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FTX Hacker Becomes 27th Largest Ethereum Whale

Albert Brown
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FTX Hacker Becomes 27th Largest Ethereum Whale

 

The primary account involved in the FTX hack now holds over 250K Ethereum (ETH), making it the 27th largest Ethereum whale.


Following a series of enigmatic swaps and transfers, the primary account associated with the FTX hack, the FTX Accounts Drainer, currently holds 250,735 ETH valued at $302.6M, making it the 27th largest Ethereum whale as of press time, per data from Etherscan.

Blockchain security company Peck Shield highlighted the development Saturday. The surveillance platform has been tracking the swaps and transfers carried out by the multiple accounts associated with the hacker to keep the community up to speed with the movement of the funds.

Over 11 wallet addresses have been identified associating with the primary address FTX Accounts Drainer, with all these auxiliary wallets making swaps and offloading all assets to the primary address. This has dramatically increased the ETH holdings of the primary wallet. The latest inflow involved 9,263 ETH worth $11M from an unidentified wallet.

Besides its ETH holdings, the hacker holds up to 8,184 Paxos Gold (PAXG) valued at $14.2M. This brings the account’s total holdings to a little above $317.8M on the Ethereum network. Recall that multiple reports put the loss suffered from the FTX hack at an estimated $400M.

Meanwhile, on the Binance Smart Chain (BSC), the FTX Accounts Drainer wallet currently holds about 190.5 BNB, valued at $51.2K. Additionally, the wallet possesses $1.6M worth of DAI stablecoin as of press time.

The community witnessed multiple swaps involving the conversion of up to 44,235 BNB to 3,000 ETH and $5M worth of stablecoins. The stablecoins worth $5M were consequently swapped for 6.2K ETH. All 9.2K ETH resulting from the swaps were transferred to the primary address on Ethereum.

Recall that The Crypto Basic previously highlighted a similar series of swaps and transfers, which saw all resulting Ethereum tokens dumped into the FTX Accounts Drainer wallet. The purpose of this mysterious behavior is little known, but certain market watchers assert that the hacker plans to manipulate the market with the ETH holdings.

Bahamian Authorities Mastermind Behind Hack

With the hacker’s identity unknown since the hack, reports have surfaced suggesting that Bahamian authorities masterminded the move in an attempt to seize FTX assets amidst its insolvency predicament. On Friday, the Securities Commission of the Bahamas released an official statement via Twitter, claiming responsibility for the action, as it noted that it exercised its jurisdictional powers to transfer the FTX funds to a digital wallet it controls for “safekeeping.” Reuters also highlighted the statement from the Commission.

The Commission further noted that, in the coming days and weeks, it plans to engage other authorities across multiple jurisdictions on the necessary steps to take to decide on the interest of affected stakeholders, creditors, and clients.

New Whale Adds 310B Shiba Inu, While Another Scoops 220 SHIB

Zabi
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New Whale Adds 310B Shiba Inu, While Another Scoops 220 SHIB

Two Mysterious Whales scooped up a whopping $4.83M worth of SHIB in the past 24 hours.


Etherscan.io data recently revealed that a brand new Whale has just accumulated a staggering 310,684,525,296 (310.68B) SHIB, worth $2,830,336 in one significant transaction executed about 5 hours ago. The purchase occurred via one of the Coinbase-associated wallets tagged “Coinbase 10”.

Mysterious Whale Accumulated 310.68 Billion SHIB
Mysterious Whale Accumulated 310.68 Billion SHIB

Another Mysterious Whale Accumulated $2 Million Worth of Shiba Inu:

Following this, another mysterious whale woke up and added a gargantuan 220,973,031,185 (220.97B) SHIB, worth $2,008,644 ($2M), to her wallet in one significant transaction. As per the data provided by Etherscan.io, the mysterious wallet now holds a herculean 546,868,971,902 (546.86B) SHIB, worth $4,992,913 ($4.99M) in her wallet.

