Its owner acquired the tokens during Ethereum’s ICO in 2015, when each ETH was worth only 31 cents each.
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Access real-time blockchain and cryptocurrency news updates from around the globe.
Bitcoin can bring 'cause and consequence into cyberspace', boost security — Michael Saylor
During an interview, Michael Saylor discussed how crypto networks like Bitcoin can promote security and combat digital trust issues.
Tornado Cash governance control set to be restored as voters approve proposal
A total of 517,000 token votes favored the proposal, with none opposing it.
Arbitrum-based Jimbos Protocol hacked, losing $7M in Ethereum
The attacker took advantage of the lack of slippage control of liquidity conversions to steal the funds.
FTX 2.0 coming up, Multichain FUD and Worldcoin raises six figures: Hodler’s Digest, May 21-27
FTX reboot is in the works, Multichain issues spark uncertainty and Sam Altman’s crypto project Worldcoin raises millions of dollars.
FTX 2.0 coming up, Multichain FUD and Worldcoin raises six figures: Hodler’s Digest, May 21-27
Top Stories This Week
Binance suspends deposits for bridged tokens, seeks clarity from Multichain team
Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable “due to force majeure,” noting that the time for service restoration was unclear. Binance was not the only company to take steps amid the unexplained downtime — the Fantom Foundation removed 449,740 MULTI ($2.4 million) from liquidity on SushiSwap. The MULTI token plunged during the week. On Twitter, rumors circulated that Multichain’s team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities’ control.
FTX 2.0 launching soon? Court filing shows a reboot plan in the works
Bankrupt crypto exchange FTX’s revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.
Sam Altman’s Worldcoin secures $115M for decentralized ID
The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and built by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving personhood. Worldcoin’s token, WLD, is not available in the United States and some other countries.
Fahrenheit wins bid to acquire assets of crypto lender Celsius
Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion, including institutional loan portfolio, staked cryptocurrencies, mining unit, alternative assets, and over $450 million in liquid cryptocurrency. Behind the consortium are the venture capital firm Arrington Capital and crypto miner US Bitcoin Corp. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged “crypto winter” in the industry.
Earlier this week, the crypto community celebrated the 13th anniversary of the first Bitcoin transaction when developer Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC — worth $41 at the time — and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space, with community members reminiscing on how far the industry has come since the transaction. Over a decade on, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.
Why is Grand Theft Auto 6 unlikely to incorporate cryptocurrencies?
From time to time, rumors surface that Grand Theft Auto 6 will integrate cryptocurrency, fueling expectations that the franchise may make its way to Web3.
Crypto Biz: Ledger halts recovery service, Web3 in Hong Kong, and another CEX goes down
This week’s Crypto Biz explores Hotbit’s closure, Hong Kong’s licensing of crypto firms, Bitstamp’s acquisition by Ripple and Ledger’s branding crisis.
Stargate community proposes removal of Fantom USDC pool to mitigate risks
So far, a total of 1.7 million verified members of the Stargate community have voted in favor of the proposal.
Nigerian crypto company suspends withdrawals after BTC and naira compromise
Efforts are underway to recover compromised assets and enhance security measures as users express concerns on social media.
Bitcoin holds 200-week average as trader says ‘inflection point’ is here
Bitcoin (BTC) held its most recent gains into May 27 as traders called for a change in “bearish” market sentiment.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewTrader awaits “pretty major move” for BTC price
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it entered the weekend at around $26,700.
The week’s macroeconomic data from the United States had ended with a surprise, as a new Personal Consumption Expenditures (PCE) index print showed the economy weathering tighter financial conditions much better than expected.
Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.
Despite the price comeback, however, the mood remained overly cautious for some.
Cronos Labs launches second cohort of $100M Web3 accelerator
On May 15, the chosen projects commenced the 12-week program after being granted seed funding of $30,000.
A week filled with exploits and uncertainty for DeFi: Finance Redefined
DeFi saw another multimillion-dollar rug pull this past week, and the Multichain saga continues to spiral out of control.
Neuralink gets FDA approval for ‘in-human’ trials of its brain-computer interface
The Neuralink device is designed to be surgically implanted and, according to CEO Elon Musk, will eventually be marked to the general public.
Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets
Bitcoin (BTC) made snap gains at the May 26 Wall Street open as United States macroeconomic data delivered a nasty surprise.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewBitcoin shrugs off new U.S. inflation woes
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $27,000 on Bitstamp.
The pair rose unexpectedly after the day’s Personal Consumption Expenditures (PCE) data showed its first rises since October 2022.
Such a reading should present a headwind for risk assets, including crypto, as it implies that inflation remains persistent and that more financial tightening may be required to tame it.
“This is a major setback to the Fed’s fight against inflation,” financial commentary resource The Kobeissi Letter wrote in part of a response.
No ETH to trade? Ethereum exchange balance drops to a 5-year low
The ETH balance decline began in September 2022, which saw a significant spike in November-December 2022 post-FTX downfall.
Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch
Bitcoin bulls are sitting on their hands but need to combat short-term sellers rapidly losing profitability, Glassnode warns.
Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis: Asia Express
News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.
Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis: Asia Express
News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.
RGB protocol may offer solution to Bitcoin's Ordinals jam, claims proponent
The founder of Digital Bitcoin Art and Assets (DIBA) believes smart contracts on Bitcoin could solve the myriad problems created by Ordinals.