese Yen, several local companies have explored the crypto market. A notable example is Metaplanet, a publicly traded company that showed strategic insight by officially adopting Bitcoin as its primary reserve asset. Since April, the firm has accumulated as much BTC as possible. At the time of writing, Metaplanet has bought 1,142 BTC. These frequent BTC acquisitions have earned Metaplanet the title – Japanese MicroStrategy.

    More recently, the United States Securities Exchange Commission approved a Tokyo, Japan-based crypto exchange, CoinCheck, for listing on the Nasdaq Global Market. This marks the first time a Japanese crypto exchange will be publicly traded on a stock exchange in the United States.

  • USDX MONEY Announces $45M Funding Round to Boost Its Stablecoin

    USDX MONEY Announces $45M Funding Round to Boost Its Stablecoin

    In a recent tweet, USDX MONEY, a decentralized synthetic USD stablecoin issuer, announced that it secured $45 million in funding from significant backers to boost its stablecoin. The $45 million fund brought the company’s value to $275 million.

    Investors who provided the funding included venture capital firms NGC, BAI Capital, Generative Ventures, and UOB Venture Management, among others.

    Some of these investors also gave USDX MONEY special tickets, called warrants, that allow them to buy more company shares in the future. Existing investors in the stablecoin issuer, Dragonfly Capital and Jeneration Capital, also participated in this funding round.

    According to the tweet, the new funding will help USDX MONEY accelerate its goal of building a new and improved system for digital currency, called stablecoin infrastructure. This system will help connect different types of financial systems, including decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi), making it easier for people to use digital currency.

    Stablecoin Adoption Continues

    Despite regulatory uncertainty, stablecoins have gained significant traction. The market cap of stablecoins has grown substantially, with Tether and Circle’s USDC being the most prominent players.

    In June, Tether, the platform behind USDT, the world’s largest stablecoin, partnered with a blockchain-focused financial institution, XREX, investing $18 million to drive stablecoin adoption and crypto innovation.

    Circle, the issuer of another popular USD Coin (USDC) stablecoin, revealed its plans to launch on the layer-1 blockchain Sui network. According to the platform’s CEO, Jeremy Allaire, its partnership with the Sui network will expand USDC’s availability to over 15 blockchain platforms and networks.

    Such partnerships and funding help to foster the growth of the stablecoin market. A notable example is the statistics of Bitcoin-backed overcollateralized stablecoin, USDa.

    Two weeks after its launch, USDa surpassed a staggering $400 million supply, demonstrating an impressive adoption rate. Furthermore, the stablecoin reached a notable milestone, exceeding $700 million in total value locked (TVL) within two weeks following its launch.

    Stablecoin Market Maturity in Asia Gains Momentum

    Asia’s influence in the stablecoin market continues to grow, with Japan’s top banks launching a joint stablecoin platform for international settlements to streamline cross-border transactions.

    The banks included Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group.

    The Hong Kong Securities and Futures Commission (SFC) recently announced its intention to create a regulatory framework to regulate stablecoins.

  • Binance Warns Users of This New Scam Approach

    Binance Warns Users of This New Scam Approach

    Leading crypto exchange Binance has warned its users about the latest approach scammers apply to rid users of their funds.

    Binance Sounds Scam Alarm

    According to the exchange’s recent blog post, the new scam approach involves impersonating staff and representatives from renowned organizations like Binance. In other words, the scammer may choose to steal the identity profile of a staff member of any organization of choice and use the profile to create a fake community on a social messaging platform like Telegram or WhatsApp.

    The latest scam strategy involves manipulating unsuspecting victims into revealing personal data or transferring funds while pretending to be a Binance staff member executing a project.

    It is worth noting that messaging apps such as WhatsApp, Discord, and Telegram have gradually become breeding grounds for scammers as they gain popularity among newbies who want to gain safe access to the crypto space. These communities claim to provide new users with helpful information on navigating the complexity of the crypto space.

    Red Flags to Watch Out For

    In a bid to provide users with useful information on how to tread cautiously within crypto communities, Binance has provided a detailed list of helpful tools for scrutinizing such communities and platforms.

    Some included low-quality logo projections and distorted images. The leading exchange also encourages users to pay attention to incorrect grammar construction, wrong spellings, and misplaced punctuation marks. Users should also beware of clicking on unrecognized links. They are also encouraged to stay up to speed with the latest information on possible threats and security measures using verified platforms.

