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Insider Trading? Unknown Address Purchased 2M+ OSMO a Day Before Binance Listing

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Was that a coincidence that an address bought millions of Osmosis before Binance listing?


Insider trading concerns emerged as an unknown address amassed over 2 million Osmosis (OSMO) tokens barely 24 hours before Binance announced listing the asset.

Fresh concerns of crypto insider trading have emerged as an unknown wallet address purchased 2,029,846 OSMO tokens barely 24 hours before Binance’s announcement to list the asset. Chinese reporter Colin Wu reported the development Friday, as several proponents begin to point fingers.

‘One day before Binance announced the listing of OSMO, an address (osmo19muml8sjpnecnm8geul4l3zfju24l04mpuppy7) bought 2,029,846 Osmos at $1.34, sparking discussions about “insider trading,”‘ Wu noted.

The Osmosis address osmo19muml8sjpnecnm8geul4l3zfju24l04mpuppy7 purchased a cumulative amount of 2,029,846 OSMO tokens at an average price of $1.34 just before Binance’s announcement. The total purchase was approximately worth $2,719,993.

A few hours after the purchase, Binance released a statement early on Friday, declaring an interest in listing the asset in the Innovation Zone. An hour following Binance’s announcement, the asset surged by 29% within 3 hours to a peak of $1.73 before facing a slight retracement.

Data from the Osmosis chain explorer reveals that the address in question currently has a cumulative value of $5.3M, with an OSMO balance of 1.7M tokens worth $2.7M as of press time. 243K OSMO tokens have been delegated, with 1.5M tokens currently unbounded.

According to Wu, Binance has begun investigating the matter, as revealed by the exchange. Binance prides itself on providing the community with transparency. Consequently, the platform must consider the concerns raised to maintain its good image.

Cases of insider trading within the cryptocurrency community have been minimal due in large part to the infancy of the industry. On June 1, the U.S. Department of Justice charged a former OpenSea executive Nate Chastian with a scheme to commit NFT insider trading. OpenSea fired Chastian following reports of the top exec’s insider trading schemes.

A month later, the DoJ filed charges against three individuals, including ex-Coinbase employee Ishan Wahi, on insider trading. As The Crypto Basic reported shortly after the charges, lawyer John Deaton mentioned that he sees the SEC going after Coinbase following the charges brought on Wahi. 

Despite Falling Prices 70,000 Bitcoin Leaves Exchanges

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Over 70,000 BTC Recently Moved Out of Exchanges – the Highest Outflow in 6 Months.


Over 70K BTC worth $1.5B+ was taken out of exchanges on Wednesday, marking the biggest outflow volume in 6 months.

Bitcoin (BTC) has recently witnessed massive exchange outflows. Most recently, over 70,000 BTC, worth $1.52B, was just taken out of exchanges on October 26, crypto market analysis platform IntoTheBlock revealed.

“Bitcoin just recorded its largest net outflow from exchanges in 6 months.

Over 70k $BTC worth $1.52B left exchanges on October 26,” IntoTheBlock disclosed in a tweet Friday.

 

The platform shared a Bitcoin Exchange Netflow chart to corroborate its claims. Data from the chart reveals that the outflow of $1.52B worth of BTC coincided with the period the asset surged above the $20,500 price mark.

Additionally, BTC has witnessed periodic outflows from exchanges since mid-September despite the prevailing bear market. Sometime late September, whales moved BTC worth over $850M out of exchanges.

As a testament to the wave of massive outflows, the Bitcoin Exchange Reserve chart from CryptoQuant reveals some promising metrics. Data from the chart indicates a trend of decreasing BTC reserves on exchanges. The trend began in late September and lowered the BTC Exchange Reserve to a current value of 2.1M – the lowest seen this year.

Furthermore, the Coinbase Premium Index shows some slightly-improved metrics, as data reveals an increase in U.S. investors’ buying pressure. Additionally, sentiments have seen a mild improvement as well, with the Funding Rate indicating the dominance of long traders.

