The Floki crypto price surge has taken many holders by surprise. It is trading around 15%, adding to its near 1000% yearly gain. The rally followed a general bullish trend that pushed Bitcoin to just under $66k, and Ether managed to push above $2600.

The meme coin hype has also been reflected in a growing interest in a more serious layer-2 project called Infinaeon. This project has an extensive ecosystem of scaling solutions and unique tokenomics features that have made its presale hit new highs.

This market surge may be due to a combination of factors, including recent interest rate cuts and China’s stimulus package, which have injected a dose of optimism into the global economy and financial markets. However, serious traders are looking beyond meme coins, and the Infinaeon presale, with its 8% bonus, is expected to be this bull run’s alpha.

This article will delve into the recent Floki crypto price rally, examine the broader market recovery, and explore the reasons behind the growing interest in Infinaeon’s presale.

Floki Crypto Price Leads Meme Coin Gains

The Ethereum-based Floki coin has rallied by over 15% in 24 hours and over 900% in the past year. This has pushed the token’s market cap to over $1.6 billion, making it one of the most valuable meme coins on the market. The meme coin market as a whole has outperformed just about everyone’s expectations.

Floki is a community-driven meme coin inspired by Elon Musk’s Shiba Inu dog. It has gained significant popularity due to its playful branding and strong online community. The project has evolved beyond its meme origins, incorporating features like decentralized finance (DeFi), non-fungible tokens (NFTs), and even plans for a metaverse.

The meme coin market’s recent performance has been a pleasant surprise for many. The surge in Floki’s price, along with other notable meme coins, suggests that this trend might continue, at least in the short term.

Infinaeon Tokenomics Capitalizes on Bullish Market Sentiment

Infinaeon’s unique tokenomics structure has allowed it to fully capitalize on the recent bullish market sentiment. While most layer-2 tokens suffer from inflation and massive token unlocks, putting pressure on their prices, Infinaeon is designed to appreciate.

At the heart of Infinaeon’s tokenomics is its deflationary mechanism. A portion of every gas fee collected on the network is used to buy back and burn Infinaeon tokens from the open market. This process effectively reduces the total supply of tokens in circulation, creating scarcity and potentially driving up the price.

This deflationary model contrasts sharply with the inflationary tokenomics of many other layer-2 solutions. Projects like Arbitrum and Optimism often have large token supplies and ongoing emissions, which can lead to dilution and downward pressure on their prices. Infinaeon’s approach offers a more sustainable and attractive model for long-term holders, as the token’s value is inherently supported by the network’s growth and activity.

Furthermore, Infinaeon’s auto-compounding staking mechanism provides an additional layer of value for token holders. By staking their tokens, users can earn rewards that are automatically reinvested, leading to exponential growth over time. This not only incentivizes long-term holding but also contributes to the network’s security and stability.

The combination of these features creates a compelling investment narrative for Infinaeon. In a market where many projects are struggling to maintain their value, Infinaeon’s deflationary tokenomics and attractive staking rewards offer a refreshing alternative. As the presale continues and the project gains further traction, the potential for significant returns is becoming increasingly apparent.

The bullish rally has pushed the crypto market’s capitalization to well over $2 trillion.

Limited Time Presale Bonus Up For Grabs

The Infinaeon presale has received an additional boost from a limited 8% bonus opportunity. This enticing offer allows early participants to acquire more tokens for their investment, further increasing the potential for significant returns.

This bonus, combined with the project’s deflationary tokenomics and auto-compounding staking rewards, has created a sense of urgency among investors. Many are eager to secure their position in the presale before the bonus expires and the token hits the open market.

The combination of a promising Layer-2 solution, attractive tokenomics, and a limited-time bonus has made the Infinaeon presale a standout opportunity in the current market. As the presale progresses and the project continues to gain traction, the excitement and anticipation among investors are only expected to grow.

Join The Infinaeon Presale Now

Presale: https://presale.infinaeon.com/

Telegram: https://t.me/Infinaeon/

Discord: https://discord.com/invite/WSy65uAYfd

X: https://x.com/Infinaeon

The post Floki Crypto Price and Infinaeon Presale Boosted By Bullish Market Sentiment appeared first on Blockonomi.

TLDR

Roman Storm’s motion to dismiss charges denied by Judge Katherine Polk Failla

Storm faces trial in December on three federal charges related to Tornado Cash

Judge ruled government prosecutors have plausible allegations against Storm

Storm could face up to 45 years in prison if convicted on all charges

Case raises concerns about implications for software developers’ freedom

Roman Storm, a developer and co-founder of the cryptocurrency mixer Tornado Cash, is set to face trial in December after a New York district court judge denied his motion to dismiss criminal charges brought by the United States government.

Judge Katherine Polk Failla ruled on September 26 that federal prosecutors had presented plausible allegations against Storm, rejecting his bid to toss three federal charges.

Storm, along with fellow co-founder Roman Semenov, was charged in August 2023 with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money-transmitting business.

These charges stem from their involvement with Tornado Cash, a platform designed to enhance privacy in cryptocurrency transactions.

During a telephone conference, Judge Failla stated she

“cannot simply accept Mr. Storm’s narrative that he is being prosecuted merely for writing code.”

The judge emphasized that she was convinced Tornado Cash was different from other financial services or money-transmitting firms.

Failla also noted the Justice Department’s accusation that Tornado Cash received nearly $1 million in funding from a venture capital firm with the expectation of profit-sharing, suggesting that “the platform was not an altruistic venture.”

Storm, who has pleaded not guilty to the charges, had argued in his March dismissal bid that Tornado Cash was open-source software and not under his control.

He positioned himself as a developer who created software “to provide financial privacy to legitimate cryptocurrency users.” However, prosecutors contested this characterization, alleging that Storm “reaped millions of dollars in profits” while knowing the platform was being used for illicit money laundering.

The case has sparked debate within the cryptocurrency community about the implications for software developers.

Jake Chervinsky, chief legal officer of crypto venture firm Variant, expressed strong criticism of the ruling on social media platform X (formerly Twitter), calling it “an assault on the freedom of software developers everywhere” and predicting that it would “go down on appeal, if that’s what it takes.”

Judge Failla's ruling denying @rstormsf's motion to dismiss the indictment is an assault on the freedom of software developers everywhere.

This will go down in history as a perversion of law and a travesty of justice.

And it will go down on appeal, if that's what it takes.

— Jake Chervinsky (@jchervinsky) September 26, 2024

If convicted on all three charges, Storm faces a maximum possible sentence of 45 years in prison. His trial is scheduled to begin on December 2.

The Tornado Cash case has already seen legal action in other jurisdictions. In May, Alexey Pertsev, the third co-founder of Tornado Cash, was found guilty of laundering $1.2 billion through the platform by the Netherlands ‘s-Hertogenbosch Court of Appeal. Pertsev was sentenced to five years and four months in prison and is preparing to appeal his conviction.

Meanwhile, Roman Semenov, a Russian national and the other co-founder charged alongside Storm, remains at large.

The post Tornado Cash Developer Roman Storm to Face Trial in December appeared first on Blockonomi.

TLDR

SEC approves BNY Mellon’s crypto custody plan, not limited to BTC and ETH

Plan uses separate crypto wallets linked to bank accounts for client protection

Approval allows BNY Mellon to potentially offer custody for various digital assets

Move aims to protect customer assets, even in bankruptcy scenarios

Critics claim BNY Mellon received preferential treatment regarding SAB 121 rules

The U.S. Securities and Exchange Commission (SEC) has given approval to Bank of New York Mellon Corp (BNY Mellon) for a new cryptocurrency custody plan.

This move allows the bank to offer services related to digital assets, potentially expanding beyond just Bitcoin and Ethereum ETFs.

SEC Chair Gary Gensler stated that BNY Mellon’s approach is not restricted to specific cryptocurrencies, opening the door for the bank to potentially custody a wider range of digital assets.

The plan involves providing each client with a separate crypto wallet linked to a bank account. This structure aims to protect customer assets by keeping them separate from the bank’s own funds, even in the event of a bankruptcy.

The SEC’s approval comes as a ‘non-objection’ to BNY Mellon’s proposed custody model. This allows the bank to hold digital assets without breaking regulatory rules.

Gensler praised BNY Mellon for its thorough approach to ensuring customer asset protection.

This development is significant in the context of recent insolvencies in the crypto industry, such as those involving Celsius Network, FTX, and Voyager Digital.

BNY Mellon’s approach could serve as a model for other financial institutions looking to enter the digital asset custody space.

Gensler mentioned that while initial discussions with BNY Mellon focused on Bitcoin and Ethereum, the approved structure is flexible.

This flexibility allows BNY Mellon to potentially expand its custody services to other types of digital assets, as long as it stays within regulatory boundaries.

