SEC - Page 102

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Ethereum Price May Decline as Spot ETFs Launch Amid Increasing Supply, Analysts Warn

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Ethereum‘s price may decline after the initial excitement surrounding spot Ethereum exchange-traded funds (ETF) fades, especially if its supply continues to grow at the current rate, according to an analyst.

“If the supply of ETH keeps increasing by ~60k/month like it has been since April, then by Dec the supply will be back to what it was at the merge,” noted crypto trader and Into The Cryptoverse founder Benjamin Cowen in a July 19 X post.

This refers to the period when Ethereum transitioned to its proof-of-stake consensus model in September 2022.

Post-Merge, Ethereum became deflationary, reducing its supply by approximately 455,000 ETH by April 2024.

However, since then, the supply has increased by about 150,000 ETH. Cowen suggests that if this trend continues, Ethereum’s supply might revert to pre-Merge levels.

“If the supply of ETH keeps increasing at 60,000 ETH per month, then we will see the supply revert to what it was back at the merge,” Cowen reiterated.

He also highlighted, “If it follows 2016, then ETH/BTC final capitulation will not start until September 2024, which would be enough time for the novelty of the spot ETF relative to BTC to potentially wear off.”

Cowen predicts Ether’s price might drop within the next “3-6 months,” despite his belief that in 1.5 years, the price will “likely be higher” than its current value.

READ MORE: Worldcoin Faces Allegations of Price Manipulation Amid Token Unlock Delay

At the time of publication, Ether is trading at $3,507, according to CoinMarketCap.

Onchain analyst Leon Waidmann recently highlighted a “supply crisis” for Ethereum, pointing out that exchange balances have dropped to 10.2% while 39.3% of ETH is locked in smart contracts.

“Most investors don’t realize how tight the ETH supply side is,” Waidmann noted in a July 16 X post.

Meanwhile, the Chicago Board Options Exchange (CBOE) announced on July 19 that five spot Ethereum ETFs would begin trading on July 23, pending regulatory approval.

These include the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.

On May 23, the United States Securities and Exchange Commission (SEC) approved rule changes allowing the listing of several spot Ether ETFs.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Gemini and IRA Financial Trust Settle Lawsuit Over $36 Million Crypto Hack

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Cryptocurrency exchange Gemini has reached a settlement with retirement and pension platform IRA Financial Trust, concluding a lawsuit filed in 2022.

On July 18, Judge Analisa Torres of the United States District Court for the Southern District of New York dismissed the case filed by IRA Financial Trust with prejudice, following a settlement agreement between IRA Financial Trust and Gemini Trust.

The lawsuit, initially filed by IRA in June 2022, accused Gemini of misrepresenting its security protections.

IRA Financial Trust alleged that Gemini’s lack of transparency regarding its security protocols made the company liable for a February 2022 hack, during which approximately $36 million in cryptocurrency was stolen.

The platform claimed that hackers gained control of IRA’s master key, enabling them to transfer “tens of millions of dollars’ worth of Bitcoin and Ether into a single customer retirement account, and then withdrawing all such assets.”

READ MORE: KPMG Partners with Cryptio to Enhance GAAP Compliance for US Crypto Firms

At the time, a Gemini spokesperson told Cointelegraph that the company rejected the allegations.

The July 18 filing did not disclose specific details of the settlement. Cointelegraph reached out to Gemini for comment but did not receive a response by the time of publication.

The resolution of the civil case follows Gemini’s settlements with the New York Department of Financial Services (NYDFS) and the New York Attorney General’s office concerning the Gemini Earn program.

In June, New York Attorney General Letitia James recovered approximately $50 million from Gemini, and the exchange agreed to return $1.1 billion to Earn users as part of an agreement with the NYDFS.

The conclusion of these legal matters marks a significant step for Gemini, as it continues to navigate the regulatory and legal challenges associated with its operations in the cryptocurrency space.

The details of the settlements with the NYDFS and the Attorney General’s office underline the financial implications and the importance of compliance and transparency in the rapidly evolving crypto industry.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Oversold in June Following German Sell-Off, Signals of Bullish Reversal Emerge

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According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.

This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.

“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated.

The report, which focuses on the period through June 30 but includes more recent data, added, “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”

Another bullish signal identified by ARK is investors’ sustained appetite for BTC exchange-traded funds (ETFs).

The report highlighted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs.

By June 30, the drop in BTC’s spot price had overshot the 30-day percent change in BTC ETF flows by 17.3%.

READ MORE: CrowdStrike CEO Clarifies Downtime Cause: No Security Breach, Stock Drops 15%

July saw billions of dollars of net inflows into BTC ETFs, with about $1.35 billion entering the funds in the week ending July 15, according to CoinShares.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo.

