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CoinMarketCap Updates Terra Classic Circulating Supply

Mark Brennan
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CoinMarketCap Updates Terra Classic Circulating Supply

CoinMarketCap circulating supply now reflects staked LUNC tokens.



CoinMarketCap has updated the Terra Luna Classic circulating supply again, showing a better representation of the numbers, according to Classy, a network validator, and community influencer, in a tweet yesterday.

Notably, reXx of the Terra Classic independent development group, the Terra Rebels, also confirmed the updated metrics in a tweet about an hour later.

The update by the data tracking platform underscores the efforts of the Terra Classic community to rebuild the network and reduce the LUNC supply. It shows the LUNC circulating supply as 6.012 trillion compared to the 6.88 trillion on platforms like CoinGecko.

However, several users still believe that the figures shown by CoinMarketCap still need to be revised, as they think the circulating supply is now below 6 trillion. Notably, the #LUNCPenguins website built by community member StrathCole puts the LUNC circulating supply at 5.68 trillion, while @LUNCBurn_13, an unofficial LUNC burn tracking Twitter account, puts it at $5.96 trillion.

It bears mentioning that at the height of the Terra ecosystem collapse, the de-pegging of TerraClassicUSD led to the minting of LUNC in excess, increasing the supply to about 6.9 trillion. Consequently, the enormous supply tanked the value of LUNC and the holdings of its users.

The community has burned over 27 billion LUNC since it took over the chain with the help of Binance and other supportive groups, as reported by The Crypto Basic. In addition, the re-introduction of staking has seen the staking of over 870 billion tokens, more than 13% of the supply, per a tweet from @LuncStaking_Bot minutes ago, further reducing the circulating supply.

After first regrouping under the umbrella of burn initiatives to reduce the supply, the community is now tilting towards utility. As The Crypto Basic reported, a new NFT marketplace launched on the network yesterday. Notably, reXx underscored this in response to a user who asked about the plan to reduce the LUNC supply in the coming years, saying “utility and repeg.” In addition, as The Crypto Basic reported, a new NFT marketplace launched on the network yesterday.

FTX Hacker Main Account Receives 21,155 Ethereum

Lele Jima
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0
FTX Hacker Main Account Receives 21,155 Ethereum

3 FTX Account Drainers Addresses Move 21,155 Ethereum Coins to Main Address, Increasing Hacker’s ETH Holding.


PeckShieldsAlert shares a new development about the funds carted away by FTX hackers.

Popular cryptocurrency exploits service PeckShieldAlert has revealed that the wallet address of the FTX hacker dubbed FTX Account Drainer has received a huge sum of Ethereum (ETH) from three other addresses involved in the hack.

According to PeckShieldAlert, FTX Accounts Drainers 2, 5, and 6 transferred 21,155 ETH to FTX Account Drainer in the hours leading up to press time.

At the time of writing, the hacker’s wallet address now holds a total of 179,668 ETH, worth approximately $227.5 million at the current exchange rate. 

Previous Holdings of the FTX Hackers’ Wallet Address

The development comes hours after PeckShieldAlert broke down the hacker’s wallet holdings. Per PeckShieldAlert, the total crypto assets in the wallet were worth a combined $340 million following an “arbitrary loss” of $28.6 million. Ethereum was ranked as the top crypto asset in FTX Account Drainer’s address.

At the time, the address held a total of 160k ETH worth $201 million, which accounts for 59% of the $340 million worth of cryptos held in the wallet. Other crypto assets in the address include $85.9 million worth of stablecoins, 145k SOL ($2 million), 148k BNB ($41.7 million), 10k PAXG ($17.8 million), and 30.9 million USDT blacklisted by Tether.

In the wake of the FTX collapse, an attacker drained the wallets of FTX and FTX.US to the tune of $600 million worth of crypto assets.

The exchange’s Telegram admin revealed the development and asked users not to access FTX websites to avoid downloading malware into their devices. Unfortunately, some users were unlucky as they discovered their accounts on the platform had been drained.

Leading cryptocurrency exchange Kraken shared interesting information about the identities of one of the FTX exploiters. Nick Percoco, Chief Security Officer at Kraken, noted in a tweet over the weekend that the exchange knows the identity of the address linked to the exploit. 

