Crypto soothsayer
Reuters: A U.S. federal court has dismissed a lawsuit against Elon Musk and his company Tesla, which were accused of deceiving investors by creating hype around DOGE and engaging in insider trading. The district judge ruled that Musk's tweets and statementsโฆ
Elon Musk says he is the person who wants Tesla to bring back the ability to pay for goods with Dogecoin ๐
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Vitalik Buterin stated that he has not sold any cryptocurrency for personal profit since 2018. ๐ซ๐ฐ
Instead, all of his sales have been used to support various projects he deems valuable, either within the Ethereum ecosystem or for broader charitable causes, such as biomedical research and development. ๐คฒ
Instead, all of his sales have been used to support various projects he deems valuable, either within the Ethereum ecosystem or for broader charitable causes, such as biomedical research and development. ๐คฒ
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Telegram's balance sheet shows nearly $400 million in cryptocurrency
The Financial Times reports that Telegram had almost $400 million in digital assets, according to the company's filings. ๐ฐ
As of December 31, 2023, the value of these tokens was significantly higher than the company's cash and cash equivalents.๐ง
The specific assets are not detailed in the documents, but Pavel Durov has publicly stated that he personally holds only Bitcoin and Toncoin. ๐ช
The Financial Times reports that Telegram had almost $400 million in digital assets, according to the company's filings. ๐ฐ
As of December 31, 2023, the value of these tokens was significantly higher than the company's cash and cash equivalents.๐ง
The specific assets are not detailed in the documents, but Pavel Durov has publicly stated that he personally holds only Bitcoin and Toncoin. ๐ช
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Bitcoin this summer ๐คช
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Crypto soothsayer
While people were wondering, "Whoโs selling?!", Bitcoin miners offloaded 2,655 BTC over the weekend, totaling around $154 million.
Here's why there was a sell-off: Bitcoin miners' earnings dropped to an 11-month low in August. ๐
The total profits for the month were $851.4 million, marking a $100 million decrease from July. ๐ง
The total profits for the month were $851.4 million, marking a $100 million decrease from July. ๐ง
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According to Santiment, while small traders are in a panic, big players are busy stacking up Bitcoin. ๐ณ
In August alone, over 283 wallets crossed the 100 BTC threshold.
๐ Currently, there are 16,120 wallets holding more than 100 BTC, setting a new record for the past 17 months. The number of addresses with at least 10 BTC is also rising.
In the last 30 days, wallets with balances between 10 and 10,000 BTC have collectively accumulated more than 133,000 BTC, totaling over $7.6 billion. ๐ง
In August alone, over 283 wallets crossed the 100 BTC threshold.
๐ Currently, there are 16,120 wallets holding more than 100 BTC, setting a new record for the past 17 months. The number of addresses with at least 10 BTC is also rising.
In the last 30 days, wallets with balances between 10 and 10,000 BTC have collectively accumulated more than 133,000 BTC, totaling over $7.6 billion. ๐ง
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Crypto soothsayer
Yesterday, the TON network experienced another 4-hour outage ๐ It seems that without Durov, TON just can't keep running... ๐ค This marks the second TON failure in just a few days. The network issues are being linked to the strain caused by interactions withโฆ
On August 29, the TON blockchain processed an average of 100 transactions per block within seconds, with DOGS transactions accounting for up to 35% of the total transactions in some block - Cryptoquant
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๐ Polymarket โ a hidden gem?!
For August, Polymarketโs trading volume reached $470 million. ๐ฐ
Meanwhile, the entire NFT market across all networks totaled $378 million for the same month, falling $92 million short. ๐คท
For August, Polymarketโs trading volume reached $470 million. ๐ฐ
Meanwhile, the entire NFT market across all networks totaled $378 million for the same month, falling $92 million short. ๐คท
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Exchanges are downplaying liquidations to keep traders from leaving ๐ง
๐ Vetle Lunde from K33 Research suggests that over the past three years, Binance, Bybit, and other crypto exchanges have altered their liquidation reporting algorithms. This has led to an understatement of real trader losses. ๐
The motive? Fewer reported liquidations attract more traders and boost the exchanges' profits. ๐ฐ
๐ Vetle Lunde from K33 Research suggests that over the past three years, Binance, Bybit, and other crypto exchanges have altered their liquidation reporting algorithms. This has led to an understatement of real trader losses. ๐
The motive? Fewer reported liquidations attract more traders and boost the exchanges' profits. ๐ฐ
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Elegant Scam ๐บ
๐ค Frontier recently converted their $FRONT tokens to $SLF as part of a rebranding effort.
โช๏ธ The conversion was 1:1, but the total token supply increased fourfold!
Interestingly, only 11 wallets voted on the rebranding proposal, with no votes against it.
A single whale held 99% of the votes ๐ณ
Ah, the wonders of decentralization! ๐
๐ค Frontier recently converted their $FRONT tokens to $SLF as part of a rebranding effort.
โช๏ธ The conversion was 1:1, but the total token supply increased fourfold!
Interestingly, only 11 wallets voted on the rebranding proposal, with no votes against it.
A single whale held 99% of the votes ๐ณ
Ah, the wonders of decentralization! ๐
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Normal day in crypto
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Crypto soothsayer
๐จ WazirX Exchange Hacked! ๐จ ๐ฎ๐ณ The Indian exchange WazirX was hacked through a compromised multi-signature ETH wallet. ๐ฐ Assets worth $234.9 million were transferred to a new address. The initiating party for each transaction was funded through the Tornadoโฆ
๐ฅท Hackers who breached the Indian exchange WazirX have started moving funds through the Tornado Cash mixer. ๐ช
So far, 2,600 ETH ($6.5 million) have been transferred. ๐
So far, 2,600 ETH ($6.5 million) have been transferred. ๐
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Ethereum Layer-1 Revenue Collapse: What's Behind the Drop? ๐
๐ Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactionsโboth doubling since Marchโfees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. ๐
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. ๐ง
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. ๐คท
Is the L2 boom causing Ethereumโs base layer to suffer? ๐ค๐
๐ Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactionsโboth doubling since Marchโfees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. ๐
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. ๐ง
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. ๐คท
Is the L2 boom causing Ethereumโs base layer to suffer? ๐ค๐
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