Bitcoin movement follows varied perspectives
On September 12, Bitcoin (COIN:BTCUSD) attempted to consolidate
above $26,000, generating optimism among investors. Records
indicated that Bitcoin maintained much of its 24-hour advance,
reaching 5.5% at one point. Jelle, a renowned trader, showed
enthusiasm for a retest of the $27,000 level. Meanwhile,
Crypto Ed projected a possibility of reaching $28,000 in the short
term. However, Keith Alan highlighted significant resistance,
emphasizing the need to hold $24,750 as support. Analyzing the
last quarter, QCP Capital predicted selling pressures, anticipating
a more robust recovery only in October.
Binance extends humanitarian aid after Morocco earthquake
Following the devastating magnitude 7 earthquake that affected
Morocco on September 8, resulting in over 2,000 deaths in
Marrakesh, Binance announced donations of up to $3 million in
Binance Coin (COIN:BNBUSD) to assist
those affected. Those in the hardest hit region,
Marrakech-Safi, will receive $100 in BNB. Other Moroccans will
have US$10 of BNB credited. Changpeng Zhao, CEO of Binance,
expressed solidarity and encouraged unaffected beneficiaries to
pass on donations. Binance has also created a public wallet
for more contributions. In March, Binance had already taken a
similar action following earthquakes on the Turkey-Syria
border.
Franklin Templeton proposes Bitcoin ETF
Asset management giant Franklin Templeton proposed to SEC on
September 12 to launch a physical Bitcoin ETF. The request
comes after the SEC postponed decisions on other potential Bitcoin
ETFs, including Grayscale’s. Under the proposal, the ETF would
act as a trust, with Coinbase (NASDAQ:COIN) holding Bitcoin
(COIN:BTCUSD) and Bank of New York Mellon (NYSE:BK) managing the
money. The shares would be traded on the Cboe BZX Exchange.
SEC’s verdict is expected on October 16. The company warned of
regulatory uncertainty in its submission.
PayPal enhances crypto ecosystem with conversion cervice
PayPal (NASDAQ:PYPL) has introduced a new service that allows
users to convert cryptocurrencies into US dollars directly in their
wallets. The functionality, called “Off Ramps”, allows
cryptocurrency holders in the US to easily transfer their digital
assets into dollars, which can be used for purchases, bank
transfers, among others. This innovation, integrated into
MetaMask and accessible via dApps and NFT marketplaces, aims to
provide a smooth transition between the crypto and traditional
financial worlds, reinforcing PayPal’s position in crypto
space.
Coinbase launches web3 wallet for institutions to access NFTs and
DeFi
Coinbase (NASDAQ:COIN) has expanded its reach into the
professional sector by introducing a Web3 wallet through its
Coinbase Prime division. This wallet was developed to allow
institutions to engage with NFTs and decentralized finance (DeFi)
more broadly. It not only offers secure token storage and
interaction with dapps, but also integrates with Prime account
security. Kevin Johnson, from Coinbase, highlighted the
importance of ensuring adequate controls over assets, meeting the
specific demands of institutions. “ We’re just giving
institutions the resources they need to participate in on-chain
applications ”, said Johnson.
MetaMask launches “Snaps” to expand Blockchain compatibility
Popular web3 wallet MetaMask has introduced “Snaps,” software
modules designed to expand the platform’s compatibility beyond
Ethereum-based networks. While MetaMask has traditionally
supported blockchains like Ethereum, BNB Chain, and Polygon, Snaps
will facilitate integration with networks like Cosmos and
Solana. This initiative, which involved the collaboration of
more than 150 developers, aims for an open innovation platform
without barriers, as highlighted by Christian Montoya, project
leader: “We believe that permissionless innovation is the
cornerstone of a decentralized system – without
gatekeepers .”
HSBC explores partnership with Fireblocks on crypto custody
technology
Renowned London bank HSBC (NYSE:HSBC) is considering a
collaboration with cryptocurrency custody specialist
Fireblocks. Fireblocks already has experience in the area,
having previously been chosen as a custody technology provider by
BNY Mellon (NYSE:BK) and also has a link with BNP
Paribas. However, big banks are cautious about crypto due to
regulatory uncertainty, especially in the US. HSBC, holding $3
trillion in assets, allows BTC and ETH trading at its Hong Kong
unit but maintains a reserved stance.
Sony and Startale Labs drive the evolution of Web3
Sony Network Communications (NYSE:SONY) invested US$3.5 million
in Startale Labs, strengthening its position in the web3
universe. Startale Labs, a key contributor to the Astar
Network, seeks to expand the scope of web3 globally. With
Sony’s contribution, Startale intends to double its team and
increase its contributions to networks such as Astar and
Polkadot. Regulatory uncertainty in the US is driving focus
towards Asian markets, and the partnership between Sony and
Startale Labs highlights this trend, aiming for wider adoption of
web3 globally.
Bitfinex celebrates new legal victory in class action
Cryptocurrency exchange Bitfinex scored a significant legal
victory when a class action lawsuit filed against it was dismissed
by Chief Judge Laura Taylor Swain in New York. According to a
statement from Bitfinex on September 12, the lawsuit, filed by
Shawn Dolifka, attempted to revive arguments that had already been
refuted. The decision highlighted that the suggested change
did not address the main issues with the allegations. This
recent decision echoes the resolution of a similar case faced by
Tether the previous month.
Alex Mashinsky challenges FTC allegations of fraudulent conduct
Celsius founder Alex Mashinsky is disputing the charges brought
by the US Federal Trade Commission, arguing that the allegations
are insufficient. His lawyers claim that the facts presented
do not meet the criteria of the Gramm-Leach-Bliley Act of 1999,
which deals with fraudulent information in financial
institutions. Furthermore, it was highlighted that, having
resigned as CEO in September 2023, Mashinsky cannot currently be
considered in violation of the law. Meanwhile, Celsius
co-founders also face legal scrutiny, with defenders questioning
the basis of the accusations.
It is confirmed that Vitalik Buterin, co-founder of Ethereum,
suffered a sim-swap attack on his account
On September 11, via Warpcast, Vitalik Buterin, co-founder of
Ethereum, revealed that his X (formerly Twitter) account was
compromised by a sim-swap attack. This type of attack exploits
flaws in two-factor authentication systems using calls or messages
as verification. Buterin acknowledged the weakness of phone
numbers in security and mentioned that he may have linked his phone
when signing up for Twitter Blue. Following the attack, around
$700,000 worth of digital assets were lost, and the community was
warned about security risks on X.
CoinEx suspected of $27 million hack
On September 12, CoinEx, a cryptocurrency exchange, had
suspicious outflows of funds to an unknown address, causing
concerns about a possible hack. Blockchain Cyvers Alerts
estimates that around $27 million was lost. Notably, an amount
of $7.9 million in Ether (COIN:ETHUSD) was transferred to an
account with no previous records. Other tokens were also sent
to the same address. CoinEx has not yet officially commented
on the matter.
Problems in Milady Maker: Fee embezzlement and invasion on social
networks
Milady Maker, a recognized NFT project, has faced significant
exploitation affecting its fees and social media
accounts. Charlotte Fang, co-founder, revealed on X that a
developer linked to Milady embezzled around US$1 million from
Remilia Corporation, the DAO responsible for the
project. While key assets and NFTs remain safe, the attacker
has also taken control of several social accounts. Fang
identified those involved and promised strict legal action against
them. After Elon Musk’s endorsement in 2023, Milady NFTs
experienced an appreciation, but later showed a drop in prices.
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