Fresh Details

Meanwhile, PeckShieldAlert also observed another unusual activity in the FTX hacker’s address. According to the cryptocurrency exploit service, the owner of the address approved the trading of DAI on CoW Protocol: GPv2VaultRelayer. 

The address, which had about $48.27 million worth of DAI stablecoin, swapped $1 million worth of DAI to 611.15 ETH on the Binance Chain (BNB Chain). Another 10 million DAI were swapped to 7,785.43 ETH. Furthermore, the attacker exchanged another 10.27 million DAI for 7,959 Ethereum coins.

The FTX hacker also exchanged 10k BNB ($2.78 million) for 1,979.5 ETH on the BNB Chain. Over the past 2 hours, the attacker has bridged the swapped ETH coins from the Binance Chain to Ethereum. 

Judge Torres Approves 11 Amicus Briefs, 9 Supporting Ripple, 2 SEC

Lele Jima
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0
Judge Torres Approves 11 Amicus Briefs, 9 Supporting Ripple, 2 SEC

Judge Analisa Torres OKs 11 Amicus Briefs in Ripple vs. SEC Lawsuit.


The new order shows that Judge Torres has approved more amicus briefs in the Ripple case.

U.S. District Judge Analisa Torres has approved requests by different entities to file amicus curiae briefs in the ongoing lawsuit between the SEC and Ripple. Former federal prosecutor James K. Filan shared a copy of the order on Twitter.

According to the order, the trade associations and firms whose amicus briefs motions were granted include the Crypto Council for Innovation (CCI), Attorney John Deaton (on behalf of XRP holders), Valhil Capital, Cryptillian Payment Systems, and Veri DAO LLC.

Other entities that got their amicus curiae brief motions approved include Coinbase, Reaper Financial, Accredify Inc (DBA InvestReady), New Sports Economy Institute (NSEI), Blockchain Association (the Association), and Paradigm Operations.

Non-Parties Have Until November 18 to File Amicus Briefs

Following the recent approval, Judge Torres ordered the entities to file their amicus curiae briefs on or before November 18, 2022.

“Accordingly, the requests to file amicus curiae briefs are granted. By November 18, 2022, the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm shall file their briefs,” the order read.

As reported today by TheCryptoBasic, San Francisco-based cryptocurrency exchange Coinbase has already filed its brief in support of Ripple’s Fair Notice Defense.

An amicus brief is filed by an entity not a party to a lawsuit. The main objective of the brief is to provide the court with additional information, insights, or expertise that borders around the issues of the legal case.

Amicus Curiae Briefs in the Ripple vs. SEC Lawsuit  

It is worth mentioning that Judge Torres had set a deadline of November 11, 2022, for all parties to indicate interest in filing amicus curiae briefs. Before the deadline elapsed, 16 entities, comprising payment-related firms and trade associations, had filed motions requesting to file amicus briefs in the Ripple vs. SEC lawsuit. Interestingly, Judge Torres approved all requests made by these non-parties.

Of the 16 entities, 13 support Ripple, while two threw their weight behind the SEC. However, only the Chamber of Digital Commerce chose to be neutral in its request to file an amicus curiae brief. 

The entities that have filed or will be filing amicus briefs in support of Ripple include: 

I-Remit, TapJets, Investor Choice Advocates Network (ICAN), SpendTheBits, Blockchain Association, Attorney John Deaton on behalf of XRP holders, Crypto Council for Innovation, Cryptillian Payment Systems, Veri DAO, Reaper Financial, Paradigm Operations, Coinbase, and Valhil Capital.

InvestReady and the new Sports Economy Institute are the entities in support of the SEC.

As noted in the corrected scheduling update of the lawsuit, both the SEC and Ripple will file their respective replies to the amicus briefs on or before November 30, alongside their temporarily sealed replies to each other’s summary judgment motions.

Whales Move 259M Coins As XRP Outperforms Top 20 Assets

Albert Brown
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Whales Move 259M Coins As XRP Outperforms Top 20 Assets

XRP leading the top 20 coins by market cap.



