🔥 Rally Report 🔥

TONCOIN

The price of TON has rallied by 12% in the past 24 hours.

WHY?!

❓ Ton recently announced a round of partnerships and listings, including a listing on the Indonesian crypto exchange Reku.

🕯 Analysts have noticed the formation of a bullish reversal pattern known as the inverted head and shoulders on the daily time frame chart for TON. This pattern indicates increased accumulation from market participants and potential for further growth.

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🔔 MARKET MOVING NEWS! (15/01/24)

1️⃣ Reported ‘Transfer’ Of $15B XRP Was Part Of A Failed Exploit Attempt ⚡️

According to Bitfinex chief technology officer Paolo Ardoino, a recent transaction involving the transfer of $15B worth of XRP from an unknown wallet to Bitfinex on Jan. 14 never went through. It was reportedly part of a failed “partial payments exploit” attempt. Notably, the transaction was first flagged by the on-chain service WhaleAlerts.

The attacker reportedly sought to trick Bitfinex into taking the transfer as real, which could have possibly opened the door to a hack. However, Bitfinex’s systems flagged the transfers as a “partial payment,” an XRP Ledger feature that allows a payment to succeed by reducing the amount received. The actual transfer was just for a few cents worth of XRP.

Source

2️⃣ United Nations Identifies USDT As Prominent Choice For Fraud In SEA ❓

According to a Financial Times report, the United Nations has published a report warning crypto market participants that the USDT stablecoin has become one of the prominent payment methods for money laundering and scams in Southeast Asia.

The report states,

Online gambling platforms, especially those operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether.

Source

3️⃣ Tether's Market Share Grew By 21 Points In 2023, Now Captures Two-Thirds Of Stablecoin Supply 📊

According to data from The Block, stablecoin issuer Tether’s market share grew from 50% to 71% over the course of 2023. Notably, the company recently surpassed 95 billion stablecoins in circulation while its biggest current rival Circle's USDC stablecoin has merely 27 billion tokens in circulation.

Source

4️⃣ Celsius Transfers $125M Of ETH To Exchanges As FTX And Alameda Dump ‼️

Crypto lender Celsius has reportedly transferred more than $125 million worth of ETH to crypto exchanges over the past week. Specifically, Celsius transferred $95.5 million worth of ETH to Coinbase, while $29.7 million was transferred to FalconX. The failed crypto lender still reportedly holds more than 550,000 ETH ($1.36 billion) on its books. The transfers come after Celsius announced that it would distribute Bitcoin and ETH to creditors in its recovery plan.

Source

5️⃣ Bitcoin Rent Agreement: Landlord And Tenant Sign BTC Contract 💸

According to local media reports, a landlord and a tenant In Rosario (the third most populated city in Argentina) have sealed a rental agreement where the latter will pay monthly rent in Bitcoin. The contract is reportedly the first of its kind in Argentina, made possible by recent law amendments by the new presidential administration.

Under the sealed contract, the tenant will transfer a monthly payment equal to $100 in Bitcoin through Fiwind, a local crypto platform. Both counterparties to the contract are reportedly experienced crypto users.

Source

🔥 Rally Report 🔥

KLAYTN

The price of KLAY has rallied by 22% in the past 24 hours.

WHY?!

🎙 The Klaytn Foundation and Finschia Foundation published a joint statement announcing their intention to form a new blockchain supporting both EVM and CosmWasm frameworks.

☄️ Specifically, this move will see Kakao-backed layer 1 blockchain network Klaytn and LINE-backed blockchain Finschia merging to potentially create Asia’s largest web3 ecosystem. The joint statement also proposed a new token to replace the existing KLAY and FNSA native coins. Holders of both coins will reportedly be able to swap for the new coin upon issuance.

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🔔 MARKET MOVING NEWS! (16/01/24)

1️⃣ Crypto-Friendly U.S. Presidential Candidate Vivek Ramaswamy Suspends Campaign 🔍

Pro-crypto Republican candidate Vivek Ramaswamy has suspended his campaign for Republican leadership after a fourth-place finish in Iowa. In his concession speech, Ramaswamy thanked his supporters and endorsed former President Donald Trump.

He stated,

As of this moment, we are going to suspend this presidential campaign. There’s no path for me to be the next president absent things that we don’t want to see happen in this country […] There needs to be an America first candidate in this race. Going forward, [Trump] will have my full endorsement for the presidency. We did not achieve the surprise that we wanted to deliver tonight.

Source

2️⃣ Fantom Cuts Staking Requirement By 90% In A Bid to Increase Security 🔥

The Fantom Foundation has finally implemented a 90% cut of the validator self-staking requirement on its layer-1 blockchain Fantom, more than six months since passing a governance vote.

