Cryptocurrencies To Watch

Tag: Top Crypto News

  • Nigeria Drops Money Laundering Charges Against Binance Exec

    Nigeria Drops Money Laundering Charges Against Binance Exec

    The Nigerian authorities have dropped all charges against Tigran Gambaryan, head of financial crime compliance at leading crypto exchange Binance.

    Gambaryan’s Free at Last

    After months of deliberation, the charges against the senior executive were dropped due to his poor health, according to sources familiar with the court’s ruling.

    Gambaryan had been detained in Nigeria since February for money laundering and currency manipulation. 

    During the court hearing, a lawyer representing the Economic and Financial Crimes Commission (EFCC) noted that Gambaryan was simply a Binance employee and was being prosecuted for actions related to the company’s operations.

    Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, also agreed with the EFCC lawyer. He further noted that the executive had no involvement in Binance’s broader financial decision-making processes. 

    An Unjust Arrest?

    Before the case was dropped, Gambaryan requested bail because he was down with severe malaria. However, the court denied his request twice despite his deteriorating health condition. 

    During a hearing on October 11, Gambaryan was noticeably missing from the courtroom due to his health challenges.

    Mordi then asked the court to adjourn the hearing to a later date. The attorney noted that this would allow parties to take necessary steps to ensure the defendant received the required medical care.  

    In the last nine months, the Binance executive has witnessed challenging phases in Nigerian custody, during which time the Nigerian government accused the company of currency manipulation and money laundering.

    Nigeria Goes After Binance

    Earlier this year, Nigeria’s currency lost a lot of value, which revealed that Binance allowed Nigerian peer-to-peer (P2P) traders to manipulate the exchange rate. As a result, the crypto exchange had to stop P2P trading for Nigerian users.   

    In addition, the Nigerian government also requested information on Binance’s top 100 users in Nigeria, alleging that unidentified individuals conducted around $26 billion in transactions on the platform, which purportedly contributed to the decline of the naira.  

    In late February, Binance sent two senior executives to discuss the issue with the Nigerian government. Shortly after the talks, Nigerian law enforcement detained both of them.  

    One of the executives, Nadeem Anjarwalla, a British-Kenyan in charge of Binance Africa, escaped custody and left for another country. However, Gambaryan has stayed in the government’s custody and has faced trials. With the latest ruling, he will be freed and go back to his family

  • ASIC Charges Former CEO of Mine Digital With $1.4 Million Fraud

    ASIC Charges Former CEO of Mine Digital With $1.4 Million Fraud

    The Australian Securities and Investments Commission (ASIC) has charged Grant Colthup, the ex-CEO of defunct crypto exchange Mine Digital, with one count of fraud after one of the exchange’s customers deposited $1.47 million (A$2.2 million) for BTC but has not received the cryptocurrency paid for since July 2022.

    $1.47 Million Disappears

    As the ASIC revealed, Mine Digital was only functional for 40 months, between May 2019 and September 2022, when it operated a digital asset exchange platform under ACCE Australia Pty Ltd (ACCE), offering crypto trading services to clients.  

    According to the Australian watchdog, the client paid the money to ACCE expecting to get bitcoins in return. However, Colthup used the deposited funds to pay for his company’s liabilities or purchase crypto for his firm instead of crediting the customer with the equivalent crypto tokens.

    The Magistrate Court of Ipswich has not decided what punishment or prison sentence Colthup deserves. Thus, the case has been adjourned to December 16, 2024.

    Not First Allegation

    This is not the first time Colthup or Mine Digital has drawn the attention of legal authorities to its crypto trading services due to its unclarified transactions record. 

    Following its collapse in 2022, the firm recorded only $20,000 in assets under management (AUM). However, creditors claimed to have lost about $16 million to the liquidated exchange.

    From Boardroom to Cell Block

    Considering the charges against Colthup, he may end up like former executives of the defunct crypto exchange FTX, which also collapsed in 2022. 

    FTX’s CEO, Sam Bankman-Fried, received a 25-year prison sentence with three years of supervised release and $11 billion confiscation after he was found guilty of six counts of fraud and money laundering, which led to the collapse of his once-very big crypto exchange.

    After pleading guilty to conspiracy charges, Bankman-Fried’s ally, Ryan Salame, was sentenced by U.S. Attorney Damian Williams to 7.5 years in prison and an $11 million fine.  

    On the other hand, Nishad Singh, a former FTX engineering chief, pleads for mercy and wants the court to spare him a prison sentence. He promises to cooperate with the authorities to identify others involved in the act.

