Home Blog Page 2294

How Celebrities’ Like Mike Tyson, Tom Brady, Involvement in Crypto Turned Sour For Many Investors 

Lele Jima
-
0
How Celebrities’ Like Mike Tyson, Tom Brady, Involvement in Crypto Turned Sour For Many Investors 

Investors lost millions following celebrities.



Because of celebrities’ involvement in the nascent asset class, things have not really gone well for investors who joined the crypto bandwagon after following their loved superstars.

Cryptocurrency popularity skyrocketed last year following an influx of celebrities across various niches, including sports, reality TV, music, etc. 

Many investors were lured into cryptocurrency as popular figures declared interest in the asset class. Celebrities like Mike Tyson, Matt Damon, Tom Brady, Mike Tyson, etc., ventured into the nascent industry last year.   

Many were used to promote various cryptocurrency projects, while others chose to offer non-fungible tokens to their fans. 

A Blessing and A Curse  

It is noteworthy that celebrities’ involvement in cryptocurrency contributed to bolstering the prices of various crypto assets, with a good number of coins and tokens hitting new all-time highs (ATH). 

Unfortunately, things have not gone pretty well for investors who delved into the crypto world because “scores of celebrities touted the life-changing power of crypto investing,” Bloomberg reports. 

This year, the prices of various cryptocurrencies are far from their all-time high. For instance, BTC is down 66.2% from its ATH, while Ethereum has plummeted 65.6% since reaching an all-time high of $4,878. 

Many investors who joined the cryptocurrency bandwagon as a result of celebrities’ entrance into crypto are left scratching their heads. 

Here is a list of a few celebrities who promoted cryptocurrency investment as a safe haven and how things are going at the moment. 

Matt Damon (Actor) 

The popular Hollywood actor was featured in a Crypto.com campaign dubbed “Fortune Favors the Brave.” The ad aired on October 28, 2021, and contributed immensely to the number of people who joined Crypto.com trading platform afterward. 

However, since Damon’s ad went live, the price of Bitcoin has tumbled by 60%. This subjected the actor to widespread criticism, with many saying he marketed risky investments to his fans. 

Tom Brady (American Football Player) 

Brady was also instrumental in luring many people into the world of cryptocurrencies via an FTX crypto ad he featured in. 

Recall that in June 2021, Brady announced to his 12.5 million Instagram followers that he was getting involved with crypto. He later asked if his fans were interested in entering the cryptocurrency world with him. Meanwhile, BTC’s price has crashed 35% since the ad made its debut. 

Mike Tyson (Boxer) 

In August 2021, Tyson launched his own non-fungible token. The digital collectible gave Tyson’s fans the opportunity to have access to exclusive content, including an incident where the popular boxer bit Evander Holyfield’s ear. Unfortunately, the value of Tyson’s NFT has plunged massively by more than 95%. 

French Montana (Rapper) 

The rapper is one of the many celebrities who launched non-fungible tokens. On September 10, 2021, Montana created a sneaker NFT collection. The digital collectible also gave investors access to real-life versions of the shoes. Fast forward to today, the price of the NFT has dipped 90%, plunging investors into serious losses.

Other Than Celebrity: Mike Novogratz (Galaxy CEO)

Mike Novogratz, one of the popular figures in the crypto industry’s love for the terra (luna), was catastrophic, as terra made investors lose billions after the Luna crashed. With the tattoo on his arm, Novogratz declared himself officially Lunatic, but the terra collapse was one the biggest unwelcome event in the crypto industry that, other than losses, made investors take their lives.

While Saylor Busy Criticizing Ethereum, ETH Flips BTC in Options Market For the First Time

Mark Brennan
-
0
While Saylor Busy Criticizing Ethereum, ETH Flips BTC in Options Market For the First Time

 

Notwithstanding Michael Saylor’s criticism of Ethereum, the altcoin has now overtaken Bitcoin in the Options Market.