The changes will see the staking threshold cut from 500,000 FTM to 50,000 FTM, currently worth $19,500. These changes are expected to strengthen Fantom’s security while making it “more accessible than ever” to run a validator.

Source

3️⃣ TUSD Loses $1 Peg Amid Binance's FDUSD Focus: Analyst 🔽

According to reports, the Justin Sun-linked stablecoin TrueUSD (TUSD) has fallen off its $1 peg after holders began cashing out hundreds of millions worth of TUSD in exchange for competitor stablecoin Tether.

Bradley Park, an analyst at CryptoQuant, has stated that this is likely due to its connection with Justin Sun whose crypto exchanges HTX and Poloniex were recently hacked. Park also noted that Binance’s move to remove fees on First Digital's FDUSD trading pairs with ETH, BNB, DOGE and SOL may have also led to TUSD’s decline. Park explained that the spike in FDUSD volume coincides with TUSD's de-pegging, suggesting a transfer to FDUSD for participating in the FDUSD launch pool and joining the Binance Manta launchpad.

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4️⃣ Hong Kong’s HashKey Secures $100 Million In Series A Round At $1.2 Billion Valuation 💰

HashKey Group, which operates the Hong Kong-based crypto exchange, has reportedly raised nearly $100 million in its Series A financing round at a pre-money valuation above $1.2 billion. While HashKey did not disclose the investors participating in the latest round, its new valuation has given it a “unicorn” status.

The firm reportedly plans to use the newly raised capital to develop its Web3 ecosystem, enhance compliance and expand its product offerings for its licensed business in Hong Kong. This includes the launch of services such as asset management, blockchain node validation, tokenization, and a Web3 incubation arm.

Source

5️⃣ Dubai Regulator Grants Conditional Crypto License To OKX ✔️

Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly granted crypto exchange OKX’s Dubai subsidiary a virtual asset service provider (VASP) license for exchange services. However, OKX has declared that it would remain “non-operational” until it could fulfil the regulator’s requirements. This is expected to be achieved within the next few months.

Rifad Mahasneh, OKX’s general manager for the Middle East and North Africa region, stated

This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED). In addition to that, we’ll be offering local currency trading pairs, so AED/BTC, AED/ETH, and the others, which is something new that we’re doing.

Source

6️⃣ Binance's Joint Venture with Gulf Energy Begins Exchange Operations in Thailand ☄️

🔥 Rally Report 🔥

CHILIZ

The price of CHZ has rallied by 5% in the past 24 hours.

WHY?!

❓ CHZ’s rally seems to follow the Klaytn Foundation’s recent announcement regarding their merger with the Finschia Foundation.

☄️ Specifically, Chiliz’s CEO, Alexandre Dreyfus posted a tweet stating that he had approached Klaytn with a similar merger proposition last year. He also reaffirmed that Chiliz will pursue an aggressive merger and acquisition (M&A) strategy this year to create enormous ecosystems combining existing tokens and networks.

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🔔 MARKET MOVING NEWS! (17/01/24)

1️⃣ Ethereum’s Dencun Upgrade Goes Live But Fails to Finalise on Testnet ⚠️

Earlier today, Ethereum’s much-awaited Dencun upgrade reportedly went live, incorporating proto-danksharding (EIP-4844) on the Goerli test network. However, the upgrade did not reach consensus and was not finalised on the testnet. This is due to various roadblocks, including a potential “chain split” due to issues in clients’ ability to sync with each other. Client teams are expected to investigate the matter and issue a fix. Once this is fixed, the next phase is expected to happen sometime in the next few weeks, with an upgrade to the Sepolia testnet, followed by the Holesky testnet.

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2️⃣ Cantor Fitzgerald CEO Says Tether Has The Billions Of Dollars In Reserves It Claims ➕

Howard Lutnick, the chairman and CEO of financial services giant Cantor Fitzgerald, vouched for stablecoin issuer Tether's legitimacy on Tuesday. He stated that Tether has the funds it claims to have, after examining portions of the stablecoin issuer's balance sheet as a custodian.

In an interview with Bloomberg Television from the World Economic Forum in Davos, Lutnick stated,

I manage many, many of their assets. From what we've seen, and we did a lot of work, they have the money. I've seen a whole lot, and the firm has seen whole a lot, and they have the money. And so there has always been a lot of talk, 'Do they have it or not?' So I'm here with you guys saying we've seen it, and they have it.