  • VanEck EU Enables Staking for its Solana ETP

    VanEck EU Enables Staking for its Solana ETP

    Matthew Sigel, VanEck’s Head of Digital Assets Research, announced on Monday that the European subsidiary of the American asset management and crypto exchange-traded products (ETP) issuing firm VanEck now enables staking for its Solana exchange-traded note (ETN) $VSOL. This allows users to contribute to the network’s security while earning passive income on their staked holdings.

    $VSOL’s total assets under management (AUM) are worth $73.8 million, with its share price at $8.93 and Net Asset Value (NAV) at $8.21.

    Staking refers to locking one’s crypto holdings for a specified period in a digital wallet or staking service while earning rewards when validators use the locked tokens to verify or confirm transactions on the network.

    $VSOL Staking

    According to an official release from the asset manager, VanEck revealed that it does not plan to lend staked customer holdings to institutional or private borrowers. Thus, staking of $VSOL is fully non-custodial, meaning asset custodians will entirely control the staked holdings.

    Additionally, investors will not take any extra action to claim rewards after distribution because the network will calculate and distribute $VSOL rewards to stakers daily. The NAV calculations will reflect the rewards, updating user investment valuation by 4 p.m. daily.

    Furthermore, the staking reward is not fixed. It depends on the number of Solana validators active on the network and the demand for Solana transactions at each period. Moreover, the staking yield for the Solana network ranges between 7% and 9% return on investment (ROI) per annum.

    VanEck’s Crypto Stance

    VanEck has built its reputation as a popular crypto asset manager, especially since it offers ETFs tied to BTC and ETH, two of the world’s largest cryptos by market capitalization.

    VanEck’s Bitcoin ETF, HODL, inflowed $47.9 million in last week’s bullish ETF market, while its Ether ETF, ETHV, recorded $3.8 million in inflows.

    Additionally, VanEck has become the first asset manager to apply for a Solana spot ETF in the United States as it awaits a response from the U.S. Securities and Exchange Commission (SEC).

  • Bitcoin Futures Open Interest Hits All-Time High of $40 Billion

    Bitcoin Futures Open Interest Hits All-Time High of $40 Billion

    Crypto market analyst CoinGlass recently alerted the crypto community that the total open interest in Bitcoin futures contracts has reached a record high of over $40 billion. This move reflects a 4.28% increase from its last all-time high of $39 billion in March 2024.

    Open interest is the total number of unclosed contracts on a particular asset. In the case of Bitcoin futures, the total value of unsettled BTC futures contracts in different exchanges is measured.

    Notably, high open interest can increase volatility and potential liquidations if prices move sharply, resulting in flush-outs that drive down Bitcoin’s price. However, the market sentiment remains optimistic, with BTC’s current strong performance of over $68,000.

    Top Markets in BTC Open Interest 

    Data from CoinGlass at press time shows that the Chicago Mercantile Exchange (CME), the most extensive futures and options trading marketplace, dominates open interest, accounting for 30.49% of the total market share.

    Binance, the world’s largest crypto exchange, ranks second with over 122,000 BTC open interest, giving it a market share of 20.63%. Bybit exchange, in third place, holds 14.87% of unexpired BTC futures contracts. 

    Popular crypto exchanges like OKX, Bitget, and HTX, along with others, make up the remaining 34%. American crypto exchange Coinbase ranks last in the top 15 list with a very insignificant market share of 0.04%.

    Bitcoin Keeps Gaining Traction

    According to CoinMarketCap stats, Bitcoin’s trading at over $68,000 puts it about 7.7% away from its last all-time high of $73,750. This latest rally can be attributed to several key factors. One primary driver is the growing involvement of big-name financial institutions, which lend credibility and stability to the crypto market.

    Global macroeconomic trends are also driving investors towards Bitcoin. With central banks injecting liquidity into the economy, traditional currencies are losing value due to inflation. Bitcoin’s fixed supply of 21 million coins makes it an attractive store of value, resistant to inflationary pressures.

    Bitcoin Exchange-Traded Funds (ETFs) are gaining popularity. It offers investors a regulated and accessible way to invest in Bitcoin without directly owning the crypto asset, making BTC more appealing to a broader range of investors.

  • EigenLayer User Loses $800K to Malicious Airdrop

    EigenLayer User Loses $800K to Malicious Airdrop

    According to on-chain data, the malicious actor responsible for the security breach of EigenLayer has stolen a significant amount from users on the platform. As of the latest update, a user on EigenLayer has incurred losses that exceed $800,000 in mETH (Mantle Staked Ether) tokens as a result of the phishing scam.

