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The Economic and Financial Crimes Commission (EFCC), Nigeria’s leading anti-corruption agency, has frozen approximately $38 million in cryptocurrency, citing allegations that the funds are linked to money laundering and terrorism financing. The identities of the individuals or groups whose wallets were targeted have not been disclosed, raising questions and concerns among the public. Connection to #EndBadGovernance Protests Insiders familiar with the case have indicated that the Nigerian government believes these funds may be tied to the organizers of the #EndBadGovernance protests, which swept across the nation from August 1-10. These demonstrations were driven by widespread frustration over the country’s deteriorating…
On Friday, August 16, around 24,300 Bitcoin options contracts will expire, with a notional value of around $1.4 billion. Today’s options expiry event is smaller than last week’s, so its impact on spot markets is likely to be limited. The much larger month-end expiry event currently has a notional value of $3.2 billion. Bitcoin Options Expiry This week’s tranche of Bitcoin options contracts has a put/call ratio of 0.82, which means that longs and shorts are more closely aligned with slightly more long (call) contracts expiring than shorts (puts). The max pain, or point at which most losses will be made,…
Mt. Gox’s cold wallet transfers 47,229 BTC worth $3 billion to an unknown address, marking significant activity after a two-week lull. Source link
Germany Shifts Another 1,400 BTC The German government has transferred another 1,400 Bitcoin (BTC) — worth $80 million at current prices — in its latest string of Bitcoin movements. On July 6, a wallet address associated with the German government transferred 700 BTC to an unknown wallet address. A day later, on July 7, the same address moved an additional 700 BTC to the same address. The German government transferred 1,400 BTC over the weekend. Source: Arkham Intelligence The wallet now holds a total of 1,400 BTC, according to data from the blockchain analytics platform Arkham Intelligence. This marks the…
On July 4th, Bitcoin experienced a notable decline of over 2%, marking its first drop below the crucial 200-day moving average (MA) since October 2023. This event underscores a significant shift in market sentiment, as the cryptocurrency dipped to new lows around $57,885 on Bitstamp. The decline was primarily driven by persistent selling pressure from traders, particularly in the spot markets where Bitcoin is traded directly for cash. This selling activity has heightened concerns among investors about the sustainability of Bitcoin’s recent price levels. Data from Cointelegraph Markets Pro and TradingView reveals that Bitcoin liquidations totaled nearly $60 million within…
In a significant ruling, a U.S. court has determined that most of the claims brought by the Securities and Exchange Commission (SEC) against Binance, one of the world’s largest cryptocurrency exchanges, can proceed. This decision marks a pivotal moment in the ongoing legal scrutiny faced by Binance and the broader cryptocurrency industry. Claims Moving Forward Judge Amy Berman Jackson’s decision means that several critical SEC allegations will advance to the next stage of legal proceedings. These include: Claims Dismissed Despite the SEC’s success in advancing most of its claims, the court dismissed a few key allegations: Implications for Binance and…
CoinStats recently revealed that a hack targeting 1,590 crypto wallets was due to a scam that tricked one of their employees. This incident highlights the ongoing security challenges in the cryptocurrency world. On June 22, CoinStats, a service for managing cryptocurrency portfolios, had to temporarily shut down its services after discovering that its wallets were under attack. Quick action from the team managed to limit the hacker’s reach to just 1.3% of all CoinStats wallets, resulting in a loss of $2 million. According to the CEO, the breach was caused by a social engineering attack aimed at one of their…
Ethereum’s supply has been on the rise for the past 73 days, marking the longest period of increase since the Merge in 2022. This steady growth began in mid-April and is largely due to the Dencun upgrade, which has eased competition for block space on the mainnet. According to data from ultrasound money, more than 112,000 ETH have been added to the total supply since April 14. The Dencun upgrade, which took place on March 13, brought in nine new Ethereum Improvement Proposals (EIPs). Among them, EIP-4844 seems to be the main driver of this increase in supply. EIP-4844, also…
Bitcoin exchange-traded funds (ETFs) in the United States have seen a huge outflow of $1.3 billion over the past two weeks due to a decline in Bitcoin prices. Major Outflows Data from Farside Investors shows that Bitcoin ETFs lost $1.298 billion in the last two weeks. Grayscale was hit the hardest, with outflows amounting to $517.3 million during this period. BlackRock Stands Out In contrast to the overall trend, BlackRock Bitcoin ETF has attracted new investments. Over the same two-week period, BlackRock’s fund saw inflows of $43.1 million, making it the only Bitcoin ETF to post positive results. Looking Ahead…
A leading South Korean think tank focused on finance and economics has raised concerns about approving spot crypto exchange-traded funds (ETFs) in the country. Bo-mi Lee, a researcher at the Korea Institute of Finance, highlighted the risks and volatility of crypto ETFs, urging for more research and regulatory measures before any approval. Financial Stability Concerns Bo-mi Lee’s paper argues that the experiences of other countries with spot Bitcoin (BTC) and Ether (ETH) ETFs show that the potential downsides might be greater than the benefits. She worries that introducing these ETFs in South Korea could harm the country’s financial stability. Lee…