Cryptocurrencies To Watch

Tag: Top Crypto News

  • Metaplanet Acquires Additional 107 BTC for $6.9 Million

    Metaplanet Acquires Additional 107 BTC for $6.9 Million

    Metaplanet, a Japanese investment firm, has acquired an additional 107.91 Bitcoin worth $6.9 million at an average price of $64,100 per BTC. The purchase brings the company’s total Bitcoin holdings to 506.74 BTC, worth about $32 million at the current price.

    Notably, the latest purchase is just one of Metaplanet’s series of BTC acquisitions, with its first in April. To show its commitment to being crypto-focused, the company rebranded from Red Planet, a hospitality-centric entity, to a Web3 investment firm.

    The news of the firm’s latest Bitcoin purchase has positively impacted its stock price, which jumped over 4%. This surge reflects investor confidence in the company’s strategy, which has led to a remarkable 495% increase in Metaplanet’s stock value year-to-date.

    Why Metaplanet Keeps Acquiring Bitcoin

    Metaplanet has adopted a bold “Bitcoin first, Bitcoin only” strategy, prioritizing Bitcoin over traditional assets like the yen to safeguard against inflation and economic uncertainty. This approach mirrors MicroStrategy’s playbook, which has utilized BTC as a hedge against currency devaluation.

    Metaplanet’s approach centers on consistently acquiring Bitcoin, regardless of market volatility. The Asian MicroStrategy believes that by doing so, it will protect its investments and capitalize on Bitcoin’s expected future growth. 

    As one of Japan’s few publicly traded companies to embrace digital assets, Metaplanet is pioneering the country’s crypto market. Its bold strategy has already yielded positive results, with its stock price surging significantly. The firm’s Bitcoin acquisition approach may inspire other companies to follow suit.

    Bitcoin Demand Surges

    Recently, Bitcoin’s popularity has increased due to whale investors and large investment funds. This is because central banks in countries like the United States and Canada have lowered interest rates, making investing in Bitcoin more appealing.

    In the last month, investment funds focused on Bitcoin, like BlackRock’s IBIT and Fidelity’s FBTC, have received around $2 billion. Companies like MicroStrategy are also investing more in Bitcoin.

    This growing interest in Bitcoin shows that big investors and institutions are now considering it a legitimate investment option. As more people invest, Bitcoin becomes more accepted and attractive to others.

  • Crypto Exchange Bithumb Plans to Go Public on Nasdaq Next Year

    Crypto Exchange Bithumb Plans to Go Public on Nasdaq Next Year

    Bithumb, one of South Korea’s largest and most influential cryptocurrency exchanges based on trading volume, liquidity, and market presence is considering a potential listing on the US Nasdaq stock exchange, according to a local news outlet, Korea Economic Daily.

    At a temporary shareholders’ meeting on Monday, the crypto exchange announced that it is exploring a potential US Nasdaq listing as part of its broader strategy to go public through an initial public offering (IPO).

    Bithumb intends to initiate its IPO in the second half of next year, with Samsung Securities serving as lead manager.

    Bithumb Reviews IPO Plans

    Bithumb’s current IPO push follows a previous, unsuccessful bid to list on KOSDAQ, South Korea’s equivalent of NASDAQ,  in 2020, which was hindered by ambiguous regulatory and accounting issues.  However, the company remains open to exploring all possibilities, both domestically and internationally.

    “Regarding listing, all possibilities are open, not only domestically but also overseas. Because the financial authorities do not recognize virtual assets as financial products, there are no Bitcoin ETFs available in Korea…Since Coinbase, the largest virtual asset exchange in the U.S., is listed on the NASDAQ, Bithumb may look overseas rather than the stock market or KOSDAQ,” a Bithumb official said.

    Leading up to its highly anticipated IPO, Bithumb undertook a significant restructuring step in March, dividing its human resources into two distinct entities. This strategic realignment aims to sharpen the company’s focus on its core virtual asset exchange business, thus enhancing its chances of a successful IPO. 

    Bithumb will maintain its existing business divisions, while the new entity – Bithumb A or Bithumb Investment – will manage non-core assets, including holding company, investment, and real estate brokerage businesses.

    Bithumb Gears Up for Rebranding

    As Bithumb prepares for its NASDAQ debut, the company plans to rebrand, following its successful 2019 reorganization from BTC Korea.com to Bithumb Korea. Bithumb Korea intends to change its corporate name to Bithumb, streamlining its brand identity to bolster international awareness.