Despite these propitious indications, whales have recently been on a selloff spree as the BTC price attempts to settle above the $20k level. On Tuesday, BTC soared above $20k for the first time since the first week of October. The price surge saw an increase in whale selloffs, posing a threat to the asset’s goal to solidify its position above $20k.

Notwithstanding a 6.35% increase in 7 days, BTC has dipped by 2% in the past 24 hours, changing hands at $20,188 as of press time. Following an increase to $20,900 – Bitcoin’s highest value since mid-September – the asset was met with a rejection that currently threatens its position above $20k.

In Q3 2022, Ripple Bought More XRP And Sold Less Than In Q2

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Ripples report confirms that it sold less XRP in Q3 as ODL demand surged.



In its “Q3 XRP Markets Report,” shared today, Ripple reveals that it sold about $100 million less XRP than it did in Q2 while purchasing more XRP simultaneously. As per the figures, Ripple’s net XRP sales in Q3 amounted to only $310 million, compared to over $408 million in Q2. Meanwhile, total purchases in Q2 rose to about $2.5 billion in Q3, compared to $1.7 billion in Q2.

Ripple Sales
Ripple Sales

It is worth noting that Ripple’s XRP sales of XRP are only related to its On-Demand Liquidity (ODL) service. The new details come as the service saw increased demand in the quarter, expanding to Brazil and establishing a significant Latin American presence.

It is worth noting that the service is also establishing an increased presence in Europe, expanding to Sweden and France. Notably, the service offered by Ripple’s decentralized payment service RippleNet allows institutions to carry out efficient and almost instant international payments using XRP as a bridge currency.

According to Ripple, “it has been a buyer of XRP in the secondary market and expects to continue to undertake purchases as ODL gains global momentum.”

Ripple Escrow released one billion XRP monthly, totaling three billion in the third quarter. Out of these 3B XRP released, Ripple, locked 2.1 billion XRP back to new escrow contracts.

As reported earlier today by The Crypto Basic, in its report, Ripple also disclosed that, for the first time, it held less than 50% of the XRP supply. Notably, Ripple’s Brad Garlinghouse highlighting the achievement, asserted that it was a clear sign of utility as more customers use XRP in payments.

It bears mentioning that two firms using Ripple’s ODL service had filed amicus briefs in support of Ripple in its legal battle with the US Securities and Exchange Commission. Notably, the SEC’s attorneys had asserted that XRP had no utility aside from speculation to paint the token as a security, as its case claims.

However, both I-Remit and TapJets, in their amicus briefs, highlighted that the SEC had conveniently ignored XRP’s usefulness in payments. Specifically, as per the I-Remit’s brief, the SEC had downplayed the importance of the ODL service and, by so doing, ignored a vast customer base despite its commitment to protecting the consumer.

Ripple General Counsel Says SEC Own Cop On Beat Talking After Embarrassingly Bad Performance

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Alderoty slams the SEC for its poor performance.


Stuart Alderoty, Ripple’s General Counsel, has bashed the SEC over its recently published Office of Inspector General’s (OIG) report. Earlier this month, Nicholas Padilla Jr, the SEC’s Acting Inspector General, released a report about the agency’s management and performance challenges under the leadership of Gary Gensler.

According to the OIG report: “The number of rule-makings on the SEC agenda increased by nearly two-thirds between spring 2017 and 2022.  Staff attrition rose to 6.4% in fiscal 2022 from 3.8% in 2020 and is the highest in a decade. The SEC is hiring more temporary employees from other agencies who have little or no experience in rulemaking.” 

One of the areas the OIG believes the SEC is still facing management and performance challenges is “meeting regulatory oversight responsibilities.” The Wall Street Journal (WSJ) described the OIG’s review of Gensler’s leadership style as capable of getting a public company CEO sacked. The Securities and Exchange Commission’s division managers told Padilla that Gensler’s leadership style is overwhelming staff and mismanaging investor protection resources.