    EigenLayer Faces Major Security Breach

    In an unfortunate turn of events, EigenLayer, a leading decentralized finance (DeFi) restaking protocol on Ethereum, reported a security breach on its official X account earlier today.

    A malicious actor exploited the platform’s account to promote a fraudulent token airdrop, deceiving unsuspecting users.

    The scammer made a false airdrop campaign about reallocating EIGEN tokens for Season 2 of EigenLayer’s airdrop. Meanwhile, the platform had already announced its Season 2 stakedrop in September, and the claim duration has since concluded.

    The phishing post redirected users to a spoofed website, ‘blog.eigenfoundation.org’, instead of the authentic ‘blog.eigenlayer.xyz’ link provided by EigenLayer for the Season 2 stakedrop.

    An analysis of on-chain data from the blockchain explorer Etherscan reveals that the hacker has successfully transferred a substantial portion of the stolen funds to multiple wallets.

    Furthermore, the hacker initiated requests to unstake mETH tokens, potentially to launder the ill-gotten funds.

    The platform’s significant presence in the DeFi ecosystem, as the second-largest protocol on Ethereum with a substantial total value locked (TVL) of $11.1 billion, makes it an attractive target for malicious actors seeking to exploit user trust.

    Earlier this month, EigenLayer announced that it launched an investigation into suspicious activity from a wallet ending in “f10D,” which sold 1.6 million EIGEN tokens worth $5.7 million.

    Further investigation revealed that a malicious attacker compromised an email thread related to an investor’s token transfer, resulting in the theft.

    Although the hack involved the platform’s token, the EigenLayer team emphasized that the security incident was isolated and did not disrupt its ecosystem or on-chain services.

    The crypto industry continues to grapple with recurring security breaches, with frequent incidents leading to massive financial losses. Last month, the market suffered more than 20 hack incidents, culminating in financial losses exceeding $120 million.

  • Ethereum, L2s to Exceed 100K Transactions Per Second, Says Vitalik Buterin

    Ethereum, L2s to Exceed 100K Transactions Per Second, Says Vitalik Buterin

    Ethereum’s co-founder Vitalik Buterin has recently highlighted his vision for the next phase of the blockchain’s roadmap, known as the “Surge.”

    In a recent blog post, Buterin outlined his primary objectives for the Surge, focusing on surpassing 100,000 transactions per second (TPS) on Ethereum’s mainnet and layer 2 solutions while enhancing interoperability between L2 networks.

    Buterin praised the success of Ethereum’s rollup-centric roadmap, strengthened by the Dencun upgrade in March, though he acknowledged that this strategy had brought some unique challenges along with it.

    Rollup-Centric Roadmap Proposes Division of Roles

    He noted that the rollup-centric roadmap had faced criticism, with some detractors arguing that extractive L2s are diverting users and revenue away from Ethereum’s mainnet, introducing new security risks, and making Ether, the network’s native token, inflationary.

    The rollup-centric roadmap also proposes a simple division of roles, where Ethereum’s Layer 1 serves as a secure and decentralized foundation, and the L2 solutions handle scaling for the ecosystem.

    According to Buterin, for Ethereum to advance, it must innovate in areas like data availability sampling, enhancing data compression, ensuring L2 networks are fully trustless, and streamlining the user experience across different blockchains.

    He also mentioned that progress on making Ethereum rollups fully trustless, similar to the Ethereum mainnet, had been slow due to concerns about potential bugs in the code.

    Buterin further emphasized that Ethereum requires trustless rollups, which enable certain L2s to inherit Ethereum’s core attributes and support more sustainable scaling in the long term.

    Increasing Ethereum’s Gas Limit

    While focusing on bugs in the code, Ethereum’s co-founder highlighted the importance of scaling Ethereum’s base layer to meet growing demand.

    “If L2s become very scalable and successful but L1 remains capable of processing only a very low volume of transactions, there are many risks to Ethereum that might arise.”

    Buterin noted that the most direct solution would be to raise Ethereum’s gas limit; however, he pointed out that this could lead to centralization risks because of the higher costs for stakers.

    Enhancing the User Experience on Ethereum

    Buterin stated the significance of enhancing user experience among Ethereum’s upcoming layer-2 networks, a concern that numerous Ethereum users have voiced in recent months.