In the realm of cryptocurrencies, Bitcoin, the most valuable cryptocurrency in the world, has traditionally held the position of king. But now, as a result of Ethereum’s (ETH) mind-boggling price increase and the much-anticipated transition from proof-of-work (PoW) to proof-of-stake (PoS), supporters of the cryptocurrency—which ranks second in terms of market value—are resurrecting predictions that it is destined to one day take over the kingdom. 

It would seem that their efforts have not been in vain, as Ethereum (ETH) has now surpassed the leader of the industry, Bitcoin (BTC), in the options market for the very first time in recorded history. In comparison, Bitcoin only has a 90 percent stake in the OI Market, whereas Ethereum has 97 percent.

Shaping crypto option industry
Shaping crypto option industry

Source: Deribit

According to Deribit’s stats at the time of this writing: $5.7 billion in open Ethereum options contracts, compared to $4.3 billion in Bitcoin.

Michael Saylor’s Criticism of Altcoins

A video of MicroStrategy CEO Michael Saylor making not-so-positive comments about alternative cryptocurrencies (altcoins) went viral.

In the video in question, in addition to insinuating that all other cryptocurrencies are securities, Saylor indicated that all the real talent is working in the Bitcoin ecosystem. This statement was made in conjunction with Saylor’s earlier statement. “If you’re honest, ethical, and competent, you would be building on the Lightning Network,” the head of MicroStrategy continued.

The video attracted the attention of Vitalik Buterin, the inventor of Ethereum, who then blatantly mocked Saylor by referring to him as a clown. “Why is it that maximalists always choose heroes who turn out to be total clowns?” Buterin sent out a tweet.

Binance CEO Deny Reports That Exchange Lost Billions in Revenue And 90% of Users After Implementing KYC

Albert Brown
-
0
Binance CEO Deny Reports That Exchange Lost Billions in Revenue And 90% of Users After Implementing KYC

 

Reports that Binance lost billions of dollars in revenue and 90 percent of its users after adopting KYC are false, according to Binance CEO Changpeng Zhao (CZ).



Binance CEO Changpeng Zhao “CZ” took to Twitter to dispute a CoinDesk report that the cryptocurrency exchange had lost billions of dollars in revenue and 90 percent of its users after adopting the Know Your Customer (KYC) policy. The chief executive officer of the biggest cryptocurrency exchange in the world said that the whole thing was a misquote and that it is unfortunate that headlines such as that resulted in more traffic.

“It’s a complete misquote… the fact is, this type of headline sells more clicks… Sad, but true.”

He further said:

“Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It’s fine. Binance’s market share increased, not decreased. The blockchain & 3rd party data shows it.”

 

According to the CoinDesk article, members of the Binance compliance team Tigran Gambaryan and Matthew Price, who had previously worked as investigators for the cybercrime unit of the United States Internal Revenue Service, told Coindesk that the exchange’s stricter KYC policies had resulted in a financial burden for the company. According to the article, Gambaryan was quoted to have said that Binance has “lost 90% of customers after implementing KYC, losing billions in revenue.”

Binance Global Head of Sanctions, Chagri Poyraz, said that the CEO would never act unethically. Gambaryan continued by pointing out that Binance started as a modest firm but has now become a significant platform in the cryptocurrency industry.

Recall that precisely one year ago, Binance made the controversial decision to lower the maximum withdrawal amount of Bitcoin. Users who do not complete KYC (know your customer) were allowed to withdraw 0.06 BTC instead of 2 Bitcoin daily.

Furthermore, in related developments, Binance overtook Coinbase to become the exchange with the most Bitcoin held in the world due to enhanced public relations efforts and receiving full regulatory permission in Dubai in March, Bahrain in May, France, and Italy in May, and Spain in July 2022.

North Koreans Allegedly Using Fake Resumes to Steal Crypto For The Government

Mark Brennan
-
0
North Koreans Allegedly Using Fake Resumes to Steal Crypto For The Government

 

Fake IDs and Resumes Used to Launder Cryptocurrency by People Allegedly Working For The North Korean Government.


Bloomberg reports that according to interviews with cybersecurity analysts and statistics, individuals working for the North Korean government in Pyongyang are suspected of plagiarizing resumes and falsely claiming to be from other countries on LinkedIn as part of a larger attempt to raise money for the Korean government.

