Recent developments have raised concerns about the popular cryptocurrency Shiba Inu (SHIB) as significant outflows from the wallets of large investors have been detected by IntoTheBlock, a blockchain analytics firm.
This sudden shift in sentiment from bullish to bearish has grabbed attention. Since Monday, an astounding one trillion SHIB tokens have been withdrawn from the wallets of major investors, surpassing the inflow of 745 billion tokens.
Consequently, the netflow of Shiba Inu whales’ wallets over the past seven days has reached a disheartening -377.35 billion SHIB, indicating a substantial drop of half a trillion tokens from the previous day’s value.
Two key considerations emerge when examining the reasons behind the behavior of these large SHIB holders: fundamental and technical factors.
The first consideration revolves around the adoption of Shiba Inu and its associated projects, with Shibarium taking center stage.
Although Shibarium, a Layer 2 solution, is currently operating in a test network, the team behind it has remained tight-lipped, providing minimal information beyond cryptic Twitter messages.
The uncertainty surrounding the release of Shibarium on the main network may have prompted major holders to decrease their SHIB positions.
The second factor pertains to the price of the Shiba Inu token, which recently failed to surpass the critical resistance level of $0.0000084 per SHIB.
Despite a noteworthy rally, the token has experienced a 12% decline since then, leaving its trading status uncertain.
This ambiguity regarding the future price direction of SHIB may have discouraged significant whales, who typically exercise caution in their operations due to the substantial sums involved.
The question now arises: can Shiba Inu overcome these challenges and regain its momentum? The path forward for SHIB depends on addressing the concerns surrounding Shibarium’s release on the main network.
Transparent communication and timely updates from the project team would help instill confidence in the ecosystem and potentially attract back large investors.
Additionally, efforts to stabilize and elevate the token’s price beyond the critical resistance level could reignite bullish sentiment among investors.
As the Shiba Inu community awaits further developments, it is essential for stakeholders to closely monitor both the progress of Shibarium and the market dynamics affecting SHIB’s price.
By addressing these concerns and providing a clear roadmap for the future, Shiba Inu has the potential to restore investor confidence and reclaim its upward trajectory.
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Anthony Scaramucci, often known as “The Mooch,” is a prominent figure in American finance and politics. Born on January 6, 1964, in Long Island, New York, Scaramucci’s life trajectory is a quintessential story of American entrepreneurial spirit and financial success.
Early Life
Scaramucci graduated from Tufts University in 1986 with a degree in economics. Afterward, he completed his Juris Doctor degree at Harvard Law School in 1989. Despite his initial career trajectory leading him towards law, Scaramucci had a penchant for finance and entrepreneurship that would eventually redirect his career path.
His first significant financial role was at Goldman Sachs, where he started in the Real Estate Investment Banking division and later moved to Equities Private Wealth Management. In 1996, Scaramucci left Goldman Sachs to launch Oscar Capital Management alongside his colleague Andrew Boszhardt. In 2001, Neuberger Berman purchased Oscar Capital, and Scaramucci served as a managing director in the firm’s Investment Management division.
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In 2005, he started SkyBridge Capital, a global alternative investment firm. Under his leadership, SkyBridge became a significant player in the hedge fund industry and established a strong presence globally. Scaramucci’s entrepreneurial success at SkyBridge bolstered his reputation within the financial world, leading to his regular appearances on television finance programs, where he shared his insights on the global financial markets.
Anthony Scaramucci’s Political Career & Net Worth
His financial expertise and connections in the finance world paved the way for Scaramucci’s foray into politics. He was a fundraiser for both Obama and Romney in the 2008 and 2012 campaigns, respectively. However, he is best known for his brief tenure as White House Communications Director under President Donald Trump in 2017. His tenure lasted for just 11 days, making it one of the shortest in history.
As of September 2021, Anthony Scaramucci’s estimated net worth is around $200 million. His wealth has primarily been accrued through his career in finance and investment. As founder and co-managing partner of SkyBridge Capital, Scaramucci oversaw a significant amount of assets. The firm’s asset under management peaked at approximately $12.5 billion in 2012.
However, Scaramucci’s net worth is not solely tied to SkyBridge. In 2017, he announced his intention to sell his stake in the company as he was poised to take on a role within the Trump administration. Later, the sale fell through, and he resumed his position at SkyBridge after his short stint in politics.
