Headlines

eToro has taken steps to solidify its position in the European market. The company recently announced it obtained the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC).

Embracing The Future Of Crypto In Europe?

As of September 21, eToro officially revealed their newly obtained CASP registration, signifying a new chapter in their European journey. The firm, known for its preference towards crypto, is preparing to expand its crypto services across the continent.

The CASP registration is no ordinary milestone for eToro. It positions the company to provide regulated crypto services to all European Union countries under a single entity, eToro Europe Digital Assets.

According to the announcement, this move will gain full traction once the EU’s Markets in Crypto-Assets Regulation (MiCA) is operational in December 2024.

Deputy CEO of eToro, Hedva Ber, articulated the company’s stance on this development. Ber stated that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.”

Underscoring the significance of the European market, Ber highlighted that most eToro users hail from the region, making Europe a pivotal point for their global operations.

Binance’s European Saga: A Different Direction

In the crypto realm, the path for every player is unique. While eToro capitalizes on its new registration to delve deeper into the European market, Binance, another giant in the crypto world, seems to be treading a different path.

It is worth noting that Binance has particularly been making headlines for different reasons recently. Earlier in June, Binance expressed its intent to deregister in Cyprus, citing its focus on broader markets.

The Cyprus Securities and Exchange Commission noted Binance Cyprus Limited’s status as “Under examination for application for deregistration.”

BINANCE’S CYPRUS UNIT HAS APPLIED TO DEREGISTER AS CRYPTO ASSET SERVICE PROVIDER IN CYPRUS – SECURITIES REGULATOR WEBSITE

— *Walter Bloomberg (@DeItaone) June 14, 2023

Furthermore, there have been recent whispers about Binance’s distancing from its European payment partner, Paysafe. Some Binance users in the EU have reported challenges with fiat withdrawals, especially in Euros.

As reported by Bitcoinist, Ervin Ursic Kovac, a Binance user, shared his experience with CoinDesk, explaining how a transaction involving ETH was halted due to an unexpected notification from Paysafe. Such incidents have raised questions about the platform’s commitment and operational smoothness in the region.

The notification read:

As a high-frequency Paysafe service user, Paysafe closed your account early to speed up this process. Any remaining EUR/GBP in your account can be withdrawn once the review is completed.

Featured image from Euromoney, Chart from TradingView

FTX lawyers have been making moves regarding lawsuits against crypto influencers and celebrities hired to promote the exchange during the height of its operations. However, the exchange looks to be finding other ways out of these legal disputes by choosing to settle with these influencers.

Proposed Settlements With Other Defendants

In the aftermath of FTX’s failure, lawyers came after a flurry of celebrities who had promoted the exchange in attempts to recover funds from various sources. Popular names, including Shaquille O’Neal, Tom Brady, Steph Curry, and Naomi Osaka, were named as potential defendants in the lawsuit.

Crypto YouTube influencers named as defendants were BitBoy Crypto (Ben Armstrong) Graham Stephan, Ben Armstrong, Andrei Jikh, and Jaspreet Singh. Of those named by FTX, crypto influencer Ben Armstrong, popularly known as BitBoy, has been dismissed from the lawsuit as a defendant. 

This was revealed in a court filing that showed that FTX lawyers have voluntarily dismissed claims against Armstrong, as the influencer failed to file an answer to the allegations brought against him.

Armstrong is not the only one looking toward settlement as NFL quarterback Trevor Lawrence, one of the defendants, recently settled with FTX. Details of the settlement weren’t disclosed, but YouTubers Kevin Paffrath and Tom Nash have also decided to settle. 

Making Headway In Court

FTX is making headway in its aim of clawing back some of the money spent excessively by Bankman-Fried and other execs before its implosion. The failed crypto exchange made recent headlines as it looked to do away with its Bitcoin and crypto holdings.

According to court filings, FTX has amassed approximately $7 billion in assets, leading to speculations of incoming liquidations.

FTX also received court approval to liquidate its crypto assets of $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, and other cryptocurrencies. This has led to concerns from the crypto community of a negative impact on the prices of these cryptocurrencies.

All of this comes as former CEO Bankman-Fried is also set to be tried in court starting on October 3 for eight charges brought against him. The founder has continuously asked to be freed prior to his trial to aid in his defense preparation. However, the court has denied him every time.

The court has also said it will consider a postponement of the former CEO’s trial date, but neither Sam Bankman-Fried nor his lawyers have indicated that they will be filing for a postponement.

The Bitcoin and crypto market is holding its breath in anticipation of the week ahead, particularly due to a singular, critical event: the US Federal Reserve’s interest rate decision followed by the FOMC press conference featuring Fed Chairman Jerome Powell. This looming decision has the potential to ripple through all financial markets, from Wall Street to the decentralized corridors of Bitcoin and crypto.

Other events that could have a potential impact on the market are rather rare this week. Only the already last week approved liquidation of the FTX holdings (maximum $100 million, $200 million per week under certain circumstances) could be news-worthy. However, since the liquidations do not require any announcements, there will be no big headlines.

FOMC And Interest Rate Decision On Wednesday

The Federal Open Market Committee (FOMC) is scheduled to convene on September 20, and market participants are highly optimistic that a pause on interest rate hikes will be announced. Current market data suggests an overwhelming 98-99% likelihood of rates remaining stable, according to the FedWatch Tool.

If this expectation holds true, it would mean the Federal Reserve maintains the benchmark Fed funds target range between 5.25% and 5.50%—the highest level since January 2001. Following the rate decision, the market will keenly focus on Fed Chairman Jerome Powell’s subsequent speech for any nuanced insights into future monetary policy.

The FOMC is also expected to release new forecasts for interest rates and economic growth, often referred to as the ‘dot-plot’. The release has the potential to be the most important market driver of the entire event. The question is: How do we assess the economic situation in the USA? When will the first interest rate cut occur?

With inflation still noticeably above target levels, and recent data revealing a 0.5% year-over year increase in CPI (from 3.2% to 3.7%) and the second increase in a row (headline CPI bottomed in June at 3.0%)—there is an increasing expectation that the Federal Reserve might adopt a hawkish tone, keeping the door open for potential rate hikes in the coming months.

Remarkably, the market is also worried about the unusually large gap between US GDP and GDI (Gross Domestic Income), the largest ever recorded. This scenario eerily parallels conditions seen prior to the 2008 financial crisis, stoking fears and speculations about the health of the U.S. economy and the global economic landscape at large.

THE PLOT THICKENS!

After revisions we now have the LARGEST gap between GDP and GDI on record.

The last time we had a similar gap?