The SEC chair also stated that any other bank wanting to implement a similar structure would receive the same regulatory consideration.

However, banks would still need approval from their prudential supervisors before offering digital asset custody services.

The approval has not been without criticism. Some in the crypto industry claim that BNY Mellon received special treatment, particularly regarding the SAB 121 accounting rules.

These rules typically require institutions to include the value of custodial crypto assets on their balance sheets along with an equivalent liability. Critics argue that BNY Mellon was given more flexibility with these rules than other institutions.

U.S. SEC Commissioner Hester Peirce and other market participants have expressed concern about this perceived bias. They argue that the SAB 121 no-action relief granted to BNY Mellon is not being applied consistently across the industry.

Caitlin Long, CEO of Custodian Bank, suggested that regulators are making the process easier for large banks while complicating it for others.

Despite these criticisms, the approval marks a significant step in the integration of traditional banking with digital asset services. It demonstrates the SEC’s willingness to work with established financial institutions to create secure and regulated crypto custody solutions.

BNY Mellon’s approved plan emphasizes asset protection, a crucial concern in digital asset custody. By using separate wallets linked to bank accounts, the bank aims to ensure that customer assets remain protected and segregated from the bank’s own funds.

The post BNY Mellon Gains SEC Approval for Digital Asset Custody Services appeared first on Blockonomi.

TLDR:

PEPE coin price surged 16-26% following Arthur Hayes’ endorsement

Meme coin market cap reached $56 billion, up 19%

Technical indicators suggest further gains for PEPE, with potential 90% upside

Dogecoin showing bullish pattern, could reach $0.20

Increased whale activity and large transactions for major meme coins

The meme coin market is an upswing, with popular tokens like PEPE and Dogecoin (DOGE) leading the charge. This surge has caught the attention of investors and traders alike, as the total market capitalization of meme coins reaches an impressive $56 billion.

PEPE coin, in particular, has seen a remarkable increase in value, with its price jumping by 16-26% over the past week.

This surge comes on the heels of an endorsement from Arthur Hayes, a prominent figure in the cryptocurrency world. Hayes recently promoted several meme cryptocurrencies, including PEPE, which has helped to drive investor interest and boost the coin’s value.

Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!

On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.

Address:
0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4

— Lookonchain (@lookonchain) September 27, 2024

The surge in PEPE’s price has been accompanied by strong technical indicators, suggesting that there may be more room for growth.

The Relative Strength Index (RSI) for PEPE currently sits at 73.82, indicating that the asset is in overbought territory but still has potential for further gains. Some analysts are even predicting a possible 90% upside for PEPE if it can break through key resistance levels.

PEPE Price at Coingecko

Dogecoin, another popular meme coin, is also showing signs of a bullish trend. Technical analysts have identified a falling wedge pattern in DOGE’s price chart, which often signals a potential upward breakout.

Some predictions suggest that DOGE could reach $0.20 if this bullish momentum continues.

DOGE Price at Coingecko

The broader meme coin market is benefiting from increased whale activity and large transactions. Data shows that Dogecoin whales have accumulated 1.40 billion tokens worth close to $140 million in just two days. Similarly, PEPE has seen a spike in large transactions valued at $100,000 or more, with 417 such transactions recorded in a single day.

This surge in meme coins comes against the backdrop of a broader cryptocurrency market rally. Bitcoin, the leading cryptocurrency, has recently surpassed $65,000, which has helped to lift the entire crypto market.

Other meme coins like Shiba Inu (SHIB) and dogwifhat (WIF) have also seen significant gains, with SHIB up 16% and WIF rising by 7%.

The current market dynamics suggest a growing appetite for meme coins among investors.

With whales actively participating and a significant surge in Bitcoin and other major cryptocurrencies, the bullish sentiment around meme coins is likely to intensify in the coming weeks.

The post PEPE Coin Price Surges 26%: Meme Coin Market Reaches $56 Billion, DOGE & PEPE Lead appeared first on Blockonomi.

TLDR:

BNB price approaching all-time high of $698.9

Changpeng Zhao (CZ) set for early release from prison

BNB showing bullish technical indicators and price action

Potential for BNB to reach $920 in long-term wave count

Increased buying activity and liquidation levels suggest upward momentum

Binance Coin (BNB) makes a strong push towards its all-time high. With Binance founder Changpeng Zhao (CZ) set for an early release from prison, the BNB token is showing signs of a potential breakout that could see it reach new heights.

BNB has been on an upward trajectory since August 5, with its price currently hovering around $595. The token has made several attempts to break through the $605 resistance level, signaling strong bullish sentiment among investors.

Technical indicators are painting a positive picture, with the Relative Strength Index (RSI) above 50 and the Moving Average Convergence Divergence (MACD) in positive territory.

One of the most significant developments driving BNB’s momentum is the imminent release of Changpeng Zhao from prison. CZ, who had been serving a four-month sentence for compliance failures at Binance, is expected to be released as early as September 27.

According to Forbes, CZ may be released two days earlier than the official release date this Friday, because if the release date falls on the weekend, prisoners will leave the prison early. A Binance spokesperson said that we are happy that Zhao Changpeng will go home to reunite…

— Wu Blockchain (@WuBlockchain) September 27, 2024

This news has injected optimism into the BNB ecosystem, with many investors anticipating a positive impact on the token’s value.

From a technical analysis perspective, BNB’s price action is showing promising signs. The token has broken its pattern of lower highs, creating a higher high that suggests an eventual breakout is more likely. If BNB successfully breaks above the $605 resistance area, there could be a clear path to its previous all-time high of $698.9, reached in June.

Long-term projections are even more bullish. Wave count analysis indicates that BNB may have begun its fifth and final wave of increase since June 2022. This could potentially push the token’s price to around $920, based on Fibonacci retracement levels and historical price movements.

The broader Binance ecosystem continues to show strength, with over 231 million globally registered users and a Total Value Locked (TVL) of more than $4.82 billion. Major DeFi protocols like Venus and PancakeSwap are contributing to BNB’s growing importance in the cryptocurrency landscape.

BNB Price at Coingecko

In the futures market, BNB is attracting significant interest, with Open Interest standing at $620 million. This figure, while slightly down from a three-month high of $677 million on September 24, still indicates strong speculative activity around the token.

Liquidation data reveals a concentration of levels between $600 and $630, suggesting that a move above this range could trigger a short squeeze. This potential forced buying could further accelerate BNB’s price movement if it breaks through these key levels.

As the crypto community awaits CZ’s release and watches BNB’s price action, many are wondering if this could be the catalyst that propels the token to new all-time highs.

With strong fundamentals, positive technical indicators, and increasing mainstream adoption, BNB appears well-positioned for potential growth in the coming weeks and months….

The post Binance Coin (BNB) Price Surges as Changpeng Zhao’s Release Nears: All-Time High in Sight? appeared first on Blockonomi.

TLDR:

Dogecoin price surged 10% in 24 hours due to several factors

Plans to enable smart contracts on Dogecoin network announced

Elon Musk continues to show support for DOGE

Dogecoin whales accumulated over 1.40 billion coins in 48 hours

DOGE broke above a falling wedge pattern, signaling potential upside

Dogecoin, the popular meme-inspired cryptocurrency, has experienced a significant price surge, rising by 10% in the past 24 hours. This rally comes as a result of several bullish developments that have caught the attention of investors and enthusiasts alike.

One of the primary drivers behind Dogecoin’s recent price increase is the announcement of plans to enable smart contracts on the Dogecoin network.

The QED protocol has partnered with Nexus to launch a zero-knowledge virtual machine (zkVM) on the network, which will allow for smart contract functionality.

This move is expected to boost DOGE’s adoption by adding more utilities to the meme coin, potentially putting it in competition with established blockchain platforms like Ethereum and Solana.

The partnership between QED protocol and Nexus aims to scale the Dogecoin network and provide tools for developers to launch various Decentralized Finance (DeFi) projects. This includes decentralized exchanges and non-fungible tokens (NFTs), opening up new possibilities for the Dogecoin ecosystem.

Adding to the bullish sentiment, Elon Musk, the world’s richest man and a long-time supporter of Dogecoin, continues to show his enthusiasm for the cryptocurrency.

Musk recently posted a picture of the Shiba Inu dog behind Dogecoin, referring to himself as the “Dogefather.” This ongoing support from Musk has led to speculation that his X platform (formerly Twitter) might enable DOGE payments when its payment service goes live.

"Call me the Dogefather" 一 Elon Musk pic.twitter.com/JAvJYMZJt7

— DogeDesigner (@cb_doge) September 10, 2024

Musk has also mentioned his desire to see Dogecoin accepted again as a payment method for Tesla merchandise, indicating that such a move might already be in the works. Additionally, he has stated that DOGE will be accepted at the futuristic supercharging station in Hollywood when it launches.

