🔄 WazirX Transfers $74M in Crypto After Major Hack

💰 Following a significant cyber attack in July that resulted in losses of $234 million, WazirX allegedly redirected approximately $73.6 million of its users' cryptocurrency to global exchanges Bybit and KuCoin. This claim was made by CoinSwitch CEO Ashish Singhal as his company launched a public dashboard to monitor wallet activities.

➡️ In a recent affidavit filed with the Singapore High Court, WazirX disclosed over 240,000 wallet addresses as part of its debt restructuring efforts. Singhal pointed out that while CoinSwitch holds both fiat and crypto assets with WazirX, the exchange "illegally" suspended withdrawals. Consequently, CoinSwitch had to utilize its own treasury to cover its users' funds.

⚖️ CoinSwitch initiated legal proceedings against WazirX in July, revealing more than $9 million in trapped assets. Despite these affected funds representing less than 1% of CoinSwitch's total assets, the company has created a dashboard for detailed examination of the wallet addresses. Singhal expressed hope that "making that dashboard publicly available" would assist crypto investors.

🔍 He further stated,

By scanning through these wallets, we have observed a large chunk of WazirX crypto has been moved to exchanges such as Bybit and KuCoin post the incident.

Singhal added that they have identified the transfer of $72.13 million worth of crypto to Bybit and $1.5 million to KuCoin.

🗣 In response to these allegations, WazirX CEO Nischal Shetty confirmed the transfer of funds to other exchanges but clarified that it was not for trading purposes. He stated,

Funds were moved to some exchanges because we are still in the process of onboarding a custodian.

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🟢 Iran's President Critiques Western Influence at BRICS Summit

🗣 Iranian President Masoud Pezeshkian expressed strong criticism towards the UN Security Council and the International Monetary Fund (IMF) during the BRICS summit held in Kazan from October 22-24. He accused these institutions of losing their effectiveness due to Western interference and called on BRICS nations to reduce their reliance on Western financial systems.

Many international structures and mechanisms … such as the UN Security Council, IMF, and human rights organizations have lost their effectiveness

said Pezeshkian. He emphasized the need for BRICS countries to develop alternative financial structures and strengthen institutions like the BRICS New Development Bank.

🌍 The Iranian President urged the bloc to reshape international economic governance for greater justice and independence. He stated that the future would belong to countries that lead in creating a new world order based on harmony and justice.

🚀 BRICS, established in 2006 and expanded to include Egypt, Iran, the UAE, and Ethiopia on January 1, 2024, is increasingly viewed as a rising force capable of reshaping global financial institutions. The summit highlighted BRICS' role in shaping future geopolitical dynamics and its potential to challenge Western-led institutions.

💪 Pezeshkian's remarks reflect growing concerns about the effectiveness of longstanding international institutions and the importance of BRICS in promoting cooperation that respects sovereignty. As BRICS continues to expand its influence, it seeks to establish an independent financial and banking system free from Western standards.

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🚀 Ethereum Rivals Could Deliver 2500% Gains by 2025, Predicts Crypto Billionaire 📈

In this piece, we will investigate the reasons why Rexas Finance and Cardano are being highlighted as strong competitors to Ethereum.

👉 Read more

🟢 Venezuela's Potential as a Cryptocurrency Powerhouse in Latin America

📈 Venezuela is emerging as a significant player in the cryptocurrency landscape of Latin America. Despite facing numerous challenges, it has become the fourth largest crypto economy in the region, surpassing countries like Colombia and Chile, according to a recent Chainalysis report.

💰 Between July 2023 and June 2024, Venezuela's economy received nearly $50 billion in cryptocurrency value. This positions the country as a hotspot for crypto activity, with Venezuelans frequently using stablecoins to mitigate the effects of ongoing currency devaluation. The report also highlighted a remarkable 110% year-over-year growth in the Venezuelan crypto market, indicating an increased reliance on cryptocurrencies to navigate economic challenges.

⚖️ Venezuela boasts one of the first regulatory frameworks for cryptocurrency in Latin America, covering trading and mining activities. However, government compliance with these laws has been inconsistent. In May, authorities launched a crackdown on mining activities, citing high demand that led to blackouts and disruptions in the national electric grid. Additionally, a $20 billion cryptocurrency corruption scheme involving Sunacrip (the national crypto watchdog) and PDVSA (the state-owned oil company) hindered local exchange operations and deterred large international crypto-linked companies from investing in the country.

➡️ The ongoing political turmoil, exacerbated by opposition leaders' claims regarding President Nicolas Maduro's alleged electoral defeat, raises concerns about the potential intensification of Western sanctions against Venezuela.

🌟 However, if these issues are resolved, Venezuela has the potential to become a cryptocurrency powerhouse in the region. The country's abundant hydroelectric power resources and low electricity costs could attract large mining and trading companies looking to enter this emerging market.