    Scammers targeting crypto investors have become prevalent amid the bullish crypto market. Recently, a crypto user lost nearly $3 million to scammers via an address poisoning attack, one of the many exploit schemes hackers use to siphon funds.

  • HyperLiquid’s Native Token Launches, Sees $4.2B in Fully Diluted Value

    HyperLiquid’s Native Token Launches, Sees $4.2B in Fully Diluted Value

    HyperLiquid, a decentralized perpetual trading platform and layer-1 blockchain, has distributed its native token, HYPE, as an airdrop. Since its launch, HYPE has surged over 11%.

    The price shift has propelled the fully diluted value (FDV)  to approximately $4.2 billion. More than 333 million tokens are circulating from a total supply of 1 billion, resulting in a market cap of roughly $1.4 billion.

    The HYPE token’s supply will be restricted to 1 billion tokens. Upon token issuance, 31% (or 310 million) of the fully unlocked supply was airdropped to qualifying community members.

    An airdrop is a marketing strategy where a cryptocurrency project distributes free tokens or coins to numerous wallet addresses, usually to generate awareness of a new project and encourage adoption.

    Hyperliquid Exceeds $250M Trading Volume

    The token’s debut has fueled significant market engagement, with trading volume exceeding $250 million in the last 24 hours, highlighting robust interest.

    Additionally, HYPE was allocated via a community airdrop, granting eligibility to users who accumulated reward points over six months, concluding in May. For every point earned, qualified participants received five tokens.

    Although airdrop distributions often lead to selling pressure, demand for HYPE exceeds supply, reflecting strong market confidence and a bullish trend.

    Recipients of HyperLiquid’s airdrop have shared stories of their unexpected profits on X. One trader from the decentralized derivatives platform revealed earnings of over $300,000 from their token allocation. Another user shared a screenshot showcasing more than $18,000 gained, captioning it, “I got a nice drop too.”

    Why Hyperliquid Network Matter

    HYPE is a vital component of the HyperLiquid ecosystem, performing several functions that boost the platform’s utility and decentralization. Users can stake HYPE to support HyperBFT, a refined proof-of-stake consensus mechanism that strengthens network security and fosters decentralization. Moreover, HYPE is the native gas token for HyperEVM, the platform’s execution layer, enabling transaction fee payments.

    Introduced in late 2022, the HyperLiquid network has achieved the capacity to handle around 100,000 orders per second. Notably, its consensus algorithm and networking infrastructure are designed to scale seamlessly, enabling the processing of millions of orders per second as market demand grows.

    Furthermore, the Hyperliquid L1 was explicitly built to optimize performance for a derivatives exchange, focusing on practical, real-world use cases. The network incorporates a versatile Ethereum Virtual Machine (EVM) called HyperEVM.

    Once development is finalized, ERC20 tokens can seamlessly interact with the L1 network. The network’s validators have been responsible for securing the EVM bridge.

  • Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Hong Kong’s Boyaa Interactive Swaps 14,200 ETH for 515 BTC

    Boyaa Interactive, a Hong Kong-based firm that has drawn comparisons to MicroStrategy, has made a notable move in the market. The company has converted 14,200 ETH into approximately 515 BTC, with a total market value of around $49.48 million.

    Although the company did not officially disclose the reason behind its decision to swap its ETH holdings for BTC, Boyaa Interactive’s move may also be seen as a response to the growing competition in the crypto market.

    Bitcoin’s price has surged significantly in recent weeks, mostly driven by pro-bitcoin Donald Trump’s win in the US presidential election and increased institutional investment. Ethereum, on the other hand, has been experiencing a more muted price movement.

    As more institutional investors enter the market, companies like Boyaa Interactive may feel pressure to diversify their portfolios and stay ahead of the competition.

    Hong Kong’s MicroStrategy?

    A recent tweet revealed that Boyaa Interactive holds about 3,183 bitcoins, bought at an average cost of about $57,724.

    However, with MicroStrategy’s latest purchase of 55,500 BTC, the American business intelligence firm now holds about 386,700 BTC, which it acquired for $21.9 billion at an average price of $56,761 per Bitcoin.

    The substantial difference between Boyaa Interactive’s and MicroStrategy’s total Bitcoin holdings indicates that Boyaa’s nickname as the ‘MicroStrategy of Hong Kong’ is not a direct result of similarities in their Bitcoin reserves but rather a reflection of other shared characteristics or strategies.