Alderoty Reacts

Commenting on the OIG’s report, Alderoty noted that the report has an embarrassingly poor performance review of the SEC under the leadership of Gensler. Alderoty reacted to a comment in the report, which confirms that there is uncertainty as to whether the Securities and Exchange Commission has jurisdiction over cryptocurrencies. He said:

“The SEC’s Office of Inspector General’s (OIG) report is worth a read. Besides the embarrassingly bad performance review, the OIG concludes “there is uncertainty” whether the SEC has jurisdiction over crypto. This is the SEC’s own cop on the beat talking.”

Alderoty Disagrees With Gensler’s Push to Regulate Crypto

The Ripple General Counsel has always expressed displeasure over Gensler’s push to ensure the SEC becomes the appropriate regulator for the cryptocurrency market. As reported, Gensler noted that Bitcoin is the only cryptocurrency he considers non-security. Gensler indirectly implied that all crypto assets are securities.

Alderoty has never been comfortable with Gensler’s quest to seize control of the entire crypto market on behalf of the SEC. Gensler has been accused of preferring regulation by enforcement over the nascent asset class. The SEC has slammed many cases against crypto-related firms, including Ripple, through this tactic.

Members of the crypto community have widely condemned these unfortunate developments. Last month, Alderoty blasted Gensler, saying he cannot appoint himself as the cop on the beat for crypto.

Aside from Alderoty, other cryptocurrency businesses have warned that Gensler’s leadership style at the SEC could cause havoc on the nation’s economy. Interestingly, policymakers are also trying to determine the perfect agency between the SEC and the CFTC.

Yongpu Coffee Implements Product Tracing With VeChain

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Chinese coffee brand Yongpu Coffee is looking to carry out channel surveillance and commodity traceability as it leverages the VeChain blockchain.



Besides finance, blockchain has introduced crucial improvements to several industries. These improvements often address concerns in areas of transparency and immutability. Firms have deployed blockchain tech to enhance transparency from the music industry to the diamond industry.

Prominent Chinese coffee brand Yongpu Coffee is looking to leverage the nascent blockchain technology in the surveillance of distribution channels in coffee production and commodity traceability. The firm will be utilizing the VeChain blockchain in this regard.

Notable VeChain influencer Eisenreich revealed the exciting development on Twitter in the early hours of Thursday. “Yongpu, a leading domestic boutique coffee brand, has reached a cooperation with VeChain Technology to carry out commodity #traceability and channel management for its entire line of products,” they noted in a tweet, sharing several shots of further details.

 

According to multiple reports, the coffee industry in China has witnessed massive growth, with a current scale of 100 billion yuan. This is projected to surpass 1 trillion yuan in 3 years. As the industry grows, it has welcomed new brands with growing competition.

Consequently, any chance to stay ahead is readily taken by any brand, including an opportunity to foster greater brand transparency.

According to the founder and CEO of Yongpu, Hou “Tiepi” Yongpu, coffee brands will only get greater bragging rights when the supply chain and the raw materials for production are in their own hands. This can, in turn, be actualized through a solid supply chain resulting from proper channel surveillance.

Yongpu plans to use the VeChain blockchain in its renewed interest in effectively monitoring the production channel of its products – from the collection of the coffee beans to the final production stage. Yongpu’s efforts to effectively surveil the distribution channel stem from a desire to enforce a solid supply chain.

“In order to further improve the downstream of the supply chain and strengthen the management of online and offline sales channels, Yongpu uses VeChain blockchain technology to effectively monitor each channel,” the brand says.

Yongpu will use the VeChain network to track its products’ production, warehousing, distribution, logistics, and transportation. In addition, the brand will also collect data on product market inspection as the products get to the dealers.

The data collected will be stored on the VeChain blockchain, ensuring effective surveillance of all production channels. This practice will assist the coffee brand in mitigating incidences of smuggling and price discrepancies. Yongpu’s utilization of the VeChain network will ensure greater transparency in market activities which would assist in projecting brand trustworthiness, as data collected are witnessed on an immutable public ledger.

Founded in 2015 by Sunny Lu, the VeChain blockchain has found its way on the list of top mainstream networks within the cryptocurrency space, with its native token sitting in the 34th position of top crypto assets as of press time.