XRP whales have recently moved over 259M tokens, as the asset’s price rises by 10% in 24 hours, outperforming all assets on the top 20 list by market capitalization.

Whales are again moving large amounts of XRP in successive transactions. The community witnessed the movement of 259.4M XRP tokens in six whale transactions within the past 24 hours amid the market’s comeback against the bears.

Whale Alert recently indexed all six transactions involving the movement of XRP between exchanges and unidentified wallet addresses. The first transaction saw a whale movement of 30M XRP valued at $10.3M between two wallet addresses within the Luxembourg-based exchange Bitstamp. The transaction occurred on November 14, 2:38 PM (UTC).

 

Barely 6 hours later, another XRP whale movement involving Bitstamp occurred. This time, the exchange saw an inflow of 60M XRP ($21M), as transferred from an unknown wallet on November 14, 8:01 PM (UTC).

In less than a minute, 63.8M XRP tokens worth $22.4M were once again moved between two addresses within Bitstamp.

 

 

Additionally, Latin American exchange Bitso witnessed a similar whale movement concurrently with the Bitstamp transaction. A whale transferred 30M XRP ($10.5M) from an unidentified wallet to Bitso on November 14, 8:01 PM (UTC).

Shortly after, Bitso saw an outflow of 43.2M XRP worth $15.3M at 8:15 PM (UTC).

 

The most recent transaction involved an outflow of about 32.4M XRP worth $11.9M from the world’s largest exchange Binance on November 15, 4:07 AM (UTC).

 

These movements coincide with the panic pumped into space by the FTX saga. Additionally, It is not uncommon to witness such whale movements at a time when an increase hits an asset’s price action in volatility. At such a point, investors scramble to move their assets to appropriate channels to make suitable trade decisions. The Crypto Basic previously reported the movement of over 244M XRP when the XRP price plummeted on Nov 11.

However, XRP has soared by 10.86% in the past 24 hours, making it the highest-gaining asset in that timeframe amongst the top 20 list of cryptocurrencies by market cap. The recent rumors of a settlement between Ripple and the SEC might have contributed to XRP’s price surge, as previously reported. Amid a healing market, the XRP has risen to $0.38 as of press time as it makes its way to reclaim the 40-cent zone.

Amid the FUD spread by the developing FTX situation, XRP fell alongside the rest of the markets, as it plummeted to $0.32 on November 9 – a value last witnessed mid-July. Despite the fall, XRP showed more resilience against the damaging effects of the FTX saga than the majority of assets. Now that the markets are staging a recovery, it appears to be one of the highest-gaining.

Only One Transaction In 24 Hours Burns 21M Shiba Inu

Zabi
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Only One Transaction In 24 Hours Burns 21M Shiba Inu

Over 20.99 Million Shiba Inu (SHIB) has been burned in the past 24 Hours.



Shiba Inu Community continues to burn millions of canine-themed tokens every day. But the extraordinary thing is that in the past twenty-four hours, only one transaction has contributed to Shib’s burn.

 

That single transaction solely burnt 20.9M SHIB.

Upon investigation, it has been confirmed that the burn transaction came from one of the most active SHIB Burn Projects named “1Cent”. The community-led burn initiative not only burned Shiba Inu but also has put a match to 121 Bone ShibaSwap (BONE), in a separate transaction.

Since March 14th, 2022, the 1Cent Token has consistently organized its Weekly Burn Event to burn a considerable amount of canine-themed cryptocurrency.  Per the project’s official website, the 1Cent till now has incinerated a whopping 3,426,513,566 (3.42B) SHIB, worth $31,256 through multiple transactions.

At press time, Shiba Inu is trading at the price of $0.000009123, up 4.19% over the last day, with a 24-hour trading volume of $236,525,728 ($236.52M).

XRP Up 16% As Ripple Vs. SEC Settlement Rumors May Have Taken Root

Mark Brennan
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XRP Up 16% As Ripple Vs. SEC Settlement Rumors May Have Taken Root

XRP outperforms the top 20 cryptocurrencies by market cap.


XRP at press time is up about 15.98% in the last 24 hours, trading at the $0.3784 price point, according to data from CoinMarketCap.