According to Bloomberg, the fraudsters are stealing information from genuine accounts on LinkedIn and Indeed and using it in their resumes to get jobs at cryptocurrency companies in the United States.

According to Mandiant researchers, numerous suspected North Koreans have successfully been hired as freelancers from different employment sites.

On July 14, Mandiant said that it discovered an account belonging to a job candidate who claimed to be an experienced software engineer. On the other hand, researchers found similar wording in another individual’s profile.

Joe Dobson, a principal analyst at Mandiant, told Bloomberg: “It comes down to insider threats; if someone gets hired onto a crypto project, and they become a core developer, that allows them to influence things, whether for good or not.” 

Several other alleged North Koreans have falsified employment credentials, including one who claimed to have authored a white paper on the Bibox digital currency exchange and another who posed as a senior software engineer at a blockchain technology firm.

Michael Barnhart, a principal analyst at Mandiant, said:

“These are North Koreans trying to get hired and get to a place where they can funnel money back to the regime,” 

The U.S.’ Allegations Against North Korea Might Be True

The claims made by the United States government in May have now been given more support by Mandiant’s analysis. Back then, the US issued a warning that North Korean IT professionals were attempting to seek freelance jobs outside of North Korea while pretending to be citizens of other countries. This is being done to collect funds for the North Korean government’s weapons development projects.

According to the advice issued by the United States, these questionable IT employees possess the abilities essential for sophisticated work such as the creation of mobile applications, the construction of virtual currency exchanges, and mobile gaming.

CoinShares: Bitcoin Lethargic Price Performance Is Short-Lived

Mark Brennan
-
0
CoinShares: Bitcoin Lethargic Price Performance Is Short-Lived

CoinShares expects Bitcoin to rally should the US economy enter a recession.


Digital asset manager CoinShares, in a tweet on Friday, reiterating ideas from a blog post, reveals a positive outlook for Bitcoin if the US economy slips into a recession, as recession speculations run wild following the latest US economic growth data.

 

According to the blog post, Bitcoin’s recent decline can be largely attributed to the strengthening dollar, which has made it very sensitive to rate hikes. Sadly, CoinShares expressed the belief that a combination of Fed rate hikes and the worsening energy situation due to the conflict in Ukraine would lead the US and the rest of the world into a recession that would see the Fed start economic easing.

Consequently, CoinShares believes that Bitcoin, an emerging store of value and growth asset, stands to benefit from a dovish Fed and a weaker dollar. CoinShares says this will likely end Bitcoin’s lackluster moves and lead to decoupling from risky tech stocks.

It is worth noting that while the Fed refuses to declare that the US is in a recession due to positive unemployment numbers, the US economy has shown signs of weakness. Last week, it was revealed that the US economy had contracted for the second quarter in a row, a usual indicator that a country is in a recession.

“Although Bitcoin’s price performance has been weak in the face of an aggressive FED, this current hiatus in price performance may be short-lived.”

Notably, the Fed raised rates by 75 bps again last week. However, the crypto markets surged in response, with most major coins making at least 10% gains as the rate hike appeared to be priced in by the market. Moreover, July ended up being the best month for crypto assets this year, with Bitcoin surging over 17% and Ethereum surging over 55%.

It is worth noting that CoinShare’s outlook on Bitcoin closes resembles “The Doom Loop” analysis by BitMex’s Arthur Hayes. According to Hayes, the fallout from the energy crisis due to the Ukraine conflict will lead to a euro and dollar weakness. Hayes says this weakness would lead to a flight to perceived stores of value like Bitcoin and eventually drive its price to $1 million.

Notably, Hayes noted that the Doom Loop had begun following euro and dollar parity for the first time in over 20 years.

Here Are Some SHIB Achievements As Shiba Inu Officially Turns Two Shedding Memecoin Title

Albert Brown
-
0
Here Are Some SHIB Achievements As Shiba Inu Officially Turns Two Shedding Memecoin Title

 

Shiba Inu has recorded enormous growth since launching two years ago. 