Another significant factor contributing to Dogecoin’s price rise is the accumulation of DOGE by large investors, commonly known as “whales.”

Data from on-chain analytics platform Santiment shows that these whales have accumulated over 1.40 billion DOGE coins in just 48 hours, valued at approximately $140 million. This substantial accumulation signals strong confidence in Dogecoin’s future price potential among large investors.

From a technical analysis perspective, Dogecoin has broken above a falling wedge pattern, which it had been trading within for several months.

This breakout typically signals a potential upside reversal and hints at a continued rally. Some analysts suggest that this could lead to a significant price surge of up to 72%, potentially bringing DOGE’s price to $0.19.

The Aroon indicator, which measures trend strength, also supports the possibility of a continued rally for Dogecoin. The Aroon Up Line is currently at 100%, signaling that DOGE is in a strong uptrend, with buying pressure keeping prices near recent highs.

However, for this rally to fully materialize, Dogecoin must first break through a key resistance level at $0.15. Successfully retesting this level could clear the path for the price to reach higher targets.

It’s worth noting that Dogecoin’s current market behavior bears similarities to its performance in previous market cycles. In the past, the DOGE-BTC pair experienced a period of stagnation and volatility before skyrocketing.

With the Bitcoin halving on the horizon, some speculate that DOGE could be positioning itself for another explosive rally….

The post Dogecoin (DOGE) Price Soars: Smart Contracts, Whale Accumulation, and Elon Musk Fuel Rally appeared first on Blockonomi.

TLDR:

Two Russian nationals charged by U.S. for crypto-related money laundering

Websites of three illicit cryptocurrency exchanges seized

International effort involving multiple countries and agencies

Charges related to “carding” and facilitating cybercrime

Over $1 billion in transactions processed through illicit platforms

In a coordinated international effort, U.S. authorities, along with partners from several European countries, have taken action against a global cryptocurrency network linked to Russian sanctions evasion and money laundering.

The operation resulted in charges against two Russian nationals and the seizure of multiple websites associated with illicit cryptocurrency exchanges.

Sergey Ivanov and Timur Shakhmametov were charged by U.S. authorities for their alleged roles in operating money laundering services that catered to cybercriminals using cryptocurrencies. The U.S. Department of State has announced rewards of up to $10 million each for information leading to their arrests.

The charges against Ivanov include one count of conspiracy to commit bank fraud and one count of conspiracy to commit money laundering. These charges stem from his alleged involvement in providing payment processing support to the carding website Rescator and his connections to the carding website Joker’s Stash. Ivanov is accused of conducting transactions worth over $1.15 billion in value over the past 11 years.

Shakhmametov, known online as “JokerStash” and “Vega,” faces similar charges to Ivanov, with an additional count of conspiracy to commit access device fraud. This additional charge relates to his alleged role in operating the carding website Joker’s Stash, which reportedly offered data from 40 million payment cards annually for sale.

The TOC Rewards Program offers rewards up to $10M each for info leading to the arrests and/or convictions of Russian nationals Timur Shakhmametov and Sergey Ivanov, and up to $1M for information leading to the identification of other leaders of Joker’s Stash, UAPS, PM2BTC, and… pic.twitter.com/1a0wZNb8IU

— US Dept of State INL (@StateINL) September 26, 2024

As part of the operation, U.S. authorities seized websites associated with three illicit cryptocurrency exchanges: Cryptex.net, UAPS, PinPays, and PM2BTC. These platforms are believed to have links to Russia and were allegedly used for payment processing and exchanging cryptocurrencies obtained through illegal activities.

The U.S. Secret Service played a crucial role in the operation, seizing two website domain names used to support the cryptocurrency money laundering exchange “Cryptex.net.” According to authorities, this platform facilitated approximately 37,500 transactions amounting to $1.4 billion.

The international nature of this operation highlights the growing cooperation between law enforcement agencies worldwide in combating cryptocurrency-related crimes. Authorities from the Netherlands, Latvia, Germany, and the United Kingdom, along with Europol, participated in this coordinated effort.

U.S. President Joe Biden commented on the operation, stating that it was part of efforts to counter Russian sanctions evasion and money laundering. The president emphasized the involvement of the Department of Justice, the Department of the Treasury, and the U.S. Secret Service in disrupting this global cryptocurrency network.

U.S. Deputy Attorney General Lisa Monaco provided further context, stating that the charged Russian nationals allegedly pocketed millions of dollars from prolific money laundering activities and fueled a network of cybercriminals around the world. Monaco specifically mentioned Ivanov’s alleged facilitation of darknet drug traffickers and ransomware operators.

This operation represents a significant blow to the infrastructure supporting cryptocurrency-based money laundering and sanctions evasion.

The post U.S. Charges Two Russians in Global Crypto Money Laundering Crackdown appeared first on Blockonomi.

TLDR:

WazirX exchange suffered a $230 million hack in July 2024

Hackers have nearly finished laundering stolen funds through Tornado Cash

Singapore court granted WazirX a 4-month moratorium to restructure

WazirX users unlikely to recover 100% of assets; partial withdrawals enabled

Binance denies responsibility, stating it never acquired WazirX

The Indian cryptocurrency exchange WazirX continues to grapple with the aftermath of a massive $230 million hack that occurred in July 2024.

The incident, which compromised over 45% of the exchange’s total reserves, has left the platform and its users in a precarious position.

The High Court of Singapore has granted WazirX a four-month moratorium to restructure its liabilities. This decision comes as a partial relief to the exchange, which had initially requested a six-month period.

The court-mandated conditions require WazirX to disclose its wallet addresses in a court affidavit, respond to user queries, and reveal its book of accounts within six weeks.

WazirX co-founder Nischal Shetty expressed gratitude for the court’s decision, stating that it allows the company to focus on “resolution, recovery and restructuring.”

The exchange’s parent company, Singapore-based Zettai, had filed for restructuring on August 23, seeking temporary relief from legal proceedings.

Hackers Nearly Finished Washing the Money

On-chain data reveals that the hackers responsible for the theft have nearly completed their efforts to launder the stolen funds.

Using the cryptocurrency mixer Tornado Cash, the attackers have systematically moved large amounts of Ethereum (ETH) through the platform, making it increasingly difficult to track the funds. As of the latest reports, only about $6 million worth of ETH remains in the hacker’s main wallet.

The use of Tornado Cash, a decentralized service that commingles cryptocurrencies to obscure their origin, has complicated recovery efforts. Despite being sanctioned by the United States Treasury in 2022, the mixer continues to operate due to its decentralized nature, handling nearly $2 billion in transactions through July 2024.

In an attempt to mitigate the impact on users, WazirX has partially lifted its withdrawal suspension, allowing customers to withdraw up to 66% of their Indian Rupee (INR) balances. However, the exchange has admitted that users are unlikely to recover 100% of their assets, particularly their cryptocurrency holdings, due to insufficient reserves.

The WazirX hack has also reignited discussions about the exchange’s ownership and responsibilities. Binance, previously thought to be associated with WazirX, has publicly denied any ownership or responsibility for the security breach. This contradicts earlier statements made by WazirX founder Nischal Shetty, adding another layer of complexity to the situation.

As part of its recovery strategy, WazirX is actively seeking partnerships to infuse cash and navigate through the crisis. The exchange has reportedly entered into discussions with at least 11 other exchanges and signed non-disclosure agreements with three potential partners.

Some analysts have speculated that the sophisticated nature of the attack might point to involvement from state-sponsored actors, such as the North Korean Lazarus Group, though this remains unconfirmed.

As the four-month restructuring period begins, WazirX faces the daunting task of rebuilding trust with its user base while working to recover as much of the stolen funds as possible.

The post WazirX Struggles to Recover After $230 Million Hack, Court Grants Restructuring Period appeared first on Blockonomi.

TLDR

Bedrock, a multi-asset liquid staking protocol, suffered a $2M exploit involving uniBTC

The exploit has been “handled” and remaining assets are safe

Bedrock is finalizing a reimbursement plan and will share a post-mortem report

Most losses were in DEX liquidity pools; wrapped BTC and BTC reserves are secure

Bedrock is the 8th largest liquid staking protocol with over $240M in TVL

On September 27, Bedrock, a multi-asset liquid staking protocol, confirmed it had fallen victim to a security exploit. The incident, which involved uniBTC, a synthetic Bitcoin token used in DeFi, resulted in the loss of approximately $2 million in assets.

Bedrock quickly addressed the situation, assuring users that the root cause had been “handled” and that all remaining funds were safe.

Bedrock, launched in February 2023 by Singapore-based blockchain firm RockX, is designed to attract institutional investors to liquid staking.

Important Announcement from the Bedrock Team

We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.

