Thomas Goldstein

Thomas Goldstein is a seasoned crypto journalist, with over eight years of experience. He primarily covers Bitcoin and Ethereum market news, price analysis, and GameFi.

Top Meme Coins in January 2025

Meme coins are a type of digital asset that is inspired by trends, characters, and memes. Their main purpose is for entertainment and fun. And most crypto enthusiasts support them. Some of these coins come with animal meme images or

PayPal’s Ethereum-Based Stablecoin PYUSD Divides Crypto Community

PayPal’s recent launch of the Ethereum-based stablecoin, PYUSD, has generated mixed reactions within the crypto community.

While some see it as a positive step towards mainstream adoption for Ethereum, others are concerned about its potential impact on decentralization and personal asset control.

The stablecoin, also known as PayPal USD, was introduced on August 7 and is issued by Paxos Trust Co., the same firm behind Binance USD (BUSD).

Built on the Ethereum blockchain, it aims to facilitate digital payments and Web3 functionalities and will soon be available to customers in the United States.

Ethereum proponents, such as Anthony Sassano and Ryan Sean Adams, view the introduction of this ERC-20 stablecoin as a significant boost to Ethereum adoption, bringing it closer to becoming the money layer of the internet.

With around 300,000 to 400,000 daily active users on Ethereum, the potential for PayPal’s vast user base of 430 million accounts to be onboarded onto Ethereum through PYUSD is seen as noteworthy progress.

However, some experts have expressed reservations about PayPal’s stablecoin.

Certain smart contract auditors have pointed out that PYUSD’s smart contract includes functions like “freezefunds” and “wipefrozenfunds,” which are considered centralization attack vectors.

This has raised concerns about the potential misuse of these functions by PayPal.

The stablecoin’s characteristics have been likened to a censorship-enabled central bank digital currency by digital asset lawyer Sarah Hodder.

READ MORE: Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling

Another smart contract auditor has observed that PayPal retains the ability to modify PYUSD’s smart contract at any time, which could raise questions about true decentralization.

The crypto community recalls PayPal’s controversial policy in the past, which could have resulted in user fines for spreading “misinformation.”

Although the company later retracted the policy, such incidents have left some skeptical about PayPal’s intentions with PYUSD.

Blockchain engineer Patrick Collins remains neutral, acknowledging that while PYUSD has potential, some engineering choices could have been more optimal.

For example, he suggests that using an outdated version of Solidity to program the contract and making it upgradeable might have drawbacks.

Despite these concerns, PayPal’s PYUSD is expected to be rolled out in the coming weeks.

Ethereum’s price has shown minor fluctuations since the announcement, maintaining a similar value of around $1,825.

In conclusion, PayPal’s introduction of PYUSD has sparked both enthusiasm and caution within the crypto community.

While it may promote Ethereum adoption, concerns about centralization and the control of assets warrant close scrutiny as the stablecoin is implemented.

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Bitcoin (BTC) Price Recovers Above $29,000 Amidst Potential Breakout Signals

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Bitcoin (BTC) managed to bounce back above the $29,000 mark on August 8, as one trader detected signs of a potential breakout in progress.

Following a slight rebound from local lows of $28,670, Bitcoin remained within a narrow range and seemed to mirror movements in the United States equities during the August 7 Wall Street trading session.

Although there was no significant momentum in either direction, market participants were eager to identify signals indicating a possible return of a trend.

Trader Jelle spotted a potential falling wedge breakout on daily timeframes, noting that this formation could lead Bitcoin’s price to a target of $32,000.

This wedge pattern had emerged at the beginning of July, marking the second such formation in two months, the first one appearing from April to the end of June.

Michaël van de Poppe, the founder and CEO of trading firm Eight, characterized the previous day’s dip as a standard correction.

He observed that the market quickly bounced back, resulting in a decent daily candle. However, market participants were also keeping a close eye on the July print of the U.S. Consumer Price Index (CPI), which has historically been a catalyst for crypto market volatility.

On intraday timeframes, the situation was more complex as market makers and takers engaged in a dynamic interplay on exchanges.

Skew, a popular trader, highlighted that failure to break down the price forced spot takers to bid, particularly since they had led the sell-off around the $29,000 level.

READ MORE: Alchemix, Curve Finance, and JPEG’d Reclaim $61 Million Stolen in Hacker Attack Through Bug Bounty Initiative

In a more optimistic analysis, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, argued that the dip below $28,000 held more significance as a local bottom than many realized.

According to Glassnode’s Risk Signal metric, Bitcoin was at its highest-risk trading level in several months.