2008… pic.twitter.com/UOgPpJA5i9

— AndreasStenoLarsen (@AndreasSteno) September 18, 2023

Bitcoin Price Considerations

As always, crypto investors are on high alert for any macroeconomic events that could impact the digital asset market. The general sentiment points towards Bitcoin being significantly influenced by the outcomes of the FOMC meeting and Powell’s ensuing comments.

Renowned market analysts have already weighed in on Bitcoin’s price trends. Material Indicators, a notable trading analysis account, tweeted: “That’s the first green Weekly candle close for Bitcoin in 5 weeks… FOMC rate hike announcement on Wednesday, so expect a few whale games to break up the chop.”

On a similar note, MacroCRG, another influential trader, warned of the volatility that could ensue after the FOMC meeting while highlighting the generally positive but precarious outlook for Bitcoin. “Aye spot premium increasing + funding decreasing. It actually looks good. But its Monday (Monday moves aren’t to be trusted) and we got FOMC on Wednesday,” he stated.

Michaël van de Poppe, a highly regarded analyst, also pointed to Bitcoin’s current bullish position above the 200-Week EMA (Exponential Moving Average), likening the market conditions to the 2015/2016 price cycle of the digital currency.

Moreover, the market is also watching the performance of the US dollar (DXY) carefully. Interestingly, hedge funds are now net long the US dollar for the first time since March. Given the inverse correlation between the US dollar and Bitcoin, a rising US dollar index could lead to selling pressure on Bitcoin.

However, the current situation still offers something special. The recent rise in the US dollar and the associated repositioning of hedge funds can be explained primarily by the weak euro following the ECB decision. Therefore, in smaller time frames Bitcoin has not shown an inverse correlation with the rise of the US dollar, as detailed by analyst Furkan Yildirim.

At press time, BTC surged by almost 2% in the last 4 hours, trading at $27,136.

In a startling revelation, the North Korean hacker group, Lazarus Group, is reportedly behind the recent CoinEx crypto exchange hack. This revelation comes after cybersecurity firm SlowMist and renowned on-chain analyst ZachXBT connected the dots between the CoinEx exploit and previous hacking incidents attributed to the Lazarus Group.

On September 12, 2023, CoinEx’s Risk Control System raised alarms over irregular withdrawals from several of its hot wallet addresses. The exchange responded swiftly, setting up an investigative team to delve into the breach. Preliminary findings revealed unauthorized transactions involving Ethereum (ETH), Tron (TRON), and Polygon (MATIC). While the exact amount of the loss was initially undetermined, SlowMist confirmed today that the total stolen funds amounted to approximately $55.5 million.

A few hours ago, CoinEx identified a third series of suspicious wallet addresses across various blockchains, including BSC, ARB, OP, and XLM.

CoinEx, in a bid to reassure its user base, stated that the affected fund was a minor portion of the exchange’s total assets. They further assured users of the security of their assets and pledged full compensation to those affected by the breach. As a precautionary measure, the exchange temporarily suspended deposit and withdrawal services, promising a thorough review before resumption.

The CoinEx Links To Lazarus

SlowMist’s investigation unearthed two hacker addresses, 0x22…a98d on Binance Smart Chain (BSC) and 0x75….Ac59 on Polygon, both tagged as Stakecom Exploiter. Their analysis suggests a potential connection between the Alphapo Exploiter, Stake Exploiter, and CoinEx Exploiter, all pointing towards the Lazarus Group.

Stake, an Australian sports betting and crypto casino service provider suffered an exploit last week, leading to a loss of up to $41.3 million. On Monday, the US Federal Bureau of Investigation (FBI) announced that it already unmasked the culprits, the notorious Lazarus Group.

On-chain sleuth ZachXBT, lending his expertise to the situation, highlighted an address connection between the recent $55 million CoinEx hack and a $41 million Stake hack on OP & Polygon. This inadvertent link, according to ZachXBT, was a significant lead pointing towards the Lazarus Group’s involvement.

As it happens, Lazarus Group moved assets from the Stake hack today. As lowMist’s reported earlier today, the Lazarus Group transferred Binance Coin (BNB) to several ChangeNOW custodian addresses. They used platforms such as TransitSwap, SwftSwap, SquidRouter, and OKX-DEX. Specifically, the hackers bridged assets via TransitSwap, exchanged BNB for USDT-BEP20 on PancakeSwap, and then transferred the funds to the crypto exchange MEXC.

A Call For Enhanced Security

The Lazarus Group’s exploits in the crypto space are now reportedly in the billions of dollars. Their frequent appearances in cybercrime headlines emphasize the pressing need for fortified security measures within the blockchain industry. South Korean authorities, alarmed by these developments, are intensifying efforts to prevent North Korea from allegedly funneling these illicit funds into illegal weapons programs.

At press time, the broader crypto market remained unfazed by the news. Total crypto market cap has risen to $1.020 trillion, facing a crucial resistance at $1.022 trillion.

Bitcoin mining company Riot Platforms is defending its participation in Texas’ electricity market programs after recent headlines claimed the state ‘paid’ the miner over $30 million to reduce power in August.

Riot Platforms Sets the Record Straight

In a statement released Friday, the Nasdaq-listed Riot asserted it earned just $7 million through the Electric Reliability Council of Texas’ (ERCOT’s) ancillary services market, while selling $24 million in pre-purchased energy back to its retail provider TXU Energy during August’s heatwave. The company called its ancillary services premium “less than one percent” of the near $1 billion ERCOT spent to ensure grid reliability as temperatures soared.

Riot, which operates a cryptocurrency mining facility in Rockdale, Texas, said it provided over 84,000 megawatt hours of power back to the grid last month by temporarily halting mining operations. This helped reduce strain on the system during extreme weather, preventing disruptions for consumers.

“Riot actively participates in several demand response programs for the benefit of all Texans,” the company statement read. “We are proud to contribute to the overall health and prosperity of the state that has helped our company to grow into the innovative, thriving team that it is today.”

Recent headlines stemming from a CNBC article claimed the state of Texas paid Riot $31.7 million to shut down last month. Riot contends the reporting was “sensational and inaccurate,” failing to capture the nuances of Texas’ deregulated power market and direct response systems. States and energy producers all across the country are involved with ancillary service programs.

The company says its participation in ERCOT’s ancillary services market is a “competitive bidding process” where large commercial customers like bitcoin miners bid to receive payments for reducing electricity use during peak demand periods. This helps stabilize the grid at critical times.

Riot also stressed that selling pre-purchased energy back to providers like TXU Energy allows it to earn credits that reduce future power bills. This can be an efficient economic move when mining is paused.