Unknown Wallet Scooped Up 2 Million Worth of SHIB
Unknown Wallet Scooped Up 2 Million Worth of SHIB

In Total, the two mysterious Whales added 531,657,556,481 (531.65B) SHIB, worth $4,838,980 ($4.83M), to their wallets via two separate transactions in the past 24 hours.

However, the said development hasn’t had any immediate impact on the Shiba Inu price. As of writing, SHIB is trading at the price of $0.000009084, down -1.05% over the last day, with a 24-hour trading volume of $89,904,166 ($89.90M).

Terra Rebels Warns LUNC Investors Of A Fraudulent Token

Lele Jima
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Terra Rebels Warns LUNC Investors Of A Fraudulent Token

Terra Rebels says Scammers are trying to mislead Terra Classic (LUNC) investors into purchasing Deceitful Token.


Terra Rebels, a decentralized group focused on reviving the Terra Classic ecosystem, has warned the community of a fictitious token circulating in the market. In a tweet today, Terra Rebels noted that the token, dubbed Interchain DAO Coin (IDC), hijacked its logo to mislead investors into believing that the Terra Rebels are behind the cryptocurrency.

According to Terra Rebels, the malicious token currently circulates the Cosmos network and other markets. Terra Rebels used the tweet to deny affiliation with the fake coin team that launched the crypto.

“This is NOT a Terra Rebels token, nor does TR have a token. We encourage old and new investors to practice and conduct due diligence,” it added.

 

ReXx, a prominent admin of Terra Rebels, also shared the development. ReXx described the token as a rug in waiting.

Reason Behind the Usage of Terra Rebels Logo

The fraudulent teams behind these hoax projects usually adopt different tactics, including naming tokens after popular cryptocurrencies, to attract potential investors. The team behind IDC wants to lure Terra Classic investors into purchasing the token by using the Terra Rebels logo as the token’s mascot.

Upon seeing IDC on the market, unsuspecting Terra Classic investors would believe that the token is affiliated with Terra Rebels because of the logo. However, past events have shown that it never ends well for people who invest in these projects, as they will most likely become victims of a rug pull.

Terra Rebels’ Role in Reviving LUNC

Meanwhile, Terra Rebels played important roles in the revival of Terra Classic. The team has championed several initiatives to ensure that victims of the Terra collapse are fully compensated.

The independent Terra Classic developer group believes burning a large portion of Terra Classic supply would boost LUNC and USTC prices. Aside from implementing a 0.2% tax burn for all LUNC on-chain transactions, Terra Rebels still has other ways to accelerate the token burns. Last month, Terra Rebels launched a lottery game on the Terra Classic network to accelerate LUNC burns. Players must purchase tickets, which cost 5,000 LUNC each, to participate in the game. Terra Rebels selects a winner at each round of the lottery. While the winner receives 60% of the pool, 26% is sent to the LUNC dead wallet. In the second round of the lottery game, the team burned 7.93M LUNC after the winner received 18 million coins.

Terra Rebels is also bringing a DEX and Casino on Terra Classic that will help burn billions of LUNC.

Elon Musk Launches Poll On Whether To Bring Back Trump; Crypto Community Responds

Mark Brennan
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Elon Musk Launches Poll On Whether To Bring Back Trump; Crypto Community Responds

Musk puts the fate of Donald Trump’s Twitter account in the hands of his followers.


Elon Musk launched a Twitter poll today to decide the fate of Donald Trump’s Twitter account, which was placed on permanent suspension on January 8 last year.

“Vox Populi, Vox Dei,” Musk wrote beneath the poll, a Latin phrase that means “the voice of the people is the voice of God.”

With over 18 hours left, the poll has already attracted over 6.2 million votes at press time, with 54% in favor of bringing back Trump and 46% opposing so far.

It came after the Twitter boss reinstated the accounts of comedian Kathy Griffin, clinical psychologist Jordan Peterson, and Babylon Bee, a conservative satire media.

“Trump’s decision has not yet been made,” Musk said.