Despite these positive signals, there are risks to BTC’s continued strong performance from global economic data.

ARK noted that corporate profits are steadily falling as pricing power diminishes, indicating economic weakness.

Bitcoin prices also face potential challenges from the defunct cryptocurrency exchange Mt. Gox’s repayment of approximately $9 billion in BTC to creditors.

However, unlike Germany’s abrupt sell-off, industry analysts believe that creditors may opt to hold onto their BTC, which could soften any potential negative impact on the broader market.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Miners and Stablecoins Perform Well Even as Crypto Lost $18 Billion in June According to a Recent JPMorgan Report

June was a bad month for Bitcoin and, by association, the crypto market. Between the Mt Gox distributions and the German government offloading a massive amount of seized bitcoins, the world’s foremost crypto asset saw almost a quarter of its value wiped out. Yet, the overall resilience of the market seems to be improving. According to JPMorgan, even in this tumultuous period crypto finds itself in, miners and stablecoins still performed well, underscoring the wider acceptance and expansion that crypto has undergone in recent years. 

Crypto Expansion 

Among the many industries that have accepted cryptocurrencies as a payment method and expanded its versatility is the iGaming sector. Between facilitating faster payouts and more private online casino games, it’s also become one of the main selling points behind the booming popularity of non-Gamstop casino sites. According to gambling expert Tim Mirroman, many players prefer non-Gamstop casinos as they cater for a less restrictive and more anonymous experience. 

JPMorgan’s recent report underscored how popular, wide-ranging, and robust parts of the crypto industry are becoming as many other coins have begun forging their own markets that can withstand bearish sentiment and even panic selling in Bitcoin. However, despite this, the crypto market did decline in June, which has caused it to lose $18 billion across the board and has left investors worldwide unsettled. As ever, when volatility moments like these rear their head, it tends to infect most of the market across the board as many people still believe crypto may just be a bubble that’s set to burst in its entirety one day. 

One of the factors that have startled many investors is the 8% drop in cryptocurrency market capitalisation, which has made it fall to around $2.25 trillion. This drop has meant cryptocurrencies have basically lost all the gains they made in May.

Another factor that has contributed to a decline in crypto prices is that daily spot trading volumes also decreased by 18% in that time. Also, all this occurred during a period where traditional financial markets have been bullish, with the Nasdaq seeing 6% gains, which has all contributed to the many outflows seen among crypto assets.

Miners’ Performance

Amidst all this turmoil, the JPMorgan report has also shown that miners have been a significant exception to the wider contraction of the market.  In that time, the total number of publicly listed Bitcoin miners increased by 19% in contrast to the almost 20% decline of the CoinDesk 20 index. 

Many factors have contributed to this growth, such as the adoption of artificial intelligence to reduce power costs. An example of this is the 12-year agreement that Core Scientific has signed with CoreWeave to utilise their AI cloud infrastructure to mine tokens, a move that not only triggered a re-rating of this sector but also set off a larger trend of mergers and acquisitions as other miners wanted access to similar solutions.

Stablecoins’ Resilience

Stablecoins have also become an attractive investment during this volatile period as investors are looking for digital assets that can better hold their value during such bloodbaths. Stablecoins, such as USDT, which is known as Tether, and USDD, have, of course, maintained their value since they are pegged to the US dollar and provide investors with a safer option during periods of volatility. Other investors have also been using the safety that stablecoins provide to hedge trades in more volatile tokens, as these coins’ entire appeal rests on the fact that they don’t generally experience major price swings.

Factors like these have contributed toward the market’s confidence in stablecoins that have seen them weather the storm as expected. However, another factor that has played a role in this is their transparency and various use cases, as another branch of cryptocurrencies that are widely accepted by some major eCommerce sites, crypto gambling sites, and large retailers. 

Kraken Expands Custody Services to UK and Australia, Partners with Tottenham Hotspur

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Kraken, the cryptocurrency exchange, has announced the expansion of its Kraken Custody services for institutional clients in the United Kingdom and Australia.

This move marks Kraken Custody’s first international rollout after its successful launch in the United States earlier this year.

According to an official blog post, the expansion into the UK and Australia aims to provide both new and existing institutional clients outside the US with a secure digital asset custody product.

Kraken emphasized that institutions “require a custody solution that enables them to store, manage, and scale their strategies.”

Tim Ogilvie, Kraken’s global head of institutional, elaborated on the expansion in an interview with Cointelegraph.

He noted that expanding to the UK and Australia was a “natural choice” for Kraken Custody.