We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are…

— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024

The protocol offers products such as uniBTC, uniETH, and uniIOTX, which are synthetic representations of major blockchain tokens allowing users to earn yield through staking.

Prior to the exploit, Bedrock had established itself as the eighth-largest liquid staking protocol in the market, with over $240 million in total value locked (TVL).

The exploit primarily affected decentralized exchange (DEX) liquidity pools. Bedrock was quick to clarify that the underlying wrapped BTC tokens and standard Bitcoin held in reserves remained secure. This information helped to alleviate some concerns about the extent of the breach.

In response to the incident, Bedrock announced that it is finalizing a comprehensive reimbursement plan for affected users.

The protocol also committed to sharing a detailed post-mortem report in the near future, demonstrating a commitment to transparency and learning from the incident.

The Bedrock team used social media to communicate with users and the wider crypto community. In a post on X (formerly Twitter), they acknowledged the exploit and provided initial details about the incident.

This swift communication helped to keep users informed and may have prevented further panic in the aftermath of the exploit.

Liquid restaking protocols like Bedrock have seen significant growth in recent months. The sector now boasts over $11.4 billion in TVL, indicating its increasing popularity among crypto investors.

Bedrock’s position as the eighth-largest protocol in this space underscores its importance in the ecosystem.

The incident at Bedrock occurs against the backdrop of rapid growth in liquid restaking and native restaking protocols.

Since the launch of ETH restaking protocol Eigenlayer in April, these sectors have become some of the largest in the crypto industry. Eigenlayer alone now has more than $12.1 billion in TVL on its mainnet, according to data from DefiLlama.

Bedrock’s approach to the exploit demonstrates the protocol’s focus on security and user trust. By prioritizing strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, Bedrock has positioned itself as a platform suitable for institutional investors with large sums of capital.

The post Bedrock Protocol Reports $2M Exploit: Reimbursement Plan in Progress appeared first on Blockonomi.

TLDR:

Hamster Kombat conducted its HMSTR token airdrop, disappointing many players

HMSTR token price fell sharply after listing on exchanges

Many users received very small amounts of tokens worth less than $10

The hashtag #HMSTRSCAM is trending as users express outrage

Technical issues and accusations of unfair distribution have damaged the project’s reputation

The highly anticipated token launch for Hamster Kombat, a popular tap-to-earn game on Telegram, has encountered significant challenges and user backlash.

On September 26, 2024, the project conducted its long-awaited airdrop of HMSTR tokens, but the event quickly turned sour as many players expressed disappointment with their rewards and the token’s value plummeted on exchanges.

Hamster Kombat, which had amassed over 300 million users since its launch in March, distributed tokens to 131 million qualifying players. However, numerous users took to social media to voice their frustration, describing their HMSTR rewards as “dust” – a term often used to denote trivial amounts of cryptocurrency.

Many complained that their allocations were worth less than $10, despite months of active gameplay and promotion of the project.

The dissatisfaction was further compounded by the token’s performance on cryptocurrency exchanges. Upon listing, the price of HMSTR fell sharply, losing as much as 50% of its value within hours of trading.

According to data from CoinGecko, HMSTR’s price dropped from an initial $0.012 to $0.0087 in just 24 hours. This rapid decline left many players feeling shortchanged, especially those who had invested significant time and effort into the game.

Hamster Kombat Price at Coingecko

Technical issues also plagued the launch, with some users reporting difficulties accessing their tokens due to network overload. The project warned of “overwhelming demand” impacting users’ ability to trade the coin, which only added to the growing frustration within the community.

As news of the troubled launch spread, the hashtag #HMSTRSCAM began trending on social media platforms.

Users accused the project of unfairly disqualifying a large portion of participants from receiving tokens, while allegedly favoring influencers and YouTubers with larger allocations. These claims of inequitable distribution further eroded trust in the project.

The backlash has prompted calls within the community to boycott Hamster Kombat’s social media accounts and block its bot. This negative sentiment threatens to overshadow the game’s previous success and raises questions about its future viability.

Despite the controversy, some exchanges have embraced HMSTR. Binance, one of the world’s largest cryptocurrency exchanges, listed the token for spot trading and even opened futures trading with up to 75x leverage.

Binance included HMSTR in its Super Earn program, offering holders the opportunity to earn up to 300% annual percentage rate for a seven-day locked period.

The Open Network (TON), the blockchain on which HMSTR operates, has faced its own challenges recently. Last month, the network experienced two outages in a single week, linked to the launch of another meme coin.

These issues highlight the broader technical challenges facing blockchain projects as they attempt to scale and manage sudden influxes of user activity.

As of the latest reports, over 108,000 wallets hold HMSTR tokens, with a significant portion of the circulating supply held in a Binance hot wallet. This suggests that many players quickly moved to sell their tokens on the exchange, contributing to the price decline.

The Hamster Kombat team has stated that 15 billion HMSTR tokens have been reserved for the game’s second season, indicating plans to continue development and potentially address user concerns.

However, the immediate future of the project remains uncertain as it grapples with the fallout from its troubled token launch.

The post Hamster Kombat Token Launch Faces Backlash as HMSTR Price Plummets & Users Cry Foul appeared first on Blockonomi.

TLDR

Spot Bitcoin ETFs saw $365.7 million in net inflows on Sept. 26, a two-month high

ARK 21Shares’ ARKB led with $113.8 million in inflows

BlackRock’s IBIT drew $93.4 million, continuing its four-day inflow streak

Grayscale’s GBTC was the only Bitcoin ETF with outflows ($7.7 million)

Spot Ethereum ETFs recorded net outflows of $675,450 on the same day

On September 26, 2024, the spot Bitcoin exchange-traded funds (ETFs) in the United States witnessed a significant surge in inflows, reaching a two-month high of $365.7 million.

This marks a continuation of the six-day upward momentum for these investment vehicles. The last time such high inflows were observed was on July 22.

Leading the pack was ARK 21Shares’ ARKB, which attracted an impressive $113.8 million in new investments. BlackRock’s IBIT, the largest Bitcoin ETF, wasn’t far behind, drawing in $93.4 million.

This influx marks IBIT’s fourth consecutive day of inflows, pushing its total net inflows since launch to over $21.3 billion.

Other spot Bitcoin ETFs also experienced notable inflows. Fidelity’s FBTC brought in $74 million, while Bitwise’s BITB and VanEck’s HODL ETFs saw inflows of $50.4 million and $22.1 million, respectively.

Smaller funds like BTCO, EZBC, BRRR, and Grayscale Bitcoin Mini Trust also joined the positive trend with inflows ranging from $2.9 million to $6.5 million.

However, not all Bitcoin ETFs shared in the day’s success. Grayscale’s GBTC stood out as the sole Bitcoin ETF to record outflows, with $7.7 million exiting the fund.

This continued a trend for GBTC, which has now seen total outflows exceeding $20.1 billion since its launch.

The surge in activity wasn’t limited to inflows alone. The total trading volume for the 12 Bitcoin ETFs skyrocketed to $2.43 billion on September 26, more than tripling the previous day’s figure.

Since their launch, these funds have accumulated a total net inflow of $18.31 billion.

This increased interest in Bitcoin ETFs coincided with a rise in the price of Bitcoin itself. The leading cryptocurrency had risen 2.7% over the past day, trading at $65,323 at the time of reporting.

While Bitcoin ETFs were experiencing a boom, the story was different for Spot Ethereum ETFs. These funds recorded net outflows of $675,450 on September 26, ending a brief two-day streak of inflows.

The majority of these outflows came from Grayscale’s ETHE, which saw $36 million leave the fund.

However, not all Ethereum ETFs faced outflows. BlackRock’s ETHA and Fidelity’s FETH managed to attract $15.3 million and $15.9 million in inflows, respectively.

Smaller Ethereum ETFs like QETH, ETHW, ETHV, and CETH also saw modest inflows ranging from $663,000 to $2 million.

Despite the outflows, trading volume for Ethereum ETFs increased, jumping to $257.4 million on September 26 from $124 million the previous day. Since their inception, spot Ether ETFs have experienced total net outflows of $581.61 million.

The cryptocurrency market itself reflected these trends, with Ethereum trading at $2,652 at the time of publication.

These movements in both Bitcoin and Ethereum ETFs highlight the dynamic nature of the cryptocurrency investment landscape.

The post U.S. Spot Bitcoin ETFs See $365.7 Million Inflow as Ethereum ETFs Face Outflows appeared first on Blockonomi.

TLDR

Worldcoin (WLD) token surged 31% in the past week

World ID services expanded to Guatemala, Poland, and Malaysia

Expansion aims to combat AI-related fraud and privacy concerns

83-88% of Guatemalans support technologies distinguishing humans from bots

Orb locations for identity verification available in Guatemala from September 25

Worldcoin, a cryptocurrency project focused on digital identity verification, has seen significant growth in both its market value and global presence.