Source

3️⃣ Bitcoin Miner Core Scientific to Exit Bankruptcy, Relist Shares In ‘Coming Days’ 📈

Crypto mining firm Core Scientific has reportedly received approval from the United States Bankruptcy Court for the Southern District of Texas to emerge from bankruptcy and relist its “CORZ” shares on the Nasdaq. Notably, this brings the firm’s 13-month restructuring process to an end. The firm is targeting an emergence date of Jan. 23 and anticipates being relisted on the Nasdaq the following day. Moreover, the approved reorganization plan will also see the company pay its existing debt in full with existing shareholders receiving about 60% of the new company's equity.

Source

4️⃣ Socket, Bungee Restart Operations After Apparent $3.3M Exploit ▶️

Interoperability service Socket and bridging platform Bungee have reportedly restarted operations after an apparent $3.3 million exploit led to a temporary pause in trading activity. Notably, the exploit had drained funds from wallets with infinite approvals to Socket contracts.

Addressing the exploit, Chainlink co-founder Sergey Nazarov stated,

Cross-chain security has multiple levels, which consumers should be aware of when choosing a bridge. Like data oracles, there are many bridge variants that don’t provide real security and don’t describe how they work beyond saying the words ‘decentralized’ and ‘secure’. It would be wise for bridge users to ask themselves what they really know about the security of their chosen bridge and where it ranks on the 5 levels of the cross-chain security spectrum.

Source

5️⃣ IRS Says It Won't Enforce $10K Crypto Tax Rule—For Now 💵

According to a Jan. 16 announcement from the Internal Revenue Service (IRS), United States businesses do not need to report crypto transactions above $10,000 to the Internal Revenue Service (IRS) until the tax agency releases a regulatory framework. Notably, the clarification comes after the community was angered over a revision of the Infrastructure Investment and Jobs Act (IIJ Act) which empowered authorities to jail Americans for failing to immediately report crypto transactions over $10,000.

The clarification stated,

Businesses… do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations. This particular provision requires Treasury and the IRS to issue regulations before it goes into effect.

Source

6️⃣ Sam Bankman-Fried's Parents Seek To Dismiss FTX Lawsuit Against Them ‼️

🔔 MARKET MOVING NEWS! (18/01/24)

1️⃣ Donald Trump Promises to "Never Allow" Central Bank Digital Currencies (CBDC) If Elected 💥

During a Wednesday campaign speech in New Hampshire, Former President and front-runner in the Republican leadership race Donald Trump promised to ban the creation of a central bank digital currency (CBDC) if elected.

Trump stated,

Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give the federal government, our federal government, absolute control over your money… They could take your money and you wouldn’t even know it was gone.

Source

2️⃣ Coinbase Takes Its Turn In Court, Arguing The Tokens It Listed Are Not Securities 💬

In a five-hour long hearing yesterday, United States District Judge Katherine Polk Failla heard arguments from both the U.S. Securities and Exchange Commission (SEC) and Coinbase on the crypto exchange’s motion for dismissal of a lawsuit filed by the regulator in June 2022. Key points discussed during the hearing include definitions of staking and secondary market transactions, as well as recent court rulings involving crypto firms, such as the Ripple and Terraform Labs case. Notably, while Judge Failla decided against making an immediate decision from the bench, she commended an amicus brief in the case filed by the DeFi Education Fund and also warned an SEC attorney that the regulator’s argument might be “sweeping too broadly.”

Source

3️⃣ Gemini Approved To Operate In France, Will Debut Within Weeks 🔜

Crypto exchange Gemini has reportedly obtained approval to operate in France as a digital asset services provider (DASP) from the French markets regulator Autorite des Marches Financiers.

Notably, Gemini stated that the new registration brings the total number of European jurisdictions where the company operates to “over a dozen.” Gemini also stated that it expects to launch services for retail and institutional customers in France in the coming weeks. This will give users access to 70 cryptocurrencies and Gemini's website, mobile app, Gemini eOTC and the ActiveTrader platform.

Source

4️⃣ Bitcoin Hash Rate Drops By 34% Amid Freezing Temperatures in Texas 🥶

Bitcoin's network hashrate declined by approximately 34% over the past few days after the Texas grid regulator forced miners to curtail operations following a recent cold snap. Specifically, data from YCharts reveals that the total Bitcoin network hash rate fell from more than 629 exahashes per second (EH/s) on Jan. 11 to roughly 415 EH/s on Jan. 15. While the hash rate reportedly increased to more than 454 EH/s on Jan. 16 due to a rise in temperatures in Austin, the temperature in many parts of Texas dropped below freezing for one of the first times since a massive ice storm in February 2023.