Moreover, his engagements as a financial analyst, television appearances, speaking engagements, and authorship of three books have also contributed to his net worth. His books, “Goodbye Gordon Gekko,” “The Little Book of Hedge Funds,” and “Hopping over the Rabbit Hole,” have enjoyed considerable popularity within finance and entrepreneurial circles.
Despite experiencing turbulent times during the COVID-19 pandemic, SkyBridge emerged resilient and even launched a Bitcoin-focused fund in late 2020, indicating Scaramucci’s adaptive entrepreneurial strategy. It is worth noting that fluctuations in his investments, the performance of SkyBridge, and the overall economic environment could influence his net worth.
Scaramucci’s story serves as a testament to the power of tenacity, adaptability, and a keen understanding of market dynamics. From his roots in Long Island to the halls of Harvard Law School, from Wall Street to the White House, his journey has been nothing short of remarkable. His net worth not only reflects his success in finance and investment but also his bold foray into politics and media. Despite his brief political tenure and the controversy it engendered, Scaramucci continues to be a significant figure in American public life. His financial insights and political commentary continue to shape discourse within and beyond Wall Street.
As of 2021, Scaramucci’s net worth underscores a diverse and dynamic career in finance, politics, and media. His story is a testament to the potential of American entrepreneurial spirit and a keen understanding of market dynamics. Whether in finance, politics, or media, Scaramucci’s influence is considerable, and his impact continues to resonate.
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The blame game continues between Digital Asset and the Australian Securities Exchange (ASX) over the failed blockchain upgrade of ASX’s CHESS system.
Digital Asset, the New York-based firm responsible for the abandoned blockchain clearing system, has pointed fingers at ASX for dropping the plans. ASX representatives, however, have dismissed these claims as misleading.
ASX had been poised to become the world’s first securities exchange to adopt blockchain technology in partnership with Digital Asset over the past seven years.
However, in a surprising turn of events, ASX announced on May 17 its decision to abandon the upgrade and explore more conventional technology options.
Digital Asset’s co-founder, Eric Saraniecki, addressed the issue during a parliamentary joint committee meeting on June 8. He stated two main reasons for the failure of the blockchain upgrade.
First, he alleged that ASX was reluctant to provide crucial test data that would have allowed Digital Asset to better test the functionality of the new system.
This lack of information forced Digital Asset to make assumptions in the absence of necessary data.
Second, Saraniecki claimed that ASX had publicly discussed replacing its old CHESS platform with a “big bang” approach while simultaneously asking Digital Asset to preserve outdated elements of the system.
This conflicting approach reportedly created further discord between the two companies, ultimately leading to the failure of the upgrade.
On the other side, ASX non-executive director David Curran responded to these allegations by stating that the issue arose from a lack of communication from Digital Asset.
Curran emphasized that if Digital Asset had concerns about the project, they should have been raised and resolved through appropriate channels.
ASX managing director and CEO Helen Lofthouse explained that the challenges did not stem from the “flexible requirements” but rather from the preexisting requirements of the system itself and how they related to settlements in Australia.
She revealed that the decision to pause the upgrade in November 2022 was based on the realization that the original solution design could not meet the current market requirements and provide the necessary flexibility.
Contrary to reports stating that ASX has completely abandoned blockchain technology, ASX’s chief information officer, Tim Whiteley, clarified that no firm decision had been made.
He mentioned that ASX is on track to announce a solution design later in the year and is exploring all options for the upgrade.
The ongoing blame game and differing accounts reflect the complex nature of the failed blockchain upgrade between Digital Asset and ASX.
The exact details and outcome of the situation remain uncertain as an ongoing review prevents the release of further information.
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In a recent update on June 22, Binance.US, which operates as an independent subsidiary of the larger Binance exchange, assured its customers that its system is fully operational again.
However, the exchange has cautioned its customers that this relief may only be temporary.
It stated that U.S. dollar withdrawal requests are expected to return to their normal processing time of five business days.
Earlier on June 9, the exchange had temporarily suspended dollar deposits and notified its customers about an impending pause on fiat withdrawal channels due to an ongoing battle with the Securities and Exchange Commission (SEC).