VeChain has been the go-to option for brands looking to improve transparency in supply chains. The top layer-1 enterprise blockchain recently entered into a partnership with the Venice Sustainable Fashion Forum. The partnership will see VeChain promote sustainability in supply chains among fashion brands.

Vote Passed, Dogechain to Burn 800B Tokens, DC Spikes 43%

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Dogechain will burn the tokens on October 31.


Dogechain (DC) has confirmed that it will burn 80% of its total unreleased supply in a few days. The team behind Dogechain said 80% of its total unreleased supply of tokens, representing 800 billion DC tokens, will be sent to a burn address on October 31, 2022.

At Dogechain’s current exchange rate of $0.002296, the 800 billion DC tokens are worth $1.83 billion. The decision to burn the 800 billion units of DC comes after many Dogechain holders voted on a proposal for the team to incinerate 80% of its total unreleased supply of tokens.

The proposal’s voting exercise resulted in 99.99% of participants supporting the move to burn a large percentage of the token’s unreleased supply. Dogechain noted that a total of 560 million DC were locked, which surpassed the vote threshold.

“Vote passed – The Great Burn has been confirmed… The event will occur on Oct 31. 800 billion DC tokens will be sent to a burn address,” Dogechain said.

DOgechain confirmed, “With a landslide victory FOR (99.9% YES), the Dogechain foundation will burn 80% of the total unreleased supply of tokens.”

DC Spike 43% Amid Widespread Adoption

Meanwhile, Dogechain’s plan to burn 80% of its unreleased total supply positively impacts the cryptocurrency’s price. Over the last 24 hours, DC has been up 43% and is trading at $0.002296.

Dogechain was launched on August 16, 2022. At the time of its launch, many investors saw it as a suitable Dogecoin rival, with some people describing it as a DOGE killer. The hype fueled the widespread adoption of DC. Those who missed out on Dogecoin’s impressive rally saw DC as an opportunity to partake in the meme coin frenzy.

Two weeks after its launch, DC spiked to an all-time high of $0.004627. At press time, Dogecoin’s market capitalization sits at $69.28 million, with a 24-hour trading volume of $27.53 million.

Less than three months after Dogechain launched, cryptocurrency exchanges have seen it as a force to reckon with, given its widespread popularity. According to Coingecko data, Dogechain is currently available to trade in 22 markets, including KuCoin and Gate.io, Huobi, and others.

Dogechain Records Positive Milestones Despite Early Controversies

It is surprising to see Dogechain record mind-boggling milestones despite its early controversies. As reported, the Dogechain team reportedly offered a $14 million fix to Dogecoin co-founder Billy Marcus, to promote DC. However, Marcus rejected the offer.  Furthermore, a wallet linked to a Dogechain developer was caught dumping 1 million DC tokens in August. Interestingly, Dogechain has gone beyond these controversies and has continued to record tremendous growth in different aspects.

Earlier this month, Dogechain’s unique wallets surpassed 250k, with over 55 million cumulative transactions recorded on the network, with 1M daily transactions.

Users Now Need 1M LUNC To Initiate Voting On Their Terra Classic Proposals

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The Terra Classic community voted overwhelmingly in favor of proposal 6082.


Proposal 6082 is now live on the Terra Classic network. Famous community influencer Classy Crypto who authored the proposal, disclosed this in a tweet on Wednesday.

As per the details shared, the community members voted overwhelmingly in favor of the proposal, with 99.83% in favor. Classy Crypto describes the development as the first step towards preventing scams on the community-owned blockchain.

As previously reported by The Crypto Basic, proposal 6082 changes the minimum requirements to propose and initiate voting on a Terra Classic proposal. Consequently, community members must deposit 500,000 Terra Luna Classic (LUNC) to submit a governance proposal on the Terra Station. Additionally, to start voting on the proposal, users would have to deposit an additional 1,000,000 LUNC.

Notably, both metrics were at 0 and 345,000 LUNC before proposal 6082.

