Blockchain security company Beosin has released a new report which shows that the total amount of crypto assets lost to exit scams and rug pulls is higher than the amount stolen from decentralized finance (DeFi) projects through exploits and attacks. The report also reveals that losses from DeFi exploits in May were 79% lower than
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In recent weeks, Ripple’s price has shown an increase after bouncing back from a notable $0.43 support level. This level has been reinforced by the 200-day moving average, while the price has surpassed the 50-day moving average at around $0.47. Ripple Approaching $0.6 Resistance Level Currently, Ripple is approaching the $0.6 resistance level, and if
Bitcoin has been trading at just above $27,000 over the weekend, remaining stuck amid lower trading volumes. While altcoins have been quiet on a daily scale, some such as LDO, INJ, and QNT have produced massive weekly gains. Last Monday, Bitcoin initiated a massive leg-up that resulted in tapping a three-week high at $28,500. This
The Ethereum network has made a significant shift from Proof-of-Work to Proof-of-Stake consensus algorithm. This has led to the elimination of Ethereum miners, now replaced by validators who secure the network. Becoming a validator is a simplified process, requiring depositing 32 ETH into the staking contract and running the appropriate software. Validators Queue Up However,
Artificial intelligence (AI) is a topic that has been gaining increasing attention from tech enthusiasts and beyond. In numerous articles, we’ve already had conversations with ChatGPT, one of the most popular AI-based chatbots, on topics ranging from healthcare to finance. This time, we asked ChatGPT for its opinion on a more general topic: how AI
The cryptocurrency industry has been transformed by the advancement of artificial intelligence technology. The soaring popularity of AI-based chatbots like ChatGPT and Google Bard has led to the development of a new category of cryptocurrencies centered around the field. Several coins saw exponential growth due to the rising interest in AI. However, there is another
On Thursday, OpenAI CTO Mira Murati’s Twitter account was hacked and used to promote a fraudulent crypto token, supposedly backed by the company. The tweet remained online for an hour, gaining 80,000 views before being taken down. The hacker promoted an ‘OPENAI’ token, described as a “groundbreaking token driven by artificial intelligence-based language models.” The
Elon Musk, the CEO of Tesla, has been accused of insider trading by memecoin investors in a court filing on May 31, 2022. The group had previously filed a $258 billion class action lawsuit against Musk and his companies in June 2021, alleging that they caused significant losses for Dogecoin holders. The recent filing claims
Coinbase, a popular cryptocurrency exchange, announced that it will launch Bitcoin and Ethereum futures contracts for institutional investors on June 5. Coinbase will launch these products through its CFTC-regulated Coinbase Derivative Exchange, offering lower fees than other US-regulated derivatives exchanges. The company has collaborated with leading Futures Commission Merchants (FCMs), brokers, and front-end providers to
Gemini, the crypto exchange led by the Winklevoss twins, has started the process of acquiring a crypto license to serve customers in the United Arab Emirates (UAE). The move is part of Gemini’s global expansion plans, and the exchange has revealed that it is engaging with stakeholders throughout the region to learn more about local
Binance, the world’s largest cryptocurrency exchange, has confirmed that it is “reevaluating” its talent base following reports of layoffs. This comes as a stark contrast to the company’s position of strength last year when it continued to expand during the bear market. Reports of Layoffs Reports of layoffs at Binance first emerged on Wednesday when
The Securities and Exchange Commission (SEC) announced on Tuesday that former Coinbase manager Ishan Wahi and his brother, Nikhil Wahi, have agreed to settle charges of insider trading using knowledge from the exchange. The SEC has forced Ishan Wahi to forfeit 10.97 ETH ($20,848.92) and 9,440 USDT, while Nikhil Wahi was made to forfeit $892,500.