The exchange had warned that its banking partners might halt fiat withdrawal channels as early as June 13, but that did not happen at that time.
Binance.US has urged customers who faced failed withdrawal attempts to resubmit their requests, emphasizing that their systems are currently functioning properly.
However, the exchange has cautioned that their banking partners are likely to discontinue the USD withdrawal service in the near future.
As a result, Binance.US is advising its users to consider utilizing stablecoins or converting their USD holdings into stablecoins to continue engaging in crypto-to-crypto trading.
The exchange is gradually transitioning to becoming a crypto-only platform. Any remaining USD balances held by customers may be converted into Tether at a later date, according to the announcement.
Furthermore, Binance.US revealed plans to introduce additional trading pairs involving Tether (USDT) and cryptocurrencies such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.
However, the exchange will remove most of the “USD Advanced Trading pairs” from its platform on the same date.
Among the 150 supported crypto assets on Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be tradable against the dollar.
It’s worth noting that Binance.US has also experienced banking partner issues in Australia.
In May, the Australian branch of Binance witnessed a 20% drop in Bitcoin prices when local banking and payment partners suspended their services, leading to a rush of users selling and cashing out.
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Sequoia Capital’s partner, Alfred Lin, has defended the firm’s investment of $213.5 million in the now-bankrupt cryptocurrency exchange FTX. Speaking at Bloomberg’s Tech Summit, Lin stated that if given the opportunity to evaluate FTX again, Sequoia would likely make the same investment decision.
Despite the loss incurred, he emphasized that the venture capital firm remains enthusiastic about the potential of cryptocurrency.
Sequoia Capital manages approximately $85 billion in assets and has investments in prominent technology companies as well as several crypto ventures.
In the case of FTX, the firm invested $150 million through its Global Growth Fund III, accounting for 3% of the fund’s capital.
Additionally, the Capital Global Equities Fund invested $63.5 million in both FTX and FTX US, representing less than 1% of its entire portfolio.
Last November, Sequoia informed its partners that both of its investments in FTX had been categorized as complete losses following the exchange’s closure.
However, the firm’s investment strategy revolves around trusting founders and taking calculated risks, understanding that not all investments will yield positive results.
Despite the negative outcome with FTX, Sequoia Capital maintains its enthusiasm for the crypto industry.
Lin reiterated the firm’s investment thesis, emphasizing the importance of founder trust and acknowledging that unsuccessful investments are part of the risk-taking nature of the business.
Nevertheless, the FTX investment has brought additional challenges for Sequoia Capital. Some users of the bankrupt exchange have filed lawsuits against the financiers who supported the platform, including Sequoia, Thoma Bravo, and Paradigm.
The lawsuit alleges that these firms participated in a promotional marketing campaign in 2021, contributing to FTX’s perceived legitimacy. Sequoia, along with Thoma Bravo and Paradigm, were investors in FTX’s record-breaking $900 million Series B funding round in July 2021.
Despite the setbacks, Sequoia Capital remains a significant player in the venture capital landscape, with substantial investments in various industries.
The firm’s experience with FTX serves as a reminder of the inherent risks involved in investing, particularly in the volatile and evolving world of cryptocurrency.
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Nevada’s Department of Business and Industry has issued a cease and desist order to Prime Trust, a crypto custodian, alleging that the company is facing a “shortfall of customer funds” and is unable to fulfill customer withdrawal requests.
According to the regulator, Prime Trust’s financial condition is deemed “critically deficient,” and the firm is now considered to be in an “unsafe or unsound condition” to continue its business operations.
The order, issued on June 21, states that Prime Trust has experienced a significant deterioration in its financial condition, leading to the inability to honor customer withdrawals.
The regulator further accuses Prime Trust of breaching its fiduciary duties by failing to adequately safeguard the assets under its custody.
It also highlights that the company is incapable of meeting all customer disbursement requests.
In response to the order, Prime Trust has 30 days to provide a response and can request an administrative hearing to contest the allegations. If the company fails to contest the order, it will be considered final.
This development comes shortly after Banq, the payments subsidiary of Prime Trust, filed for bankruptcy protection in the United States on June 13.
