💰 Bitcoin Pushes $20K as BTC Supply on Exchanges Lowest Since November 2018
Bitcoin’s price is currently testing $20K as the number of BTC on exchanges hits its lowest level since November 2018. A bullish revival was observed in Bitcoin’s price as the third quarter drew to a close, as data suggests a significant uptick in the outflows of tokens from crypto exchanges and into personal wallets. Exchange outflows are typically perceived as bullish for prices since it demonstrates market players having long-term convictions in the asset instead of offloading them in the near term. According to the crypto-analytic platform Santiment, Bitcoin continues to see its supply rapidly moving away from exchanges. This essentially indicated that traders are showing further signs of “being content with their current holdings.”. As per Santiment’s data, the most recent steep fall in Bitcoin balances occurred between September 29 and October 1.
Bitcoin’s price is currently testing $20K as the number of BTC on exchanges hits its lowest level since November 2018. A bullish revival was observed in Bitcoin’s price as the third quarter drew to a close, as data suggests a significant uptick in the outflows of tokens from crypto exchanges and into personal wallets. Exchange outflows are typically perceived as bullish for prices since it demonstrates market players having long-term convictions in the asset instead of offloading them in the near term. According to the crypto-analytic platform Santiment, Bitcoin continues to see its supply rapidly moving away from exchanges. This essentially indicated that traders are showing further signs of “being content with their current holdings.”. As per Santiment’s data, the most recent steep fall in Bitcoin balances occurred between September 29 and October 1.
🚛 Celsius Co-Founder Steps Down Mere Days After CEO Tenders Resignation
Alex Mashinsky formally resigned from his position as CEO of the now-bankrupt crypto asset management firm Celsius. His resignation was taken into consideration effective immediately, although he remained director of the company, stating that the move would allow him to focus on guiding the Celsius community out of the difficult situation they found themselves in. Last month, Leon had already filed a motion declaring his share of Celsius stocks worthless as a part of his case in U.S. Bankruptcy Court. According to the document, Leon was in possession of 32,600 common shares at the time the motion was filed.
Alex Mashinsky formally resigned from his position as CEO of the now-bankrupt crypto asset management firm Celsius. His resignation was taken into consideration effective immediately, although he remained director of the company, stating that the move would allow him to focus on guiding the Celsius community out of the difficult situation they found themselves in. Last month, Leon had already filed a motion declaring his share of Celsius stocks worthless as a part of his case in U.S. Bankruptcy Court. According to the document, Leon was in possession of 32,600 common shares at the time the motion was filed.
Binance confirms BNB cross-chain bridge hack
UPDATE (8:10 p.m. ET): Binance CEO Changpeng Zhao has confirmed the occurrence of a cross-chain bridge exploit and shared details about the incident.
"An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC," Zhao wrote on Twitter. "The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly."
Zhao went on to explain that "the current impact estimate is around $100m USD equvilent sic, about a quarter of the last BNB burn."
_Original report:_
Binance said it would halt deposits and withdrawals via the BNB Smart Chain amid growing concerns over a hack of the network's official cross-chain bridge.
Word emerged earlier Thursday evening that more than $400 million worth of BNB tokens were transferred from the Smart Chain token hub to a new address. According to data from DeBank, the address in question holds more than $500 million worth of crypto, with holdings in ETH, MATIC and FTM, among others.
Amid the speculation about the exact nature of the transaction, the BNB Smart Chain was stopped. In a tweet, Binance said that the network is "is currently under maintenance."
"We will suspend all deposits and withdrawals via BNB chain temporarily until there are further updates," the exchange said.
The official Twitter account for the BNB Smart Chain cited "irregular activity" as the reason behind the stoppage.
UPDATE (8:10 p.m. ET): Binance CEO Changpeng Zhao has confirmed the occurrence of a cross-chain bridge exploit and shared details about the incident.
"An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC," Zhao wrote on Twitter. "The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly."
Zhao went on to explain that "the current impact estimate is around $100m USD equvilent sic, about a quarter of the last BNB burn."
_Original report:_
Binance said it would halt deposits and withdrawals via the BNB Smart Chain amid growing concerns over a hack of the network's official cross-chain bridge.
Word emerged earlier Thursday evening that more than $400 million worth of BNB tokens were transferred from the Smart Chain token hub to a new address. According to data from DeBank, the address in question holds more than $500 million worth of crypto, with holdings in ETH, MATIC and FTM, among others.
Amid the speculation about the exact nature of the transaction, the BNB Smart Chain was stopped. In a tweet, Binance said that the network is "is currently under maintenance."
"We will suspend all deposits and withdrawals via BNB chain temporarily until there are further updates," the exchange said.
The official Twitter account for the BNB Smart Chain cited "irregular activity" as the reason behind the stoppage.
Binance CEO says there's pain and risk in the bear market, but also opportunity: Bloomberg
Binance could spend over $1 billion on investment deals by the end of the year.Despite the market downturn, the exchange could spend a significant amount of cash on investments in the next three months, exchange CEO Changpeng Zhao told Bloomberg in an interview. Beyond these investments, Binance has made investments in 67 projects, with a total investment of $325 million. Binance's VC arm has invested in various projects, including multiple investment in Aptos, the company founded by ex-Meta employees. When asked about acquiring crypto lenders, Zhao said: “Many of them, they just take a user’s money and give it to somebody else.