He further mentioned, “We’ll be looking to expand to more locations such as the European Union, Switzerland, Cayman Islands and British Virgin Islands in the near future.”

Kraken Custody is designed to facilitate the storage and management of digital assets for institutions, ensuring they adhere to regulations while entering the crypto market.

Ogilvie highlighted that “Kraken Custody is protected by protocols” developed by their “in-house cybersecurity team.”

He added, “Accounts come with MPC technology and HSMs for key storage and policy enforcements.

“This means clients have more flexibility and timely access to their assets while benefiting from secure and robust controls.”

READ MORE: Fairspin’s Innovative Crypto Gaming: Changing the Future of Online Gambling

In addition to the expansion news, on July 16, Kraken announced a partnership with UK football club Tottenham Hotspur.

This collaboration aims to bridge the gap between sports franchises and digital asset platforms.

As part of the deal, Kraken will become Tottenham Hotspur’s first official crypto and Web3 partner, as well as the official sleeve partner for the club’s men’s and women’s teams.

Ryan Norys, the club’s chief revenue officer, explained that the partnership aims to “drive innovation” for both the team and Kraken.

Also, on July 16, Kraken informed users that it had received reimbursement funds, which would be distributed over seven to fourteen days.

According to Arkham Intelligence, a transfer of 48,641 Bitcoin worth $3.1 billion was flagged as being sent to a Kraken-associated wallet.

Kraken has worked closely with Mt. Gox trustees to ensure the recovered funds are appropriately distributed to creditors.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

BNB Chain Announces Q3 2024 “Become A Champion Builder” Hackathon

Taiwan, Taiwan, July 18th, 2024, Chainwire

  • BNB Chain is thrilled to unveil the Q3, 2024 hackathon themed “Become A Champion Builder” hackathon.
  • Projects have the chance to win $500,000+ in rewards.
  • Quarterly sponsors of the hackathon include StakeStone, Myshell, Hacken. 

BNB Chain is thrilled to unveil the “Become A Champion Builder” hackathon, set to be a pivotal event in the blockchain industry. This hackathon aims to drive innovation and collaboration, inviting both seasoned developers and newcomers to showcase their skills and creativity.

The BNB Chain Hackathon 2024 Q3 provides a unique platform for participants to contribute to the future of blockchain technology. With a robust support system and exciting challenges, this hackathon is designed to ignite the spirit of innovation.

We extend our heartfelt gratitude to our sponsors for their unwavering support. Their contributions are instrumental in making this hackathon possible:

Participation is straightforward. Follow these steps to join the hackathon:

  • Prepare: Mark your calendar with the key dates listed below.
  • Develop: Start building your project. 
  • Submit: Submit your project here. You may submit your project between July 31 and August 15, 2024.

The hackathon will feature three challenge categories – Wishlist, Imagination, and Sponsor.

  • Wishlist Challenge: Developers can choose any challenge from BNB Chain’s wishlist.
  • Imagination Zone: Develop without restrictions; just describe your ideas in detail.
  • Sponsor Challenge: Complete challenges set by sponsors to earn rewards.

To foster deeper connections with developers, we are organizing a Hacker House event. Stay tuned for the schedule announcement on our official X.

Winning projects have a chance to win $500,000+ in rewards including:

  • $50,000 winner prize pool (The top 3 get $15,000, $10,000, and $5,000, respectively).
  • $10,000 for honorable mentions
  • $60,000 for milestone reward.
  • A total of $300,000 in kickstart packages ($50,000 each).
  • Sponsor Challenge Track: over $100,000 

Following the hackathon, the winners will receive:

  • Upto one month of incubation from BNB Chain, including 1-to-1 technical support.
  • Increased opportunities to join the MVB program.

The key dates for the BNB Chain “Become A Champion Builder” are as follows:

  • Workshop: 2024.7.23 – 2024.08.08
  • Submission: 2024.7.31 – 2024.08.15
  • Top 10 Demo: 2024.08.28
  • Winner Announcement: 2024.09.02
  • Incubation: 2024.09.02 – 2024.10.02

For any questions or assistance, users can reach out to us through BNB Chain Discord. BNB’s team is here to support its users 24/7.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
  • opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via DappDay.

Contact

BNB Chain
press@bnbchain.org

Web3 Executive Suggests AT&T Data Breach Could Have Been Prevented with Blockchain Technology

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A Web3 executive believes that the recent data breach at multinational telecommunications company AT&T could have been avoided if the data were stored on the blockchain.

On July 12, AT&T disclosed in a filing with the United States Securities and Exchange Commission (SEC) that an investigation revealed a breach compromising customer data.