Coupled with a neutral signal on altcoins and overall volatility near its lowest-ever values, the market was poised for potential bullish activity.

As the market approached being oversold, there were indications that bulls might step in, particularly if Bitcoin tapped the liquidity pool at around $28,500.

This was viewed as a potential reversal point that market participants had been hoping for.

However, given the volatile nature of the cryptocurrency market, caution was advised as fluctuations could quickly alter the landscape.

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UK National Crime Agency Strengthens Crypto Crime Fight

The UK’s National Crime Agency (NCA) is taking significant steps to combat digital crimes involving cryptocurrencies by expanding its digital assets investigation team.

To bolster their efforts, the agency plans to hire four senior investigators for its Complex Financial Crime Team, dedicated to tackling crypto-related crimes.

The primary focus of these investigators will be on probing high-end crypto fraud, money laundering, and other blockchain-based criminal activities orchestrated by organized crime groups.

Collaborating closely with a surveillance team and the London police, they will gather crucial evidence and data from various sources to develop intricate cases.

For aspiring candidates, the position necessitates possessing a current or active Professionalising Investigation Programme Level 2 accreditation or an equivalent government-issued qualification in investigative crime.

Successful candidates can expect a salary ranging from 34,672 pounds to 38,314 pounds ($44,145 to $48,782.92) along with other civil service benefits.

The United Kingdom has been persistent in its endeavors to establish a specialized investigative team focusing on illicit crypto activities.

READ MORE: Coinbase CEO Affirms Commitment to US Amid Regulatory Uncertainty

On January 4, the NCA launched its digital assets team, emphasizing an increased emphasis on crypto assets.

The creation of this unit was prompted by the alarming increase in losses due to crypto fraud in the UK during 2022.

According to the UK’s reporting system for cybercrime and fraud, crypto scammers managed to steal at least $287 million in the said year.

To further strengthen their efforts, the NCA has been actively seeking additional manpower for its crypto team.

In particular, on July 26, the agency also announced its search for financial investigations managers.

These managers will be responsible for overseeing crypto and digital assets crime investigations with a focus on the Proceeds of Crime Act.

The Act pertains to the process of confiscating and redirecting crime-derived funds for the betterment of the community.

By expanding their digital assets investigation team and investing in specialized personnel, the NCA aims to stay ahead of the ever-evolving landscape of crypto-related crimes.

With a dedicated focus on disrupting organized crime groups involved in high-end crypto fraud and money laundering, the agency hopes to curb the impact of cybercriminals in the financial sector.

As the UK continues to grapple with the challenges posed by cryptocurrency crimes, the NCA remains committed to safeguarding the interests of its citizens and the integrity of the nation’s financial system.

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Curve Finance Offers $1.85 Million Bounty to Identify DeFi Exploiter

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Curve Finance, a prominent decentralized finance (DeFi) protocol, is offering a bug bounty reward to anyone who can help identify the exploiter behind a significant incident that drained more than $61 million from its pools on July 30.

Several other protocols affected by the attack have also contributed to the bounty, amounting to over $6 million, in the hopes of encouraging the hacker to come forward.

Recently, the attacker responded to the bug bounty offer on August 3 by returning some of the stolen assets to Alchemix and JPEGd.

However, the hacker did not complete refunds to other affected pools. With the deadline for voluntary returns passed, Curve Finance is now extending the bounty to the public.

The reward stands at 10% of the remaining exploited funds, which currently amounts to $1.85 million USD.

The bounty will be awarded to anyone who can identify the exploiter in a way that leads to their conviction in the courts.

Nevertheless, if the exploiter chooses to return the funds in full, the matter will not be pursued further.

Prior to returning the funds, the attacker left a message seemingly directed at the Alchemix and Curve teams.

In the message, the exploiter claimed to be refunding not out of fear of being caught, but rather to avoid damaging the projects involved.

READ MORE: Elon Musk’s X Pledges to Fund Legal Bills for Users Mistreated by Employers over Social Media Activity

The attack took place on July 30 and involved the exploitation of vulnerabilities in vulnerable versions of the Vyper programming language through reentrancy attacks.

This led to the drainage of substantial amounts of cryptocurrencies from Curve’s pools, including $13.6 million from Alchemix’s alETH-ETH, $11.4 million from JPEGd’s pETH-ETH, and $1.6 million from Metronome’s sETH-ETH.

The incident exposed weaknesses in various DeFi projects and triggered widespread efforts to recover the stolen funds throughout the DeFi ecosystem over the past week.

In conclusion, Curve Finance is actively seeking to identify the responsible party behind the significant exploit that resulted in substantial losses from its pools.