It bears mentioning that in May, Musk asserted that he would reverse the ban on Trump’s account should he take over Twitter. The billionaire asserted that Twitter should not have permanent bans. Moreover, he described the decision to ban Trump as “a morally bad decision, to be clear, and foolish in the extreme.”

Musk’s position on the Trump ban made his purchase of Twitter even more unpopular with left-leaning Americans on Twitter.

It is worth noting that the former American president was banned because many believe that he used his tweets to incite the Capitol Hill Insurrection. Notably, a mob of Trump supporters stormed Capitol Hill on January 6, 2021, to stop the count of the electoral college votes and overturn the election results that ousted Trump and declared Biden president. Trump appeared to egg his supporters with his tweets instead of calming the situation.

Consequently, he is seen as a threat to American democracy. Despite Musk’s perceived support for Trump’s Twitter reinstatement, it is worth noting that he has openly and consistently disapproved of his policies, saying Trump was not the man for the job before the 2016 elections that brought him to power.

Musk asserted yesterday that Twitter’s new policy is “freedom of speech, but not freedom of reach.” Per Musk’s tweet, this implies that Twitter will not boost perceived hate tweets to audiences and will not monetize them. Furthermore, users will not be able to see these tweets unless they search for them.

The billionaire has clarified that these policies will affect tweets, not Twitter accounts.

 The Crypto Community Responds

Unsurprisingly, the poll today has attracted a flurry of responses, including some from influential voices in the crypto community.

In response to the poll, MicroStrategy chief and Bitcoin evangelist Michael Saylor proposed an “All Users” poll system. According to Saylor, this will allow everyone to have a say, not just his followers.

Meanwhile, Dogecoin co-creator Billy Markus asserted that he did not want Trump’s account reinstated. Markus said it would only feed into narratives that Musk supports the extreme ideas of certain Trump followers. In addition, he said it would only lead to increased polarization on the microblogging platform.

It bears mentioning that Trump declared his interest in running for office again in 2024. Consequently, access to his over 88 million Twitter followers could boost him. However, it is not clear that the former US president plans to return, as he has launched Truth Social, his own social media platform.

Top Economist Says Bitcoin In Real Trouble Over Grayscale Concerns

Lele Jima
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0
Top Economist Says Bitcoin In Real Trouble Over Grayscale Concerns

Peter Schiff has continued to push the Bitcoin selling narrative. 



Peter Schiff, the Chief Economist at Euro Pacific Capital, has been actively fostering Bitcoin (BTC), selling a narrative to his 869K Twitter followers. In a recent tweet, Schiff indicated that a new record had been set after Grayscale’s Bitcoin Trust (GBTC) traded its net asset value at a 46% discount. The prominent Bitcoin skeptic noted that something is “going on” with Bitcoin, adding that the world’s largest cryptocurrency seems to be in “real trouble.” 

Following his analysis, Schiff urged his Twitter followers to liquidate their Bitcoin position.

Grayscale Funds Trade 40% Lower Than Market Price

As reported yesterday, Grayscale’s GBTC traded at a 43% discount to its market value. At the discount level, GBTC investors were willing to offload their Bitcoin for a price of $9,562 when the asset class was trading at $16,813.

In a similar development, Grayscale’s Ethereum Trust (ETHE) also traded at a 41% discount, at about $718 per ETHE, compared to its market valuation of about $1,219 per ETH. The massive plunge in Grayscale’s GBTC and ETHE values sparked concerns in cryptocurrency as many people tried to figure out why the funds’ low prices.

Speculation suggests the development resulted from growing investors’ fears over the health of Digital Currency Group (DCG), the parent company of Grayscale.

Grayscale dismissed these concerns in an announcement today. According to Grayscale, all digital assets underlying the firm’s investment products are stored in Coinbase Custody and are owned by GBTC alone. “To be perfectly clear: the BTC underlying Grayscale Bitcoin Trust are owned by GBTC and GBTC alone.” 

Grayscale added that the company’s rules prohibit the underlying assets of Grayscale’s investment products from being lent or borrowed.