    “If we are serious about the idea that L2s are part of Ethereum, we need to make using the L2 ecosystem feel like using a unified Ethereum ecosystem,” he said.

    In addition, Buterin noted that enabling L2 networks to communicate more seamlessly in the back end would ease users’ technical burden.

  • Tesla Transfers $765M Bitcoin Stash to Unknown Wallets

    Tesla Transfers $765M Bitcoin Stash to Unknown Wallets

    Electronic vehicle manufacturer Tesla has transferred its Bitcoin (BTC) stash valued at approximately $765 million to several unknown wallets.

    According to data from the blockchain intelligence platform Arkham, Tesla executed roughly 26 transactions, including test transfers.

    Tesla Wallet Inactive Since 2022

    Arkham also showed that the first transfer occurred on October 15. Before the massive transfers, the electronic vehicle company’s Bitcoin wallet had remained inactive since June 17, 2022.

    There is also no indication that the crypto asset has been transferred to crypto exchanges, and Tesla has not made any public statements about plans to sell its holdings. Therefore, this reduces the possibility that the firm wants to shed part or the entirety of its BTC holdings.

    Tesla Invests $1.5B in BTC

    Tesla first entered the crypto market in February 2021, investing approximately $1.5 billion in bitcoin. The company then sold 4,320 BTC the next month, followed by a larger sale of 29,160 BTC in 2022.

    According to BitcoinTreasuries data, Tesla is currently the fourth-biggest holder of bitcoin among publicly traded companies. Only software company MicroStrategy and bitcoin mining firms MARA Holdings and Riot Platforms have larger heaps of the leading crypto asset.

    Musk’s BTC Payment Plan

    Tesla CEO and tech billionaire Elon Musk planned to accept Bitcoin payments when Tesla first acquired its stash. However, the plan was quickly dropped due to environmental concerns.

    SpaceX, a spacecraft manufacturing business also owned by the billionaire, still holds approximately 8,285 bitcoins worth over $553 million.

    Further information about Tesla’s bitcoin transfers and whether the company has sold its holdings could be revealed when it releases its third-quarter financial results after markets close on October 23, 2024.

    Meanwhile, Tesla’s recent transfers have had no effect on the price of BTC. As of the time of writing, the leading cryptocurrency is currently trading at over $67,400, up 2.66% over the last 24 hours.

  • Ripple Unveils Partners for its RLUSD Stablecoin

    Ripple Unveils Partners for its RLUSD Stablecoin

    Ripple, the global payment company behind the Ripple blockchain, has announced exchange partners and customers for its upcoming dollar-denominated stablecoin, Ripple USD (RLUSD).

    The blockchain infrastructure provider has partnered with crypto exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the distribution of the stablecoin.

    Ripple Ventures Into the Stablecoin Market

    Ripple first announced plans to launch the RLUSD stablecoin on April 4. On August 9, the digital currency was deployed for testing on the XRP ledger (XRPL) and the Ethereum mainnets.

    Although Ripple has not announced the official launch date for RLUSD, the company noted that the stablecoin is developed with trust, liquidity, and compliance at its core.

    The firm further stated that RLUSD combines the stability of conventional fiat currencies with the speed and efficiency of blockchain technology, making it well-suited for various financial applications.

    According to Ripple CEO Brad Garlinghouse, the company’s upcoming stablecoin aims to become a leading standard for enterprise-level stablecoins.

    “Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance,” Garlinghouse said.

    The CEO further noted that Ripple’s payment solution will utilize RLUSD, XRP, and other digital assets to facilitate faster, more reliable, and cost-effective cross-border payments.

    RLUSD’s Regulatory Compliance

    Ripple’s RLUSD is one of the few stablecoins issued under a New York Trust Company Charter, ensuring it is subject to stringent regulatory supervision.

    With significant regulatory adherence, Ripple’s advisory board includes Sheila Bair, the former Chair of the United States Federal Deposit Insurance Corporation (FDIC).

    “Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion. I am honored to join Ripple’s advisory board as they launch their stablecoin with a compliance-first approach,” Bair said.

    She added that as the digital asset sector expands, ensuring responsible innovation will be crucial for its adoption, focusing on safeguarding consumers and maintaining financial stability.

  • Asset Manager Samara to Raise $32.8M for Bitcoin Purchase

    Asset Manager Samara to Raise $32.8M for Bitcoin Purchase

    German publicly traded asset management firm Samara Asset Group (AG) revealed on Monday that it plans to raise about $32.8 million (€30 million) to boost its investment portfolio by acquiring more limited partnership (LP) stakes and purchasing more bitcoins. 