Leading dog-themed cryptocurrency Shiba Inu (SHIB) has turned two today. Shiba Inu was launched on August 1, 2020, by its pseudonymous founder Ryoshi. 

Following its launch, the cryptocurrency became the second meme coin after Dogecoin, with its eyes set on overthrowing DOGE to become the number one meme coin. 

Shiba Inu Changing Its Memecoin Title

Its mission of overthrowing Dogecoin to become the number one memecoin in the cryptocurrency market earned Shiba Inu the title “Dogecoin Killer.” 

Shiba Inu was also a cryptocurrency launched as a result of a joke on August 1, 2020. 

Interestingly, the project’s developers, headed by Shytoshi Kusama, decided to turn Shiba Inu from a meme coin to a cryptocurrency with enormous utility. 

Shiba Inu has made its mark in the entire cryptocurrency space in just two years, confirming that the project is here to stay. 

Shiba Inu’s developers have launched incredible projects like a decentralized exchange, metaverse project, an official burn portal, etc.  The team behind Shiba Inu is still working on releasing other projects like a play-to-earn (P2E) game, a Layer-2 blockchain dubbed Shibarium, etc.  

Shib is now also accepted as a payment method by thousands of retailers and bagged partnerships like John Richmond, available for trading on more than 100 exchanges like Coinbase, Robinhood, and Binance. Shib team launched a burning portal that has helped the community burn 60B coins in a few months.

Interesting Shiba Inu Feats 

As Shiba Inu’s team continued to roll out incredible initiatives, investors saw the potential of Shiba Inu, leading to widespread adoption. 

According to data on Etherscan, more than 1 million unique addresses are holding Shiba Inu. At the time of writing this line, a total of 1,212,272 (1.21 million) unique addresses are holding SHIB. The volume surged from under 1,000 holders in January 2021 to a whopping 1.21 million today. This suggests that interest in meme-based cryptocurrency has been on the rise since last year. 

It is not surprising to see a massive spike in the number of addresses holding the cryptocurrency. Shiba Inu has been among the most successful cryptocurrencies since August 2020 till date. 

Shiba’s market cap was $3.75B in June 2021, which now stands at $6.68B.

At the time of going live, Shiba Inu started changing hands for around $0.000000000972241 (nine zeros) on Ethereum-based decentralized exchange Uniswap. Shiba Inu’s price went from bad to worse in subsequent months, as it added another zero to its price, making it ten zeros. 

In January 2021, things started looking good for Shiba Inu. The token eliminated two zeros from its price following a growing adoption. At this point, it became clear to many that SHIB would help investors make huge gains.  

The number of zeros in Shiba Inu’s price also reduced drastically to five in April 2021. Shiba Inu token subsequently surged to an all-time high of $0.00008616 on October 31, 2021, according to Coingecko data.

While the price of SHIB has slumped by 85.9% since hitting an ATH, investors are still hopeful that the token’s price will rally again, given the several initiatives lined up for Shiba Inu. 

John Deaton Reacts to Saylor’s Podcast, Says It Is Absurd to Classify Bitcoin As Ethical And Ripple As a Security

Lele Jima
-
0
John Deaton Reacts to Saylor’s Podcast, Says It Is Absurd to Classify Bitcoin As Ethical And Ripple As a Security

 

Reactions continue to trail Michael Saylor’s recent podcast. 


Comments made by MicroStrategy CEO Michael Saylor on a recent podcast have continued to prompt reactions from members of the cryptocurrency community. 

Moments after Ethereum’s Vitalik Buterin reacted angrily to Saylor’s comments, attorney John Deaton, the lawyer representing over 68,000 XRP holders in the SEC vs. Ripple lawsuit, also aired his view on the issue. 

Attorney Deaton Invites Saylor for More Clarification

In a lengthy Twitter thread, attorney Deaton invited Saylor to appear on Crypto Law U.S. TV and justify his comment that Bitcoin is the only cryptocurrency that is not a security.