They are offering a substantial bug bounty reward to incentivize anyone with pertinent information to come forward and help bring the attacker to justice.

The incident has raised awareness of the vulnerabilities present in DeFi projects and spurred efforts to enhance security measures across the ecosystem.

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Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling

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On August 1, the Chamber of Digital Commerce (CDC), a prominent blockchain and digital assets advocacy organization in the United States, released a detailed report focusing on the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

The report, titled “SEC v. Ripple Ruling: Impact and Analysis,” thoroughly analyzes the case’s outcome and highlights its significant implications for the future of the cryptocurrency industry.

One crucial aspect of Judge Analisa Torres’s ruling, as outlined in the report, is the establishment of a crucial precedent that distinguishes between an investment contract and the underlying asset.

The report delves into Torres’s classification of Ripple’s XRP token distributions into three distinct categories: institutional sales, programmatic sales, and other distributions.

By applying the Howey test, the judge sought to determine whether these distributions constituted an offer and sale of investment contracts.

The CDC expressed its contentment with the ruling, which was in line with their amicus brief supporting Ripple. Perianne Boring, the CEO, and founder of the CDC emphasized the ruling’s importance in setting a precedent for future legal encounters within the crypto industry.

She underscored the significance of establishing a balanced playing field in the digital asset sector and the organization’s dedication to advocating for policies that support the United States’ leadership in the digital economy.

READ MORE: Chamber of Digital Commerce Publishes Impactful Analysis on SEC’s Ripple Lawsuit

However, while the ruling was seen as a positive step towards logical crypto regulations, the CDC firmly believes that definitive regulatory clarity can only be achieved through effective legislation enacted by Congress.

The CDC acknowledged the introduction of several blockchain and digital asset regulatory bills in both the U.S. House and Senate.

However, the report also expressed uncertainty about the potential enactment of these bills, mainly due to constraints posed by the legislative calendar.

Despite the challenges, the CDC remains committed to advocating for a comprehensive legal framework for digital assets.

Such a framework would create a conducive environment for digital asset product launches and foster innovation in the crypto industry.

In a previous instance, the CDC accused the SEC of overstepping its authority and unfairly labeling crypto assets as securities in its insider trading case against former Coinbase employees.

In conclusion, the CDC’s report on the SEC’s lawsuit against Ripple sheds light on the significance of the ruling’s impact on the cryptocurrency industry.

The report emphasizes the need for a balanced regulatory environment and effective legislation to bring about clarity in the digital asset sector.

The CDC continues to play a vital role in advocating for a comprehensive legal framework that supports innovation and growth in the burgeoning world of digital assets.

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FBI Warns of New NFT and Crypto Scams

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The FBI has issued a warning about the growing threat of criminal actors exploiting social media platforms to deceive users in the nonfungible token (NFT) and cryptocurrency space.

The scams involve hijacking legitimate NFT developer accounts or creating fake accounts that closely resemble authentic ones to promote fraudulent NFT releases.

The fraudulent posts often utilize phrases like “limited supply” and present promotions as “surprise” or unannounced mint events, aiming to create a sense of urgency among potential victims.

The scammers include phishing links in these announcements, directing unsuspecting users to spoofed websites that appear to be genuine extensions of particular NFT projects.

Upon visiting these scam websites, victims are prompted to connect their wallets to claim or purchase NFTs.

However, the wallets are connected to drainer smart contracts, leading to a loss of funds or assets for the individuals.

While this is one common method of scamming, there are other ways in which people can fall victim to such attacks even without directly connecting their wallets to suspicious websites.

In one incident, a user mistakenly clicked on a spoof LooksRare NFT marketplace website and did not connect their hot wallet, yet they lost over $300,000 worth of NFTs.

READ MORE: Bitcoin’s Hodl Strategy Outperforms Crypto Funds by 68.8% in H1 2023

The fake website was even promoted as a paid ad at the top of Google’s search results, highlighting the ongoing issue with such scams on the search engine.

There have been reports of other significant losses, including someone losing $446,000 worth of Bitcoin, Ether, and Pepe tokens to a phishing link.

The scams appear to be orchestrated through a Pink drainer address, and two fake airdrop links promoted by hijacked accounts on Avalanche and QwQiao.

To protect themselves from these scams, the FBI has outlined several tips for individuals in the NFT and crypto community.

It advises users to thoroughly research and vet any opportunities, especially surprise NFT drops or giveaways, before clicking on links.

Additionally, people should double-check website URLs and account names for any discrepancies to avoid falling prey to impersonators.

