Binance increases it XRP holdings

Posted on October 10, 2024October 10, 2024 by Olumide Adesina

Binance’s holdings of XRP are increasing. The largest crypto exchange by trading volume had over 2.9 billion XRP tokens, which is equal to over $$1.5 billion. Compared to the figure seen in September, this represents a nearly 6% increase.

Over 330 million XRP, or roughly $175 million at current prices, were added to net balances as Binance, acting on behalf of its customers, increased its net balance to match the growing balances of its clients. XRP currently has a coverage ratio of 100.66 percent on Binance.

XRP is currently the seventh-largest asset in terms of net balances. 29 different types of crypto assets are listed in Binance’s proof of work, with Bitcoin and Ethereum among the members. Binance possesses an astounding 636,229 BTC and 4.4 million ETH.

Binance implemented the PoR practice in November 2022 shortly after the FTX meltdown, which called into question the legitimacy of the entire cryptocurrency industry.

These frequent reports confirm that the company has enough assets to cover client deposits, which aims to increase user trust and transparency.

However, market fundamentals highlighted the bearish outlook for XRP is becoming more obvious as several indicators indicate that the road ahead will be difficult. The ongoing SEC appeal against Ripple reduces investor confidence by causing uncertainty.

A negative decision in 2025 might affect the token’s price movement. Due to XRP’s ongoing legal troubles, investor sentiment will likely remain cautious until this case is resolved.

Trump’s Crypto project plans to run on Aave

Posted on October 10, 2024 by Olumide Adesina

The crypto project associated with Donald Trump, World Liberty Financial, sent a governance proposal to Aave, specifying its intention to develop the decentralized finance (DeFi) platform.

In the proposal submitted on the 9th of October, World Liberty Financial revealed that it aims to launch its service as an Aave v3 instance on the Ethereum mainnet, with Aave serving as the underlying framework for the platform.

The proposal suggested that AaveDAO, the group of Aave token-holders responsible for managing the protocol, would receive 20% of the fees generated and 7% of the supply of the platform’s governance token, WLFI.
The Trump-supported project emphasized that operating as an Aave instance would boost liquidity for the stablecoins it plans to host while expanding Aave’s user base.

The proposal unveiled that World Liberty Financial would initially accept deposits in Ether and WBTC, along with stablecoins such as USD Coin. Furthermore, the project proposed to employ the same reserve factor system as the primary Aave instance and a trustless smart contract to establish the revenue split.

Members of AaveDAO have the opportunity to deliberate on the proposal before casting their votes. Additionally, the proposal requires approval from WLFI token holders who oversee the World Liberty Financial platform independently.

In a recent X post on October 9th, World Liberty Financial stated that the proposal aligns perfectly with establishing a user-friendly DeFi experience that is easily accessible.

If the integration with Aave proves successful, the platform intends to expand to the Ethereum layer 2 blockchain Scroll. Previously, Trump made cryptic remarks about World Liberty Financial, and the project has hinted at its aim to promote the use of US dollar-pegged stablecoins.

It was anticipated that Trump at an X livestream last month would disclose comprehensive information about his family’s crypto project, led by sons Eric and Donald Trump Jr

He didn’t mention the project during the 45-minute speech, which took place one day after he made a second attempt on his life in Florida.

The project would enable users to offer a credit account system, store money in digital wallets, lend or borrow money to others, and use tokens to invest in assets like cryptocurrency.

Additionally, it stated that the platform would be open source and feature four individuals who contributed to the DeFi protocol development, offering a lending and borrowing service akin to Dough Finance.

U.S government tracks down fraudulent crypto firms

Posted on October 10, 2024October 10, 2024 by Olumide Adesina

The United States Securities and Exchange Commission (SEC) accused three individuals considered market makers in the cryptocurrency space, and associated parties, of fraud and market manipulation in civil actions filed in the District Court of Massachusetts.

The Justice Department and the Federal Bureau of Investigation (FBI) were also involved. On October 9, lawsuits were filed against ZM Quant Investment, CLS Global, and Gotbit Consulting. The SEC claims that nine persons were charged in all.