 

 

Meanwhile, Bitcoin is still trading at around $16,600 at the time of writing. The discounted price of Grayscale’s GBTC did not hurt the value of Bitcoin in the spot market, as many feared.

Schiff’s Bitcoin Skepticism

Schiff is known to capitalize on negative events in cryptocurrency to push the Bitcoin selling narrative. Following the collapse of the FTX exchange that plunged the value of top crypto assets, including Bitcoin, Schiff predicted that Bitcoin still has a long way to fall.

He commented about an old tweet where he warned that the growing economic crisis would prompt Bitcoin investors to sell the asset class to pay food and utility bills. The Bitcoin skeptic also warned that the lion’s share of Bitcoin sales is yet to happen, adding that these huge sales would crash the Bitcoin price further.

Monero: Shame On Cardano IOG For Launching Privacy Blockchain

Mark Brennan
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Monero: Shame On Cardano IOG For Launching Privacy Blockchain

Monero Slams IOG’s Data Privacy Blockchain.



Monero has slammed Input Output Global’s data protection blockchain, deriding the idea that it has a backdoor for regulators, in a tweet today.

 “Use Cardano Midnight if you want to use a ‘privacy’ blockchain with a backdoor,” Monero wrote.

 It asserts that Monero remains the preferred option for users who want privacy without “shenanigans.” Monero went on to write, “Shame on you,” IOG.

 

It comes as IOG announced the launch of a “data protection-based blockchain” called Midnight, as reported by The Crypto Basic yesterday. In its announcement, IOG promised that the network would shield its users’ sensitive commercial and personal data.

Notably, unlike other private networks, Midnight will have smart contracts. Consequently, it allows developers to build decentralized applications for the network, allowing them to do this using normal scripting languages. Furthermore, it hints at enterprise-level adoption, saying businesses can communicate without fear of leaks.

However, to strike a balance between providing users privacy and allowing for regulation, the network will have a back door for regulators and auditors, per a CoinDesk interview with IOG chief Charles Hoskinson released yesterday.

While Monero has derided the idea, it bears mentioning that it makes sense if this is a blockchain geared toward enterprise-level adoption. That is because, while the network should provide secure and private communication and value transfer for these entities, there still has to be a way for regulators and auditors to evaluate these companies.

Though Monero sees the yet-to-be-launched Midnight as competition, as it says, “If Monero loses to this garbage, this community deserves to lose,” it is worth pointing out that the two networks are likely geared toward entirely different use cases and audiences.

Several Cardano users have slammed Monero for jumping to conclusions based on a third-party report. For example, one user noted that waiting and reading the white paper is better. Midnight is still in development, and IOG will release more information as work continues into 2023, according to a tweet from the company yesterday.

BabyDoge DEX Launching New Feature To Estimate How Many Tokens Will Burn From Every Swap 

Lele Jima
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0
BabyDoge DEX Launching New Feature To Estimate How Many Tokens Will Burn From Every Swap 

BabyDoge DEX will soon launch a new feature to estimate how many tokens will burn from each swap.

In a tweet today, Baby Doge Coin said it would soon roll out a new feature on Baby Doge Swap to estimate the number of tokens that will burn through each swap. The upcoming feature will provide an estimate of how many BabyDoge tokens will burn from each swap on the DEX. 

“New Feature coming. Each swap on #BabyDogeSwap will estimate how many #BabyDoge will be burned,” BabyDoge noted in a tweet. 

Notably, the new feature will apply to all trading pairs on Baby Doge Swap, including USDT/BNB. 

BabyDoge Ongoing Burn Campaign

Baby Doge Coin is focused on reducing the supply of the cryptocurrency via an ongoing burn campaign in a bid to boost the price of the token. It is worth mentioning that the team behind the canine-themed cryptocurrency has been using a portion of Baby Doge Swap fees to buy and burn BabyDoge. 

