Month: October 2023

Cosmos (ATOM) brings IBC-enabled dApps to Avalanche

Cosmos’ IBC-enabled dApps are coming to Avalanche via the Landslide Network protocol.
Landslide will release a testnet on November 1.
The development will benefit both Cosmos and Avalanche ecosystems.

Cosmos Hub (ATOM), Avalanche (AVAX) and more than 100 IBC-enabled chains are set to benefit from interoperable connection thanks to the integration of the Inter-Blockchain Communication (IBC) protocol by the Avalanche subnet Landslide Network.

The development was announced on Tuesday, October 31 by the Interchain Foundation (ICF). Landslide’s incentivized testnet goes live on November 1, the ICF said.

1/ The ICF is excited to confirm that IBC is coming to Avalanche!@CosmosAVAX is developing the IBC light client on Avalanche, paving the way for seamless interoperability between Avalanche, Cosmos Hub, and 100+ other IBC-enabled chains.

Yes, @avax is joining the #interchain pic.twitter.com/uRAowiUDgW

— Interchain Foundation (@interchain_io) October 31, 2023

Bringing IBC-compliant dApps to Avalanche

According to the Interchain Foundation, the Landslide team has developed an IBC light client on Avalanche, in collaboration with software development firm Strangelove.  

Ava Labs said in a statement that the development will see cross-chain communication come to Avalanche via CosmWasm smart contracts. The shared innovation resulting from the new gateway will benefit both the Cosmos and Avalanche ecosystems.

“This initiative is set to revolutionize the DeFi ecosystem by enabling IBC-compliant dApps to run seamlessly on the Avalanche network,” the Interchain Foundation posted on X.

Today’s news came as the price of ATOM spiked to $8.15, its highest level since August 15. Meanwhile, AVAX traded to highs of $11.65 as bulls looked to hold onto gains seen since October 19.

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Tether attestation shows cash & cash equivalents rose to 85.7%

Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report.
It shows the company’s cash and cash equivalents increased to 85.7% of reserves, with $72.6 billion in US T-Bills.
Tether holds $1.7 billion in BTC and $3.1 billion in gold.

Tether has released its attestation report for Q3, 2023 that shows the USDT stablecoin issuer’s cash and cash equivalent reserves have risen to its highest ever percentage share of total reserves.

Per the report published Tuesday, cash and cash equivalents stood at 85.7% as of September 30 this year. Of this, the largest percentage was in US T-Bills at $72.6 billion – which were in both direct and indirect exposure.

Tether also reported a significant reduction in its secured loans, with this at more than $330 million.

“We’ve achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem. Our ability to reduce secured loans and weather market volatility is a demonstration of our robust risk management strategies,” Tether CEO Paolo Ardoino said.

Tether’s Bitcoin, gold holdings

Cash and cash equivalent investments returns in the quarter was nearly $1 billion, while investments in industry-related research projects was $670 million for the quarter and $800 million for the year. Notably, the USDT issuer says the investments do not constitute part of the stablecoin’s reserves.

Tether today releases its attestation for Q3 /2023.- cash & cash equivalent portion of reserves is all time high at 85.7%, yielding ~$1B

– US T-bill (direct and indirect) exposure at $72.6B
– reduced secured loans by $330M
– investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX pic.twitter.com/ibKJRPlBAg

— Paolo Ardoino 🍐 (@paoloardoino) October 31, 2023

The consolidated reserves shows $1.7 billion in Bitcoin (BTC) and $3.1 billion worth of gold. Meanwhile, excess reserves as of the end of the third quarter was $3.2 billion and forecast $4.3 billion for October 31. That will leave roughly $0.9 billion in secured loans as part of the total reserves.

Tether issuance stood at $83.2 billion as of the end of Q3, and up to $84.5 billion by the end of October, 2023, the company noted in the report.

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BREAKING: Floki says Bitget listed a “fake version of $TOKEN”

Bitget announced the delisting of TokenFi (TOKEN) citing potential price manipulation and liquidity issues.
Floki has responded by saying the exchange listed the tokens against requests not to at the time.
The listed version was reportedly a fake one, apparently the listing resulted in millions worth of trades.

The Floki team has responded to Bitget’s delisting of TokenFi (TOKEN) by saying that the crypto exchange ignored requests not to list the token until after seven days of it going live.

What is Floki saying about $TOKEN listing on Bitget?