Additionally, BitGo, a provider of wallet infrastructure and digital asset custody, announced on June 22 that it has decided to cancel its acquisition of Prime Trust.
Cointelegraph reached out to Prime Trust for a comment on the matter, but an immediate response was not received.
The situation raises concerns about the financial stability and trustworthiness of Prime Trust as a custodian of crypto assets.
Customers who have entrusted their funds with the company may face difficulties in accessing their assets and may be uncertain about the safety of their investments.
The outcome of Prime Trust’s response to the cease and desist order will determine the future course of action and the potential repercussions for the company and its customers.
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Wirex, a crypto payment service, has alerted its customers in the European Economic Area (EEA) that its debit cards may cease to function due to licensing issues with its card provider, UAB PayrNet.
The announcement, made via email on June 23, follows a similar disclosure by Wirex’s competitor, Cryptopay, regarding potential card service disruptions in the region.
Wirex is a popular multi-currency crypto payment app that offers fiat on-ramps and off-ramps, along with debit cards.
With over 3 million users in Europe and Asia, Wirex assured its customers that their funds held in the app are secure.
The email clarified that while the card service interruption caused by UAB PayrNet’s problems will impact EEA customers, it will not affect their ability to access funds through other Wirex services, such as the IBAN service or cryptocurrency transfer and purchase options.
Customers were advised that no action is required on their part.
The underlying cause of the issue lies with UAB PayrNet, not Wirex’s internal system. On June 22, the Bank of Lithuania revoked UAB PayrNet’s electronic money institution license, citing multiple serious violations of legal acts and failures in administering Anti-Money Laundering measures.
However, the Bank of Lithuania reassured that customer funds are safe and held in dedicated accounts.
Attempts to contact UAB PayrNet for comment were unsuccessful. PayrNet’s director, Stephenas Couttie, expressed dissatisfaction with the bank’s actions, suggesting they may be disproportionate to the violations committed.
Wirex disclosed its plan to switch its debit card services to Transact Payments Malta Limited. Although this transition was already in progress, the current situation has expedited the process.
Wirex is collaborating closely with both PayrNet and Transact to restore the debit card system as quickly as possible.
During this interim period, Wirex customers in the EEA may experience card usage limitations.
Over the past two years, Wirex has been expanding its service offerings. In August 2022, it partnered with 1inch to enable wallet-based token swaps for its customers.
Additionally, Wirex integrated with the Avalanche network in February 2022, enabling users to deposit and spend AVAX through their Wirex debit cards.
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A recent paper claiming that Bitcoin’s scalability issues would hinder its adoption in the future has been strongly criticized by a team of researchers from the Bitcoin Policy Institute, a nonprofit think tank.
The researchers argue that the conclusions reached in the original paper, titled “Bitcoin’s Limited Adoption Problem,” are based on flawed assumptions about the nature of Bitcoin.
The first assumption challenged by the Bitcoin Policy Institute researchers is that payments on the Bitcoin network necessitate full network consensus for settlement.
They assert that this claim is inaccurate and fails to consider the mechanisms by which Bitcoin achieves consensus.
The second assumption disputed by the researchers is the idea that the addition of miners to the network slows down settlement times by delaying network consensus.
The institute researchers argue that this notion ignores the actual impact of miners on the timing of new transaction blocks and overlooks existing scaling solutions that have been widely implemented.
The third assumption rejected by the think tank is the assertion that there is an upper limit on Bitcoin payments due to the architecture of its blockchain.
The researchers argue that this claim fails to consider the scalability achieved through off-chain payments, which do not require consensus from the entire network and therefore provide greater scalability.
In their published paper titled “Bitcoin works in practice, but does it work in theory?,” the Bitcoin Policy Institute researchers from various reputable U.S. universities challenge the theoretical foundation of the “limited adoption problem.”
They emphasize that this problem is not reflective of how Bitcoin actually operates and criticize the original authors for their faulty understanding of the Bitcoin protocol.
While the institute’s research acknowledges that Bitcoin’s blockchain does face challenges in scaling for on-chain payments, they highlight that these issues have been recognized since Bitcoin’s inception and have been addressed through off-chain protocols.
They argue that Bitcoin scales through off-chain payments rather than increasing throughput at the base layer.