Notably, XRP has also seen a 15.55% boost in its market cap, which sits at $18.9 billion, and a 57.72% boost in its 24-hour trading volume, which sits at $2.37 billion. As a result, it is the highest gainer among the top 20 crypto assets by market cap.

While the reasons for the double-digit percentage surge in its price as the crypto market rallies are unclear, it is worth noting that a rumor of a settlement in the Securities and Exchange Commission case against Ripple made the rounds yesterday.

“HARD MONEY” show host Natalie Brunell claimed on FOX Business on Monday that the SEC and Ripple were planning to settle today. However, FOX Business journalist Eleanor Terret who conferred with a Ripple spokesperson, debunked the story as false, as reported by The Crypto Basic.

Notably, pro-Ripple lawyer and host of Legal Briefs on Youtube Jeremy Hogan speculates that FOX may have reached this conclusion based on his previous statements to the outlet. Hogan says he had told the outlet that September 15 to November 15 would be the most likely time for a settlement if it would happen. However, the attorney believes the media house may have misunderstood him.

Hogan, making light of the blunder by the news outlet, said if he knew the settlement date, he would be in the Bahamas trying to acquire Sam Bankman-Fried’s compound.

It is worth noting that the phrase “Ripple and XRP” has been trending today, at one point topping Twitter trends with 5,387 tweets.

The price target of the current rally is unknown, but it is likely to face resistance at the $0.41 price point.

Ripple, the creator of the XRP Ledger, with XRP as its native token, has been locked in a legal battle with the US SEC since December 2020. Pundits believe that a favorable outcome for the crypto payments company will lead to a significant boost in the XRP price, which took a considerable beating after the regulators slapped Ripple with the lawsuit, as it will again allow US exchanges to list the token freely.

Shiba Inu Metaverse Reveals Third Concept Artwork of Dunes

Lele Jima
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0
Shiba Inu Metaverse Reveals Third Concept Artwork of Dunes

The team has revealed another concept for the Dunes hub.


@ShibTheMV, the official Twitter account representing the SHIB Metaverse team on Twitter, has unveiled yet another concept art of Dunes, one of the digital locations that will play a vital role in Shib metaverse.

As reported by The Crypto Basic last month, the Shiba Inu Metaverse team shared Dunes’s first and second concepts. While the first two artworks were depicted in black and white images, the newly-released picture of Dunes is a colored representation of the digital location.

The new artwork showcases the beauty of Dunes, giving users an idea of the type of feel they would get within the hub. In a tweet, @ShibTheMV said:

“Come & stay a while at the scenic Dunes!. Upon gazing beyond you discover an oasis of sorts, yet this oasis is like no other, it’s massive, it’s shaped, and welcomes an adventurous and modern place, full of glitzy architecture and cooling waters.” 

The Design of Dunes Artwork

It is noteworthy that Dunes is one of the digital hubs that will play an integral role in the Shiba Inu metaverse. As noted by the team, the inspiration for the Dunes hub was obtained from several locations such as Sossusvlei Park in Namibia, Sand Dune National Park in the Colorado United States, the Sahara Desert, etc. 

The flora inspiration for Dunes also came from Camel Thorn Tree, Nara Melons, Welwitschia, Twigs, Bushel, etc. The Dunes concept art shows a place filled with sand, oases, and skyscrapers.

Importance of the Metaverse to Shiba Inu

It bears mentioning that the new concept art of Dunes shows how committed the Shiba Inu Metaverse team is toward the project. Before unveiling Dunes’s artwork, the team had already shared the concept artwork of other SHIB: The Metaverse, including Canyon, WAGMI Temple, and Rocket Pond.

SHIB: The Metaverse will play an essential role in the Shiba Inu ecosystem. The project will further bolster Shiba Inu’s utility and help it shred its meme coin tag. Shiba Inu is creating the metaverse in partnership with popular visualization studio THE THIRD FLOOR. Shiba Inu has also added top professionals to its Metaverse team. As reported, Marcie Jastrow, a veteran entertainment expert with 20 years of experience, was onboarded into the Shiba Inu Metaverse team. Shiba Inu also added Sherri Cuono, who was among the team that built the first iPhone game.