The project’s native token, WLD, experienced a 31% surge in value over the past week, despite a slight market pullback. This price increase coincides with Worldcoin’s expansion of its World ID services to three new countries: Guatemala, Poland, and Malaysia.

The expansion of Worldcoin’s services comes at a time when concerns about artificial intelligence (AI) and digital fraud are on the rise.

The project aims to provide a decentralized solution for verifying human identity, addressing the growing need for distinguishing between human users and AI bots online.

In Guatemala, where the service is set to launch, Worldcoin reports strong public interest in AI-related issues. According to the company, 83% of Guatemalans want to know if the content they’re viewing was created by AI.

Additionally, 84% express concern about AI advancements making it harder to differentiate between humans and bots, while 88% support technologies that can verify human identity in online interactions.

To facilitate identity verification, Worldcoin is introducing “orbs” – physical locations where individuals can verify their identity using the platform’s technology. These orbs will be available in Guatemala starting September 25, 2023.

Worldcoin Price on CoinGecko

While specific deployment details for Poland have not been announced, the World ID service has already been introduced in Malaysia earlier in the week.

Worldcoin’s approach to identity verification is based on what they call a “proof-of-personhood” system, which is detailed in the project’s whitepaper.

This system aims to provide a decentralized method for confirming an individual’s identity while maintaining privacy in an increasingly AI-driven world.

The recent developments in Worldcoin’s global expansion and the positive market response to its token highlight the growing interest in digital identity solutions.

As AI technology continues to advance rapidly, the demand for reliable methods to verify human identity in online interactions is likely to increase.

Worldcoin’s expansion into new markets suggests that the project is gaining traction in its mission to create a global identity verification system.

The introduction of orb locations for in-person verification represents a tangible step towards implementing this technology on a broader scale.

The surge in WLD token value may be attributed to increased investor interest resulting from these expansions and the growing awareness of the need for identity verification in the digital age.

The post WLD Token Surges 31% Amid Worldcoin’s Global Expansion appeared first on Blockonomi.

TLDR

Shiba Inu (SHIB) surged 22% to $0.00001893

SHIB’s trading volume increased 237% to $1.38 billion

Bitcoin also up 2%, reclaiming $65K mark

CoinCodex projects SHIB to hit $0.00002908 by October 3

Sentiment is bullish, but price may stabilize around $0.00001868 by late October

The cryptocurrency market has witnessed a notable development as Shiba Inu (SHIB), a popular meme-inspired digital token, experienced a substantial price increase of 22% on September 27, 2024.

This surge propelled SHIB to a new price level of $0.00001893, marking a significant milestone for the token after months of price consolidation.

According to data from CoinMarketCap, a leading cryptocurrency tracking website, SHIB’s trading volume skyrocketed by 237% during this period.

The total trading volume reached $1,385,064,509, with trillions of SHIB tokens changing hands within the cryptocurrency sector. This dramatic increase in trading activity played a crucial role in driving the token’s price upward.

The surge in Shiba Inu’s value coincides with a broader positive trend in the cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, also saw a 2% increase in the last 24 hours, reclaiming the $65,000 price mark.

This upward movement in Bitcoin’s price appears to have had a ripple effect on the altcoin market, with SHIB particularly catching the attention of investors and traders.

Industry analysts attribute this market-wide momentum to a combination of factors, including increased institutional interest, positive regulatory developments, and growing mainstream adoption of cryptocurrencies.

However, it’s important to note that cryptocurrency markets are known for their volatility, and price movements can be influenced by a variety of unpredictable factors.

Looking ahead, some market observers are speculating about the potential for continued growth in SHIB’s price.

Shiba Inu Price on CoinGecko

CoinCodex, a cryptocurrency analysis platform, has projected that Shiba Inu may reach a new high of $0.00002908 by October 3, 2024. This forecast is based on an analysis of positive and negative trends observed over the past 30 days.

However, the same analysis suggests that the price may stabilize or even decrease slightly in the latter part of October.

CoinCodex predicts that SHIB could settle around $0.00001868 by October 26, representing a small decrease from its current levels.

It’s worth noting that these projections are speculative and should be viewed with caution. The cryptocurrency market is known for its unpredictability, and past performance does not guarantee future results.

Investors and traders are always advised to conduct their own research and consider their risk tolerance before making financial decisions.

Despite the potential for price fluctuations, the current market sentiment surrounding Shiba Inu appears to be generally positive.

CoinCodex reports that its technical indicators suggest a bullish outlook, while the Fear & Greed Index, a popular metric for gauging market sentiment, currently stands at 50, indicating a neutral position.

The recent price surge has reignited interest in Shiba Inu among cryptocurrency enthusiasts and investors.

Originally created as a lighthearted alternative to Dogecoin, another meme-inspired cryptocurrency, SHIB has gained a significant following and has been listed on several major cryptocurrency exchanges.

The post Shiba Inu Token Sees 22% Price Increase Amid Market Uptrend appeared first on Blockonomi.

Currently, Solana has been seen as one of the most notable contenders in the cryptocurrency industry, owing to which there is high throughput with few transactions, the company racked in the moniker of ‘Ethereum Killer.’ However, while it hopes to achieve more future all-time-high records, many smart investors are shifting their focus to Rexas Finance (RXS), a new and growing company boasting a potential of 2000% appreciation. This paper analyzes the trends of the price behaviour of Solana, factors that will make it ascend, and how Rexas Finance is becoming popular as the next big thing in the decentralized finance ecosystem.

New All-Time High For Solana Price

As we reached the year 2024, Solana pricing remained consistent since the year commenced. Earlier this year, SOL made it big when its price hit the unimaginable height of $200. Nonetheless, following this sharp price increase, the altcoin entered a period of depreciation, dropping down to roughly 132 dollars. At the moment, most investors are bearishly biased toward the given cryptocurrency; however, many experts are convinced that Solana is capable of recuperating and even setting a new high. The growth of the cryptocurrency market as a whole helps the growth of some of the major altcoins, including Solana. So long as this positive trend remains, Solana may settle within the upward style and will remain one of the top-performing assets within the market. As per the recent report on the potential price forecasts of Solana by GSR Markets, it is evident that the anticipation surrounding Solana has been supported by facts. The report further denotes that once a spot Solana ETF is launched in the US, the potential to influence the price of the cryptocurrency will be tremendous. GSR in this case estimates that a Solana ETF could spike the value of the currency by up to 9x where it is currently.  The report is based on the assumption that up to 14% of the inflows currently attracted by Bitcoin ETFs will be devoted to spotting Solana ETFs when they are offered. In an optimistic scenario, Solana’s price could well cross $1,320 with a bumped-up market cap of $614 billion. Even in baseline or bearish scenarios where pessimism can creep in, the price of Solana is projected to grow between 1.4x and 3.4x from its current value. Still, various regulatory issues continue to impede development, with the leadership from SEC Gary Gensler being rather lukewarm about Solana.

Rexas Finance: A SOL Competitor That Will Increase By 2000%

As Solana takes over in search of its peak price, prudent investors are looking towards another blockchain project, Rexas Finance (RXS). Rexas Finance is a decentralized financial (DeFi) institution, that concentrates on the tokenization of real-world assets. The platform seeks to help users and businesses overcome the existing barriers in either the rental market or conventional asset classes by enabling, for example, property, art, and commodities to be easily and quickly lit up where liquidity is not available. Rexas Finance solves most of the challenges that are available in conventional finance and within the entire blockchain space. Whether you are an individual or an institution, Rexas enables you to trade tokenized assets as it gives a platform for asset tokenization that is secure and dependable. Its ecosystem comprises the Rexas Token Builder, AI threat detection, and the Treasury created for funding DeFi initiatives, among other tools. It is a superimposition of innovation, transparency, and usefulness that positions Rexas Finance among the strong players within the Defi space and a possible competitor to Solana.

Rexas Finance Presale Update

Moving forward with Rexas Finance as of today, there is a very exciting presale that has captured the interest of the smart money investors. Stage 1 of the presale, Rexas Finance, sold out in under 72 hours, depicting a huge appetite for the tokens. Stage 3: Investors have quickly taken advantage of the token first on presale at the price of $0.05, spending considerable amounts on the presale and selling tens of millions within a very short time. This kind of success in the early stages has made many analysts think Rexas Finance might rise by 2,000%, making early investors reap some good returns. From the most recent presale statistics, the amount Rexas Finance has already raised is  $1,387,307 and smart investors smell money. As there is a limited number of tokens, the fixed price increases with each successive presale stage, endowing higher appetites. Many analysts boasted that the RXS token is bullish, would surge exponentially, and would need no stress in every diversified crypto portfolio. For the early investors in the Rexas Finance project, this is the rare opportunity to invest in the next big thing in the crypto space.