    A likely reason for the ‘MicroStrategy of Hong Kong’ nickname is Boyaa Interactive’s similar enthusiasm for cryptocurrency investment. As evidenced by its recent years of active buying of Bitcoin and Ethereum, Boyaa Interactive mimics MicroStrategy’s frequent forays into the Bitcoin market.

    A further reason for the comparison could be the Hong Kong company’s strategic decision to double down on Bitcoin, much like MicroStrategy, as seen in its recent transaction converting a substantial amount of its Ethereum investment to Bitcoin.

  • Russia President Signs Bill Recognizing Crypto as Property

    Russia President Signs Bill Recognizing Crypto as Property

    Russian President Vladimir Putin has signed a bill into law that recognizes crypto, including Bitcoin, as property. This landmark legislation brings a clear taxation framework to the digital asset industry in Russia, providing much-needed clarity and reassurance to digital asset investors.

    Implications of Crypto “as Property”

    According to the law, mining and selling digital assets are exempt from value-added tax (VAT). Services related to crypto transactions are also exempt from VAT. However, operators of mining infrastructure must inform tax authorities about who is using their services to mine crypto.

    The law also outlined how crypto will be taxed. Digital assets obtained through mining will be considered income and taxed accordingly for individuals. The tax rates, set at 13% for income up to 2.4 million rubles ($22,643) and 15% for income above that amount, are reportedly designed to ensure a fair and just treatment of crypto income.

    The crypto law further introduced some restrictions on tax structures for organizations and individual entrepreneurs involved in crypto mining and sales. Meanwhile, the crypto regulations will be officially published on a government website or other official channel. Once they are formally published, they will become enforceable and legally binding.

    Notably, some parts of the law may have a delayed implementation or a phase-in period to allow for a smooth transition. These provisions will provide temporary relief or exceptions to help individuals or organizations adapt to the new law.

    Why the Crypto Law?

    Russia has been exploring using crypto for international trade to bypass Western sanctions and reduce its reliance on the US dollar. In response to the expanded U.S. sanctions in June, the Russian parliament passed bills in July to test digital assets for cross-border payments under central bank supervision, which President Putin signed into law.

    In a similar move, Hong Kong also wants to strengthen its position as a crypto-friendly hub. However, while Russia taxes individuals and organizations, its authorities will do the opposite. The government recently proposed a plan to exempt certain establishments, including hedge funds and private equity funds, from paying taxes on gains made from crypto trading and investments.

  • Hong Kong to Exempt Hedge Funds From Paying Crypto Gains Tax

    Hong Kong to Exempt Hedge Funds From Paying Crypto Gains Tax

    Hong Kong has revealed plans to strengthen its pro-crypto position by relieving a few selected establishments, including hedge funds, private equity funds, and investment vehicles of the super-rich, from paying tax on gains made from cryptocurrency trading and investments.

    Despite not being a full country, China’s Special Administrative Region (SAR) has its own government, which is working to achieve this by Q1 2025.

    Hong Kong’s Tax Exemptions

    According to the Financial Times, Hong Kong’s government has released a proposal that is awaiting approval within the next six weeks. The proposal notes that taxation is a key factor that asset managers consider when determining where best to operate. Therefore, the government wants to welcome more crypto-related firms into its region by introducing tax exemptions for crypto gains.

    “This is an important step in boosting Hong Kong’s status as a financial and crypto trading hub,” said Patrick Yip, an international tax partner at Deloitte China.

    Yip also noted that some family offices have only allotted an insignificant percentage of their wealth to crypto holdings. Therefore, the new tax exemption policy will encourage them to invest more.

    Additionally, the SAR government is planning to expand the range of tax-exempt investments to include private credit, overseas property, and carbon credits to attract more investors to the region.

    Hong Kong Embraces Crypto

    Notably, Hong Kong’s move to welcome more crypto investors via zero taxation gives it an edge over its biggest competitor, Singapore, the home of the first Asian bank to offer over-the-counter (OTC) crypto trading services for institutional investors.

    “These changes are designed to put Hong Kong on a par with Singapore or Luxembourg, in that there’s no risk of the fund being subject to tax,” said Darren Bowdern, head of asset management tax for Asia at KPMG.

    Significantly, Hong Kong has been pro-crypto for some time now. Earlier in April, it followed in the footsteps of America by approving its first Bitcoin exchange-traded fund (ETF).