Recall that Saylor noted that all cryptocurrencies aside from Bitcoin are securities. Saylor, a known Bitcoin proponent, said all legitimate talent in the cryptocurrency space is working in the Bitcoin ecosystem, adding that if a developer is honest and ethical, then he would be working on Bitcoin’s lightning network. 

Deaton Puts Saylor on Blast 

Attorney Deaton bashed Saylor for classifying all cryptocurrency assets aside from BTC as securities. The Amici legal representative in the Ripple lawsuit noted that Saylor’s analysis of what constitutes security is deeply flawed. 

Attorney Deaton expressed surprise over the comment because he believes the MicroStrategy CEO is intelligent and should know better.  

Additionally, Deaton reacted to Saylor’s comment that ethical developers should only build on the Bitcoin Lightning Network. 

“More troubling are his comments that if you’re ethical, you would build only on Bitcoin and Lightning. The ethical comments are absurd, and Saylor needs to be better than that. The problem with his analysis is that he equates every potential developer with the platform’s founders,” attorney Deaton tweeted. 

According to attorney Deaton, many developers would choose to build on a particular network like Ripple’s XRP Ledger simply because the network aligns with their vision. 

He added that these developers would make their choice without affiliation with the blockchain founders. 

Attorney Deaton referred SpendTheBits, a payment solution that allows people to use their BTC in payments at a relatively low cost. Despite selecting Bitcoin as the preferred payment method, the developer built the solution on the XRP Ledger (XRPL), attorney Deaton added. 

Attorney Deaton said he understands that Saylor is a Bitcoin maximalist and would do anything to defend the world’s largest cryptocurrency. However, he would completely disagree with Saylor if he considers XRP as a security. 

Ethereum’s Vitalik Buterin says Michael Saylor is A Total Clown after Saylor called every other crypto aside from Bitcoin as security lacking sound ethical fundamentals.

World’s Top Watchmaker Hublot Now Accepts Bitcoin, Shiba Inu and Other Crypto For Payments Via BitPay

Mark Brennan
-
0
World’s Top Watchmaker Hublot Now Accepts Bitcoin, Shiba Inu and Other Crypto For Payments Via BitPay

 

Hublot has become the latest luxury brand to accept crypto payments.


In a blog post, Blockchain payments firm BitPay revealed that Hublot now accepts crypto payments for its luxury watches on Hublot’s online eBoutique. The offering includes some of the brand’s most iconic pieces.

“Legendary watchmaker Hublot, known for unique and daring timepieces, announced it will accept cryptocurrency through its online eBoutique,” BitPay wrote. “Many of its iconic timepieces, including the newly released Big Bang Unico Essential Grey, are available online for purchase and can be bought with cryptocurrency via BitPay.”

Users can make these purchases using BitPay in very simple steps. First, users must go to the official Hublot website, select the wristwatch they wish to purchase, and at checkout, choose to pay using BitPay. At this point, users will be required to select their preferred crypto assets from a list of 13 popular cryptocurrencies, including favorites like bitcoin and Shiba Inu. Then they can go on to select their crypto wallet and make the payment.

According to bitpay blog post:

  • “Purchase from any crypto wallet on the Hublot eBoutique.
  • Use the BitPay Card at any authorized Hublot dealer where Mastercard is accepted.
  • Hublot accepts cryptocurrencies via BitPay, up to $30,000 USD per transaction.”

Notably, BitPay users would be able to purchase watches like the Big Bang Unico Essential Grey, Classic Fusion Bronze Brass, and the Big Bang Unico UEFA Champions League, amongst others.

BitPay has become very popular amongst crypto lovers as it has become a trusted means to purchase several items using their preferred crypto. Most recently, the options have expanded to include Apple devices and flight tickets.

As reported by The Crypto Basic in June, the payments firm has formed a partnership with US retail giant Newegg to allow users to purchase their favorite Apple products using crypto. Earlier in the same month, BitPay had also revealed that it was partnering with one of Europe’s popular budget airlines Vueling to allow users to pay for flights using crypto.

Notably, Hublot joins other luxury brands like Balenciaga and Gucci to accept crypto payments.