Billions of BabyDoge tokens are being sent to the project’s official dead wallet hourly. According to @BabyDogeburn_, a Twitter handle that tracks all BabyDoge burns, a total of 6,323,487,145,295 (6.32 trillion) BabyDoge tokens worth around $7,032, were incinerated in one day. 

So far, a total of 199.4 quadrillion BabyDoge tokens have been incinerated from the asset’s total supply of 420 quadrillions. 

Baby Doge Coin Planning to Accelerate Token Burns

Despite the massive amounts of BabyDoge incinerated, the team is still considering new ways to accelerate burns. Last month, the team revealed plans to launch an official burn portal, allowing users to burn some of their BabyDoge holdings. Baby Doge Coin called on the community to suggest ways it could adopt to incentivize users who participate in the program. 

“If we made a burn portal, what are some creative ways we could incentivize users to burn more tokens? Ideas include: an NFT, and tiers of NFTs received for burning tokens. We want to hear your ideas!” the BabyDoge team said. 

Meanwhile, BabyDoge is changing hands around $0.000000001119, up 2% in the past 24 hours.

First USD-Backed Stablecoin Launching On Cardano

Albert Brown
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First USD-Backed Stablecoin Launching On Cardano

EMURGO has revealed plans to launch the first USD-backed stablecoin in the Cardano ecosystem USDA in Q1 2023.

Blockchain technology company and official commercial arm of Cardano EMURGO recently introduced the first USD-backed regulatory-compliant stablecoin in the Cardano ecosystem dubbed “USDA,” with plans to launch the asset in the first quarter of 2023.

The launch of the stablecoin is an attempt to provide investors and businesses within the crypto space with an opportunity to hold a fully fiat-backed asset on the Cardano protocol that is resistant to the neverending volatilities that characterize the cryptocurrency space.

According to an official announcement Friday, EMURGO plans to build USDA on its Anzens platform. The Anzens product suite aims to foster the adoption of Cardano-based assets by providing clients with a wide array of services on the protocol, including lending and borrowing services and bridges between dApps and protocols native to traditional finance. These will be bolstered by an opportunity to tokenize fiat and transact with it as Cardano-based assets.

EMURGO noted that USDA would fully comply with the regulations and stand out from the rest due to its reliance on the Cardano blockchain, which promises low-cost transactions and high throughput for on-chain settlements. EMURGO formed a partnership with a US-based regulated financial entity to provide custody for cash deposits.

The stablecoin will combine the stability of the dollar with the security and scalability of the Cardano chain. Following the launch of USDA, proponents will have the opportunity to convert their fiat to stablecoin through USD deposits on the protocol with bank transfers or card payments.

Users can also tokenize USDA through the conversion of ADA tokens. In addition, plans to convert other stablecoins, including USDT and USDC, to USDA have been revealed, and the feature will be introduced shortly after the launch. Furthermore, an option to convert other assets, such as BTC and ETH will be made available.

“Cardano ecosystem was built on the ethos of bringing real world applications… The introduction of a fully fiat-backed, regulatory compliant stablecoin is the next step in realizing the future for our community,” Vineeth Bhuvanagiri, FinTech Managing Director at EMURGO, remarked, speaking on the development.

EMURGO remains active in contributing to the growth of the cryptocurrency space, especially through Cardano. Its Africa and Middle East-focused division EMURGO Africa invested in UAE exchange MidChains in September to bring Cardano to the Middle East.

Last month, EMURGO disclosed plans to invest about $200M into projects within the cryptocurrency industry as an attempt to boost the ecosystem. The investment plan will spread to several crypto-focused projects in three years.

Cardano Founder Hoskinson Unveils New Data Protection-Based Blockchain

Lele Jima
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0
Cardano Founder Hoskinson Unveils New Data Protection-Based Blockchain

A new project has been added to the Cardano ecosystem.



Charles Hoskinson has unveiled a new Cardano project, dubbed Midnight, a data protection-based blockchain designed for developers and humanity. Hoskinson made the project known at the ongoing Cardano IO ScotFest: The Age of Voltaire.