El Salvador has made headlines in the cryptocurrency world recently after becoming the first country to adopt Bitcoin as legal tender. In line with this move, President Nayib Bukele has appointed Saifedean Ammous, author of the book “The Bitcoin Standard” and well-known Bitcoin maximalist, as an economic advisor to the National Bitcoin Office of El
NVIDIA, the multinational semiconductor and technology company, has reached a market capitalization of over $1 trillion, a value comparable to that of all cryptocurrencies combined. Following the release of strong quarterly earnings results, the company’s stock rose by 6%, reaching a 52-week high. Although share prices have since fallen slightly, the company’s value remains above
Bitcoin blockchain has recorded over 10 million inscriptions using the Ordinals protocol, according to data from Dune Analytics. The majority of these inscriptions were recorded within the last month. Ordinals protocol allows users to embed data into a single identifiable satoshi, thereby opening up potential applications. Ordinals Inscriptions Ordinals inscriptions were first used for producing
The Indonesian province of Bali has recently warned tourists against using cryptocurrencies for payments, stating that those who violate this rule will face severe consequences. The provincial governor, Wayan Koster, made the announcement during a press conference on May 28, where he explained that foreign visitors who use crypto as a means of payment are
In a joint motion to dismiss a lawsuit by the US Securities and Exchange Commission (SEC) against Gemini and Genesis Global Capital, the two cryptocurrency firms have stated that the SEC has no legal basis to describe the Earn program as the sale of unregistered securities. Gemini and Genesis have insisted that the program was
The Commodities Futures Trading Commission (CFTC) has taken action against five individuals for their involvement in promoting fraudulent bitcoin and cryptocurrency trading services. The CFTC claims that the defendants targeted Spanish-speaking investors and swindled them out of their funds. The five individuals are David Carmona, Juan Arellano Para, Moses Valdez, David Brend, and Marco A.
Pepe meme coin has experienced a significant decrease in value, dropping over 60% from its all-time high on May 5th to around $0.00000143. Social engagement for Pepe has also decreased by 31.5% in the past week. While a decrease in interest is expected after a parabolic run like what Pepe experienced, the question remains whether
China has been known for its hard stance on trading and owning cryptocurrencies like Bitcoin and Ethereum. However, the country seems to be opening up to some parts of the industry. Despite its strict cryptocurrency regulations, China is pushing for the development of Web3. Web3: Future Internet Industry Development During the parallel forum of the
According to a recent note by JPMorgan’s analysts, Bitcoin’s price could skyrocket to $45,000 if the leading cryptocurrency starts to resemble the price performance and investment structure of gold. Bitcoin’s YTD performance has been remarkable, with the asset starting 2023 under $17,000 after a turbulent 2022. However, it broke above that level in the first
The Federal Bureau of Investigation (FBI) in the United States has issued a warning against fake job advertisements that lure people to Southeast Asia and force them to commit international crypto scams on unsuspecting victims. These scam mills usually put up ads on social media and lure their victims by promising well-paid jobs. However, upon
Recent data from Glassnode shows that the amount of Ether held on centralized crypto exchanges has hit a five-year low, with only 17.8 million ETH currently on these platforms. This represents less than 15% of the total token supply of the Ethereum network. To compare, during the bull market in 2021, the exchange balance was
Bitcoin’s price has been moving within a narrow range in the past few weeks after breaking below the 50-day moving average. The current market situation presents several potential scenarios that could unfold. On the daily timeframe, Bitcoin’s price has yet to display a significant upward or downward movement. If a rally takes place in the
Huobi, a cryptocurrency exchange platform with a decade-long history, has announced the launch of Huobi HK, which will provide cryptocurrency trading services to users in Hong Kong. The platform aims to deliver an excellent trading experience to Web3 users in Hong Kong, who will be able to buy, sell, and hold mainstream cryptocurrencies such as
Huobi Global, a cryptocurrency exchange, has announced the launch of its Hong Kong division on June 1st for users in the city-state. The Securities and Futures Commission (SFC), Hong Kong’s securities regulator, recently allowed retail trading in cryptocurrencies after a year of turmoil in the sector. The new venue called Huobi Hong Kong will be
The world of crypto is dynamic and ever-changing, with new technologies and tools emerging constantly. One such tool is ChatGPT, which is transforming the way traders conduct research and analysis. With its analytical prowess, ChatGPT is adding a valuable tool to the trading toolkit of both big players and small investors alike. In this article,