The proposal came as the network witnessed a proliferation of scam proposals on the Terra Station looking to take advantage of the hype surrounding the LUNC community in recent months to rob investors of their LUNC holdings. Notably, Classy Crypto disclosed that he had received several complaints from members of his audience who had lost thousands of dollars to these scams. As a result, working with Terra Classic core developer Edward Kim and Terra Rebels admin ClanMudhorn, it was agreed that the community had to raise the minimum requirements to make proposals on the Terra Station.

Notably, the proposal received support from several influential members of the community, including the independent development group Terra Rebels. However, some community members still raised concerns over the dependence of the measure on the price of LUNC, noting that it could also prevent community members with great ideas but little cash from contributing.

One such person, StrathCole, a member of the LUNCPenguins, another group also helping with developmental activity, disclosed that he voted no to the proposal for these reasons. While conceding that he understands the reasoning behind the proposal, StrathCole asserts that it would be better to create more scam warnings on the Terra Station to inform users better.

Meanwhile, the announcement by Classy Crypto has been met with mostly positive responses. For example, one user described it as a big step for the network.

Classy Crypto was among members of the LUNC Classic community who launched validators yesterday.

Can Dogecoin Benefit as Elon Musk Confirms Plans to Monetize Creators on Twitter

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What does it mean for Dogecoin as Elon Musk reveals plans to monetize Twitter creators?


Following Elon Musk’s Twitter takeover, the world’s richest man has started revealing plans for the social media platform. Musk first announced his plans for advertisers on Twitter and how he wants ads on the platform to inform and entertain instead of resorting to violence. 

“I also very much believe that advertising, when done right, can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you,” he said. 

Musk Confirms Monetizing Creators

Commenting on the note, a prominent Twitter influencer known as Zuby Music, requested that Twitter, under Musk’s control, should monetize and compensate content creators like other social media platforms. 

“Twitter should find a way to compensate/monetize partners with its top creators. Like every other social media app,” Zuby Music tweeted. 

Interestingly, the world’s richest man agreed with the initiative by responding “absolutely” under the tweet. 

 

Twitter Monetizing Creators, and What It Means for Dogecoin

Creator monetization makes creators earn a commission whenever their content generates sales for an advertised product on a platform. Creators will be paid in the platform’s supported currencies, especially fiats. However, there is no restriction to the payment method a platform can use to reward content creators. 

Should Twitter start compensating content creators, there is a tendency that the social media platform will add cryptos to its list of supported payment methods. 

Musk has always been a proponent of Dogecoin (DOGE). The world’s richest man contributed immensely to the widespread adoption of Dogecoin last year, which fueled its price to an all-time high of $0.73. Earlier this year, Musk disclosed that if his Twitter bid gets rejected, he will create a new social media platform that will provide support for Dogecoin.

If Dogecoin is added as a method to compensate content creators, it would surely be a big boost for the world’s top meme coin.  Recall that Twitter added a Bitcoin tipping feature in September last year and Ethereum tippling in Feb 2022.

In the latest developments, according to a CNN report, Musk has completed his $44 billion deal to buy Twitter, which puts him in charge of the social media platform. The richest man reportedly fired former Twitter CEO Parag Agrawal and two top executives.

Bloomberg also confirms that Elon Musk has plans to remove bans from Twitter users like Donald Trump.

Musk is set to become Twitter CEO, thus making it easier for him to support DOGE across various features of the social media platform. Yesterday, Dogecoin soared as high as $0.084, after Musk was seen walking into the Twitter office in San Francisco in a video. The price of DOGE is down 6.6% in the past day, and is currently trading at $0.074.

 

Q3 Report Shows Ripple’s XRP Holdings Now Below 50% For First Time

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Q3 XRP Market Report, Shows Ripple’s XRP Holdings, Are Now Less Than 50% Of The Supply For The First Time.


Ripple now holds less than 50% of the XRP supply for the first time in its 10-year history.

In a tweet today, Ripple shared its quarterly XRP market report for Q3 2022, revealing that the company held less than 50% of the supply for the first time, further countering centralization concerns.

“Across Ripple’s various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply.”