Binance could spend over $1 billion on investment deals by the end of the year.Despite the market downturn, the exchange could spend a significant amount of cash on investments in the next three months, exchange CEO Changpeng Zhao told Bloomberg in an interview. Beyond these investments, Binance has made investments in 67 projects, with a total investment of $325 million. Binance's VC arm has invested in various projects, including multiple investment in Aptos, the company founded by ex-Meta employees. When asked about acquiring crypto lenders, Zhao said: “Many of them, they just take a user’s money and give it to somebody else.
Huobi Founder Sells Bitcoin Exchange to Hong Kong Investment Firm
According to the post, an agreement has been reached between both parties that will leave “no impact on Huobi’s core operation and business management teams.” . Leon Li Lin, the Chinese founder of Seychelles-based crypto exchange Huobi Global, is selling his controlling stake to a Hong Kong investment firm. About Capital says in Huobi's blog post that under its control, Huobi “will embrace a series of new international brand promotion and business expansion initiatives including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.” .
According to the post, an agreement has been reached between both parties that will leave “no impact on Huobi’s core operation and business management teams.” . Leon Li Lin, the Chinese founder of Seychelles-based crypto exchange Huobi Global, is selling his controlling stake to a Hong Kong investment firm. About Capital says in Huobi's blog post that under its control, Huobi “will embrace a series of new international brand promotion and business expansion initiatives including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.” .
Bitcoin mining difficulty adjusts over 13%, the highest since May 2021
The Bitcoin network has reached its all-time high in terms of hash rate, surpassing most projections. The network’s total hash rate currently stands at 240 EH/s and is expected to increase even further. Currently standing at 35 trillion, the mining difficulty will severely strain already stressed Bitcoin miners, further decreasing their revenue. The current hash rate represents a 3x increase from the network’s lows in July 2021 when a government ban triggered a miner exodus from China. The hash rate then dropped to a two-year low of around 89 EH/s. The increase in hash rate follows an equally sharp rise in mining difficulty. On Monday, Oct. 10, Bitcoin mining difficulty saw its sharpest adjustment this year, increasing by 13%.
The Bitcoin network has reached its all-time high in terms of hash rate, surpassing most projections. The network’s total hash rate currently stands at 240 EH/s and is expected to increase even further. Currently standing at 35 trillion, the mining difficulty will severely strain already stressed Bitcoin miners, further decreasing their revenue. The current hash rate represents a 3x increase from the network’s lows in July 2021 when a government ban triggered a miner exodus from China. The hash rate then dropped to a two-year low of around 89 EH/s. The increase in hash rate follows an equally sharp rise in mining difficulty. On Monday, Oct. 10, Bitcoin mining difficulty saw its sharpest adjustment this year, increasing by 13%.
🔴 JUST IN: #Solana DeFi platform Mango has been hacked with over $100 million reportedly stolen.
Today, Tether announced that it has eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills). This announcement comes as part of Tether’s ongoing efforts to increase transparency, with investor protection at the core of the management of Tethers’ reserves. Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but for the entire stablecoin industry.
💰 Huobi allegedly transfers 74M tokens to Justin Sun, HT up 7.7%
Tron founder Justin Sun has reportedly received 74 million HT tokens from Huobi’s official wallets. On Oct. 14, Sun told Bloomberg News that he owns “tens of millions of Huobi tokens. He confirmed to be one of the biggest holders of the HT tokens. Shortly after the Bloomberg report, WuBlockchain revealed that Huobi’s official wallets transferred 74 million to wallets linked to the Tron founder. On Oct. 13, Justin Sun’s Poloniex exchange interacted with two of Huobi’s wallets that transferred 32 million and 42 million HT tokens to two new addresses. WuBlockchain alleged that the transferred tokens may be linked to Huobi’s acquisition deal, which Justin Sun allegedly facilitated.
Tron founder Justin Sun has reportedly received 74 million HT tokens from Huobi’s official wallets. On Oct. 14, Sun told Bloomberg News that he owns “tens of millions of Huobi tokens. He confirmed to be one of the biggest holders of the HT tokens. Shortly after the Bloomberg report, WuBlockchain revealed that Huobi’s official wallets transferred 74 million to wallets linked to the Tron founder. On Oct. 13, Justin Sun’s Poloniex exchange interacted with two of Huobi’s wallets that transferred 32 million and 42 million HT tokens to two new addresses. WuBlockchain alleged that the transferred tokens may be linked to Huobi’s acquisition deal, which Justin Sun allegedly facilitated.
📶 After the initial supply of 200,000,000 #BNB, the amount of coins in circulation gradually decreased through quarterly and BEP-95 burns.
The burn event will occur until 50% of the total supply is exhausted to reach the BNB burn target of 100,000,000.
The burn event will occur until 50% of the total supply is exhausted to reach the BNB burn target of 100,000,000.