    Meanwhile, the SAR has revealed plans to introduce a regulatory framework for stablecoins before this year runs out. 

  • Japanese Firm Metaplanet to Spend $62M on Bitcoin

    Japanese Firm Metaplanet to Spend $62M on Bitcoin

    Japanese investment firm Metaplanet is about to make another shopping move in the crypto industry. It publicized its plans to acquire more Bitcoin worth $62 million. The company’s recent BTC purchases are part of its strategy to bolster its Bitcoin reserves, hedge against the yen’s decline, and capitalize on the crypto’s surging value.

    Metaplanet to Purchase $62M BTC

    Metaplanet will issue its 12th series of Stock Acquisition Rights (SARs), offering 29,000 units to investment entity EVO FUND. Each unit grants the right to purchase 100 shares, priced at $4  per right. If all rights are exercised by December 16, 2024, Metaplanet will secure approximately $62 million.

    The company has also set rules for exercising stock acquisition rights, including adjusting the exercise price daily starting from January 2025 to 97% of the average price of the company’s stock over the previous 13 trading days. The Japanese firm believes its scheduled allotee has a good track record of supporting fundraising efforts.

    While this SARs financing method may diluent existing shareholder rights, the company believes it is in the long-term best interests of all shareholders. The development highlights  Metaplanet’s commitment to BTC, which is a key component of its financial strategy. The firm’s “Bitcoin first” approach continues to mirror that of MicroStrategy, a US-based company known for its Bitcoin investments.

    While commenting about the company’s latest plans, CEO Simon Gerovich noted that the firm’s move will not only add to its Bitcoin stash but also drive the adoption of the pioneer crypto. He further expressed gratitude to the company’s investors via X post where he said: “Thank you for your continued support.”

    Metaplanet Makes Other Moves

    Prior to its recent plans to accelerate Bitcoin accumulation, Metaplanet moved to promote crypto awareness in Japan. The company launched the Japanese edition of Bitcoin Magazine, a leading global publication focused on Bitcoin and crypto news, education, and insights.

    The launch will further facilitate the company’s delivery of its shareholders’ benefit program, which promises to discount purchases from the Bitcoin Magazine store for select investors. Meanwhile, the company currently holds a total of 1,142 BTC.

  • MARA Acquires Additional 703 BTC With Convertible Notes Offering

    MARA Acquires Additional 703 BTC With Convertible Notes Offering

    Bitcoin mining company MARA (formally Marathon Digital Holdings) has made headlines with its latest acquisition of 6,474 Bitcoin, solidifying its position as one of the key players in the crypto industry.

    The company noted that it acquired an additional 703 BTC after its prior acquisition of 5,771 BTC, with an average cost of $95,395 per BTC. Year-to-date, MARA’s Bitcoin holdings have delivered a per-share return of 36.7%, and the firm now maintains a reserve of about 34,797 BTC, estimated to be worth around $3.3 billion.

    MARA Plans to Purchase More BTC

    MARA also bought a segment of its 2026 convertible notes for $200 million. It plans to allocate the approximately $160 million left from the convertible debt offering toward buying more Bitcoin at favorable prices during market downturns.

    The acquisition comes as BTC has seen increased institutional adoption but remains volatile, trading between $92,000 and $95,000 in the past week. Marathon’s decision to deepen its Bitcoin holdings reflects a bullish outlook on the crypto asset.

    The mining firm’s recent $1 billion convertible offering mirrors MicroStrategy’s approach of leveraging corporate debt to accumulate additional Bitcoin — a move gaining traction among institutional corporations.

    MicroStrategy Acquiring BTC

    MicroStrategy began acquiring Bitcoin in 2020. Its latest fundraising effort involved $3 billion in senior convertible notes with a 0% interest rate. The company aims to raise $42 billion over three years to expand its Bitcoin holdings and enhance its financial position.

    Although the firm’s strategy involves using fiat-based debt to purchase bitcoin and has attracted increased investor attention, MicroStrategy’s MSTR price dropped roughly 35% from its November 21 peak. Due to the recent sharp downturn in bitcoin’s price, the business intelligence firm saw a $30 billion loss.

    Interestingly, between November 18 and 24, the firm acquired around 55,000 BTC at an average cost of approximately $97,862 per coin. This brings MicroStrategy’s total Bitcoin reserves to nearly 386,700 BTC, making it one of the largest institutional holders of the crypto asset.