He also shared the development on his Twitter handle, saying:

 

Midnight is a data protection-based blockchain that helps safeguard sensitive personal and commercial data. The project will help protect the fundamental freedom of individuals, developers, and firms by safeguarding sensitive commercial and personal data.

“Midnight will enable developers to quickly build and deploy data protection-first DApps using many programming languages, starting with Typescript, whilst companies will be able to share mission-critical information without the fear of leaks or censorship,” information on the official Midnight website read.

According to the IOHK, Midnight is currently being developed. The IOG said it would share more details about the project as its development progresses.

Once Midnight is officially rolled out for public use, people can safely leverage the network to share sensitive information when working in a connected world. 

 

Positive Reports Set The Stage for an XRP Rally

Albert Brown
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Positive Reports Set The Stage for an XRP Rally

 

XRP seems prepared to reclaim the 40-cent zone amidst positive developments surrounding Ripple, especially its tussle with the SEC and ODL solution.


With the panic from the FTX implosion subsiding, XRP seems primed to regain the losses of the past weeks as promising developments surrounding Ripple’s legal battle with the SEC and the firm’s cross-border payment solution emerge.

November has been especially brutal to XRP, as the asset shed off over 17% of the value it started the month with. Riding on the back of the broader crypto space’s positive sentiments, XRP surged to a high of $0.50 on November 5 before hitting a roadblock along the line.

The FTX situation that shortly followed contributed to the asset’s free fall, knocking it off major support levels to a 2-month low of $0.32 on Monday. Notwithstanding, as the FUD from the FTX debacle grows thinner, XRP appears to be regaining some of its losses, especially amid the promising reports surrounding Ripple.

The asset surged above $0.39 on Tuesday before facing a mild rejection that saw it lose over 6% of its value in hours. Closing Tuesday at $0.37, XRP has geared up for a rally to the zone at $0.40; it has shown some resilience and has managed to keep it above the 37-cent level till now.

Amid a healing market, XRP has gained by 2.43% in the past 24 hours, changing hands at $0.3828 as of press time. Despite a loss of 3.12% in the past week, the asset appears to be gradually gaining. The recent reports surrounding Ripple’s legal battle with the SEC have contributed to this price uptick.

Factors Influencing XRP’s Price Movements

As the litigation constantly leans in favor of Ripple Labs, Deaton and six other Ripple allies recently filed amicus briefs in favor of the blockchain firm, as The Crypto Basic highlighted. The seven entities involved are part of the 11 whose amicus brief motions Judge Torres recently approved.

Recall that Coinbase officially filed an amicus brief supporting Ripple Labs as the American exchange asserted that the SEC has been unable to present any reliable evidence to support its claims that XRP is indeed a security. Earlier this month, Canadian Crypto exchange Newton revealed plans to relist XRP after delisting the asset due to the SEC lawsuit.

These developments emerge as the SEC lawsuit nears its terminus. James Filan has maintained that the final ruling should be on or before March 31 of next year. On November 7, US Attorney Jeremy Hogan argued that the likelihood of the SEC winning against Ripple in its attempt to prove that XRP passes the Howey Test, is rather slim.

Meanwhile, Ripple has not allowed the ongoing legal battle to inhibit its growth; Ripple revealed plans to procure a VASP license in Ireland to expand its reach in the European Union, as recently reported by The Crypto Basic. The firm also has its eyes set on the United Kingdom.

FinTech startup Stably disclosed the launch of its native stablecoin Stably USD on the XRP Ledger. Notably, the Commonwealth Bank of Australia revealed that it would start transitioning transnational settlements to the ISO 20022 standard in November. It is important to note that Ripple became a part of the ISO 20022 standard earlier this year.

Additionally, Ripple recently introduced scalability to the financial scene in Africa through a partnership with African mobile money interoperability hub MFS Africa. The partnership will see MFS Africa utilize ODL for its mobile money services.

As Ripple’s On-Demand Liquidity solution gets to several businesses across the globe, the company has processed over $30 billion in fiat and crypto payments using its global financial network technology, RippleNet.

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