The company clarified that the XRP Ledger consensus mechanism ensures that irrespective of the amount of XRP held, each validator node only had one vote. It is worth noting that Ripple runs only 4 out of the over 130 XRP validators.

Commenting on the development, Ripple chief Brad Garlinghouse described the feat as a significant milestone in its ten-year history. Moreover, according to Garlinghouse, it is a testament to the growing utility of the XRP token.

“Below 50% – a huge milestone!” Garlinghouse wrote. “For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here.”

Important Updates

As previously reported by The Crypto Basic, the SEC finally handed over the contentious Hinman documents on October 20 after resisting six court orders. Notably, Ripple believes that the regulator did not attempt to offer clarity following the speech where the then-top SEC official asserted that Bitcoin and Ethereum are not securities, fully aware of the impact the speech would have on the emerging crypto industry. In the report shared today, the company reveals that the next step will be for both sides to file reply briefs in November and wait for the court’s decision.

Meanwhile, the firm discloses that it expects the XLS-20 amendment to go live in Q4 2022. Interestingly, as previously reported by The Crypto Basic, the proposal which promises to bring full NFT functionality to the XRP Ledger faced a setback in early September after developers discovered a potential exploit, leading to a version update.

However, in its report, Ripple reveals that voting on implementing the proposal now that developers have fixed the exploit is well underway. Notably, all of Ripple’s four nodes have voted in favor, along with 80% of the network validators as of October 17. It is worth noting that as per Ripple’s consensus system, the amendment will go live should the vote remain this way for two weeks.

Additionally, Ripple notes that the demand for its ODL service continues to grow. The service expanded to new markets in Latin America in Q3. As a result, it saw over $310 million in net ODL-related XRP sales, which is lower than the over $408 million in the previous quarter.

Highlighting reasons why people should build with the XRP Ledger, Ripple discloses that the network saw over 102 million transactions boasting a $56 billion volume or 152.8 billion in XRP in Q3. Furthermore, with the addition of NFTs and Ethereum smart contract functionality, the XRP Ledger is quickly becoming an Ethereum competitor in addition to an enterprise blockchain giant.

Aptos-based Decentralized Exchange (DEX) Now Live on Mainnet 

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Aries Markets mainnet is live.

Aries Markets, an Aptos-based decentralized exchange (DEX), recently announced that it is live on mainnet. The decentralized exchange took an iterative approach toward conducting a soft launch, with only a few features available at the moment. Some of the features the DEX offers for the time being include lending, borrowing, swapping, as well as global account management services. 

Aries Markets said it would not launch its trading feature immediately. Notably, the trade feature will launch soon. At launch, Aries will support four crypto assets such as Aptos (APT), Solana (SOL), zUSDC (Layer Zero), and USDC (Wormhole Bridge). The team behind the DEX hopes to add more cryptocurrencies and also have a stable depth of liquidity.  

Following the announcement, Aries Markets has become the first borrowing and lending protocol to launch on Aptos. 

“Today is the day, Aries Markets Mainnet is here! As the first borrowing and lending protocol on Aptos, we are thrilled to announce that Aries Markets is moving towards our next milestone,” the DEX noted in an announcement.  

Not An Easy Ride

The team behind Aries Markets noted that achieving the milestone was not easy. Aries Markets said it took months of iteration and building, accompanied by the release of its devnet in batches. 

“To [conduct the soft launch], we’ve gone through months of building and iteration, followed by the unveiling of our Aries Markets devnet in batches, to test each set of improvements in controlled environments before shipping the next,” the company said in a statement. 

Aries Markets said user safety is important to the team, adding that it had gone through the platform’s security audit with extreme caution.  

Meanwhile, Aptos is currently one of the most popular cryptocurrency projects. Aptos is a Proof-of-Stake L1 network developed by the Meta team (formerly referred to as Facebook). The project, which attracted top investors like Andreessen Horowitz, is valued at $1 billion. The native cryptocurrency of Aptos (APT) is currently listed on major exchanges, including Binance, KuCoin, Coinbase, etc. At the time of writing, APT is trading at $9.09.