🚀 Dogecoin Price Forecast: Musk's Influence Amid US Elections

🗓 With just 5 days left until the US Election, Elon Musk has reignited the meme coin market as the 'Dogefather' CEO of DOGE. This surge coincides with a significant pre-election rally in crypto markets, where Bitcoin is nearing a new all-time high after surpassing $72,000 this week, driven by institutional investments.

📈 Prominent crypto traders are supporting this emerging trend, noting a strong low-time-frame image of three consecutive 'falling wedge' patterns followed by breakout moves. This analysis boosts DOGE holder confidence as the coin appears poised to continue its upward trajectory, especially with Musk drawing attention to it during a pivotal moment in the Presidential race.

🤔 Amidst one of the most intense US Election campaigns, Elon Musk has publicly backed Donald Trump for the White House, even being offered a position in a pro-Bitcoin Trump administration. His campaigning efforts are focused on key swing states like Pennsylvania, with hype surrounding his alleged role as the CEO of D.O.G.E – the Department of Government Efficiency.

➡️ On October 28, Musk tweeted a Dogecoin meme on X, sparking excitement that led to a breakout from its falling wedge pattern. In the following 24 hours, DOGE price surged, achieving a 7-day gain of 21.9% and driving a broader rally in the meme coin market.

📊 Currently, DOGE is trading at $0.16 (with a 24-hour change of -3.74%). After a dramatic +25% climb since Monday, the price is experiencing a localized retracement as bulls aim to consolidate their hard-fought gains.

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💰 UBS Launches First Tokenized Fund in Asia

🌐 UBS Asset Management has announced the launch of its inaugural tokenized investment fund, the “UBS USD Money Market Investment Fund Token” (UMINT), in Singapore. This marks a significant step for UBS, a global leader in wealth management, as it ventures into the realm of digital assets by utilizing Ethereum's blockchain technology.

💼 The UMINT fund is designed to provide institutional-level cash management for its token holders through conservative investments in high-quality money market instruments. UBS describes this fund as a money market investment that will be accessible through authorized distribution partners.

🔗 This launch is part of UBS's broader strategy towards tokenization, which has seen considerable progress over the past year. In October 2023, UBS participated in a pilot for a tokenized Variable Capital Company (VCC) fund under Singapore’s Project Guardian. The bank has also expanded its tokenization efforts with the UBS Tokenize platform, which initially focuses on bonds, funds, and structured products. Notable recent initiatives include issuing CNH 200 million in digital structured notes in June 2023 and completing the first cross-border repurchase transaction using a natively issued digital bond on a public blockchain in November 2023.

🗣 Thomas Kaegi, co-head of UBS Asset Management APAC, emphasized that the launch of the UMINT fund is a response to the increasing demand for digital investment assets. He stated,

We have seen growing investor appetite for tokenized financial assets across asset classes.

Kaegi added,

Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.

🌍 UBS's strategic focus on digital assets involves integrating both public and private blockchains into its fund issuance and distribution processes. This approach aims to offer clients an advanced option for accessing money market funds.

➡️ 2024 U.S. Election: Impact on Crypto Markets

📊 In its recent report, Coin Metrics investigates the potential influence of the 2024 U.S. presidential election on cryptocurrency markets, particularly focusing on bitcoin (BTC). The report notes that bitcoin has historically experienced price increases after previous elections, although the magnitude of these gains has decreased over time.

📈 The authors, Tanay Ved and Matías Andrade Cabieses, point out that these price shifts often align with Bitcoin halving events and significant Federal Reserve policy changes. This combination of events can reduce market uncertainty and foster bullish sentiment. They observe that bitcoin's realized volatility tends to rise around election periods, remaining elevated for about 30 days after the election.

Bitcoin’s realized volatility has historically increased around U.S. elections, typically remaining elevated for approximately 30 days post-election.

📉 The report highlights that while volatility levels before the 2024 election are relatively calm, there is likely to be an increase in fluctuations in the days leading up to and following the event. This potential surge in volatility underscores the sensitivity of digital assets to external geopolitical factors.

🟥 Coin Metrics also explores the role of Polymarket, a popular prediction market platform, in shaping investor sentiment regarding the election. The report notes that Polymarket odds for key political figures have shifted significantly in recent months, reflecting global trading behaviors and sentiments about the U.S. political landscape.

🌍 Interestingly, much of Polymarket’s trading volume occurs outside typical U.S. trading hours, indicating a high level of international interest in the election’s outcome and its potential impact on crypto markets. Looking forward, Coin Metrics emphasizes the importance of monitoring key indicators for investors, including trading volumes of major cryptocurrencies like bitcoin, ether (ETH), and solana (SOL), as well as the ETH/BTC ratio and open interest levels for bitcoin futures.