The attackers accessed and copied call logs stored with a third-party cloud provider. The data included records of calls, texts, and phone numbers.

Although the content of communications was not compromised, the company fears that hackers could use tools to link phone numbers to customer identities.

Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, highlighted the vulnerabilities in the networks people rely on most.

He emphasized that this was the second breach report, suggesting such incidents are “becoming the rule, rather than the exception.”

He also noted the delay in reporting the breach. Kravchunovsky said:

“It’s also concerning that it takes more than two years to report these breaches, so there is no guarantee something similar isn’t happening right now.”

He warned that millions of customers could be at risk as hackers might identify their homes, workplaces, and connections, making them more susceptible to fraud.

READ MORE: $STOG Burns $1 Million in Liquidity to Strengthen Market Position

Kravchunovsky argued that current technological solutions are insufficient and new ones are necessary.

He believes the odds of a breach would be “much slimmer” if AT&T’s data were on the blockchain. Kravchunovsky stated that blockchain technology and AI can create more secure databases.

“Storing the data on an immutable ledger and tracking threats in real-time allows for a rapid response before a breach occurs,” he added.

Kravchunovsky explained that decentralized solutions, such as physical infrastructure networks (DePIN), routinely protect large data streams from cyber threats.

While Web3 technology cannot guarantee the prevention of all breaches, he believes it significantly reduces the risk. He explained:

“Of course, there’s never a guarantee that a breach like the one reported by AT&T couldn’t happen if the data were stored on the blockchain, but the odds are much slimmer.

Plus, blockchain is transparent, so it’s impossible to hide such breaches for two years.”

Kravchunovsky concludes that with today’s technology, such breaches are “inexcusable.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Mt. Gox Creditors Largely Opt to Hold Bitcoin Payouts

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Creditors of the hacked cryptocurrency exchange Mt. Gox are not rushing to sell their Bitcoin payouts, according to a Reddit community vote.

A recent poll on the Mt. Gox Insolvency subreddit revealed that most Mt. Gox creditors plan to retain their Bitcoin payouts.

These payouts are being received nearly 11 years after the Mt. Gox hack.

Mt. Gox Insolvency is a subreddit for those affected by the 2014 collapse of Mt. Gox and participating in the official insolvency process in Tokyo through the Japanese court system.

According to the poll, which closed on July 13, approximately 260 creditors (56% of 467 participants) plan to hold onto their Bitcoin.

This decision aligns with the Bitcoiner strategy known as hodl, where investors hold onto BTC despite price fluctuations.

Conversely, 88 respondents (about 20%) indicated they would sell 100% of their BTC payouts. Around 14% said they would sell up to 25% of their BTC, while about 6% planned to sell up to 50%.

While the poll may reflect investor sentiment on the subreddit, it doesn’t paint the full picture.

Discrepancies in payout amounts and the fact that only a fraction of creditors participated in the vote are significant factors.

“This is all good fun, but doesn’t mean anything,” one Redditor commented, highlighting the variance in BTC holdings among creditors.

Another poster added, “You cannot take the results of this survey and calculate the percentage of Bitcoin that will be sold and be anywhere near accurate unless you get lucky.”

READ MORE: Fairspin’s Innovative Crypto Gaming: Changing the Future of Online Gambling

Despite these limitations, some believe the polls are useful.

“The polls about receiving fiat from the trustee changed every week with the increased disbursement and showed how many creditors were compensated,” a Mt. Gox creditor told Cointelegraph.

Mt. Gox was once the world’s largest Bitcoin exchange, handling approximately 70% of all BTC transactions before its collapse in 2014.

The exchange lost 850,000 BTC (4% of all issued Bitcoin) in a security breach. Over the years, the Mt. Gox trustee has recovered about 141,000 BTC to repay creditors.

As of July 17, more than 36% of the owed BTC had been distributed. Over 13,000 creditors received repayments in Bitcoin and Bitcoin Cash as of July 16.

According to Mt. Gox Balance Bot, the trustee’s current balance is 47,228 BTC, worth about $3 billion. Since May 30, 94,457 BTC has been moved from these addresses.

Django Bits, the creator of Mt. Gox Balance Bot, noted that recent transactions to Kraken might require adjustments to the bot.

“Last week, the trustee sent a big chunk, but it turned out that most of it was sent to a change address,” he told Cointelegraph.

“I did not yet have time to check the movements but I might need to adjust the bot again,” he added.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

XION’s Chain Abstraction Drives Success for Prominent Brands Through EarnOS Platform

New York, New York, July 18th, 2024, Chainwire

XION’s groundbreaking chain abstraction Web3 technology enables EarnOS to transform digital advertising, driving unprecedented user engagement and brand awareness for global companies.