    Meanwhile, Bithumb faced a legal issue in May last year when prosecutors investigated its platform, along with another South Korean crypto exchange, Upbit, over former politician and lawyer Kim Nam-kuk’s digital asset transactions.

  • DeFi Protocol Bedrock Loses Nearly $2M to Bad Actors

    DeFi Protocol Bedrock Loses Nearly $2M to Bad Actors

    Multi-asset liquid restaking DeFi protocol Bedrock has suffered from a security exploit, leading to the loss of approximately  $2 million in assets.

    In a recent X post, Bedrock’s team noted that it was aware of a security exploit involving uniBTC, a synthetic asset that represents Bitcoin (BTC) on various DeFi protocols.

    Bedrock to Compensate Users

    On-chain investigations showed that the root cause was miscalculating the ETH-uniBTC price differential, which allowed the attacker to exploit a pricing error in the mint function, draining the $uniBTC pool.

    Following the exploit, the protocol’s team stated that a detailed compensation plan is nearing completion and will be released soon, along with a full post-mortem report.

    Bedrock further noted that most losses occurred within decentralized exchange liquidity pools and assured that the underlying wrapped BTC tokens and the standard Bitcoin (BTC) held in reserves remained secure.

    Since the launch of Bedrock in February 2023 by Singapore-based blockchain firm RockX, the protocol’s website shows that it has prioritized compliance with know-your-customer (KYC) and anti-money laundering regulations. Additionally, the protocol aims to make liquid staking attractive for institutional investors.

    Bedrock Hits Over $240M in TVL

    According to data from DeFi TVL aggregator DeFiLlama, Bedrock ranks as the eighth-largest liquid staking protocol in the market, with more than $240 million in total value locked (TVL) on its platform. The project maintained the TVL despite the exploit.

    Since the launch of the ETH restaking protocol Eigenlayer in April, liquid restaking and native restaking have quickly emerged to become some of the largest market sectors in the crypto industry.

    Hackers Targeting DeFi Protocols

    In recent times, DeFi protocols have been heavily targeted, leading to the loss of millions of dollars.

    Earlier this year, the DeFi project Prisma fell victim to an exploit, losing $10 million worth of crypto assets. Another incident occurred, where DeFi protocol Zeus lost approximately $6 million in a bug exploit.

  • South Korea Imposes $830K Fine on Worldcoin for Alleged Data Protection Violations

    South Korea Imposes $830K Fine on Worldcoin for Alleged Data Protection Violations

    South Korea’s privacy watchdog Personal Information Protection Commission (PIPC) has ordered the cryptocurrency project, Worldcoin Foundation, and its operating firm, Tools For Humanity Corporation (TFH), to pay 1.1 billion Korean won ($830,000) for alleged non-compliance with data protection laws.

    During its 16th plenary session on Wednesday, September 25th, the PIPC issued penalties and corrective actions to the two firms for infringing on the country’s data protection laws.

    As reported, the PIPC started probing Worldcoin in February, earlier this year, after receiving complaints about unauthorized biometric data collection in exchange for the firm’s digital tokens, Worldcoin.

    After confirming their human identity, users are issued a ‘World ID’ allowing them to set up an online wallet to manage their tokens.

    Worldcoin Faces Data Protection Violations

    Following the investigation, the PIPC discovered that Worldcoin collected iris information from about 30,000 Korean users out of the 93,463 that downloaded the World App and charged the firm with several violations.

    First, the body charged Worldcoin for collecting iris images and information from users without proper consent and notification of the purpose, retention, and use period. Secondly, the crypto project transferred the personal data collected overseas to countries like Germany without properly notifying users.

    Furthermore, Worldcoin and Tools for Humanity failed to implement sufficient age verification measures for minors under 14 and also did not provide a clear process for requesting deletion or suspension of iris code data.

    Therefore, the PIPC charged Worldcoin Foundation and TFH 725 million won ($545,000) and 379 million won ($285,133) respectively, for violating Korea’s Personal Information Protection Act, on sensitive data processing and international transfer.

    Worldcoin and Tools For Humans Corrective Measures

    While the PIPC did not ban sensitive data collection in South Korea, it outlined corrective actions for the company and its development team to ensure compliance.

    The commission ordered the Worldcoin Foundation to obtain separate consent for collecting sensitive data, use the data collected only for intended purposes, and also provide effective deletion functions.

    Meanwhile, the PIPC mandated Tools for Humanity to introduce age verification procedures within the World App and inform users of overseas data transfers.

    In a similar development, South Korean prosecutors raided Bithumb and Upbit crypto exchanges following an investigation.