🇮🇳 India aims to develop crypto SOPs during G20 presidency, says finance minister
The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023. Sitharaman has previously called for global collaboration to decide on crypto's future and has been cautious against mainstream crypto adoption.
The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023. Sitharaman has previously called for global collaboration to decide on crypto's future and has been cautious against mainstream crypto adoption.
📣 The XRP Ledger tests first sidechain compatible with Ethereum apps.
The XRP Ledger is testing its Ethereum Virtual Machine (EVM) sidechain that aims to bring Ethereum smart contracts to the XRP Ledger, the blockchain’s core development team RippleX announced.
The sidechain, a parallel-running blockchain, will bring Ethereum-based smart contracts to XRP Ledger, a blockchain associated with cross-border payments firm Ripple.
While the XRP Ledger already supports native smart contracts, the network does not currently support the Ethereum Virtual Machine (EVM), a computing environment commonly used by Ethereum developers to write applications.
The XRP Ledger is testing its Ethereum Virtual Machine (EVM) sidechain that aims to bring Ethereum smart contracts to the XRP Ledger, the blockchain’s core development team RippleX announced.
The sidechain, a parallel-running blockchain, will bring Ethereum-based smart contracts to XRP Ledger, a blockchain associated with cross-border payments firm Ripple.
While the XRP Ledger already supports native smart contracts, the network does not currently support the Ethereum Virtual Machine (EVM), a computing environment commonly used by Ethereum developers to write applications.
📣 Aptos’s Layer 1 mainnet has gone live
Solana developers have been frustrated on its network, and are exploring moving over to Aptos, which is one of the most anticipated Layer 1 launches. The blockchain, founded by former Meta employees, has also attracted the attention of FTX Ventures, which led a $150 million raise for Aptos in July. Aptos has had its first transactions on mainnet, although they are mostly maintenance messages by validators. User transactions are expected to begin on Oct. 18. Aptos originated from the Facebook blockchain initiative Libra. The most talked about aspect of Aptos compared to other blockchains is its Move coding language, which is supposedly more developer-friendly and offers safeguards for asset management.
Solana developers have been frustrated on its network, and are exploring moving over to Aptos, which is one of the most anticipated Layer 1 launches. The blockchain, founded by former Meta employees, has also attracted the attention of FTX Ventures, which led a $150 million raise for Aptos in July. Aptos has had its first transactions on mainnet, although they are mostly maintenance messages by validators. User transactions are expected to begin on Oct. 18. Aptos originated from the Facebook blockchain initiative Libra. The most talked about aspect of Aptos compared to other blockchains is its Move coding language, which is supposedly more developer-friendly and offers safeguards for asset management.
Binance will launch a cloud mining pool in November.
The new platform was created for those who do not plan to invest in equipment, purchasing hashrate for speculative mining of cryptocurrencies.
Binance expects that at the time of the launch of the cloud pool, the market will enter a protracted growth phase, which will provide an influx of customers for the new service.
Apparently, the company does not plan to purchase its own equipment, as competitors do. We are talking about the resale of the hashrate of large farms. Such contracts will help to conclude the presence of a fund of half a trillion dollars allocated by Binance to support miners.
The new platform was created for those who do not plan to invest in equipment, purchasing hashrate for speculative mining of cryptocurrencies.
Binance expects that at the time of the launch of the cloud pool, the market will enter a protracted growth phase, which will provide an influx of customers for the new service.
Apparently, the company does not plan to purchase its own equipment, as competitors do. We are talking about the resale of the hashrate of large farms. Such contracts will help to conclude the presence of a fund of half a trillion dollars allocated by Binance to support miners.
ZkSync to launch on mainnet this month
One of the largest debates in the industry is how Ethereum will scale, and which methods or technologies will be the most successful. As a result, zkSync's launch will be a pivotal moment for Ethereum, as it’s the first time zkSync’s novel scaling approach will be stress-tested in a live environment.
One of the largest debates in the industry is how Ethereum will scale, and which methods or technologies will be the most successful. As a result, zkSync's launch will be a pivotal moment for Ethereum, as it’s the first time zkSync’s novel scaling approach will be stress-tested in a live environment.
💰 FTX API keys connected to 3Commas confirmed to have been exploited
An investigation conducted by trading-bot platform 3Commas and cryptocurrency exchange FTX revealed that API keys linked to the former were used to conduct unauthorized trades for DMG trading pairs on the latter.
The 3Commas team was alerted to the incident on Oct. 20, when various FTX API keys connected to the platform were used to perform unauthorized trades. Through an investigation, the 3Commas team discovered multiple fake websites claiming to be 3Commas were used to phish information by tricking users into connecting their exchange accounts to fraudulent web interfaces.
Source
An investigation conducted by trading-bot platform 3Commas and cryptocurrency exchange FTX revealed that API keys linked to the former were used to conduct unauthorized trades for DMG trading pairs on the latter.
The 3Commas team was alerted to the incident on Oct. 20, when various FTX API keys connected to the platform were used to perform unauthorized trades. Through an investigation, the 3Commas team discovered multiple fake websites claiming to be 3Commas were used to phish information by tricking users into connecting their exchange accounts to fraudulent web interfaces.
Source