Upbit Exchange Suffers $36M Hot Wallet Exploit

Today in crypto: South Korea’s largest crypto exchange Upbit halted deposits and withdrawals on Thursday after spotting about $36 million in unauthorized transfers from a Solana hot wallet, BitMine chair Tom Lee appears to have quietly backed away from his $250,000 year-end Bitcoin prediction, and Bolivia has moved to integrate crypto and stablecoins into its…

Do Kwon Seeks Five-Year US Sentence Over TerraUSD Collapse

Terraform Labs co-founder Do Kwon asked a US judge to cap his prison time at five years for his role in the collapse of the Terra ecosystem, which erased about $40 billion from crypto markets in 2022. In a court filing on Wednesday, Kwon argued that a longer term would be excessive given the punishment…

Vitalik Buterin Backs Messaging Apps Session and SimpleX With ETH

Ethereum co-founder Vitalik Buterin has disclosed a donation of approximately $760,000 in Ether to two crypto messaging apps that he views as pushing the boundaries of digital privacy.  Encrypted messaging apps, like Signal, are “important for preserving our digital privacy,” Buterin said in an X post on Wednesday, adding the next steps for the space…

Edel Finance-Linked Wallets ‘Snipe’ 30% Token Supply, Bag $11M: Bubblemaps

Concerns are mounting over unusual activity surrounding the token launch of Edel Finance, a lending protocol focused on tokenized stocks and real-world assets (RWAs). Blockchain analytics platform Bubblemaps claimed in a Tuesday X post that a cluster of about 160 wallets accumulated 30% of the EDEL token supply, worth $11 million, during the launch earlier…

Do Kwon Seeks Five-Year US Sentence Over TerraUSD Collapse

Terraform Labs co-founder Do Kwon asked a US judge to cap his prison time at five years for his role in the collapse of the Terra ecosystem, which erased about $40 billion from crypto markets in 2022. In a court filing on Wednesday, Kwon argued that a longer term would be excessive given the punishment…

XRP ETFs See 80M Token Pull As Price Eyes Break Above $2.2

XRP’s (XRP) newly launched exchange-traded funds (ETFs) absorbed nearly 80 million tokens on Monday, sharply outperforming Solana’s recent ETF debut. The rapid inflows have pushed total assets under management (AUM) to $778 million, according to data from XRP Insights. Key takeaways: Grayscale and Franklin Templeton’s XRP ETFs absorbed nearly $130 million on product launch. Sustained…

Philippine Digital Asset Exchange Eyes $60B Tokenization Opportunity With Project Bayani

The Philippines has a $60 billion opportunity in asset tokenization, potentially transforming its capital markets by 2030. Source link

Bitcoin Bull Market Over As 200-Day Trend Turns Bearish

A long-term technical trend indicator for Bitcoin has turned bearish, leading at least one analyst to believe that the bull market may be over. “From a technical standpoint, the bull market is over,” crypto analyst “Crypto₿irb” told his 700,000 X followers on Thursday.  Bitcoin (BTC) exhibits a “persistent trend shift, confirmed by price percentage traveled,…

Nasdaq Proposes Increasing BlackRock’s iShares Bitcoin Trust Option Limits

The Nasdaq International Securities Exchange has filed a proposal with the US Securities and Exchange Commission (SEC) to increase the position limits for options on BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund to 1 million.   Position limits exist to prevent any one investor from controlling too many option contracts on the same stock, thereby reducing…

Investor Slams Crypto’s Network Effects, Experts Disagree

Santiago Roel Santos, founder and CEO of crypto investment company Inversion Capital, said cryptocurrencies are not subject to positive network effects, but other experts disagree. In a recent Substack post, Santos wrote that “crypto is priced for network effects it doesn’t have.” He also pointed to the network effect valuation system, Metcalfe’s Law, saying that…