  • Congressman Labels Gensler the Most ‘Destructive’ SEC Chair at Hearing

    Congressman Labels Gensler the Most ‘Destructive’ SEC Chair at Hearing

    The United States Securities and Exchange (SEC) Chair Gary Gensler is facing intense scrutiny over his leadership, with Minnesota Representative Tom Emmer criticizing him as the most destructive and lawless chair in the agency’s history.  

    Gary Gensler Under Fire

    During a House Financial Services Committee hearing, Emmer accused Gensler of making up crypto asset security and never provided any framework for defining crypto assets.

    “You’ve made up the term’ crypto asset security.’ This term is nowhere to be found in statute. You made it up. You never provided any interpretive guidance on how ‘crypto asset security’ might be defined within the walls of your SEC,” Emmer said. 

    The representative also alleged that Gensler sought political loyalty from SEC employees, including civil servants, though the SEC chair denied the accusation despite email evidence suggesting otherwise.  

    He further noted that the hiring practice Gensler implements and culture fosters a sense of loyalty among staff to him, placing it above the law and the SEC’s mission. 

    In recent years, the SEC has initiated legal actions against several prominent fintech and crypto firms, such as Ripple, Coinbase, Kraken, BlockFi, Telegram, Celsius, Binance, and others, as part of its ongoing crackdown on the industry.

    “You’ve retaliated against businesses and people who have come before this committee to talk about the next generation of American finance,” Emmer added. 

    Gensler’s Abuse of Power 

    The representative noted that Gensler misused the agency’s enforcement powers and lured companies willing to cooperate with him, only to subject them to enforcement actions later. 

    He also mentioned the Debt Box case, in which the SEC was penalized for significant misrepresentation in court. This led to the agency incurring nearly $2 million in legal fees funded by taxpayers. The case against Debt Box was dismissed on May 28, 2024. 

    The recent hearing comes after Vice Presidential Kamala Harris announced plans to shape crypto policies, criticizing Gensler’s method of overseeing the industry due to the resulting confusion in the crypto space and several ongoing court cases.  

    Meanwhile, Emmer said that the SEC broke the law and its attorney lied to the court regarding businesses in Washington, D.C.

  • Kraken Acquires Crypto Broker Coin Meester to Expand EU Reach

    Kraken Acquires Crypto Broker Coin Meester to Expand EU Reach

    American crypto exchange Kraken has announced its successful acquisition of Coin Meester (BCM), a Dutch crypto broker. The company noted that this move will extend its presence to the Netherlands market and, by extension, Europe.

    Why Target Europe?

    Kraken noted that the European market comprises many small, separate companies, making it hard for them to compete. As costs rise and competition increases, these companies will likely merge or be bought out. The exchange plans to take advantage of this situation by using its global presence and products to become a more significant player in the European market.

    Notably, the exchange has been operating in Europe over the past two years. It offers services like buying, selling, and storing crypto in five European countries: Germany, Spain, Italy, Belgium, and Ireland. Its acquisition of BCM has expanded its services to three more countries: France, the Netherlands, and Poland.

    This expansion automatically legalizes the company’s operations in France and Poland since the newly acquired broker is registered as a Virtual Asset Service Provider (VASP) in these countries.

    The exchange claims to follow the new rules called Markets in Crypto-Assets Regulation (MiCA), making it easier for people in these countries to use crypto. Kraken believes this recent move puts the company in a great position to succeed amidst Europe’s dynamic crypto regulations.

    What This Means for BCM Users

    The announcement stated that Kraken has strengthened its core product offering and expanded its product suite, which aligns with its strategy to become the bridge to the most exciting areas of crypto. Its clients now benefit from the Kraken Pro trading interface for advanced traders and a new consumer web user experience.

    Kraken boasts that BCM users will not be excluded from these services as they will soon see a significant upgrade. It explained that customers will access over 200 digital assets, benefit from market-leading liquidity, and enjoy superior security. Additionally, the firm promises to give these users round-the-clock support in their local language and improve their trading experience.

    Meanwhile, Kraken’s latest acquisition comes months after it lost $3 million to a security breach.

  • DeFi Protocol Rari Capital Reaches Settlement with US SEC Over Investment Violations

    DeFi Protocol Rari Capital Reaches Settlement with US SEC Over Investment Violations

    Decentralized Finance (DeFi) protocol Rari Capital has reached a settlement with the U.S. Securities and Exchange Commission (SEC) for misleading investors and running two unregistered blockchain-based investment platforms. The firm also agreed to a cease-and-desist order from the regulator. 