As one of the largest publicly traded bitcoin miners in North America, Riot has become a focal point in debates over cryptocurrency’s energy footprint. In the press release announcement, the company maintains its involvement in Texas grid programs provides reliability and cost benefits to consumers, while supporting local jobs.

What do you think about Riot’s statements about its demand response systems and working with ERCOT’s ancillary service programs? Share your thoughts and opinions about this subject in the comments section below.

A well-known North Korean hacker group has once again made headlines this week, as federal authorities have revealed that they successfully stolen approximately $41 million worth of cryptocurrencies. This audacious theft targeted an online casino and betting platform, demonstrating the group’s continued prowess in the world of cybercrime.

The Federal Bureau of Investigation (FBI) has been closely monitoring the activities of this cybercriminal organization and has issued a stark warning about the scale of their illicit endeavors.

Crypto Hack: Over $200 Million Lost

According to the FBI, this particular hacking group has managed to pilfer a staggering sum of over $200 million in ill-gotten gains just within the span of this year.

This disturbing pattern of financial theft underscores the persistent threat posed by North Korean hackers in the realm of cybersecurity. Their ability to carry out high-value heists with relative impunity serves as a stark reminder of the need for enhanced cybersecurity measures and international cooperation to counteract such criminal activities.

On September 4, Stake.com temporarily halted its operations due to unauthorized transfers from its hot wallets affecting Ethereum, Polygon, and the Binance Smart Chain.

The incident only impacted these specific wallets, with all others remaining unaffected. Stake.com resumed normal operations within five hours of identifying the issue. The FBI has now confirmed that the theft amounted to $41.3 million and attributed it to the Lazarus Group.

Insider said its request for comment on Friday went unanswered by Stake.com representatives. However, Edward Craven, one of the co-founders of the online casino, described the cyberattack as a “sophisticated breach” in an interview with DL News.

Culprit: North Korea And The Lazarus Group

The FBI has pointed out that the Lazarus Group of North Korea, which was previously sanctioned by the US Department of Treasury’s Office of Foreign Assets Control in 2019, has been responsible for numerous other notable global cryptocurrency thefts.

Stake, a major cryptocurrency casino based in Curaçao, is known for offering betting options with popular assets like Bitcoin and Ethereum, as well as a sportsbook with over 40 sports markets.

Since its launch in 2017, Stake.com has garnered a user base exceeding 500,000 worldwide, with a presence spanning multiple countries, including Canada, Brazil, Japan, and the United Kingdom.

The FBI said it will continue to expose and combat the DPRK’s use of illicit activities to generate revenue for the regime. “This includes cybercrime and virtual currency theft,” the bureau said.

Featured image from The Hacker News

Binance has faced a series of negative news reports in recent weeks. However, the cryptocurrency exchange’s leader, Changpeng Zhao, known as CZ, used social media to assure the community that the reports were just fear, uncertainty, and doubt (FUD). Despite the departure of some top executives, CZ said Binance likely has “the lowest founding team turnover of any tech startup of our size and age, in the world.”

Binance’s CZ Refutes Negative Buzz

Binance CEO Changpeng Zhao, known as CZ, addressed concerns raised by recent “FUD” headlines, assuring the community that everything is under control. Binance faces legal challenges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Moreover, several top executives have reportedly departed the company in recent weeks.

“Saw some debates in the community,” CZ said on Thursday. “When you do the right thing, and there is FUD, you don’t have to do anything. The community defends you. Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, [the] closing of fiat channels, product wind downs, employee turnover, exit markets, etc.”

The Binance CEO added:

Guess what we don’t have? No liquidity issues. All withdrawals (and deposits) are properly handled. All customer funds are SAFU, and 100% reserved. There are also: won court cases, bank run handled and then record deposits, new fiat channels, smooth sunsetting of old products and launching of new products, new hires, [and] new markets.

CZ also noted his belief that Binance likely boasts “the lowest founding team turnover of any tech startup of our size and age, in the world.” The Binance chief executive stated that the firm will continue to “build” while dealing with the FUD. He also shared a Mark Twain quote and said, “Whenever you find yourself on the side of the majority, it is time to pause and reflect.”

Binance and BNB proponents rallied around and appreciated CZ’s statement, while others remained skeptical. One individual claimed CZ’s tech startup turnover claim was “bold” and “inaccurate.”

What do you think about CZ’s statements regarding the negative buzz surrounding Binance? Share your thoughts and opinions about this subject in the comments section below.

Bitcoin, the world’s leading crypto, has been spared from a recent negative occurrence that gripped the digital currency market.

Crypto outflows took a breather last week, providing a glimmer of hope for an industry grappling with prolonged negative sentiment. According to recent data, digital-asset investment products saw $11.2 million flow out of the market, marking the eighth consecutive week of outflows. 

However, the silver lining in this dark cloud was Bitcoin, which defied the trend and attracted $3.8 million in inflows following Grayscale’s legal victory against the US Securities and Exchange Commission.

A Respite From Ongoing Crypto Outflows

Despite this continuation of negative sentiment, the outflows observed last week were a significant improvement from the staggering $342 million in total outflows experienced over the past seven weeks.

The persistent rollercoaster of investor sentiment this year has largely been driven by concerns and hopes surrounding digital asset regulations, and last week was no exception. 

CoinShares Head of Research, James Butterfill, noted that last week epitomized the industry’s ongoing struggle with regulatory uncertainties.

Bitcoin’s ability to buck the trend and attract inflows comes as a welcome surprise to market participants. The legal victory secured by Grayscale against the SEC appears to have breathed new life into the leading cryptocurrency.

While the outflows cooled significantly compared to the previous week’s $168 million, Bitcoin’s resilience has raised hopes that negative sentiment may be gradually waning.

A Billion-Dollar Accumulation

Beyond the headlines of outflows and inflows, an intriguing trend has emerged in the cryptocurrency market. A report finds that deep-pocketed Bitcoin holders have quietly amassed over a billion dollars’ worth of the digital kingpin over the last two weeks. 

The data reveals that addresses holding 0.1% of the Bitcoin supply or more have added over $1.5 billion in BTC holdings during this period. This accumulation by influential players underscores their unwavering confidence in Bitcoin’s long-term potential.

Furthermore, blockchain tracking firm Glassnode found that the number of investors holding at least 10 BTC or more has surged to over 150,000, reaching a three-year high.