In conclusion, the FBI has issued a cautionary statement to raise awareness of the growing threat posed by criminals exploiting social media to deceive NFT and cryptocurrency users.

By staying vigilant and following the recommended precautions, individuals can protect themselves from falling victim to these sophisticated scams.

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Robinhood Turns Profitable in Q2 2023 Despite Revenue Dip

Robinhood, the popular trading platform, announced its second-quarter results, marking a significant achievement of turning profitable for the first time since going public.

Despite a decline in revenue during the second quarter of 2023, the company managed to report a net income of $25 million and earnings per share (EPS) of $0.03.

This is in stark contrast to the first quarter of the year when they had incurred a net loss of $511 million and an EPS of -$0.57.

The drop in revenue was notable in several transaction-based sources. Revenue from cryptocurrency transactions decreased by 18% to $31 million, while options and equities revenue also witnessed declines of 5% to $127 million and 7% to $25 million, respectively.

Over the past year, the company’s revenue has experienced an overall decrease of 4%, going from $202 million in June of the previous year to $193 million.

Despite the revenue dip, Robinhood managed to improve its total operating expenses, leading to its profitable Q2 results.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a remarkable 31% sequential increase, reaching $151 million, with a corresponding margin gain of five percentage points, reaching 31%.

EBITDA is a crucial metric used by analysts and investors to gauge a company’s operational performance within its industry.

READ MORE: U.S. Judge Denies Motion to Dismiss SEC Lawsuit Against Terraform Labs

Robinhood’s total assets under custody experienced a 13% growth, reaching $89 billion in the last quarter. The increase was attributed to higher equity valuations and consistent net deposits.

Moreover, the company showed promising progress in its crypto assets under custody, which grew from $8.431 billion in December 2022 to $11.503 billion in June 2023.

Vlad Tenev, the CEO and co-founder of Robinhood Markets, expressed his satisfaction with the achievement, stating, “In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public company.”

GAAP stands for Generally Accepted Accounting Principles, representing standard accounting principles and guidelines used by companies for financial reporting.

The report revealed that Robinhood’s net deposit for the quarter amounted to $4.1 billion, reflecting an annualized growth rate of 21% concerning assets under custody in Q1 2023.

Additionally, the net deposits over the past 12 months amounted to $16.1 billion, indicating a growth rate of 25% over the course of a year.

Overall, despite the drop in revenue from certain transactions, Robinhood’s second-quarter results marked a significant turning point, as they successfully achieved profitability and demonstrated positive growth trends in various aspects of their business operations.

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U.S. Judge Denies Motion to Dismiss SEC Lawsuit Against Terraform Labs

The United States Securities and Exchange Commission (SEC) is moving forward with its lawsuit against Terraform Labs, as a U.S. judge overseeing the case denied the firm’s motion to dismiss on July 31.

This legal battle began on February 16 when the SEC filed a suit against Terraform Labs and its founder, Do Kwon, accusing them of orchestrating a multi-billion dollar crypto asset securities fraud.

Terraform Labs’ legal representatives tried to have the case dismissed in April, followed by additional materials supporting their motion in June.

Judge Jed Rakoff of the Southern District Court of New York reviewed the arguments and found that, for the purpose of this motion, all well-pleaded allegations must be taken as true, and all reasonable inferences must be drawn in favor of the SEC.

Terraform Labs had argued that the SEC lacked jurisdiction over the company and its founder.

They also contested the agency’s classification of tokens like Mirror Protocol (MIR), Terra Classic (LUNC), and TerraUSD Classic (USTC) as securities.

Terraform Labs further suggested that the SEC should wait for Congressional action on crypto regulation.

However, Judge Rakoff rejected the claim that the SEC lacked the authority to regulate crypto tokens without Congressional authorization.

READ MORE: Liquid Staking Tokens Poised to Dethrone Ethereum’s Ether (ETH) as Dominant DeFi Asset

He also disagreed with Terraform Labs’ reliance on the “Major Questions Doctrine.”

The judge extensively analyzed the Howey test, an important legal framework for determining whether an asset qualifies as a security.

He emphasized that no formal contract is necessary to meet the Howey test, and tokens themselves may be considered securities in court arguments.

Furthermore, Judge Rakoff rejected the idea of distinguishing between tokens like MIR and LUNA based on their manner of sale.

This rejection contrasts with a similar case involving Ripple Labs Inc., where another judge had drawn such a distinction.

The Ripple case involved the SEC’s claim that XRP was not a security when sold on the secondary market, which was partially accepted, providing Ripple with a partial win.