    Rari Capital Consents With SEC Charges

    According to the SEC, Rari Capital offered investors two cryptocurrency investment products: Earn and Fuse pools. These products allow users to deposit and manage their assets while earning a return on their investments or deposit assets to be managed by Rari while receiving returns without much effort.  

    Additionally, Rari developed a token that represents profits from the pool and return on investments, which it used to reward investors. The company also launched the Rari Governance Token (RGT), which it used to reward some Earn pool investors. The agency claimed that Rari Capital did not register for its operation or its sale and distribution of securities, and the company has not denied the charges.  

    The SEC also stated that Rari and its co-founders lied to their investors, telling them that the Earn pool is designed to automatically rebalance their assets into the highest yielding offers available each time. However, the rebalancing is done manually by a Rari team member who may sometimes not carry out the process.  

    Moreover, Rari misled investors by raising the annual percentage yield to entice them to deposit in the project. In the end, Rari’s co-founders couldn’t account for the fees, leaving many of its Earn pool investors in losses. 

    Rari Capital and its co-founders have not admitted, denied, or appealed the SEC’s claims. Instead, they have complied with the court’s entry of final judgment orders, which may include fines, a long-term order to seize functioning, a five-year ban for Rari co-founders, or the return of all gained funds to different investors. 

    “We will not be deterred by someone labeling a product as “decentralized” and “autonomous,” but instead will look beyond the labels to the economic realities, as we did here, and hold the individuals behind crypto products and platforms accountable when they harm investors and violate the federal securities laws,” Says Monique C. Winkler, Director of the SEC’s San Francisco Regional Office.    

    U.S. SEC Goes After Crypto Projects

    The SEC has not made it very easy for crypto projects to thrive in the United States. The agency has set high standards of security laws that projects should meet before launching in America to ensure investor’s safety. It has also filed charges against defaulters.  

    Recently, the SEC charged crypto exchange Kraken with securities sales. The crypto platform did not plead guilty to the charge; instead, it replied to the agency claiming innocence. Similarly, the SEC recently fined the trading platform eToro $1.5 million for not adhering to U.S. securities laws.  

  • Metaplanet’s Stock Has Gained 400%+ Since Adopting Bitcoin

    Metaplanet’s Stock Has Gained 400%+ Since Adopting Bitcoin

    Japanese technology firm Metaplanet has seen a remarkable 400%+ increase in stock value in the last five months since it adopted a Bitcoin-focused investment strategy.

    In April, MetaPlanet made a strategic decision to add bitcoin (BTC) to its corporate treasury and has since continued to accumulate and grow its crypto holdings. The company’s series of BTC purchases yielded a substantial 443.2% increase in its stock value.

    Source: X.com

    Asia’s MicroStrategy?

    Metaplanet has gained the nickname “Asia’s MicroStrategy” for its continuous Bitcoin buying sprees following in the footsteps of business intelligence software company, MicroStrategy.

    Led by its founder, Michael Saylor, MicroStrategy became the first publicly traded company to added bitcoin to its primary treasury reserve.

    Since then, the business intelligence company has continued to expand its treasury holdings through the strategic accumulation of the leading crypto asset.

    As of September 13, 2024, MicroStrategy had a total of 244,800 BTC worth about $15 billion in its portfolio.

    The company aims to preserve its leadership position in corporate Bitcoin ownership, with plans to further increase its holdings through strategic acquisitions. Recently, MicroStrategy proposed the issuance of $875 million in convertible notes for Bitcoin purchases and other purposes.

    Furthermore, the company’s stock is up over 1,000% since it adopted Bitcoin.

    Metaplanet’s Series of Bitcoin Purchases

    After Metaplanet made a strategic move to add Bitcoin to its corporate treasury reserve with an inaugural purchase worth about 1 billion yen ($659 million) earlier in April, the firm has continued to mirror MicroStrategy’s strategic leadership in corporate crypto adoption.

    MetaPlanet’s crypto investment was particularly noteworthy as the firm transitioned from a hospitality-centric company, formerly known as Red Planet, to a pioneering Web3 firm.

    In July, the firm increased its total holdings to 161.3 BTC after purchasing $1.2 million worth of bitcoin.

    In a subsequent move, Metaplanet expanded its total Bitcoin holdings by 57.103 units, valued at approximately $3.4 million, following a ¥1 billion (over $6.8 million) loan acquisition from  MMXX Ventures Limited to facilitate further Bitcoin acquisitions.