Rexas Finance Giveaway

Posing another question to those already guessing beyond Rexas Finance or making new guesses is the recently launched Rexas Millionaire Giveaway, where 20 random winners pull $50,000 USDT each. The purpose of this promotion was to attract the community and get people interested in the presale. Thus motivating investors with this giveaway encourages them even more to invest in the project since they would also want to position themselves ahead of the rise in token prices. The giveaway is also constructed in such a way that participants will have to provide their ERC20 wallet and enter and complete creative and engaging tasks that have been crafted to promote participation and activity within the community. It adds to the rush of the possibilities of winning that such additional entries through referrals create excitement as it is possible for the investors to sell the project to other people on top of the ones that are already in it. The crash of a rich giveaway and its increase in value soon stand as a simple yet valid explanation of the increase in the number of investors in the Rexas Finance ecosystem.

Conclusion

Any looking into making a high-upside investment in the year 2024 need to have in their analysis the steps of Rexas Finance. The way the project tends to depersonalize asset ownership and moves from one stage of fanatical anticipation of the development of this presale to another with steady investor interest makes a great deal of sense. Invest now into Rexas Finance to secure your position ahead of the rising presale price. Take this chance to be part of the next big thing in blockchain technology!

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

The post Solana Targets a New All-Time High, But Smart Investors Are Betting on a 2,000% Surge from This SOL Rival appeared first on Blockonomi.

Major fintech players are exploring entry into the lucrative stablecoin market – and there is more to come.

Robinhood Markets, an US-based prominent trading platform, and Revolut, a UK banking entity, are considering offering their own stablecoins, Bloomberg reported, citing a source with knowledge of the matter. If confirmed, the two major fintech firms would join PayPal in one of the most lucrative and highly competitive markets at this time.

Yet there are “no immediate plans” to issue a stablecoin coin, said a spokesperson of Robinhood, which already offers trading in a wide range of digital assets, including Circle’s USDC stablecoin.

The Next Money

Revolut did not comment on the potential move, but a spokesperson said that the company was looking to expand its cryptocurrency offerings.

The news comes at a time when stablecoins gain increased attention from financial institutions and leading companies. PayPal was among the first payment giants to enter the market with the launch of its PayPal USD, or PYUSD.

PayPal’s PYUSD stablecoin has already reached a $700 million market cap, becoming the fourth-largest stablecoin.

In the cryptocurrency sector, some entities are also bringing forward stablecoin plan. Ripple, the company behind the leading cryptocurrency in terms of market cap, is close to debuting its own stablecoin, the Ripple USD (RLUSD).

RLUSD is now being “rigorously tested” on XRP Ledger (XRPL) and Ethereum, where it will initially launch. Ripple is fine-tuning the mechanisms of minting and burning RLUSD before its official launch.

While the company has not confirmed the exact launch date, Ripple CEO Brad Garlinghouse has indicated that the product will come in the coming weeks.

Like Ripple, BitGo, the creator of the Wrapped Bitcoin, also plans to soon launch its stablecoin, USDS, as early as 2025. The company also aims to redistribute up to 98% of earnings to its network supporters, including institutions, exchanges, liquidity providers, and users.

EU Regulations and Tether’s Uncertainty

Stablecoins are becoming more widely used for payments, especially in emerging markets. The stablecoin market is also a highly profitable market. Tether reported $6.2 billion in net operating profits in 2023, largely from interest on the assets backing USDT’s value.

Tether and Circle are now controlling about 90% of the $170 billion industry. The arrival of newcomers could challenge the companies’ market share, especially as stricter regulations in Europe and elsewhere are believed to loosen Tether’s grip on the market.

Under the Markets in Crypto-Assets Regulation (MiCA), the European Union’s first established legal framework for digital assets, including stablecoins. Issuers will need to meet certain requirements to be able to operate in the area. However, Tether is now not registered under MiCA.

Tether CEO Paolo Ardoino previously expressed concerns about the risks of EU rules, but he noted the company is working on a solution to serve the EU market. Still, the future of Tether in the EU is uncertain as the MiCA regulations are expected to be fully implemented by the end of 2024.

Failing to comply with MiCA could force exchanges to delist stablecoins from issuers like Tether without appropriate permits. Some exchanges already limited USDT’s capabilities on their platforms.

The MiCA rules, however, are also anticipated to stimulate stablecoin activity. Legal clarity is the strength that any stablecoin issuers are looking for and the regulations indeed unify the fragmented regulatory environment across Europe, provide clarity and ensure financial stability and investor protection.

This can encourage more participants to enter the market, knowing they have a defined legal framework to operate within. As of now, Circle already has the required EU license.

USDT has not only faced competition from other cryptocurrency firms but also mainstream brands, neobanks, which are all considering entering the space. However, its head start gives it an edge over others. Despite the competition from PayPal, USDT’s market value has shown no sign of falling.

The post Fintech Giants Eye $170B Stablecoin Market: Robinhood & Revolut Considering Entry appeared first on Blockonomi.

Q4 has metrically been the most bullish for Bitcoin. BTC’s intraday 2.1% spike on Thursday further fueled excitement in the crypto community.

Investors are gearing themselves for the final quarter, accumulating the promising altcoins across the AI sector, meme-project sector, and foundational blockchains, i.e., Bittensor, Shiba Coin, and Bitgert, respectively.

Shiba leads the pack among top meme projects, reflecting a 25.3% rally in the last seven days. Ongoing developments within the Bitgert ecosystem have also intrigued investors ahead of the expected bullish trend.

Which of this week’s top gainers, Shiba and Bitgert, can offer investors better value in the last quarter? Let’s find out.

Can Shiba Delete Two Zeros in Q4?

Shiba, the largest meme-coin after $DOGE, has demonstrated reliability and dedication to meme enthusiasts. Shiba is one of the meme coins leading the ongoing meme rally. $SHIBA is trading at $0.00001846, reflecting an 18.3% surge on Thursday.

On-chain data shows fees on the Shibarium network jumped to 438, reflecting an over 1500% increase from its month low. Although this abrupt surge in gas fees can be traced to increased market activity in the Shibarium network, such price fluctuations have made Bitgert a suitable alternative that provides developers and users with zero gas fees on its blockchain.

Additional data from Nansen, an on-chain analytics platform, shows that Shiba had a net outflow of over 41 million tokens the past week, moving the $SHIBA total supply on significant exchanges to about 25.5%. This data translates to a bullish sign—investors are holding $SHIBA. Analysts are confident the Shiba could glide on the current meme craze and the increased market optimism and delete at least two zeros in Q4. Ahead of the bullish swing in October, Shiba has become one of the investors’ top options. 

Bitgert: A Long-term Alternative

Bitgert has grown into one of the most efficient L1 blockchain platforms. Bitgert’s growth could be traced to its mission of providing users with true digital ownership. Bitgert aims to achieve this by offering users top-level security, improved scalability, and user-friendly solutions in its ecosystem. These solutions include PayBrise, Bitgert.exchange, Startup Studio, etc.

These solutions have been unique entry points for developers and traders into the Bitgert ecosystem. For instance, Bitgert launched a Grant Program in a recent monthly campaign through Startup Studio under Bitgert Innovation Labs.

This program encourages developers to maximize Bitgert’s functionalities (100K transactions per second and close to zero gas fees) to build their applications on its blockchain to stand a chance to win rewards from a pool of $25K. Bitgert would offer top-performing projects with marketing and promotional aid in the long term. 

These developments would undoubtedly increase Bitgert’s market activity and value in the long term.

Buy $BRISE on the Bitgert website today; visit https://bitgert.com.

The post Shiba Coin Price Analysis: Can Bitgert Offer Better Value? appeared first on Blockonomi.

TLDR

Mark Cuban expressed interest in becoming SEC chair if Kamala Harris becomes president

Cuban criticized current SEC chair Gary Gensler as “awful” for crypto and businesses

Harris recently made crypto-positive remarks, promising to encourage innovative technologies

Cuban has been vocal in his criticism of Gensler’s approach to crypto regulation

Some view Cuban as a potential “breath of fresh air” for the SEC compared to Gensler

Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, has expressed interest in becoming the chair of the U.S. Securities and Exchange Commission (SEC) if Kamala Harris becomes the next President of the United States.

This revelation came during an interview with Neil Caputo on Fox News, where Cuban was asked about potential positions in a Harris administration.

When presented with options such as Treasury Secretary or Commerce Secretary, Cuban’s response was clear: “Head of the SEC. That’s the job I would take.

” He emphasized the need to replace current SEC Chair Gary Gensler, stating, “somebody needs to replace Gary Gensler.”