Source

5️⃣ TrueUSD Wobbles Towards $1 Peg Amid Reported Redemption Issues 📉

According to a CoinDesk report, the redemption requests submitted by some firms to the issuer of stablecoin TrueUSD (TUSD) were denied. The price peg of TUSD traded as low as 96 cents on early Thursday, before recovering to 99 cents. Notably, TUSD has been closely linked to Tron founder Justin Sun. Coincidentally, data from the on-chain analysis tool Arkham Intelligence showed that one wallet address related to Sun transferred over $60 million in the past five hours to crypto exchange Binance.

Source

📣📣 MARKET MOVING NEWS! (19/01/24)

1️⃣ TrueUSD Deploys New Reserve Audit System In Attempt To Recover Dollar Peg 🕯

Justin Sun-associated stablecoin TrueUSD (TUSD) has reportedly deployed daily attestation services from an accounting firm as it struggles to recover its dollar peg. Notably, the attestation service comes after CoinDesk reported that some users were facing problems with their redemption requests. TrueUSD blamed the de-pegging event on "community mining activities associated with Binance Launchpool," which it said led to short-term arbitrage opportunities for traders.

Source

2️⃣ Manta Network Hit by DDoS Attack Amid Token Issuance 🔴

Manta Network, a zk-proof powered layer-2 blockchain, reportedly experienced a widespread distributed denial-of-service (DDoS) attack yesterday. Notably, the attack occurred close to Manta’s initial token issuance event. While the incident has since been resolved, the attack led to longer-than-expected withdrawal times and a slow network.

Source

3️⃣ Tether Buys More Bitcoin, Brings Holdings to $2.8 Billion 💸

Stablecoin issuer Tether reportedly purchased another 8888 BTC (worth $380 million) at the end of last quarter, bringing its total holdings to 66,465 BTC (worth $2.8 billion). Notably, the most recent purchase stands as Tether's third largest to date. Tether is also currently the 11th-largest holder of Bitcoin.

Source

4️⃣ Former OpenSea Exec Argues NFT Insider Trading Conviction Violated Law 🔍

Nathaniel Chastain, the ex-OpenSea executive who was convicted on fraud and money laundering charges last May, has reportedly asked a federal appeals court to overturn his conviction on the grounds that it improperly designated information about NFTs as “property.” Notably, the argument relies on a 2023 Supreme Court decision which clarified that federal wire fraud laws only prohibit schemes designed to obtain things “long… recognized as property.”

Chastain’s attorneys argued in the brief stating,

The sole prosecution theory was that Chastain defrauded OpenSea by using its information for personal benefit. Thus, to sustain a wire fraud conviction, the government had to prove that the purported ‘object’ of his scheme—the information at issue—was OpenSea's ‘property.’

Source

5️⃣ China's Illegal Crypto Activities Are Taking Place in Laundromats and Cafes ❗️

According to a Wall Street Journal report, crypto investors in China are conducting trades using an underground network of brokers and go-betweens to get around the country's cryptocurrency ban. Specifically, Chinese crypto traders meet in public places such as cafes, snack kiosks, and even laundromats to swap wallet addresses, arrange bank transfers, or pay for crypto using cash. They also reportedly use social media apps like WeChat and Telegram to conduct trades with counterparties referred by their friends.

Ben Charoenwong, an assistant professor in finance at the National University of Singapore stated,

It used to be that you meet someone in the back alley and hand the dealer bags of cash in exchange for what you want. Now, with crypto, you can just go to a cafe and hand them a thumb drive or exchange wallet details. It’s a lot less friction than trying to hand bags of cash.

Source

🔔 MARKET MOVING NEWS! (20/01/24)

1️⃣ FTX Must Be Investigated By Independent Examiner, Court Rules ❗️

The United States Court of Appeals for the Third Circuit has reportedly ordered the judge overseeing the bankruptcy of crypto exchange FTX to appoint an independent examiner. Notably, an investigation was earlier requested by the U.S. Trustee overseeing the FTX bankruptcy but was opposed by FTX's current CEO and subsequently rejected by the Delaware bankruptcy judge overseeing the process.

However, the appellate judges ruled that appointing an examiner is required by the Bankruptcy Code if the debtor’s debts exceed $5 million, as is the case with FTX. The ruling stated,

For example, an investigation into FTX Group’s use of its own cryptocurrency tokens, FTTs, to inflate the value of FTX and Alameda Research could bring this practice under further scrutiny, thereby alerting potential investors to undisclosed credit risks in other cryptocurrency companies.

Source

2️⃣ Prosecutors Recommend At Least 17 Years In Prison For OneCoin Lawyer ❓

In a Jan. 19 filing in U.S. District Court for the Southern District of New York, U.S. Attorney Damian Williams recommended “a sentence of at least 17 years” for Mark Scott, a lawyer who laundered millions of dollars through OneCoin. Notably, prosecutors stated that Scott “chose to work full time” laundering funds for “Cryptoqueen’ Ruja Ignatova, the co-founder of OneCoin.