Fedor Kedrov, the marketing director of Otbit Consulting and cryptocurrency vendors, Saitama and Robo Inu is charged with using wash trading to manipulate the market. The practice of exchanging oneself appears in the form of increased market activity

The cryptocurrency venture was designed by Vy Pham, a Vietnamese native, with California residency. The accusations against her included unregistered securities offers, fraud in the offering or selling of securities, fraud in the securities sale, and market manipulation.
Four Pham associates filed separate lawsuits in response to similar allegations. Pham and two of her collaborators consented to separate settlements, meaning that some of the accusations against them might be settled out of court.

ZM Quant and the four individuals associated with Pham were also charged with another cryptocurrency asset, the SaitaRealty coin.
The Justice Department has named eighteen defendants in the combined indictments, one of which is MyTrade MM, a business purported to have supplied services to NexFundAI.

According to the Justice Department, charges have also been filed against entities who designed the VZZN and Lillian Finance coins. The creator of VZZN is connected to Saitama, even if the only connection the two currencies have to the larger investigation.

US Department of Justice wants to break up Google

Posted on October 10, 2024 by Olumide Adesina

The US Department of Justice hinted that it may recommend splitting Google into smaller parts, separating the search engine giant from Chrome, Android, and the Google Play app store.

This will prevent Google from using its products, such as Chrome, Play, and Android, to give itself an advantage over rivals or new entrants in Google search and Google search-related products and features, including emerging search access points and features, such as artificial intelligence, according to the government’s court filing.

The Justice Department has suggested modifications in response to a federal judge’s August decision finding that Google had violated US antitrust law with its search business. The ruling, in which the judge called Google a “monopolist,”

Google’s blog post claimed that the government’s proposed strategy might worsen the user experience, labeling it “radical.” According to Google, it might “break” Chrome and Android, impede AI advancement, and compel the business to divulge customer data to rivals, jeopardizing privacy.

The firm stated on its blog that “this case is about a set of search distribution contracts.” “The government appears to be pursuing a broad agenda that will impact numerous industries and products, with significant unintended consequences for consumers, businesses, and American competitiveness,” the statement reads. “Rather than focusing on that.”

In the case, the US government contended that Google had shut out competitors in search by using a variety of interlocking strategies and products under its control, giving customers limited options and a less inventive ecosystem

The case focused on Google’s billion-dollar exclusive agreements with other tech firms, such as Apple, to become the default search engine on mobile devices and web browsers. Amit Mehta, a US District Judge, declared those agreements anticompetitive.

Having established that Google violated the law, the next phase of the litigation will involve determining the fines the business will pay for its misconduct. The matter is still in its early phase, and Google has promised to challenge Mehta’s initial ruling. The entire procedure, including the appeal, may take several months or even years to complete.

CATS on steam ahead of Bybit, KuCoin, Bitget listing

Posted on October 8, 2024 by Olumide Adesina

CATS, a meme coin built on the TON blockchain, increased dramatically before being listed on several significant cryptocurrency exchanges. According to CoinMarketCap data, Cats (CATS) increased by about 71% within a day trading at $0.0001269 at the time of publication.

There has been a significant increase in CATS trading activity in tandem with its value boom. A 13-fold rise in daily trading volume brought the total to about $303,000.

The meme token is now trending on Google due to the enthusiasm about CATS and its extensive use as a well-liked Telegram mini-app with millions of active users.
The Cats price spike happened before the meme coin was listed on several exchanges, such as Bybit, KuCoin, Bitget, and Haskey, on October 8 at 10:00 UTC.

Community members can now withdraw the airdropped tokens that were given during the project’s first season using these listings. User activity, premium status, and account age on Telegram were among the data that determined how the airdrop was distributed.

The entire supply of CATS is 600 billion tokens, most of which are set aside for airdrops in Seasons 1 and 2. In instance, 30% of the total supply, or 180 billion tokens, have already been given out to engaged community members during Season 1, leaving 55% of the stock still to be distributed.

Rewards have been tailored to target users with OG passes and those who engage in daily transactions, guaranteeing that the most dedicated players benefit from the airdrop.

As part of its community-building strategy, the project invites users to improve their token earnings by recommending friends and doing simple tasks like joining the official CATS Telegram channel.