With Judge Rakoff’s ruling, the SEC’s case against Terraform Labs continues, indicating that the court is not following the same approach as in the Ripple case.

This ruling might have implications for future cases involving crypto assets and could set a precedent for the SEC’s regulation of the crypto industry.

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July Records Catastrophic $486 Million Losses Amid High-Profile Hacks and Exploits

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The cryptocurrency market experienced its most challenging month in 2023, as revealed by a report from Web3 outlet De.Fi, shared with Cointelegraph.

Losses in July amounted to a staggering $486 million, surpassing the total losses from the entire year of 2022 by more than six times.

This alarming trend followed a series of high-profile hacks and exploits that occurred during the month, accompanied by a flurry of legislative activity surrounding the regulation of cryptocurrency and digital assets.

Unfortunately, the recovery efforts for the stolen funds proved insufficient, with only $6.15 million, representing a mere 1% of the total stolen amount, successfully reclaimed.

Researchers at De.Fi expressed their concern over the lack of effective measures to quickly recover lost funds.

They emphasized the critical role played by the cryptocurrency sector in recuperating stolen or lost assets, stating that it is vital in mitigating the adverse effects of such unfortunate incidents.

The report highlighted that the majority of the losses originated from the Ethereum network, accounting for $447 million lost across 36 cases.

Notable incidents included the Multichain hack, which resulted in $231 million in losses, and the Alphapo exploit, causing approximately $100 million in damages.

Following Ethereum, the network with the next highest losses was Base, where a single case led to $23 million being lost.

Binance took third place, reporting a loss of nearly $11 million across 18 cases.

READ MORE: BNB Smart Chain (BSC) Hit by Copycat Attacks

The report attributed the primary cause of the losses in July to “access control issues,” accounting for a significant portion of the funds lost at $364 million.

Additionally, there were over 38 reported cases of “rugpulls,” resulting in approximately $36 million in losses, and reentrancy attacks led to around $78 million in damages.

Despite the concerning statistics, there was a glimmer of positive news in the report:

July saw no reports of exit scams, providing a ray of hope amidst the otherwise bleak scenario.

The De.Fi team’s report underscored the urgency for improved security measures, regulatory efforts, and robust recovery strategies within the cryptocurrency space.

Without prompt and effective action, the market’s vulnerability to hacks and exploits may continue to exacerbate losses and hinder its overall growth and stability.

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Curve Finance’s CRV Token Holders Worried Over Potential Massive Dump

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Curve Finance, the decentralized finance (DeFi) protocol, is facing another challenge in addition to recovering from a recent $47-million hack. Concerns have arisen among holders of the protocol’s token regarding a potential massive dump.

On August 1, Delphi Digital, a crypto research firm, revealed in a Twitter thread that Curve Finance founder Michael Egorov had taken loans backed by a significant portion of the circulating supply of Curve DAO (CRV).

These loans amount to around $100 million and are secured by 427.5 million CRV tokens.

One of the loans, on Aave, involves 305 million CRV supporting a 63.2-million Tether (USDT) loan.

Delphi Digital noted that if the CRV token’s price were to drop by 36%, the position could be liquidated at $0.3767, which is below the current trading price of CRV at approximately $0.5975.

On Frax Finance, Egorov holds 59 million CRV supporting a debt of 15.8 million Frax (FRAX).

The loan carries additional risks due to Fraxlend’s time-weighted variable interest rate, which doubles every 12 hours when the loan is at 100% utilization.

The interest rate can reach an alarming 10,000% in just 3.5 days, making liquidation a possibility regardless of the CRV token’s price.

To mitigate these risks, Egorov has been working to reduce the debt and utilization rate by paying 4 million FRAX in the last 24 hours.

However, users have been quick to withdraw their liquidity as soon as Egorov makes payments.

READ MORE: BNB Smart Chain (BSC) Hit by Copycat Attacks

To address this liquidity issue, Egorov implemented a Curve pool to incentivize liquidity in the lending market.

Within four hours of its launch, the pool attracted $2 million in liquidity and decreased the utilization rate from 100% to 89%.

The situation has drawn comparisons to FTX founder Sam Bankman-Fried using FTX Token (FTT) as collateral and raised concerns within the community, with some fearing that it could hinder the DeFi industry’s progress and discourage potential investors.

Cointelegraph attempted to reach out to Egorov for comment, but there was no immediate response.

In summary, Curve Finance’s CRV token holders are now facing worries about a potential massive token dump due to the significant loans taken by the protocol’s founder, backed by a substantial amount of CRV tokens.

Efforts are being made to manage the risks, but the situation has drawn attention and concern from the crypto community.

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