Some of the other altcoin that Bitpay support are Bitcoin Cash, Dogecoin, Ethereum, Litecoin, and Wrapped Bitcoin.

900 Million Ripple (XRP) Unlocked From Escrow Wallet 

Albert Brown
-
0
900 Million Ripple (XRP) Unlocked From Escrow Wallet 

A huge volume of XRP has been unlocked from an escrow wallet. 



According to cryptocurrency whale tracking service Whale Alert, nearly a billion units of Ripple (XRP) were unlocked from escrow earlier today. 

Whale Alert stated that at least 900 million XRP were unlocked from an unknown escrow wallet. The funds were unlocked in two separate transactions.

The first transaction saw a total of 500 million XRP (approximately $188.86 million) unlocked, while the second transaction saw a total of 400 million Ripple coins worth $151 million unlocked from Escrow. 

Timing Corresponds With Ripple’s Token Unlock Schedule

Although the Ripple coins were unlocked from an unknown wallet, the timing corresponds with the regular token unlock being carried out by the fintech company. 

Recall that Ripple has been unlocking at least 1 billion XRP monthly. The initiative started in 2017, and the company has slowly been releasing the 55 billion units of XRP in its possession since then. 

Following the massive decline in XRP price since the beginning of the SEC lawsuit, Ripple usually locks a significant amount of the coins after unlocking them from escrow. 

In most cases, out of the 1 billion XRP unlocked monthly by Ripple, the fintech company locks 800 million XRP.

The remaining coins are used to cater to the company’s day-to-day expenses, especially paying attorneys’ fees involved in the ongoing SEC lawsuit. 

Meanwhile, Ripple mentioned in its Q2 2022 financial report that it unlocked a total of 3 billion XRP in the second quarter of 2022, returning 2.3 billion XRP back to escrow. 

Michael Saylor ‘If Your Are Ethical, You Only Built On Bitcoin’, Ethereum Founder Vitalik Buterin Respond Aggressively

Mark Brennan
-
0
Michael Saylor ‘If Your Are Ethical, You Only Built On Bitcoin’, Ethereum Founder Vitalik Buterin Respond Aggressively

 

Ethereum’s Vitalik Buterin Calls MicroStrategy’s Michael Saylor A Total Clown As Bitcoin Maximalists.


Vitalik Buterin bashes Michael Saylor in the latest tussle between Bitcoin maximalists and altcoin creators.

Vitalik Buterin, in a tweet on Sunday, referred to MicroStrategy chief Michael Saylor as a total clown as a YouTube clip surfaced of Saylor describing every other crypto aside from Bitcoin as security lacking sound ethical fundamentals.

“Why do maximalists keep picking heroes that turn out to be total clowns?” Buterin tweeted.

 

In the interview in question, Saylor, aside from implying that all other cryptocurrencies are securities, also stated, “all the legitimate talent is working in the Bitcoin ecosystem.” The MicroStrategy chief added, “if you’re honest, ethical, and competent, you would be building on the Lightning Network.”

It is worth noting that Buterin was not the only one who disliked Saylor’s comments. John Deaton, the legal representative for XRP holders in the ongoing legal battle between the US SEC and Ripple, also expressed some misgivings over Saylor’s comments. According to Deaton, Saylor’s definition of security is fundamentally flawed and his ethical arguments absurd.

“Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising, considering how intelligent he is,” Deaton tweeted on Sunday. “More troubling are his comments that if you’re ethical, you would build only on Bitcoin and Lightning. The ethical comments are absurd, and Saylor needs to be better than that. The problem w/ his analysis is that he equates every potential developer w/ the platform’s founders.”

In recent weeks, tensions between Bitcoin maximalists and the altcoin community have become more heated. As previously reported by The Crypto Basic, Cardano creator Charles Hoskinson had referred to Bitcoin maximalists like Michael Saylor as intellectually dishonest, following Saylor’s classification of ADA as security.

Michael Saylor’s MicroStrategy remains the largest known corporate holder of Bitcoin, with about 129,699 BTC in its cache.

1...2,2932,2942,295...2,636Page 2,294 of 2,636