Gold at $100,000 per ounce, a possibility

Posted on October 8, 2024October 8, 2024 by Olumide Adesina

Renowned gold trader Peter Schiff stated that the yellow metal might hit $26,000 or even $100,000 an ounce if it could increase from $20 to $2,600. He discussed his opinions on world economic matters, such as the depreciation of the US dollar, China’s resilience, and the effect of US foreign policy on public debt.

Schiff foresaw a substantial increase in gold prices as the dollar continually dropped in value and warned of possible inflation amid higher geopolitical uncertainty

“Our troops are dispersed worldwide, but we lack the funds to provide them without taking out loans. To keep things this way, Schiff said, “I don’t think the world is going to pay an ever-increasing tribute to the United States.” In his analysis of how conflict affects the economy” . Schiff highlighted the dangers of inflation:

According to the gold advocate, conflict frequently destroys productive capacity, which lowers consumer goods while raising the money supply. The popular metal trader predicted gold’s value could soar as the dollar weakens due to ongoing money printing. He is bullish about gold’s future, predicting a sharp increase in price over the next few decades as the currency weakens. As the economist put it:

“Gold can rise from $2,600 to $26,000 or even $100,000 per ounce if it can move from $20 to $2,600.” Schiff also said the yellow metal is “set to have its best year since 1979.” This year, gold has gained over $540, making it the “largest dollar gain in history.”

However, he said that “investors haven’t added mining stocks to their screens or noticed the bull market.”

The demand for gold-backed exchange-traded funds (ETFs), which allow investors to buy shares in gold rather than bullion itself, is strong, so the negative risk to gold may be limited. Net ETF inflows have climbed dramatically during the summer, and this is frequently seen as a strong signal of future demand

However recent price action shows Gold is being further pressured by the decreased likelihood that the Federal Reserve (Fed) will lower interest rates by another 50 basis points at its upcoming meeting in November. The odds that the Fed will only reduce by 25 basis points (0.25%) or possibly not at all is growing, which is bad news for gold as it implies that the opportunity cost of keeping the non-interest-paying asset will continue to be greater than anticipated.

Revolut blocked illegal transactions worth $13.5 million within a quarter

Posted on October 8, 2024 by Olumide Adesina

Revolut says it has prevented potential crypto fraud totaling about $13.5 million in the last three months. Revolut, a fintech startup, prevented $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024, according to a press release

The Neobank, based in London, introduced “Revolut X,” a cryptocurrency exchange, early this year. Since then, it has strengthened security measures to stop fraudulent transactions before money leaves client accounts.

The company estimates that by 2024, the system will handle about 92% of Bitcoin transactions without human intervention because it is built on sophisticated algorithms and real-time monitoring. Further inspections are “necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards” for the remaining 8% of the sample.

Revolut with over 45 million users, highlighted the prevention of fraudulent transactions involving fiat money and cryptocurrencies, saving its clients an estimated $590 million by 2023.

In addition to monitoring trends in suspicious behavior to identification checks, Emil Urmanshin, director of cryptocurrency at Revolut, informed clients that the company adheres to “strict financial regulations to create a secure environment for all of our customers’ crypto transactions.”

Fraudulent crypto transactions remain a persistent threat, with bad actors targeting fintech platforms and crypto exchanges. Bybit last highlighted that it had stopped over $79 million in client losses by identifying about $1 billion in questionable transfers in the first half of 2024.

Solana’s investment activity surged in third quarter

Posted on October 8, 2024 by Olumide Adesina

Solana saw a surge in investment activity in the third quarter despite a decrease in on-chain usage, with projects securing over $170 million. This funding level has been the highest since Q2 2022.

Solana’s tokenized Treasury market value increased to $123 million within a month. This shows how rapidly the market has grown. A $50 million inflow of USDC from Ethereum (ETH) on September 23, boosted the surge

Solana’s tokenized treasuries currently rank third, behind Ethereum ($1.6 billion) and Stellar ($422 million), but new developments point to possible expansion. In July, alternative investment company Hamilton Lane launched Solana’s first private credit fund.

Franklin Templeton, a well-known worldwide asset manager with $1.7 trillion in assets under management, intends to introduce a money market fund on Solana. By submitting a public registration statement to the SEC upon launch, Franklin Templeton will be the first asset manager to issue securities on Solana.