#Bitcoin $BTC Number of Addresses Holding 10+ Coins just reached a 3-year high of 157,324

View metric:https://t.co/0NzRiyaeFg pic.twitter.com/g6Em0Bk4cS

— glassnode alerts (@glassnodealerts) September 2, 2023

This significant increase in high-value holders suggests that both institutional and sophisticated investors remain steadfast in their belief in Bitcoin’s enduring value.

Navigating Uncertain Waters

As the cryptocurrency market grapples with ongoing regulatory challenges, it remains a highly volatile and unpredictable landscape.

The contrasting patterns of outflows in digital-asset investment products and Bitcoin’s resilience highlight the industry’s sensitivity to external factors and the importance of closely monitoring emerging trends.

While the crypto market is far from stable, the recent resilience displayed by Bitcoin and the accumulation by deep-pocketed investors paint a complex picture.

As the industry matures and adapts to evolving regulatory landscapes, investors and analysts will continue to closely scrutinize developments in the digital asset space.

Featured image from FairPlanet

PRESS RELEASE. [Singapore, September 4th 2023] – The Hourglass Collective is spearheading a new era of Web3 adoption. In a world where technological progress has sprinted from hard industries to consumer-facing revolutions, it’s now in the hands of service-oriented high-tech sectors like robotics, advanced software, artificial intelligence, and quantum computing.

OpenAI’s ChatGPT recently made headlines, reaching 100 million users in just two months, even outpacing TikTok’s adoption rate record of nine months. Yet, challenges faced by crypto, Web3, and blockchain technologies in 2022 prompted the need for fresh perspectives and strategies to clarify and elevate their value proposition to the real economy.

The solution? The Hourglass Collective.

About The Hourglass Collective: A New Model for Blockchain Adoption

The Hourglass Collective is a Web3 incubator composed of seasoned professionals from fintech, media, mobile apps, retail, real estate, entertainment, and marketing sectors. Founded by the Hourglass $WAIT community, its mission is to foster real-world blockchain utility by incubating projects that bridge crypto with mainstream entertainment, popular apps, major retail brands, and large-scale events.

Beyond The Code: Turning Web3’s Visions Into Reality

In a world where nearly 90% of startups falter, Hourglass recognizes the potential of engaging a broader demographic beyond gamers and financial speculators. As a community influencer and incubator, Hourglass aims to bring Web3 and blockchain into the everyday lives of regular individuals.

To prove their commitment to visible crypto adoption, The Hourglass Collective has partnered with NEFT Brands, a global conglomerate with premium alcohol brands, TV productions, live entertainment promotions, celebrity podcasts, apps, and media companies.

Hourglass Forms a Dream Team of Founding Members

Chairing The Hourglass Collective is billionaire Jeff Mahony, a pioneer in the fintech space with a wealth of experience and impactful international banking relationships. Mahony has surrounded himself with influential figures such as Jett Tang, Brian D. Evans, George Tung, Layah Heilpern, Ro Sahebi, Enrique Velez, and Ivo Ten Broek, all with substantial social media followings.

The Hourglass Incubator: Nurturing the Best of Web3

The Hourglass Incubator program aims to fill a gap in developing sound and viable Web3 companies, by providing guidance, resources, and growth strategies. Selected projects will join the Hourglass ecosystem and utilize the platform’s $WAIT token as their exclusive utility token. With over half a dozen projects already onboard, Hourglass is set to elevate Web3.

$WAIT: Blockchain-ifying Conventional Entertainment & Internet Services

Hourglass’ native token, $WAIT, is a decentralized, community-driven token with renounced ownership. With a total token supply of 100 million, over 2 million tokens have already been burned by the community. Notably, $WAIT tokens have no team, developer, angel round, or pre-ICO tokens, ensuring a transparent and decentralized ecosystem.

The World’s First “Crypto Reality TV Show”

On September 7th, The Hourglass Collective will debut ‘The Next Crypto Gem,’ a competitive reality TV show aimed at introducing cryptocurrency to mainstream audiences. Contestants will compete for a prize package valued at over $150,000, with content aiming to bridge the gap between crypto enthusiasts and skeptics.

‘The Next Crypto Gem’ will be available on Insight TV’s global network and various platforms, making crypto more accessible and engaging for a wider audience.

The Countdown Begins

Stay tuned for The Hourglass Collective’s major announcement on September 7th. With a dedicated team, an innovative incubator model, and the $WAIT token, Hourglass aims to drive crypto adoption into the next stage of user and enterprise acceptance.

For more information, visit the website at https://hourglassx.com.

Follow on social media:

– Twitter: https://twitter.com/Hourglass_Wait

– Medium: https://medium.com/@hourglasswait

– Telegram: https://t.me/hourglassofficial

– Discord: https://discord.com/invite/b2Q7ZNTXcT

– Linktree: https://linktr.ee/hourglassx

About The Hourglass Collective

The Hourglass Collective is a leading Web3 incubator and a driving force in bringing blockchain technology to mainstream audiences. Founded by the Hourglass $WAIT community, its mission is to elevate the Web3 space by incubating projects that bridge the crypto world with mainstream entertainment, popular apps, major retail brands, and large-scale events. With a strong commitment to fostering visible crypto adoption, The Hourglass Collective is poised to shape the future of blockchain technology.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

In 2023, multiple dormant bitcoin transactions caught the public’s attention and made headlines. Sunday night marks another significant event after a ‘sleeping bitcoin’ whale from 2017 stirred, spending an impressive 1,177.89 BTC — worth more than $30 million — from seven distinct bitcoin addresses, untouched for just over six years.

1,177 Bitcoin From 2017 Move for the First Time in Over 6 Years

As bitcoin (BTC) dances around the $26K mark, several once-dormant bitcoin wallets are springing to life after years of inactivity. On Sunday, during block heights 805,096 and 805,100, about seven distinct BTC addresses roused from a six-year hibernation. These addresses trace back to July 30 and 31, 2017; six emerged on July’s final day, while one originated on the 30th.

Btcparser.com flagged all seven transactions, with the first spend emerging from the address “1HjQx.” This once-silent wallet transacted 200 BTC, and in that same block, “1LBpE” mirrored the move, transferring another 200 BTC. Yet, the coin owner wasn’t finished. Five more transactions surfaced, confirming at block height 805,100. These encompassed addresses “16u25,” “1ByNy,” “1HXkT,” “1NZes,” and “1PftW.”

Among these transactions, five transfers echoed the 200 BTC pattern, one dispatched 100 BTC, while another parted with 77.89 BTC. Back on July 31, 2017, a single BTC traded at $2,875 a coin, pegging the owner’s haul at a cool $3.38 million when first secured. Fast forward six years, and that trove of bitcoins now boasts a value of $30.71 million, based on current BTC exchange metrics.