XION, the first blockchain purpose-built for mainstream adoption through chain abstraction, announced the massively successful beta launch of the EarnOS platform which included a prominent ridesharing application, clothing, and accessory brands which together command a market capitalization exceeding $165 Billion. The initial campaign showcased how XION’s chain abstraction technology enabled EarnOS to build a platform that revolutionizes user acquisition, engagement, and rewards in the digital advertising space.

The EarnOS launch on the XION blockchain saw remarkable results, with over 200,000 verified users participating and more than 1,300,000 unique brand interactions ranging from social media acquisitions, bespoke advertisement campaigns, immersive augmented reality experiences and more. Participating brands overall achieved a 9000% boost in brand awareness coupled with significant growth on social media platforms.

These impressive metrics have prompted the aforementioned ridesharing company to substantially increase its planned spending on the EarnOS platform, which is disrupting the $1 Trillion digital advertising market through novel economic incentivization models. By leveraging XION’s advanced chain abstraction technology, the platform enables brands to acquire, reward, and engage users globally through targeted advertising actions in ways previously not possible.

“We’re seeing the future of Web3 unfold, where blockchain technology becomes accessible to mainstream audiences, opening up massive customer bases for participating brands,” said Burnt Banksy, Founder of XION. “The success of the EarnOS launch demonstrates XION’s unique ability to enable true consumer-facing applications and drive mainstream adoption by fully abstracting away crypto complexities.”

Key to EarnOS’ user-friendly experience is XION’s chain abstraction infrastructure. Users can log in with their email and interact seamlessly across all devices, without the need for seed phrases, plugins, wallets, gas fees, popups, or complex transaction signing. Additionally, global USDC micropayment rails enable advertisers to reach wider audiences through innovative economic incentives. This breakthrough in user experience, coupled with the power of blockchain technology, can position EarnOS and XION at the forefront of the next generation of mainstream-ready Web3-powered applications.

About XION

XION is the first layer one blockchain purpose-built for consumer adoption through crypto abstraction. Utilizing protocol-level implementations related to abstracted accounts, signatures, fees, interoperability, and more, XION enables secure, intuitive, and seamless user experiences. The project has previously raised over $36M from top-tier investors, including Animoca, Circle Ventures, Multicoin, Draper Dragon, Spartan, and more.

To learn more about XION, users can follow @burnt_xion on Twitter, subscribe to the XION Blog, or visit xion.burnt.com.

Contact

M Group Strategic Communications
burnt@mgroupsc.com

Fairspin’s Innovative Crypto Gaming: Changing the Future of Online Gambling

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Fairspin, a leading online crypto casino, is reshaping the iGaming industry with its unique blend of cutting-edge technology, premium games, and innovative income streams.

The platform brings an inclusive blockchain-based gambling experience with endless opportunities to win big, earn passively, and enjoy top games with the highest level of security and transparency.

The introduction of Fairspin’s proprietary TFS Token has further enhanced the casino’s excellence, significantly amplifying players’ rewards and benefits.

Top Digital Trend: Monetizing Every Second

“At Fairspin, we’re offering more than a gaming platform. We ensure an ecosystem where players can truly benefit from their passion,” says Poly, Fairspin’s Community Manager. “Our exclusive programs allow them to earn more while they play and hold TFS Tokens.”

  • The Play to Earn program introduces a revolutionary concept of instant rakeback rewards. Players receive TFS Tokens for every bet, regardless of the outcome, monetizing their gaming activity.
  • The Hold to Earn program is a passive income strategy that allows users to stake their TFS Tokens for flexible periods with an impressive APR of up to 500%.

Fairspin’s innovative approach extends to its bonus structure as well. New users are welcomed with a 450% bonus and up to 140 free spins over their first four deposits. The platform also offers numerous promotions and a VIP loyalty program, ensuring players are consistently rewarded for their participation.

Be a Part of IGaming Future

As the iGaming industry evolves, Fairspin leads the charge into a new era of online gambling. By combining pioneering technology with innovative earning opportunities, Fairspin offers an unparalleled gaming experience beyond mere entertainment.

Join the revolution in online gambling – register at Fairspin now and experience the future of iGaming today!

About Fairspin

Established in 2018, Fairspin is a licensed, blockchain-based online iGaming platform that offers over 9,400 games from top providers, innovative earning programs, and unparalleled transparency. With an array of crypto and fiat payment options, the best software, and a multilingual interface, Fairspin has become a preferred destination for gamblers worldwide.

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