Over the past six months, Solana’s on-chain activity has decreased despite a rise in institutional interest. Monthly transaction fees are still far greater than a year ago, having increased by about 1,900%, but decreased by 66% from their March 2024 peak.

Although Solana’s monthly transaction fees peaked in March, its market share of fees continuously rose until July, reaching a significant 25%. Solana’s market share had never surpassed 1.5% prior to today.

With $260 million in transaction fees over the last six months, Solana is in third place behind TRON ($268 million) and Ethereum ($752 million).
The research claims that transaction volume, not expensive individual transaction costs, determined the overall fee amount.

FTX payment plan approved by U.S judge

Posted on October 8, 2024 by Olumide Adesina

A Delaware judge accepted FTX’s bankruptcy plan, which calls for paying consumers back with interest and cash, despite a demand for Bitcoin payments.

Judge John Dorsey of the U.S. District of Delaware Bankruptcy Court decided to approve FTX’s repayment, which could disburse assets valued up to $16 billion.
Two years after the crypto exchange collapsed, 98% of creditors were approved to receive 118% of their claims in cash.

Sunil Kavuri, a spokesman for the largest group of FTX creditors, advocated bitcoin or in-kind compensation, even though 94% of claimants approved of the idea.

Nevertheless, Judge Dorsey rejected the proposal during a bankruptcy hearing on October 7. The value of FTX’s exchange token (FTT) was essentially zero according to the court and there was no case for potential price growth. Judge Dorsey ended the 2022 tale with the demise of one of the biggest centralized cryptocurrency exchanges at the time,

Users and US authorities accused Sam Bankman-Fried’s organization of fraud after discovering documents proving it had embezzled customer monies and fabricated financial statements.
Bankman-Fried and other members of the FTX leadership were promptly removed following the company’s Chapter 11 bankruptcy filing. Bankman-Fried was found guilty and sentenced to 25 years following a brief trial and several testimonies from SBF’s close acquaintances,

He is attempting to appeal the ruling, claiming that Federal Judge Lewis A. Kaplan made an unfair conclusion. Gary Wang, Nishad Singh, and Caroline Ellison are among the former high-ranking officials who entered into plea deals with federal prosecutors in exchange for reduced terms. Ellison received a two-year prison sentence late last month from a court.

Toncoin posts mild gains despite Telegram’s gift feature

Posted on October 7, 2024October 7, 2024 by Olumide Adesina

Telegram introduced a gift function and a few other software updates Nevertheless, despite the new feature on social media messaging, Toncoin saw a little boost.
As of the time of writing, TON’s price has increased by 2% over the previous day to $5.3. CoinGecko for the past week, the coin has decreased by more than 8%.

Price action shows that despite minor upsides in the cryptocurrency market, TON’s downward trajectory hasn’t stopped.

With TON trading at $5.31 right now, it is moving in the direction of its horizontal channel’s lower line, which has served as support since March. Last month, it sank to this line, and while the bulls can hold it, it couldn’t break above.

The altcoin’s price will reverse course and move upward toward the resistance level at around $8 the bulls can break key resistance levels around $6.5

Telegram created a new feature that allows users to give gifts to their pals, The person who receives the gift can use it to show it on their sites or even turn them into stars.
The CEO of Telegram, Pavel Durov, also revealed that not all gifts are available. Additionally, he said that a capability to convert these donations into TON-based NFTs will be introduced.

Telegram also revealed a technology that allows companies to confirm the phone numbers of their clients. The social app also enhanced its reporting interface. The notification made clear that millions of pieces of content that break the app’s terms of service are removed by moderators. The system is now more capable and can incorporate more categories and specifics of the infraction.

Meanwhile, Co-founder Pavel Durov and his partner Juli Vavilova recently disclosed that they had learned Juli was pregnant. The couple believes the stress of the subsequent investigation while French authorities briefly detained the Telegram founder-led to Juli’s miscarriage on October 4, 2024.

Durov was taken into custody on August 24, 2024, in France. Subsequently, it was revealed that in March 2024, French law enforcement had filed arrest warrants for Pavel Durov and his brother Nikolai.

The accusations included participation in the dissemination of child pornography as a result of what French authorities described as a deficiency in strict content filtering guidelines on the Telegram messaging app.