Cuban’s interest in the SEC chair position comes amid his criticism of Gensler’s approach to cryptocurrency regulation. The billionaire didn’t mince words, describing Gensler as “awful, particularly for crypto and for businesses in general.”

This sentiment echoes Cuban’s previous statements on social media, where he called Gensler “a blight on the technology community.”

The timing of Cuban’s comments aligns with recent remarks made by Kamala Harris at a New York fundraiser. Harris promised to “encourage innovative technologies like AI and digital assets” under her administration, marking what are believed to be her first crypto-positive statements.

Gary Gensler is a blight on the technology community. He says Howey is the law of the land. If it was, there never would be a reason for Reves vs Ernst &Young to exist https://t.co/QebV6xb3uy

— Mark Cuban (@mcuban) September 24, 2024

Cuban highlighted this promise, noting Harris’s commitment to advancing technologies such as artificial intelligence and blockchain.

Cuban’s potential candidacy for SEC chair has garnered support from some in the crypto community. John Deaton, a lawyer and entrepreneur, suggested that Cuban would be a “breath of fresh air” compared to the “lawlessness of Gary Gensler.”

This sentiment reflects growing frustration within the crypto industry over what many perceive as a lack of regulatory clarity under Gensler’s leadership.

The current SEC chair has taken a hard-line approach to crypto companies, often labeling them as securities and pursuing legal action against those deemed to be in violation of securities laws.

This approach has been a source of contention, with many arguing that it stifles innovation and growth in the U.S. crypto industry.

Cuban’s criticism of Gensler extends beyond crypto regulation. In a recent post on X (formerly Twitter), Cuban argued against Gensler’s interpretation of the Howey Test, a standard used to determine whether a transaction qualifies as an investment contract.

Gensler is gone https://t.co/NbPd4RQkM7

— Mark Cuban (@mcuban) September 24, 2024

Cuban pointed out the existence of other legal precedents, such as Reves vs. Ernst & Young, suggesting that Gensler’s approach may be overly simplistic.

The billionaire’s interest in the SEC chair position highlights the growing importance of cryptocurrency regulation in mainstream finance and politics.

As digital assets continue to gain traction, the regulatory landscape will play a crucial role in shaping the industry’s future.

If appointed, Cuban would bring a different perspective to the SEC, potentially fostering a more innovation-friendly environment for crypto and other emerging technologies.

However, it’s important to note that any such appointment would be contingent on Harris winning the presidency and choosing to nominate Cuban for the position.

The post Mark Cuban Considers SEC Chair Role, Questions Gensler’s Crypto Policies appeared first on Blockonomi.

Despite SEC’s chair, Gary Gensler denying Bitcoin the status of a security on Thursday, Bitcoin experienced a surge. Bitcoin reached $65K, its highest price level since late July. This sudden spike is expected to increase investor interest in altcoins as we approach the final months of 2024. 

Worldcoin’s 31.2% rally last week will make it an obvious choice for investors in the upcoming bull cycle. Bitgert, another promising project, could experience growing investor interest. Bitgert’s ongoing campaigns and ecosystem developments make it one to watch.

In the following paragraphs, we will consider which of Worldcoin and Bitgert has more potential in the final quarter.

Worldcoin Could Reclaim a New-All Time High

Worldcoin is an open-source protocol developed to grant users access to the global economy. Since Worldcoin was launched in mid-2023, it has been an international success, registering over 16 million users across several countries worldwide. 

In mid-September, Worldcoin was launched in Poland, granting World IDs to new Polish users. Worldcoin soared by 10% during this period. Shortly after reclaiming the crucial $2.0 price level for the first time since August, Worldcoin’s WLD hit a new 30-day high around mid-day on Thursday. When writing, Worldcoin recorded a 31.2% week-long rally and a 17% daily spike, making it one of the top gainers in the entire crypto market. Worldcoin is showing more bullish signs, confirming an upside price reversal.

Despite the current security issues in South Korea, analysts believe Worldcoin’s increased adoption could see WLD reclaim a new all-time high in the coming bull market. 

Bitgert: Enjoying an Influx of Developers 

Bitgert, one of the fastest-growing L1 solutions, experienced another bump in developers’ immigration in September. Ongoing monthly campaigns like the Bitgert Startup Studio Campaign and the Bitgert Hackathon for memecoin developers significantly contributed to the influx of new users and developers into Bitgert’s ecosystem. The Bitgert community counts well over 600K users, processing over 2K transactions daily.

Bitgert community encourages active participation in its monthly contests, where users can win lucrative prizes. For instance, 10% of creators participating in the ongoing #BitgertVideoContest would win rewards of up to $10K. 

The influx of developers flocking into the Bitgert ecosystem could see steady growth in the next few weeks, skyrocketing Bitgert’s $BRISE market value. Now trading at $0.00000008, the current market momentum could see Bitgert experience a healthy correction before breakout next week.

Worldcoin and Bitgert are two promising projects investors could look to accumulate in Q4.

Buy $BRISE on the Bitgert website today; visit https://bitgert.com.

The post Worldcoin Price Analysis vs Bitgert: Which Has More Potential? appeared first on Blockonomi.

Quick Overview: 11 Proven Ways to Get Rich off Crypto In 2024

Read this short introduction to the 11 ways of getting rich through crypto in this vast era of earning opportunities.

1. Crypto Staking– Lock up your cryptocurrencies to earn rewards, contributing to network security. It’s a passive income strategy with lower risk compared to trading.

2. Cloud Mining- Mine cryptocurrencies without owning hardware by renting mining power from a cloud service. It’s user-friendly and accessible but relies on third-party providers.

3. HODLing- Buy and hold cryptocurrencies for the long term, banking on appreciation. This strategy requires patience and is less stressful but may tie up capital.

4. Day Trading- Engage in short-term buying and selling to capitalize on market volatility. It can yield quick profits but involves high risk and constant market monitoring.

5. Yield Farming & Staking- Lend your crypto to earn interest or rewards, often through DeFi platforms. High returns are possible, but this method involves complexity and market risks.

6. Investing in Altcoins- Invest in alternative cryptocurrencies with high growth potential. While many altcoins can outperform Bitcoin, they come with increased risk and require thorough research.

7. ICOs & Token Sales- Participate in initial coin offerings to invest early in new projects. Potentially lucrative but carries high risk due to scams and regulatory issues.

8. Crypto Lending & Borrowing- Earn interest by lending your crypto or access funds by borrowing against your assets. It offers liquidity but relies on the platform’s reliability.

9. Investing in Startups- Invest in blockchain or crypto startups for high return potential. This method involves high risk and requires in-depth research and patience.

10. Monetizing Crypto Content- Create and share crypto-related content to generate income through ads, sponsorships, or donations. It can be rewarding but requires consistent effort and faces stiff competition.

11. Leveraged Trading- Use borrowed funds to increase your trading position for amplified profits. High potential returns come with significant risk, making it suitable for experienced traders only.