The 2017 transactions clinched a “moderate” 80-point rating on Blockchair’s privacy scale of 100. Both were marred by two notable vulnerabilities, particularly the “multiple occurrences of the same address in inputs.”

Instead of pooling the 1,177.89 BTC into one account, it was dispersed among 17 individual bitcoin addresses. The rationale for the owner’s decision to relocate $30 million in BTC after half a decade is clouded in mystery. Moreover, the spectacle of pioneering players shuffling hefty coin sums consistently leaves onlookers puzzled.

What do you think about the 1,177 BTC moved on Sunday for the first time in six years? Share your thoughts and opinions about this subject in the comments section below.

Francis Suarez, the current mayor of Miami and GOP presidential candidate, has caught the attention of many by saying he welcomes the idea of taking his presidential salary in Bitcoin. This bold decision highlights his strong support for cryptocurrencies.

In a recent podcast interview with The Block, Suarez revealed that he was already receiving a portion of his mayoral salary in Bitcoin and intended to continue this practice if elected to the highest office in the land. 

Suarez stated, exuding confidence in the digital currency’s stability and utility:

“I would potentially even take my salary in Bitcoin, which I think would be fun. I’m doing that right now as Mayor, I don’t see why I wouldn’t do it as President.” 

Francis Suarez Champions Crypto: A Bold Stance On Monetary Freedom

Suarez’s endorsement of Bitcoin as a form of salary aligns with his broader belief in the transformative power of cryptocurrencies and blockchain technology.

He contends that cryptocurrencies like Bitcoin are essential tools in safeguarding individual freedoms, asserting, “Supporting cryptocurrency, supporting Bitcoin is something that I would do as President.

The Miami mayor added:

“I think they’re very good for a country like the US because they create a good hedge and a good sort of check and balance on a monetary system that’s gotten completely out of control and become hyper-political.”

Beyond Bitcoin’s role as a currency, Suarez also lauded the benefits of blockchain technology and fractionalized investments. He argued that tokenization of assets, such as debt and stocks, democratizes investing and could potentially bridge wealth disparities.

By directly participating in fractionalized assets, individuals may stand a chance to mitigate financial risks while narrowing the wealth gap.

Cryptocurrency Perspectives In Presidential Circles

The world of politics has seen a stark contrast in attitudes toward cryptocurrencies among presidential contenders. While figures like former President Donald Trump and incumbent President Joe Biden have publicly criticized the intrinsic value of cryptocurrencies, Suarez has emerged as a flagbearer for their adoption.

He even made headlines earlier this month by opening his campaign to Bitcoin donations, joining the ranks of fellow contenders Ron DeSantis and Robert Kennedy Jr.

Suarez’s bold move to embrace Bitcoin as a form of salary and campaign contribution underscores his dedication to evolving financial landscapes.

As the cryptocurrency debate continues to heat up in political circles, his stance adds a unique dimension to the conversation, sparking discussions about the role of digital currencies in shaping the future of financial governance.

While the road ahead remains uncertain, one thing is clear – cryptocurrencies have firmly planted their flag in the realm of political discourse, and their influence is only set to grow.

Featured image from Feedy News

Spacex reportedly wrote down the value of its bitcoin holdings by $373 million over the past two years and sold an undisclosed amount of the cryptocurrency. According to reports, Tesla, another company run by billionaire Elon Musk, has taken a similar approach with its bitcoin holdings.

Spacex Writes Down $373M in Bitcoin Value

On Thursday, the Wall Street Journal reported that Elon Musk’s Spacex has written down its bitcoin investments, citing documents it has seen. The news outlet wrote:

Spacex wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency. Tesla has taken a similar approach with its bitcoin holdings. Musk has posted about cryptocurrencies frequently over the years.

This led to numerous headlines claiming that Spacex had liquidated its entire bitcoin holdings, sending the price of bitcoin tumbling.

However, many people took to social media to point out that writing down investments is a standard accounting practice for businesses and does not imply that the investments have been sold or liquidated. For example, a company might write down the value of its inventory if its market value has declined, yet retain the inventory until it is no longer needed.

Tesla and Spacex Adopt Similar Bitcoin Approach

Although Elon Musk revealed in July 2021 that Spacex owned bitcoin, the details of the company’s BTC holdings remain largely undisclosed. In contrast, there is greater transparency regarding Tesla’s bitcoin position. According to the Wall Street Journal, both companies have adopted a similar approach to their bitcoin holdings.

During the first quarter of 2021, Tesla purchased bitcoin valued at $1.5 billion. The company subsequently trimmed its BTC stash twice: once also in Q1 2021 and the other instance in July last year — the same years Spacex reportedly wrote down its bitcoin holdings.

In Q1 2021, Tesla sold $272 million in BTC. Musk clarified that the sale was “to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.” In July last year, the company sold approximately 75% of its bitcoin, which added $936 million in cash to its balance sheet. Musk explained that the company needed to “maximize” its cash position due to “the uncertainty of the Covid lockdowns in China.” The billionaire stressed:

We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.

Despite the two BTC sales, Tesla still owns bitcoin valued at $184 million, as disclosed in the company’s Q2 financials.

What do you think about Spacex writing down its bitcoin investments? Let us know in the comments section below.

As the market recovers from Bitcoin’s sudden dip below $25,000, James Butterfill, head of research at CoinShares, has weighed in on the potential underpinnings of this decline. Drawing from a meticulous analysis of market factors, Butterfill’s insights provide a more granular understanding beyond the initial speculations linking the crash to SpaceX’s financial moves.

Butterfill tweeted an astute analysis, offering a multi-faceted perspective: “Our thoughts on what’s behind the recent Bitcoin price crash,” beginning with an emphasis on the market’s recalibrated expectations concerning SEC’s stance on the approval of a spot ETF. He stated that the crash was probably “prompted by the market realizing that the SEC approval of a Bitcoin ETF in the US isn’t imminent.”

Reasons For The Bitcoin Price Crash

Adding another layer of complexity, Butterfill pointed to global macroeconomic factors, particularly in Asia. He observed, “Fears over the economic downturn in China gathering pace as deflation sets in, although this could ultimately be supportive for Bitcoin if the financial sector is significantly affected.” With China being an economic powerhouse, its fiscal health inevitably reverberates across global markets, including the Bitcoin and crypto sector.

Further dissecting BTC’s price move, Butterfill pointed to an apparent liquidity crunch: “Bitcoin volumes have been very low, $2.3 billion per day compared to $11 billion per day at the beginning of this year, so markets are much more sensitive to larger trades.”

