The liquidation event saw one trader lose $55.9 million, while another saw $10 million worth of hedged positions get liquidated.
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Securitize acquires $40b crypto fund manager Onramp
Digital securities firm Securitize will provide new alternative assets to major cryptocurrency firms like WisdomTree and Valkyrie Invest.
What is Chapter 11 bankruptcy? Understand the basics
Understand how companies reorganize amid financial challenges to ensure business continuity via Chapter 11 bankruptcy.
North Korean hackers have stolen $2B of crypto since 2018: Report
TRM Labs estimates that North Korean hackers have stolen $200 million of cryptocurrency in 2023 alone.
Ether whale dumps $41M days before the market crashed
A crypto trader holding 22,341 Ether sold the assets days before the market crash, avoiding a potential loss of over $5 million.
SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk
SpaceX's Bitcoin write-down report on Aug. 18 sparked confusion among the crypto community. The report published in Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin and sold it in 2021-22 or whether they only reduced their Bitcoin exposure by the same amount.
Several social media outlets reported that SpaceX had sold its entire BTC holdings while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report.
Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on their balance sheet. While Tesla’s Bitcoin holdings were made public, there were no estimations around SpaceX’s BTC holdings which has been key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market, but revealed it sold 72% of its holdings in Q2 of 2022
The SpaceX write-off claims were also believed to be one of the key catalysts behind the $2000 BTC price drop, although several others denied it being a cause. Elon Musk hasn’t addressed the issue yet, but the market FUD made him a target of Bitcoin proponents who questioned his strategy of buying high and selling low while a few others called it a market FUD.
One Reddit user wrote that Musk is running out of cash across all his companies while suggesting that Musk might sell “all of his Bitcoin and doge within the next 6 months.”
SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk
Elon Musk revealed that SpaceX holds Bitcoin on its balance sheet in 2021 but the exact amount of company's holdings remain unknown.
Shiba Inu's Shibarium Network resumes block production after brief pause
The Shiba Inu project has opted to secure insurance coverage amounting to $2 million to address potential fund retrieval challenges upon the restart of Shibarium.
ChatGPT politically biased towards left in the US and beyond: Research
Even after facing evidence that ChatGPT has a political bias, the chatbot continued to insist that it and OpenAI were unbiased.
Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT
A community member has argued that FTX's BIT tokens should not be automatically converted because of disqualifying factors.
Crypto firm Helio Lending gets bond sentence over false license claims
Melbourne-based crypto lender Helio Lending had previously pleaded guilty to falsely claiming it had an Australian credit license.
Why did Bitcoin drop? Analysts point to 5 potential reasons
Bitcoin's price fell approximately 8% in a span of 10 minutes, leaving crypto investors scrambling to make sense of the drop.
Why did Bitcoin drop? Analysts point to 5 potential reasons
Bitcoin's price fell approximately 8% in a span of 10 minutes, leaving crypto investors scrambling to make sense of the drop.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Sources reveal the real reason China is ramping up efforts to stamp out Bitcoin and crypto. And a year’s worth of 3AC court orders nixed.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
On Aug. 11, a Chinese individual known only as Mr. Chen was sentenced to nine months in prison after helping his friend, Mr. Lin, purchase 94,988 Chinese yuan ($13,104) worth of Tether (USDT) and earning a commission of 147.1 Yuan ($20.24).
Because Mr. Chen shared his personal bank information for the peer-to-peer fiat-to-crypto transaction, Chinese authorities considered the act to be money laundering and imposed a harsh sentence.
Chinese judge explains in a prior case why a Bitcoin lending agreement was legally invalid even in the event of a breach of contract. (Jstv)Officially, Chinese authorities attribute the tough-on-crypto approach to a spree of data theft and the use of crypto to launder proceeds of crime. However, sources tell Cointelegraph that the crackdown is more related to the country’s stringent capital control rules, where Chinese nationals are prohibited from buying more than $50,000 worth of foreign currencies each year without a state permit. The same applies to large-sum Chinese yuan transactions with foreign banks.
The capital controls had been almost complete until the advent of crypto, sources say. The problem is further exasperated by a looming recession in China, making senior government officials wary of further money moving out of the country.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
On Aug. 11, a Chinese individual known only as Mr. Chen was sentenced to nine months in prison after helping his friend, Mr. Lin, purchase 94,988 Chinese yuan ($13,104) worth of Tether (USDT) and earning a commission of 147.1 Yuan ($20.24).
Because Mr. Chen shared his personal bank information for the peer-to-peer fiat-to-crypto transaction, Chinese authorities considered the act to be money laundering and imposed a harsh sentence.
Chinese judge explains in a prior case why a Bitcoin lending agreement was legally invalid even in the event of a breach of contract. (Jstv)Officially, Chinese authorities attribute the tough-on-crypto approach to a spree of data theft and the use of crypto to launder proceeds of crime. However, sources tell Cointelegraph that the crackdown is more related to the country’s stringent capital control rules, where Chinese nationals are prohibited from buying more than $50,000 worth of foreign currencies each year without a state permit. The same applies to large-sum Chinese yuan transactions with foreign banks.
The capital controls had been almost complete until the advent of crypto, sources say. The problem is further exasperated by a looming recession in China, making senior government officials wary of further money moving out of the country.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Sources reveal the real reason China is ramping up efforts to stamp out Bitcoin and crypto. And a year’s worth of 3AC court orders nixed.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Sources reveal the real reason China is ramping up efforts to stamp out Bitcoin and crypto. And a year’s worth of 3AC court orders nixed.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Sources reveal the real reason China is ramping up efforts to stamp out Bitcoin and crypto. And a year’s worth of 3AC court orders nixed.
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
On Aug. 11, a Chinese individual known only as Mr. Chen was sentenced to nine months in prison after helping his friend, Mr. Lin, purchase 94,988 Chinese yuan ($13,104) worth of Tether (USDT) and earning a commission of 147.1 Yuan ($20.24).
Because Mr. Chen shared his personal bank information for the peer-to-peer fiat-to-crypto transaction, Chinese authorities considered the act to be money laundering and imposed a harsh sentence.
Chinese judge explains in a prior case why a Bitcoin lending agreement was legally invalid even in the event of a breach of contract. (Jstv)Officially, Chinese authorities attribute the tough-on-crypto approach to a spree of data theft and the use of crypto to launder proceeds of crime. However, sources tell Cointelegraph that the crackdown is more related to the country’s stringent capital control rules, where Chinese nationals are prohibited from buying more than $50,000 worth of foreign currencies each year without a state permit. The same applies to large-sum Chinese yuan transactions with foreign banks.
The capital controls had been almost complete until the advent of crypto, sources say. The problem is further exasperated by a looming recession in China, making senior government officials wary of further money moving out of the country.