The researchers from the Bitcoin Policy Institute dismiss the original paper’s conclusions as misguided, highlighting that Bitcoin’s scalability concerns have been effectively managed over time.
They assert that the authors of the criticized paper have focused on theoretical obstacles that do not align with the practical realities of Bitcoin’s operation.
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Škoda Auto, the Czech automobile conglomerate, has announced the launch of its NFT platform in collaboration with Near Protocol.
The Indian subsidiary of Škoda Auto, Škoda India, introduced the Web3 and nonfungible token (NFT) experience on June 20. Named “Škodaverse India,” the platform aims to offer several features such as low gas fees, interoperable NFTs for multiplatform usage, and eco-friendly, scalable NFTs.
The company emphasizes its commitment to sustainability by minting all NFTs on carbon-neutral blockchains.
While the exact release date and pricing details of the inaugural Škoda NFT collection have not been disclosed, users will be able to mint the NFTs by adding funds to their wallets once they are made available.
The developers promise a range of benefits for NFT holders, including ownership of unique digital assets representing Škoda’s artwork or collectibles, the potential for value appreciation and future resale, and access to exclusive perks, rewards, or experiences tied to NFT ownership.
Trading options will be available in both fiat currency and cryptocurrencies.
Škoda Auto’s NFT platform marks the company’s foray into the Web3 space, as it expands its digital presence. The platform invites users to explore, collect, and own unique digital art pieces, as the company embraces the possibilities offered by the Web3 technology.
Founded in 1925 in what was then Czechoslovakia, Škoda Auto became one of the largest industrial manufacturers in Interwar Europe.
However, it was later nationalized in 1948. Following the collapse of the Czechoslovak Communist regime in 1990, the company gradually became a subsidiary of German automobile manufacturer Volkswagen.
Škoda cars have gained popularity in Central and Eastern European countries, with a total of 731,000 cars delivered in 2022.
With the launch of the NFT platform, Škoda Auto aims to leverage the growing interest in digital assets and blockchain technology.
By embracing NFTs and the Web3 space, Škoda is positioning itself at the forefront of innovation in the automotive industry, offering unique digital experiences to its customers and collectors alike.
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Binance, one of the leading cryptocurrency exchanges, has announced its plans to implement Lightning Network nodes to enhance Bitcoin transactions.
The exchange aims to enable smoother BTC deposits and withdrawals while addressing network congestion issues.
On June 20, Binance took a significant step towards integrating the Lightning Network by initiating the operation of nodes on the network. In a tweet, Binance acknowledged the presence of these nodes and expressed gratitude to users who noticed them.
However, the exchange also mentioned that further technical work needs to be completed before the Lightning integration can be fully implemented. Binance has assured users that updates will be provided as progress is made.
The decision to incorporate the Lightning Network came in response to the congestion witnessed on the Bitcoin network on May 7.
Binance recognized the potential of the Lightning Network in alleviating bottlenecks and enabling BTC withdrawals during such situations.
The increased congestion was primarily caused by a surge in BRC-20 transactions, with the popularity of memecoins contributing to the issue.
The Bitcoin Lightning Network is a layer-two protocol built on the Bitcoin blockchain, specifically designed to address scalability challenges. By creating payment channels and conducting off-chain transactions, participants can achieve faster and more cost-effective transfers.
Settlements on the Bitcoin blockchain occur only when necessary, enhancing the speed, scalability, and privacy of Bitcoin transactions. The Lightning Network is particularly beneficial for microtransactions, reducing fees and congestion on the main network.
While implementing the Lightning Network, Binance has also been dealing with a legal battle with the United States Securities and Exchange Commission (SEC). This situation has created a period of uncertainty for the company.
However, there has been a recent development that brought some relief. Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia approved a consent agreement between Binance, Binance.US, and the SEC.
This agreement effectively dismissed the temporary restraining order filed by the SEC, which would have frozen all Binance.US assets.
In conclusion, Binance’s decision to implement Lightning Network nodes demonstrates its commitment to improving the efficiency of Bitcoin transactions.
By integrating the Lightning Network, Binance aims to alleviate network congestion and provide smoother BTC deposits and withdrawals for its users. Additionally, the recent resolution of the legal dispute with the SEC brings some stability to the company’s operations.
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