Adding another dimension to the analysis, he highlighted BTC’s historical price behavior: “Bitcoin matching its lowest 30 day volatility on record, this has historically preceded violent price moves.”

While the market had been abuzz with SpaceX’s recent $373 million BTC write-down, Butterfill underscored it as yet another contributing factor. However, the larger macroeconomic context is vital. He elucidated, “30 year rates hit their highest level in 20 years, Bitcoin has often been the first to act in recent years, so this may be preceding a broader crash in other asset classes.”

In conclusion, it can be said that CoinShares’ detailed breakdown underscores the multifaceted nature of BTC’s price movements. While singular events, like SpaceX’s financial disclosures, capture headlines, they are but pieces in a complex puzzle that spans regulatory decisions, global economic health, and market liquidity.

Probably a mixture of all factors led to the largest cascade of futures liquidations since the implosion of FTX. With BTC long liquidations totaling $386.68 million yesterday, the price decline was certainly led by the futures market. But the reasons for this are complex.

Investors should also keep in mind that the Wall Street Journal report is not confirmed, talks about write-offs of BTC while the amount of BTC sold is unclear. Moreover, it is very likely that SpaceX has already sold its BTC in a distributed manner in the past.

A crash of the current scale could therefore have been a panic reaction. This is also shown by the RSI on the daily chart of Bitcoin, which at 20.5 is even lower than during the FTX crash in November 2022 (RSI fell to 24.6).

At press time, BTC traded at $26,483.

Prominent cryptocurrency influencer and YouTuber Ben Armstrong, popularly known as BitBoy, has warned against the newly launched controversial project, WorldCoin. In his latest video, BotBoy warned his 1.45 million subscribers about the Worldcoin CEO, Sam Altman, and his eyeball scanning.

According to the influencer, Altman’s World ID biometric verification method raises data privacy and legality concerns. He also noted that several data and privacy regulators are investigating WorldCoin’s operations. 

Worldcoin’s Operations And Personal Data Collection Method Seems Fishy

For context, the project founded by OpenAI founder, Sam Altman, launched in July and quickly rose to popularity. It quickly made headlines because users must submit biometric data through iris scans to receive a World ID. 

However, its questionable method of collecting user data has raised concerns among global data and privacy regulators. But despite these concerns, Worldcoin remains popular among the crypto community. 

As a result, the newly launched crypto network has onboarded over 2.1 million users. According to BitBoy, Altman said Worldcoin receives one new verified user per eight seconds. But while users keep signing up despite concerns about WorldCoin’s operations, some countries like Kenya have banned its operations. 

Global Watchdogs Questions The Legality Of Project’s Iris Scanning

On August 2, Kenya’s Office of the Data Protection Commissioner ordered Worldcoin’s parent company, Tools for Humanity, to suspend personal data collection. According to reports, the agency ordered the company to stop collecting iris scans and facial recognition data in May. However, the company failed to obey the order. 

A few days later, Kenya’s Office of the Data Protection Commissioner raided Worldcoin’s Nairobi facility. They confiscated documents and equipment related to the company’s iris scanning and data collection.

Also, a superior authority, the Kenyan Ministry of Interior and Administration, suspended the project after its launch as the number of people lining up to scan their eyeballs for free crypto attracted the authorities’ attention.

Kenya is not the only country that expressed concerns and skepticism over the company’s iris scanning. Other privacy watchdogs, including the French Commission Nationale Informatique and Libertés (CNIL), have launched investigations into Worldcoin’s operations.

On July 28, Reuters reported that the CNIL said the legality of Worldcoin’s data collection process is questionable. Similarly, on July 31, the UK’s privacy watchdog, Information Commission Office (ICO), warned about the risk of such personal data collection.

The watchdog said organizations must conduct a Data Protection Impact Assessment (DPIA) before embarking on such data collection exercise. It noted that the crypto project must obtain consent from the ICO before embarking on such.

Related Reading: Crypto Nightmare: Caroline Ellison’s Diary At Center Of Sam Bankman-Fried Legal Battle

In addition, the Argentinian Agency for Access to Public Information (AAIP) announced plans to investigate Worldcoin’s data collection. The agency wants to determine whether the crypto company complies with Aregntina’s personal data collection and protection law.

SwirlLend, a lending protocol based on Layer 2 networks Base and Linea, has seemingly executed a rug pull, disappearing with an estimated $460,000 in user funds. According to reports, the project developer drained $290,000 from Base and $170,000 from Linea.

This incident is the second significant exit scam executed on the Base network in recent weeks, with a similar occurrence involving the Bald meme coin. 

BALD, a meme coin inspired by Brian Armstrong, saw its value plummet from over $85 million to nearly zero after the unidentified developer removed liquidity from its main pool.

SwirlLend Lending Protocol Has Been Rugged, PeckShield Confirms

On Wednesday, August 16, blockchain security firm PeckShield confirmed – via a post on X (formerly Twitter) – that the team behind the SwirlLend protocol executed an exit scam, making away with roughly $290,000 in user deposits on Base.

PeckShield’s on-chain analysis reveals the protocol’s developer bridged about $289,500 worth of Ether and USDC tokens from Base to Ethereum, and the deployer reportedly has about 92ETH of the loot left on Base.

Barely minutes later, PeckShield posted an update, stating that SwirlLend has also been rugged on the Linea chain. According to the security firm, the protocol’s deployer bridged about $170,000 worth of ETH from Linea to the Ethereum network via Orbiter Finance.

The total value locked (TVL) on the SwirlLend protocol has collapsed from nearly $770,000 to a mere $49.21, according to data from DefiLlama. 

As of this writing, SwirlLend’s digital presence appears to have been erased, as its social media platforms on X and Telegram have been deactivated. Meanwhile, the lending protocol’s official website remains inaccessible.

Another Setback For Base?

Base, an Ethereum Layer 2 network built by prominent crypto exchange Coinbase, has been in the headlines for all kinds of reasons in recent weeks. 

Unfortunately, the network has seemingly developed a negative reputation after a series of exploits and exit scams. Besides the BALD rug pull and this latest exit scam, Base has also seen some projects on its network suffer significant exploits.

For instance, RocketSwap recently fell victim to a “brute force hack”, which saw $860,000 of users’ funds stolen from the protocol. According to various security firms, the attack was possible due to the compromise of the protocol’s private keys.

In a similar situation, decentralized exchange LeetSwap saw its liquidity pools exploited for $626,000 worth of crypto assets, leading to a pause in its operations. Although some of these assets have been recovered, the DEX has yet to resume trading.