Dormant Pre-Mined Address Holding 500 Ethereum Activated After Seven Years As ETH Gains 6%

Mark Brennan
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Dormant Pre-Mined Address Holding 500 Ethereum Activated After Seven Years As ETH Gains 6%

 

An anonymous user activates a dormant pre-mined address containing over 500 Ethereum (ETH) coins after seven years.



Cryptocurrency whale tracking service Whale Alert reported that the dormant address containing 500 ETH had been activated after a little over seven years.

“A dormant pre-mine address containing 500 #ETH (631,500 USD) has just been activated after 7.3 years!” tweeted Whale Alert.

 

According to Whale Alert, the funds in the wallet were pre-mined before Ethereum was formally launched. The pre-mined ETH tokens were worth practically nothing when they were created. It’s interesting to note that 500 ETH is now worth $631,500.

The crypto community on Twitter, never to shy away from adding comedy to any development, “Vitalik found another dusty ledger under his bed,” tweeted one Twitter user.

Pecksheild further reveals that these 500 ETH belongs to an ETH ICO participant who transferred them to williamsutanto.eth. The address was created on July 30th, 2015. The price of 500 ETH back then was $1400.

 

However, the development is not the first time a dormant address has been reactivated after several years. As reported last month by The Crypto Basic, a dormant address containing 200 Ethereum was activated after seven years.

Notably, a week from the demise of FTX and its affiliated crypto businesses, cryptocurrency enthusiasts have pulled significant amounts of bitcoin and Ethereum off centralized trading platforms, with the proof-of-reserves subject gaining market-wide attention. Cryptoquant.com’s seven-day statistics show that since November 7, 2022, exchanges have experienced an exodus of more than $1.8 Billion in Ether and $3.4 billion in bitcoin, with the Crypto.com Ethereum wallet processing nearly 90,000 transactions in 24 hours.

Combining BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion.

At press time, the live price of Ethereum is $1,255.45, a positive change of 6.13% over the past 24 hours, according to Coinmarketcap. The recent price action in Ethereum left the token with a market capitalization of $153,633,885,894.45. So far this year, Ethereum has experienced a drawdown of -65.82%.

Coinbase Officially Files Amicus Brief Supporting Ripple, Says SEC Unable To Provide Clear Rules

Mark Brennan
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Coinbase Officially Files Amicus Brief Supporting Ripple, Says SEC Unable To Provide Clear Rules

Coinbase wastes no time filing an amicus brief supporting Ripple following the Judge’s approval.



Coinbase has officially filed its amicus brief in support of Ripple’s fair notice defense, according to a tweet by pro-Ripple lawyer James K. Filan today.

The leading crypto exchange had formally requested to file an amicus brief in support of Ripple 2 weeks ago, taking many in the Ripple community by surprise, as reported by The Crypto Basic.

The firm’s request, along with 11 others, was approved on Monday by Judge Analisa Torres, according to a document shared by FOX Business reporter Eleanor Terrett hours ago. “Accordingly, the requests to file amicus curiae briefs are GRANTED,” the paper read, citing the different requests.

Notably, Judge Torres has given all interested parties till November 18 to make their submission.

Coinbase, citing its interest in the case in its request, had noted its unique perspective as an exchange that had no choice but to delist the XRP token in light of what it described as surprise enforcement from the SEC hurting its customers. In its official brief, it also notes how the uncertainty that comes with the lack of regulatory clarity in the US and the fear of surprise enforcement puts the US exchange at a disadvantage compared to international competitors.

The crypto exchange, setting a premise, highlighted that the 1930s securities act, which the SEC accuses Ripple of breaching, was not made with crypto in mind. Additionally, it noted that the SEC has failed to provide clear rules for the crypto market. Finally, it says the lawsuit surprised and hurt customers that the SEC should protect.

Consequently, it makes three arguments in favor of Ripple’s fair notice defense.

  • The law currently prevents surprise enforcement action.
  • The SEC has to make a fresh set of rules for the crypto industry as the technology is different, and it can not regulate the space using old rules that do not fit.
  • As is the case today, without clear rules, the court should give defendants the right to a fair notice defense.