    $32.8 Million Nordic Bond

    According to its latest announcement, Samara has partnered with Pareto Securities, a renowned investment bank in the Nordic capital markets, to serve as its Sole Manager and arrange fixed-income investor meetings. The goal is to issue a $32.8 million senior-secured Nordic bond.

    While Samara AG will issue the Bond, the asset manager has established Samara Asset Holdings Ltd, a new special-purpose vehicle (SPV) that will pledge to act as a guarantor for the Bond.

    Samara’s latest Bond will be listed on the Oslo Stock Exchange (Oslo Børs) and Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), with a minimum subscription of $109,000 (€100,000).  

    Samara Plans Bitcoin Shopping

    According to the German firm, it plans to use proceeds from the Bond to increase its bitcoin stack. 

    “We are excited by the prospect of placing this Bond and look forward to using the proceeds to acquire more Bitcoin and continue to seed the world’s best-emerging managers,” said Patrick Lowry, Samara CEO.

    Moreover, many Samara executives have expressed optimism about its latest move, seeing it as an effective way to solidify its balance sheet while exploring newer technological advancements.

    Christian Angermayer, a member of Samara’s Advisory Committee, commented, “With this new dry powder, we are excited to invest in and partner with the builders of tomorrow’s most disruptive technologies and grow our Bitcoin position.”

    Samara Adopts MicroStrategy’s Blueprint

    With its latest move, Samara has joined the list of companies that have openly adopted Bitcoin as its primary treasury reserve asset, following the footsteps of American business intelligence firm MicroStrategy. 

    MicroStrategy has spearheaded institutional Bitcoin investment since 2020. Currently, it holds about 252,220 BTC worth more than $16 billion.

    Moreover, its Bitcoin billionaire chairman, Michael Saylor, envisions MicroStrategy becoming the world’s leading Bitcoin bank if the crypto jumps as high as $1 million per BTC.  

    Meanwhile, Samara’s Lowry has followed Saylor’s example by promoting Bitcoin through his social media platforms, identifying Samara as a “forever bitcoin hodling company.” 

  • Australia’s First Spot Ether ETF to begin Trading Today

    Australia’s First Spot Ether ETF to begin Trading Today

    Australian Investment management firm Monochrome has launched the first Australian spot Ether exchange-traded fund (ETF) with the ticker IETH. It will begin trading on Monday in the Cboe global markets.

    Monochrome has been at the forefront of crypto ETF adoption in the Australian financial market. It launched its first Bitcoin ETF, IBTC, which has taken in about $10.1 million since earlier this year. 

    Monochrome’s Australian Ether ETF

    Monochrome’s IETH will closely track the benchmark price for Ethereum, calculated by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), and will be specifically tailored to market conditions and trading hours in the Asian Pacific region.

    Setting up IETH in the same range as its U.S. competitors, Monochrome has reduced its management fee from 0.50% to 0.21% per annum. 

    Following its launch, IETH will be broadly available on the most popular Australian brokerage platforms, offering seamless flexibility for institutional investors. Additionally, it will allow investors to transfer funds into the ETF from self-custodial wallets, centralized crypto exchanges, and cold wallets. 

    Renowned crypto firms like BitGo and Gemini will offer IETH’s custody services, while State Street Australia will act as the ETF’s fund administrator. Combining these firms, Monochrome plans to achieve secure asset storage, professional oversight, and comprehensive management of IETH assets. 

    The financial giant has revealed plans to integrate a dual-access bare trust structure as a feature to enhance tax efficiency. 

    The structure is designed to minimize tax liabilities for IETH investors. It allows long-term crypto investors to transfer or convert their ETH holdings into the corresponding Monochrome ETF while maintaining existing tax positions.

    “A ‘bare trust’ means that your investment in the ETF may be treated as if you directly own the Ethereum,” Monochrome’s CEO, Jeff Yew, commented.

    Australian Crypto ETF Journey 

    Following the approval of Spot Bitcoin ETFs in the U.S. earlier this year, Australia joined the trend, greenlighting a few filings. 

    Notably, Monochrome was the first asset manager in the continent to bag secure approval from its financial watchdog, the Australian Securities & Investments Commission (ASIC). 

    Meanwhile, the ASIC has revealed plans to update the Corporations Act’s Information Sheet 225 to clarify how crypto tokens and products should be treated. The agency has also proposed that crypto firms obtain financial services licenses to continue operating within its region.