    Its recent purchase of 38.4 BTC worth about $2.1 million at the time of purchase, increased its total Bitcoin holdings to over 398 BTC.

  • Solana Mobile Unveils the Solana Seeker, Its Latest Smartphone With Improved Features

    Solana Mobile Unveils the Solana Seeker, Its Latest Smartphone With Improved Features

    Solana Mobile, a subsidiary of Solana Labs and developers of the popular Solana Saga device, has finally unveiled the awaited Solana Chapter 2. The announcement was made by the firm’s general manager Emmett Hollyer at the Token 2049 conference on September 18.

    Chapter 2 Unveiled as “Seeker”

    Immediately following the announcement, the team shared some rich details about the device via X (formerly Twitter). The product which made its debut at the conference will now be officially known as Seeker. 

    The firm claims the Solana Seeker is equipped with innovative features that will enhance its crypto capabilities. These include a Seed Vault Wallet for secure self-custodial crypto management and the Solana dApp Store 2.0 for Solana dApps. The device will also come with an exclusive Seeker Genesis Token – a soulbound NFT for granting rewards to its users.

    Compared to its predecessor, the device will feature an improved battery life, advanced camera capabilities, and a sleeker design. These hardware components portray it as an upgrade to Saga. The device developers further claimed it will provide a seamless web3 experience, enabling secure DePIN payments, immersive gaming, and NFT exploration.

    From Struggle to Success

    Solana Mobile faced significant challenges after launching its first device, Solana Saga, in May 2023 for $999. Its specs were outdated at release, and the promised exclusivity was diminished by Solana Mobile’s plans to make its dApp Store compatible with all Android devices. This resulted in slow sales, with only a few thousand units sold in the first months.

    However, tides changed in August 2023 when the price was slashed to $599 with 30 million BONK tokens pre-loaded on each Saga phone. The Solana-backed memecoin experienced a surge which made the device highly sought after, leading to a surprise sell-out of all 20,000 pieces. Despite its initial struggles, the Saga found new life owing to loaded tokens in each device.

    Fast forward to today, Solana Mobile’s upcoming device, the Seeker, has already garnered significant interest, with over 140,000 pre-orders secured. As the countdown has already begun for its release in 2025, Solana enthusiasts who participated in the device presale anticipate its arrival hoping they made the right choice.

  • Singapore’s DBS to Launch Bitcoin and Crypto Options Trading

    Singapore’s DBS to Launch Bitcoin and Crypto Options Trading

    Singapore’s largest bank, DBS, has revealed plans to launch bitcoin and crypto options trading to its customers, fostering crypto integration into traditional finance activities. Although the bank did not reveal the exact date, it noted that the development would be launched in the last quarter of 2024.

    DBS to Dive into Crypto Trading

    DBS announced its crypto adoption move via a press release on Tuesday, stating that it will launch over-the-counter (OTC) crypto options trading for eligible institutional investors and wealth clients.

    Crypto options are contracts that let you buy or sell a cryptocurrency at a set price by a certain date.

    Positioning itself as Asia’s first headquartered bank to provide crypto trading services, DBS will offer financial products linked to the value of the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum.

    Currently, DBS clients who want exposure to crypto assets can trade cryptocurrencies on DBS Digital Exchange (DDEx). However, following the launch later this year, these clients can now access crypto assets through the bank’s options trading feature and structured notes to earn yield in fiat or crypto assets.

    With the upcoming service, DBS will allow qualified clients to hedge their positions against market volatility while earning yield from different options trading structures.

    Highlighting the reason behind this strategic move towards crypto adoption, Jacky Tai, Head of Trading and Structuring, Global Financial Markets, DBS, said:

    “Professional investors are increasingly allocating to digital assets in their portfolios.”

    Crypto Adoption in Asia

    Asian countries like Singapore, Japan, and Hong Kong have adopted cryptocurrencies and blockchain technology over the last few years.

    Earlier this month, the Monetary Authority of Singapore (MAS) licensed OKX centralized exchange, allowing the firm to offer its crypto trading services within its borders. 

    Following the Bitcoin Exchange-Traded Funds approval in the U.S., Hong Kong-based asset managers joined the trend, filing for crypto ETFs in the country. The Hong Kong Securities and Futures Commission approved Bitcoin and Ether ETFs, which began trading in the country in late April.  

    In April, Japanese company Metaplanet adopted Bitcoin as its primary reserve asset earlier this year following the Yen devaluation. Since then, the company has continued to purchase bitcoin, bringing its total Bitcoin portfolio to held 398 BTC.