Coinbase Writes:

“Rather than engaging in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions alleging on a retrospective basis that already-trading digital assets — previously understood by the market to be commodities regulated by the commodity futures Trading Commission (“CFTC”) or other non-securities –– are actually securities subject to SEC regulation.

The absence of formal rulemaking has led to unexpected enforcement actions that create market uncertainty and profoundly disadvantage U.S. trading platforms like Coinbase as they compete with offshore platforms in jurisdictions with no risk of regulatory enforcement surprise.”

Coinbase further writes:

“Without prior public warning, the SEC in December 2020 filed this action alleging for the first time that XRP was a “security” that Ripple had been selling for years in violation of theSecurities Act. This allegation caused immediate collateral harm to market participants, including to platforms like Coinbase and their retail customers. For example, the SEC’s allegation led multiple U.S. platforms to delist and halt trading in XRP shortly after this lawsuit was filed, resulting in a $15 billion decline in XRP’s market value and significant losses to Coinbase’s customers.”

So far, the Ripple and XRP community has received the development with mixed responses. Some users have celebrated the move as a sign of the industry taking a united front. However, at the same time, some expressed that they are unwilling to forget that Coinbase yielded to pressure and delisted the token before the court reached a verdict, even as others take the opportunity to call on the crypto exchange to relist XRP.

While support for Ripple by various firms and groups has grabbed headlines, it bears mentioning that the SEC has also received support from two firms. InvestReady and the New Sports Economy Institute (NSEI) requested to file briefs in support of the regulator last Thursday. Judge Torres also approved their request on Monday.

CryptoQuant CEO Says Crypto.com’s Shiba Inu (SHIB) Reserve Decreased 16% In 12 Months 

Lele Jima
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0
CryptoQuant CEO Says Crypto.com’s Shiba Inu (SHIB) Reserve Decreased 16% In 12 Months 

CryptoQuant CEO shed light on Crypto.com Shiba Inu holdings in the past year.

Days after Crypto.com revealed that it holds 20% of its reserve in Shiba Inu, a prominent cryptocurrency analyst has shed more light on the exchange’s SHIB holdings over the past 12 months. 

In a tweet today, Ki Young Ju, the CEO of cryptocurrency data platform CryptoQuant, said that over the past 12 months, the number of Shiba Inu tokens in Crypto.com’s reserve has slumped 16%. In a similar development, CryptoQuant CEO also disclosed that the exchange’s Shiba Inu reserve has decreased 88% by dollar value in the past 12 months. 

According to the chart shared by Ju, Crypto.com still holds $505 million worth of SHIB, adding: “Shiba Inu coin reserve is the second biggest, followed by Bitcoin. [SHIB reserve is worth] $505M as of today.” 

Crypto Exchange’s Proof-of-Reserves  

It can be recalled that following the collapse of the FTX exchange, cryptocurrency firms agreed that there was a need for more transparency in the space to build trust among investors. Crypto.com took a major step in this direction by releasing preliminary audits showing its proof-of-reserves. 

Last week, Crypto.com CEO Kris Marszalek said the exchange has a total of $3 billion in its reserves while urging users to expect a fully audited proof-of-reserve of the exchange’s crypto holdings in the coming weeks. 

He added that Crypto.com collaborated with Nansen.com to develop a single dashboard that tracks all assets in the exchange’s wallet. 

Current State of Assets in Crypto.com’s Reserve 

According to Nansen data, the total value of crypto assets in Crypto.com’s cold wallet has slumped from $3 billion to approximately $2.25 billion. Out of the $2.25 billion worth of assets in Crypto.com’s cold wallet, Shiba Inu accounts for $508.7 million (55.96T SHIB), representing nearly 22% of the exchange’s entire reserve. 

Bitcoin remains the exchange’s top holding by dollar value, representing 30.69% of the entire reserve. Ethereum (ETH) accounts for 17.01%, while Tether (USDT) represents 5.85%.   

As reported over the weekend, a spokesperson for Crypto.com explained that the exchange’s proof-of-reserves is dictated by customers’ holdings. 

“The reason our Proof of Reserves includes Shiba is that we hold customers’ balances 1:1. Thus, our Proof of Reserves is dictated by our customer holdings.” 

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