1.       Crypto Staking-Earn passive income

Lock up your cryptocurrencies in a digital wallet to earn rewards while contributing to its network security. It’s a passive income strategy with lower risk compared to trading. How it works: The staking process involves locking some crypto within the blockchain network, allowing them to validate and deal with transactions by keeping the network secure. When the investors do transactions, they will get rewards in return. Users can either reinvest these rewards or withdraw them. Why Choose CryptoHeap for Staking? CryptoHeap could attract users because of its various staking plans. Also, it provides you with several options according to your wishes and goals related to your investment. 1. Variety of Staking Plans There are several staking plans available on CryptoHeap that deal with diverse cryptocurrencies such as Ethereum, Solana, Bitcoin, and Cardano. All these cryptocurrencies have different periods for locking up, rewards, and minimum quantities that are required for staking. 2. Competitive APYs A competitive annual percentage yield is offered by CryptoHeap when staking with CryptoHeap.  So you can boost up your portfolio when staking with CryptoHeap. Due to this scenario, APYs are often updated on the platform and this will enable the users to get maximum returns. 3. Ease of Use CryptoHeap is a user-friendly platform, that makes staking easy, by providing step-by-step guidance on return. Its user-friendly interface allows you to start staking easily whether you are a beginner or an experienced user. 4. Security and Reliability CryptoHeap platform is often associated with good security measures. Advanced security options such as multi-signature wallets and encryption protocols protect users’ assets. Also, CryptoHeap is a reliable platform because it has the best returns as mentioned in the platform.  Get Started Staking on CryptoHeap 1. Create an Account: The first action to get started with CryptoHeap is to make an account in CryptoHeap. This will request your basic information and verify it for compliance measures. Welcome Bonus: CryptoHeap offers a very generous $100 welcome bonus. New users who deposit the minimum amount will receive this bonus to boost their staking power. This is a great way to begin with the staking and ensure maximum advantages from the first day onwards. Here is the way of getting welcome rewards from CryptoHeap. 2. Fund Account: After you make the account on CryptoHeap you can fund it. CryptoHeap accepts various payment methods such as cryptocurrency deposits or else bank transfers 3. Investment Options Research: With the money available in your account you can follow various investment options that are included in the CryptoHeap store. 4. Start Investing: After selecting the staking plan you like, you can proceed with the transaction. 5. Track and Manage: After finishing the investment process you can flow up and monitor the performance of your investment plan by using the CryptoHeap dashboard.  More Than Staking: CryptoHeap Affiliate Program CryptoHeap has affiliate marketing programs apart from staking. This is a way to earn an extra income by bringing new users to the CryptoHeap platform. Affiliate Programs are also providing the best rewards as you bring new users to the platform via a Referral link. Level 1 user– when you bring an affiliate to the platform you will receive 3.5% cashback on all payments they made. Level 2 user– when your affiliate brings another participant to the platform, you will receive a 1.5% commission from the participant when they do transactions via the platform.  2.       Cloud Mining- Mine crypto effortlessly Cloud mining allows you to rent mining power from remote data centers and eliminate the requirement for expensive hardware. It’s an accessible option for those wanting to mine without the technical complexities. How it works: Cloud Mining allows users to mine cryptocurrencies without the costs associated with purchasing expensive hardware or paying for infant electricity. Users have the power to from a remote data center, instead of building their own mining rigs. Users purchase contracts in which they state the amount of hashing they would like to use including any technical details which concern the cloud mining provider implements. 3.       HODLing- Buy and hold Buy and hold cryptocurrencies for the long term, banking on appreciation. This strategy requires patience and is less stressful but may tie up capital. How it works: The strategy of HODLing (holding on for dear life) involves buying cryptocurrencies and holding them long-term, regardless of market fluctuations. This approach is rooted in the belief that many cryptocurrencies will appreciate significantly over time, especially established coins like Bitcoin and Ethereum. 4.       Day Trading- Profit from price swings Short-term buying and selling to capitalize on market volatility is simply known as day trading. It can yield quick profits but involves high risk and constant market monitoring. How it works: Day trading involves buying and selling cryptocurrencies on the same day to take advantage of short-term price changes. It is true that there is a risk in day trading with a lot of understanding of the market, experienced day traders can make big profits by using price fluctuations. 5.       Yield Farming & Staking- Lend your crypto for interest Users earn interest or rewards by lending out their cryptocurrency which usually comes from DeFi platforms. How it works: Yield farming provides a chance to lend your cryptocurrency to earn interest, while staking involves earning rewards by supporting a network. These methods will provide you high rewards, but with risks associated with market volatility. 6.       Investing in Altcoins- Discover hidden gems Investing in alternative cryptocurrencies allows you to get high growth potential. While many altcoins can outperform Bitcoin, they come with increased risk and require thorough research. How it works: Investing in altcoins allows you to buy other types of cryptocurrencies other than Bitcoin. These can have big chances to grow in value. Some altcoins might even have higher performance than Bitcoin, but they can also be more risky and need careful study before investing. 7.       ICOs & Token Sales- Get in early Participate in initial coin offerings to invest early in new projects. Potentially lucrative but carries high risk due to scams and regulatory issues. How it works: Initial Coin Offerings (ICOs) and token sales are ways that new cryptocurrency projects raise money. Investing in an ICO early can bring big profits, but it’s important to do careful research to avoid fraud and make sure the project is real. 8.       Crypto Lending & Borrowing- Earn interest Earn interest by lending your crypto or access funds by borrowing against your assets. It offers liquidity but relies on the platform’s reliability. How it works: Crypto lending refers to allowing others to rent your assets in return for interest, while borrowing means obtaining funds without necessarily selling your crypto. It is very flexible but depends on the insecurity of the lending platform. 9.       Investing in Startups- Support innovative startups Invest in blockchain or crypto startups for high return potential. This method involves high risk and requires in-depth research and patience. How it works: New blockchain and cryptocurrency ventures usually look for investors to grow their businesses. You can earn large returns, for instance, by identifying these companies at the very beginning and waiting for their growth. Such investment prospects can be available through equity-tokenization-oriented platforms. 10.   Monetizing Crypto Content- Turn your crypto knowledge into cash Create and share crypto-related content in order to generate income through ads, sponsorships, or donations. You can earn rewards but it is essential to have consistent effort and face stiff competition. How it works: As crypto-related media is continuously growing, content creators can make money by sharing their knowledge on blogs, podcasts, or YouTube channels. By providing insights, tutorials, and analysis, you can build an audience and generate income through ads, sponsorships, or even cryptocurrency donations. 11.   Leveraged Trading- Maximize profits Use borrowed funds to increase your trading position for amplified profits. High potential returns come with significant risk, making it suitable for experienced traders only. How it works: You can use borrowed funds in leveraged trading to increase your trading position, therefore increasing possible profits. However, it has come across with increased risks and is ideal for expert traders who can handle fluctuations. Conclusion The cryptocurrency landscape in 2024 provides a number of opportunities to create wealth. Whether you prefer passive income through staking or active strategies like day trading, there’s a method for everyone. Always remember to conduct thorough research, follow your portfolio to manage your risks, and invest wisely!

The post 11 Ways to Get Rich Through Cryptocurrency in 2024 appeared first on Blockonomi.

The rapid expansion of the blockchain sector has brought impressive advancements, yet a major obstacle persists: the difficulty of communication between different networks. How can prominent blockchains like Bitcoin, Ethereum, and Solana connect and collaborate without friction? Qubetics $(TICS), the world’s first Layer 1 Web3 aggregator, tackles this challenge by creating interoperability between these leading blockchains, unlocking the full potential of decentralised technology.

The Qubetics presale is set to begin next week. Stage one will offer the $TICS token at a low entry price for early participants. As each stage progresses, the price will increase, rewarding those who join early. Before this opportunity unfolds, let’s look at what makes $TICS stand out.

Qubetics Enhances Blockchain Interoperability with Web3 Aggregation

Currently, most blockchain networks operate in isolation, limiting the ability to transfer assets or share data across platforms. This hinders the adoption of decentralised applications (dApps) and restricts the capabilities of blockchain technology. Despite their strengths, Bitcoin, Ethereum, and Solana cannot natively communicate, leading to inefficiencies.

$TICS solves this by functioning as a Web3 aggregator, enabling seamless blockchain interaction. $TICS unites isolated networks into a cohesive framework through its unique cross-chain capabilities, facilitating easy asset transfers and data sharing. This unlocks broader opportunities for developers and users, enhancing the blockchain ecosystem’s overall functionality.

Qubetics Leading the Future of Layer 1 Blockchain with Scalability and Interoperability

Layer 1 blockchains serve as the base structure for decentralised applications and systems. They provide the security, scalability, and functionality necessary for blockchain networks to operate independently. However, early Layer 1 blockchain have encountered scalability and communication limitations, particularly in handling large transaction volumes or complex smart contracts.

Qubetics $(TICS) improves upon earlier Layer 1 solutions by offering built-in interoperability and scalability. This eliminates earlier blockchains’ challenges, such as high fees and slow transactions, and creates an environment where developers no longer need to sacrifice security or decentralisation. Qubetics’ Layer 1 infrastructure is designed to be faster, more flexible, and capable of natively supporting cross-chain interactions.

Qubetics Presale: A Timely Opportunity for Early Investors to Maximise Returns

With the Qubetics presale just days away, investors are closely watching the developments. Early-stage investors can buy the native token, $(TICS), at an entry-level price. As the presale advances through multiple phases, the token price will gradually increase, providing those who invest early with substantial return on investment (ROI) potential.

Beyond financial gain, investing in $TICS also means supporting a project that addresses critical challenges in the blockchain ecosystem, such as scalability and interoperability. Qubetics’ innovative Layer 1 Web3 aggregator offers real-world solutions, making it a long-term player in the evolving decentralised technology space.

Conclusion

Qubetics $(TICS) is pioneering a new era of blockchain by addressing the critical issue of cross-chain interoperability through its Web3-aggregated Layer 1 platform. This innovation will significantly enhance the blockchain ecosystem by allowing Bitcoin, Ethereum, Solana, and other major networks to interact seamlessly. 

As the Qubetics presale approaches, the opportunity to be part of this groundbreaking project has never been more appealing. Previous crypto presales have proven to offer significant benefits for those joining early. Now, it’s your chance to seize the moment and position yourself for potentially high returns with $TICS. 

Don’t Miss Your Chance, Launching Soon

Qubetics: https://www.qubetics.com/

Telegram: https://t.me/qubetics 

Twitter: https://twitter.com/qubetics

The post Qubetics Leads as the World’s First Layer 1 Web3 Aggregator for Bitcoin, Ethereum, and Solana appeared first on Blockonomi.