The filing reads,

[Scott] engaged in incredibly serious and sophisticated criminal conduct, conduct for which he has failed to accept responsibility and for which he has not shown an ounce of remorse. His punishment must match the seriousness of his crime.

Source

3️⃣ CFTC Charges Digital Asset Platform Over 'Pig Butchering' Scheme 🔴

Crypto exchange Debiex has reportedly been charged with fraud by the U.S. Commodity Futures Trading Commission on allegations that senior staff members of the exchange used a romance scam tactic known as "pig butchering" to take $2.3 million from investors. Notably, Debiex assured customers their funds would be invested in crypto; however, they allegedly misappropriated the funds for personal gain.

CFTC Director of Enforcement Ian McGinley stated,

This case is an example of the Division of Enforcement’s core mission—bringing justice for victims, rooting out misconduct, and holding accountable those who violate the anti-fraud provisions of the CEA.

Source

4️⃣ Nasdaq, Cboe Apply To Offer BTC ETF Options Trading, Receive Fast Response ⚡️

Yesterday, the U.S. Securities and Exchange Commission (SEC) acknowledged Nasdaq and the Cboe’s proposals to begin options trading on Bitcoin exchange-traded funds (ETFs). Specifically, Nasdaq filed for a rule change to list and trade options on BlackRock’s iShares Bitcoin Trust while Cboe applied to trade options on “ETPs that Hold Bitcoin.”

Cboe executive vice president Catherine Clay revealed that Cboe filed for permission to list options “last week.” She stated,

We’re really in this holding pattern to see what the regulators will do with our filing and other exchanges’ filings as well. […] It’s really difficult to know if we will even see approval.

Source

5️⃣ Grayscale’s GBTC Bleeding Drives Down AUM By $5B 🔽

According to data from YChart and Grayscale, outflows from the Grayscale Bitcoin Trust (GBTC) have contributed to the ETF’s total assets dropping from $28.5 billion on Jan. 10 to $23.7 billion on Jan. 18. While outflows are one factor, BTC’s recent price decline also contributes to the drop in AUM. Notably, approximately $1.1 billion flowed out of Grayscale’s ETF in three days as holders sought lower fees from its competitors and took advantage of a narrow discount on the shares.

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🔔 MARKET MOVING NEWS! (21/01/24)

1️⃣ X Launches Dedicated Payments Account, Crypto Community Speculates ☄️

According to reports, X (formerly Twitter) has created a dedicated account for its upcoming payments feature on the social media platform. Notably, the new account has drawn the attention of the crypto community who are speculating about whether cryptocurrencies will be supported for in-app payment services. However, it’s unconfirmed whether the feature will support payments beyond traditional fiat currencies.

Source

2️⃣ Rep. Emmer and Trump Unite Against CBDCs, Citing Privacy Concerns 🤝

Representative Tom Emmer, the majority whip of the U.S. House of Representatives, has reportedly voiced support for former President Donald Trump’s view of central bank digital currencies (CBDCs) as a threat to financial privacy. Notably, Representative Emmer echoed Trump’s apprehensions about CBDCs by highlighting their potential threat to financial privacy.

Source

3️⃣ Trezor Discloses 66K Users Affected By Phishing Attack ‼️

In an announcement made yesterday, hardware wallet manufacturer Trezor revealed that it suffered a security breach which exposed the contact information of nearly 66,000 users. Notably, the contact information was stolen after the attacker gained unauthorized access to a third-party support portal on Jan. 17. Trezor stated that this potentially affects users who interacted with Trezor’s support team since December 2021.

Trezor stated,

Although unconfirmed, we consider it our responsibility to inform our affected users of the possibility of their contact details having been exposed, and at risk of a phishing attack. We want to stress that none of our users’ funds have been compromised through this incident. Your Trezor device remains as secure today, as it was yesterday.

Source

4️⃣ Bitcoin ETFs Now Hold Nearly $4 Billion In Assets 💸

According to a recent tweet by Bloomberg analyst Eric Balchunas, the nine new spot Bitcoin ETFs have accumulated nearly 95,000 BTC over six trading days, bringing the total assets under management to $4 billion. Notably, the inflows of capital into the nine new ETFs seems to have outpaced outflows from the Grayscale Bitcoin Trust (GBTC). Fidelity and BlackRock’s ETFs are neck-and-neck for the top slot with each having seen over $1.2 billion in inflows over the six days of trading.

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