🛡 Crypto CEO's Abduction Highlights Security Risks for High-Profile Holders

🚨 The recent abduction of Dean Skurka, CEO of Toronto-based cryptocurrency firm Wonderfi, has shed light on the significant security risks faced by high-profile crypto holders. Skurka was kidnapped during rush hour in a busy area of Toronto and was later released unharmed after a $1 million ransom was paid electronically.

Client funds and data remain safe, and were not impacted by this incident,

Skurka reassured in an email following his release. This incident marks the 171st recorded case of physical violence against cryptocurrency holders, according to Jameson Lopp, co-founder of security firm Casa. He pointed out that as the value of cryptocurrencies like bitcoin rises, so does the interest from criminals.

As the price goes up, more awareness of the space permeates throughout society, and as a result, more criminally minded people decide they want to try to figure out what the ROI of executing a physical attack against a known crypto holder is,

Lopp explained. He emphasized the portability of cryptocurrencies makes them an attractive target for theft.

🔒 Despite their wealth, many crypto holders lack adequate security measures. Lopp noted that even multimillionaire early adopters often do not prioritize physical security or privacy. He stated,

The average crypto person, even early adopters who may be multi-millionaires, tend not to have really great physical security, and often they don’t have great operational security or privacy.

This particular incident is not something that many people have to worry about unless they’re a high-profile figure,

Lopp added. However, he cautioned that even many high-profile individuals do not have the level of security and privacy that their risk profile warrants.

💰 Arthur Hayes Predicts Bitcoin Could Reach $1 Million Amid US Economic Shifts

🚀 Arthur Hayes, co-founder of Bitmex, forecasts that bitcoin could soar to $1 million due to President Trump's expansive credit policies. In a recent blog post, he argued that the Trump administration is likely to inject trillions into the economy to support domestic industries. This credit creation is expected to lead to inflation, devaluing the dollar and driving investors towards alternative assets like bitcoin.

📈 Hayes outlined his investment strategy, stating,

Obviously, the hierarchy of my portfolio starts with bitcoin, other cryptos, and crypto-related company equity, then gold held in a vault, and finally, stonks.

He emphasized that Trump's economic policies will increase demand for hard assets, positioning bitcoin as a key inflation hedge. He asserted,

This is how bitcoin goes to $1 million.

🌍 He further explained that as the supply of bitcoin diminishes, fiat currency will chase it as a safe haven not just for Americans but also for Chinese, Japanese, and Western Europeans. He urged investors to

Get long, and stay long

and referenced Chinese economic history to support his view on the impact of quantitative easing.

📊 Hayes speculated on the potential scale of this credit expansion, suggesting that bitcoin and the crypto market could experience rapid growth similar to that seen during the pandemic. He stated,

we can expect that bitcoin and crypto will perform as well, if not better, than they did from March 2020 until November 2021.

❓ He concluded by posing a critical question:

The real question is, how much credit will be created?

Hayes highlighted that the extent of this shift could propel BTC to new heights as global investors turn to it as a safeguard against fiat currency debasement.

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📈 Goldman Sachs Boosts Bitcoin ETF Holdings Amid Rising Institutional Interest

📊 Goldman Sachs has significantly increased its bitcoin ETF holdings, reflecting a growing interest from institutional investors in the cryptocurrency. According to the U.S. Securities and Exchange Commission’s (SEC) 13F report for Q3, which ended on September 30, the bank now holds $710 million in cryptocurrency assets.

Goldman Sachs has expanded its holdings across a portfolio of bitcoin ETFs,

the SEC filing revealed. The bank's largest position is in Blackrock’s Ishares Bitcoin Trust (IBIT), where it owns 12.7 million shares valued at $461 million. This represents an 83% increase from the previous filing in August. Additionally, Fidelity’s Wise Origin Bitcoin ETF (FBTC) saw a 13% rise with over 1.7 million shares valued at $95.5 million.

🔼 Goldman Sachs also boosted its stake in the Grayscale Bitcoin Trust (GBTC) by 116%, reaching over 1.4 million shares worth $71.8 million. The bank reported a 156% increase in Bitwise Bitcoin ETF (BITB) holdings, totaling $22.5 million in 650,961 shares. Smaller investments in bitcoin ETFs were noted from Ark Invest, 21shares, Wisdomtree, and Invesco Galaxy.

Due to this rise in bitcoin holdings, Goldman Sachs is now the second-largest IBIT investor,

behind only Millennium Management which has $844 million in holdings. This surge in Goldman Sachs’ bitcoin ETF holdings coincides with unprecedented inflows into spot bitcoin exchange-traded funds (ETFs), which recorded a staggering $8 billion in daily trading volume.