On a positive note, Base opened its doors to the general public on the 9th of August, 2023. The network has since been experiencing steady growth, exceeding 100,000 daily users only two days after the mainnet launch.

Rocketswap, a decentralized exchange on the Coinbase native blockchain and Ethereum-based network Base, has just experienced a crypto exploit, losing over $860k of users’ assets. 

According to an August 15 post on X by Rocketswap, the incident occurred due to a “brute force hack”  on the server, which contains private keys related to the protocol. Rocketswap posted that this security breach allowed the hackers to gain control of the protocol’s farm feature and transfer out a large volume of users’ assets.

The statement read: 

We are sorry to inform you that the team needed to use offline signatures when deploying the launchpad and put the private keys on the server. A brute force hack of the server was detected, and due to the proxy contract used for the farm contract, there were multiple high-risk permissions that led to the transfer of the farm’s assets.

The protocol announced they had deactivated the farm feature as well as shut down their telegram channel. Meanwhile, blockchain security firm PeckShield has provided more insights into the crypto exploit.

Hackers Bridge Stolen Asset From Base To Ethereum, Creates New Token

In confirming the DeFi exploit on the Base Chain, Peckshield shared that the hackers stole a total of 471 ETH, valued at $867,464.25, from Rocketswap, bridging it from Base to Ethereum.

Related Reading: Base’s Largest DEX LeetSwap Stops Trading, Cites Possible Exploit

Thereafter, they proceeded to generate a new token known as “LoveRCKT.” As at the time of the report, Peckshield noted that the hackers had supplied 90 trillion LoveRCKT and 400 ETH to Uniswap decentralized exchange. 

Certik, another prominent security firm, has also confirmed the attack, describing it as a “Private Key Compromise. 

Following the recent launch of the Base blockchain, the Ethereum-based network has remained among the headlines, but mostly due to issues with some of its projects.

On July 31st, the BALD meme coin was tagged a rug pull project after its developers moved $25.6 million in liquidity off the project a day after it launched on the Base network. BALD initially surged by 3,000% upon launch but soon lost over 90% of its value the next day. 

Rocketswap Launches Emergency Plan, Intends To Reach Out To Hackers

Following the heist on Rocketswap, the project’s developer has communicated an emergency containment program with their users. 

Firstly, Rocketswap aims to deploy a new farm contract. However, this new firm will be based on an open-source model rather than a proxy contract and will aim to “advance the production reduction plan by 0.075 per block.” 

The emergency programme agreed upon by the team is as follows.

1. We plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain.

2. The new farm will advance the production reduction plan by 0.075 per block.

3. The team relinquishes…

— RocketSwap (@RocketSwap_Labs) August 15, 2023

Meanwhile, the project team will be renouncing all mining risks, keeping only “low-risk” risks for the allocation of new pools. In addition, Rockswap has also expressed plans publicly appeal to the hackers for the restitution of the stolen assets.

Related Reading: Coinbase Layer 2 Network Base Records Rapid Adoption After Launch

Rocketswap assured its community that all features except the suspended farm feature remain functional, and the Telegram channels will resume operation upon stabilization.

At the time of writing,  data from DeFillama shows the Rocketswap TVL has dipped by 31.25% over the last day, falling from $3.63 million to $2.48 million.

Baldur’s Gate III, the latest addition to the iconic Baldur’s Gate series, has been making headlines for its gameplay and immersive storyline. But it’s not just gamers who are excited about the game’s potential impact. 

Recently, Charles Hoskinson, founder of the cryptocurrency platform Cardano (ADA), made a tongue-in-cheek comment about the game, saying that he believes it could be responsible for a meaningful global drop in productivity, but in a positive way.

Charles Hoskinson Applauds Baldur’s Gate III

Hoskinson’s comment is a testament to the game’s depth and the level of engagement it offers players. 

For those unfamiliar with the game, Baldur’s Gate III is a role-playing video game developed by Larian Studios, based on the Dungeons & Dragons tabletop role-playing system. The game offers players an immersive experience in a fantasy world filled with danger, adventure, and complex storylines.

The game has only been out for 24 hours, but it has already made a major impact on the gaming community. According to data from Steam, the game currently has almost half a million concurrent players and is continuing to grow.

But what does Hoskinson mean when he suggests that the game could lead to a drop in productivity? 

At first glance, it might seem like a negative comment, but in fact, Hoskinson is referring to the game’s ability to captivate players and keep them engaged for long periods. With its intricate character development, challenging gameplay, and detailed world-building, Baldur’s Gate III is the kind of game that can easily consume hours of a player’s time.

In the end, whether or not Baldur’s Gate III will lead to a significant global drop in productivity remains to be seen. However, one thing is clear: this game has captured the hearts and minds of gamers around the world and will likely continue to do so for years to come. 

Cardano Founder Passion For Gaming

Cardano founder Charles Hoskinson is known for his passion for the gaming industry, among other things. In early 2020, Hoskinson shared a video on YouTube, revealing that he had acquired Legends of Valour, a classic fantasy role-playing game from the 1990s. 

Hoskinson emphasized that the acquisition was his project, bought with his own money, and not affiliated with Input Output Hong Kong (IOHK), research company founded by Hoskinson, known for its work on the Cardano Blockchain.

However, what Hoskinson plans to do with the game will be closely related to Cardano. Hoskinson stated that the first thing his team will do is to finish the game’s unfinished ending. 

He said that a team has already been created, which will be tasked with disassembling the game’s compiled code and getting down to the source code. Once the team figures out what the unfinished ending was supposed to be, they will create an enhanced edition of the game.

Throughout the process, the game will be modernized to a point where it will be playable on a modern PC, and it might also be released in 4K. 

The enhanced edition will most likely be released as open-source code, allowing everybody to play the game for free. After the enhanced edition is released to the public, Hoskinson plans on rewriting and remastering the entire game.

In his video, Hoskinson stated that he believes that remastering and enhancing classic games like Legends of Valour is an essential part of preserving gaming history. He also emphasized that the project is not just about making a profit but about creating an experience that gamers will love and cherish for years to come.

Featured image from X, chart from TradingView.com

Following its launch on July 24, Worldcoin has remained among the headlines, although primarily due to privacy concerns and emerging regulatory pressure.

In a new development on Aug. 2, Reuters reports that Worldcoin wants certain third parties to utilize its digital ID system to expand its operations and onboard more users.

The World digital ID system has drawn much criticism on user privacy since its launch due to its use of iris-scanning “Orbs” for identity verification. However, Worldcoin appears to be dousing these concerns as it shares more potential benefits of this system.