💡 Goldman Sachs’ decision to increase its bitcoin ETF holdings signals a rising institutional interest in digital assets to investors and market watchers.

💰 Majority Predict Bitcoin Will Surpass $100K by Year-End in Michael Saylor's Poll

📊 Michael Saylor, Executive Chairman of Microstrategy, recently conducted a poll on social media platform X regarding Bitcoin's future. The question posed was,

Will Bitcoin break $100K by New Year’s Eve?

Out of over 92,000 votes, 85.6% answered "Yes," while 14.4% said "No." This sparked renewed discussions about Bitcoin's trajectory as the year comes to a close.

📈 The possibility of Bitcoin reaching six figures has been a subject of debate for years. However, with recent price surges, Saylor is optimistic about a $100K Bitcoin celebration. He dismissed fears of a drop below $30K and predicted that prices will exceed $100K by December. He attributes this confidence to strong Wall Street support, particularly from Blackrock.

💼 On Monday, Microstrategy announced the purchase of 51,780 additional bitcoins for $4.6 billion, increasing its total holdings to 331,200 BTC at an average cost of $49,874 per bitcoin. This acquisition was funded by a $13.59 million share sale and highlights the company's aggressive cryptocurrency strategy.

➡️ At the end of October, Microstrategy launched a $42 billion initiative called the “21/21 Plan,” aimed at accelerating Bitcoin acquisitions. The plan involves raising $21 billion through equity and $21 billion through fixed-income securities over three years. Saylor indicated that this process could progress faster than anticipated, stating,

All of our investors tell me, they want me to buy more bitcoin. They want me to raise capital to buy bitcoin.

➡️ Russia's Trade Resilience Amid Western Sanctions

💪 Russia's foreign trade is showing resilience against Western sanctions, with increasing imports and projected economic growth that surpasses stagnating Western economies. Russian Finance Minister Anton Siluanov stated in an interview that despite the restrictions, Russia's trade dynamics remain strong.

Russia’s trade turnover has been increasing, improving recently. Imports have grown in recent months,

he noted. Siluanov emphasized the determination of trade participants to find ways to conduct transactions despite the sanctions:

Despite all restrictions, the participants of foreign trade transactions, foreign trade activities will still find possibilities to pay for supplied or acquired goods.

♾ He criticized Western countries for imposing measures that he believes primarily harm their own economies:

All restrictions that Western countries impose affect themselves in the first place.

Despite facing over 2,000 restrictions, he asserted that the Russian economy is on the rise, with projected growth dynamics of around 4% this year compared to near-zero growth in the West.

🌍 Siluanov also discussed BRICS efforts to create alternatives to Western financial systems, highlighting the modernization of financial infrastructure as a key focus. He explained that this includes

payments and the creation of depository links,

as well as

creating insurance and reinsurance in foreign trade.

🚫 Western sanctions have significantly restricted Russia's access to international financial systems, including being cut off from SWIFT. This exclusion has disrupted Russian banks' ability to facilitate international trade and financial transactions, particularly with Western nations. However, Russia has sought alternative systems, such as China's Cross-border Interbank Payment System (CIPS), and expanded trade with non-aligned nations to mitigate these impacts.

➡️ Bitcoin's Price Surge: U.S. Premiums vs. South Korean Discounts

📈 Last week, the cryptocurrency market was highly active, with Bitcoin reaching a new all-time high of $99,800 per coin on Thursday. Interestingly, during this time, the Coinbase premium increased while South Korea experienced a discount in BTC prices.

💰 On November 21, 2024, Bitcoin peaked at $99,800 but fell to $95,796 by Sunday afternoon. This volatility led to the liquidation of cryptocurrency derivatives worth $472.69 million, affecting 186,320 traders. Data from cryptoquant indicates that the Coinbase premium index has been positive since November 3, suggesting strong buying interest among U.S. investors, often driven by institutional participation. In contrast, the Korea Premium Index (KPI), or "Kimchi Premium," has been at a discount since November 20, showing a 0.85% discount by November 22.

📉 A negative KPI indicates that cryptocurrencies are priced lower on South Korean exchanges, implying reduced demand or increased selling activity from local traders. On Sunday at 3:45 p.m. Eastern Time, BTC was trading globally at $96,776, while on South Korea’s Upbit exchange, it was priced at $95,125 per coin, reflecting a 1.7% discount compared to the international rate.

🌍 These contrasting trends highlight different regional attitudes towards Bitcoin as it reaches new price highs. U.S. investors seem to be driving demand, while South Korean traders appear to be offloading their holdings or losing interest, leading to lower local prices. This situation illustrates how regional factors can influence the global crypto market during price discovery. By 5:10 p.m. Eastern Time in the U.S., BTC rose to $97,376 per coin, and on Upbit, it was $96,241.