Worldcoin Looks To Partner With Governments And Companies

In an interview with Reuters, Ricardo Macieira, general manager for Europe at Tools For Humanity, the founding company of Worldcoin, stated their target of building the “biggest financial and identity community.” 

On Worldcoin’s official website, part of its proposed uses is designing a “potential path” to universal basic income. About this, Macieira expressed that the crypto project would not directly generate the needed funds for this program but could serve as an underlying platform for implementation.

Macieira said:

I don’t think we are going to be the ones generating universal basic income. If we can do the infrastructure that allows for governments or other entities to do so, we would be very happy.

Asides from governments, Worldcoin is also aiming for the adoption of its digital ID system by regular businesses and companies. Macieira explained this goal to Reuters, saying: 

Companies could pay Worldcoin to use its digital identity system, for example, if a coffee shop wants to give everyone one free coffee, then Worldcoin’s technology could be used to ensure that people do not claim more than one coffee without the shop needing to gather personal data.

Finally, Macieira also stated Worldcoin’s intention of eventually making the underlying technology of its iris-scanning Orb to be open-source, allowing anyone to construct their orb for specific beneficial purposes.

Increasing Regulatory Scrutiny 

While Worldcoin may have lofty plans for adoption, the blockchain project faces emerging regulatory issues. On Aug. 2, Kenya’s Minister of Interior, Kithure Kindiki, announced the suspension of Worldcoin-related activities in the East African nation.

According to Kindiki, several governmental agencies had been ordered to investigate Worldcoin, especially regarding its intentions to use the biometrics data it collects. 

As earlier stated, there have been growing privacy concerns about using iris scans to generate a digital ID in the Worldcoin system. 

Asides from Kenya, Worldcoin is also being probed in Germany, where the Bavarian State Office for Data Protection claims to have commenced investigations since 2022 over the project’ collection of such sensitive data.

Meanwhile, the data protection agencies of France and the United Kingdom are also looking into the legality and public safety of Worldcoin activities in their respective nations.

The Curve (CRV) token has been in free fall ever since the Sunday re-entrancy exploit that saw tens of millions of dollars stolen from the protocol. However, while most have shied away from the altcoin, expecting it to fall further, the likes of Tron founder Justin Sun seem to have taken its current downtrend as an opportunity to snap up CRV tokens for cheap.

5 Million OTC Deal For Curve Token

On Tuesday, the on-chain data tracking website Lookonchain highlighted a couple of peculiar transactions that had taken place between Tron founder Justin Sun and Curve founder Michael Egorov. This involved the movement of USDT and CRV tokens back and forth between the public addresses of both founders.

The first transaction originated from Justin Sun’s address where he transferred a total of 2 million USDT to Egorov’s Curve.fi Founder 1 wallet. And then about three minutes later, the Curve.fi Founder 1 wallet sent back a total of 5 million CRV tokens to Sun’s wallet.

Given the timing and circumstances around these transactions, the most likely explanation is that Sun is currently buying CRV tokens over the counter (OTC) from Egorov. If this is the case, then Sun is getting a good deal on these tokens despite the decline.

As Lookonchain points out, given that Sun actually sent 2 million USDT in return for 5 million CRV tokens, then the Tron founder is getting the tokens at an average price of $0.4 per token. CRV tokens are currently trading in the open market at $0.588 at the time of this writing, which means Sun is getting a 30% discount on his purchase.

Can CRV Still Recover From Here?

Over the last two days, Curve has been in the headlines due to the exploit and open interest has risen to match this newfound ‘fame’. Sun’s OTC deal is one of the many large transactions that have taken place over this time.

On Monday, Bitdeer founder Jihan Wu reiterated his support for the token, announcing that he had been buying CRV tokens as well. According to Wu, his bet is on the applications of Curve in the real-world assets space as tokenized assets have been forecasted to reach a $30 trillion market cap by 2030.

Given the massive support that has quickly surrounded Curve, it is no surprise that the altcoin has been able to hold above $0.5, meaning it has fallen less than 50% from its Sunday price. Founder Michael Egorov also made a notable move by paying back 5.13 million in FRAX stablecoins that were borrowed using 12.5 million CRV tokens.

As long as buying pressure continues to mount from this level, then it is possible that the DeFi token will return to its Sunday price above $0.7.

A group of Wall Street lenders, the Bank Policy Institute (BPI), has thrown its support behind U.S. Senator Elizabeth Warren on her recently reintroduced legislation known as the Digital Asset Anti-Money Laundering Act.

In recent days, the U.S. Congress has occupied the headlines with the introduction of several bills aimed at regulating the U.S. crypto industry.

Elizabeth Warren And The BPI Finally Agree On Something 

According to a report by Bloomberg on July 28, the BPI, which functions as a research and advocacy banking group, is backing Warren on this bill which aims to enforce a higher level of compliance in the U.S. crypto space in regard to anti-money laundering and counter-terrorism rules. 

Bloomberg also noted the existing tension between the BPI and Elizabeth Warren, with the Massachusetts Senator often criticizing members of the trade union. 

However, it appears both parties do agree on the need for stringent regulations in preventing the misuse of cryptocurrency with the larger goal of protecting the U.S. financial system.

The BPI said in a statement: 

The existing anti-money laundering and Bank Secrecy Act framework must account for digital assets, and we look forward to engaging in this process to defend our nation’s financial system against illicit finance in all its forms.

What Does The Digital Asset Anti-Money Laundering Act Entail?

The Digital Asset Anti-Money Laundering Act was reintroduced on Friday as a bipartisan bill sponsored by Warren alongside fellow Democrat Joe Manchin and Republicans Roger Marshall and Lindsey Graham.

In a press release, Warren expressed that cryptocurrency had become a payment medium used by various sets of criminals, stating that this legislation presented the “toughest” means of cracking down on these misuses and equipping regulators with the tools to block the access of bad actors to these assets.

Upon passing, the Digital Asset Anti-Money Laundering Act would mandate digital asset wallet providers, miners, validators, and other network users that validate or enable crypto transactions to undertake the Bank Secrecy Act, which includes enforcing Know-Your-Customer policies. 

In addition, among others, this bill will look to oversee the actions of unhosted wallets by mandating banks and money-serving businesses to keep a record of their customer identities and report “certain digital asset transactions” conducted by these wallets. 

In other news, the U.S. Congress continues to ramp up efforts as it aims to create a functional regulatory framework for the crypto industry.

In the last week alone, the U.S. House Financial Services Committee cleared three significant pieces of crypto legislation, namely the Clarity for Payments Stablecoin bill, the Financial Innovation and Technology for the 21st Century Act, and the Blockchain Regulatory Certainty Act.