Apparently, Bitget disregarded this request and listed $TOKEN, which Floki now says was a “fake version”. It also went on to allow trades worth millions of dollars on the token, allegedly without holding the equivalent in assets to facilitate customer withdrawals.

One of the announcements warning against the fake $TOKEN is this:

IMPORTANT TOKENFI NOTICE

We are getting reports from users that purchased #TokenFi / $TOKEN on the CEXs that announced a “listing” today that they cannot withdraw their tokens on those CEXs.

As we communicated earlier, any TokenFi CEX listing that happened today was not… https://t.co/Zu2w3GuDGt

— FLOKI (@RealFlokiInu) October 27, 2023

Floki accuses Bitget of listing $TOKEN 12 minutes before the tokens officially became tradable.

Not only did #Bitget list a fake token, which they claim to be associated with Floki, against our request and before our token officially went live, they also DECEPTIVELY traded tens of millions of dollars in $TOKEN volume without any blockchain evidence of them having a single unit of the actual token in any of their wallets to represent user purchase of these tokens on their exchange,” a statement posted on X reads.

The said fake $TOKEN listing has left Bitget with a $10 million hole that they need to plug, with this requiring about 10% of the TokenFi total supply. However, since most of the supply is currently locked in Floki’s staking pool, a lack of liquidity sees the exchange unable to buy $TOKEN from the market.

SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING

On October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn’t mention it in the DAO… pic.twitter.com/JGnlKmR0lo

— FLOKI (@RealFlokiInu) October 31, 2023

As highlighted earlier, Bitget had accused Floki of not providing enough liquidity after its token launched and cast doubts on the tokens’ treasury and vesting schedule. 

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Starknet launches 50M STRK reward program for early contributors

The Starknet Foundation is the organisation behind the Ethereum layer-2 blockchain platform Starknet.
Starknet’s native token is $STRK and is expected to go live in April, 2024.
Early ecosystem contributors will benefit from a 50 million $STRK allocation.

The Starknet Foundation, which is helping to develop the Ethereum layer-2 rollup Starknet, has revealed an Early Community Member Program (ECMP). The program aims at rewarding and incentivizing further support from early ecosystem contributors.

Application is open to all builders, technical and non-technical, the organisation said in an announcement on Monday.

Announcing the Starknet Early Community Member Program (ECMP)

1/ Today, we’re excited to announce the introduction of the ECMP, a program dedicated to recognizing the various pillars of our community that have contributed to Starknet to date.https://t.co/1otPM9oymS

— Starknet Foundation (@StarknetFndn) October 30, 2023

50 million $STRK allocated to initiative

According to the Starknet Foundation, the ECMP is for Starknet believers. It’s meant to recognise the vital role played by early contributors via a reward program using the native Starknet token $STRK. 

The foundation has thus earmarked 50 million ion of $STRK for this program.

Per the announcement, the initiative will have phase one focus on individual contributors to technical discourse, key projects, event organisers and regular publishers of Starknet branded content. A committee will consider feedback after the first phase and decide on whether to embark on a second phase that would come with additional criteria.

Eligible individuals have between October 30 and November 23, 2023 to submit their applications. The committee is expected to deliver its decision on December 29, 2023. $STRK tokens are expected to be live traded as from April next year.

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Spain to implement MiCA six months ahead of EU deadline

Spain fast-tracks MiCA Act to December 2025, ahead of EU deadline.
Spain aims to boost legal security and protection for Spanish crypto investors.
Leading global exchanges have secured regulatory green light in Spain.

Spain is set to take the lead in implementing the European Union’s comprehensive cryptocurrency regulatory framework, the Markets in Crypto-Assets (MiCA) Act, ahead of the general deadline for all 27 EU member states.

This bold move aims to provide legal certainty and enhanced protection for Spanish investors involved in cryptocurrencies.

Spain to implement MiCA by December 2025

The Spanish Ministry of Economy and Digital Transformation announced that the MiCA Act will come into force at a national level in December 2025. This is six months earlier than the EU’s general deadline of July 2026.

The accelerated timeline will reduce the transitional period from 36 months to just 18 months for Spain.

The decision was made following a meeting between Spain’s first vice president, Nadia Calviño, and the president of the European Securities and Market Authority, Verena Ross. Spain’s goal is to expedite the implementation of MiCA, ensuring Spanish investors enjoy increased security and regulatory oversight in the crypto sector.

Crypto exchange developments in Spain

In parallel to this regulatory move, several international cryptocurrency exchanges have made significant strides in Spain.

Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, adding an extra layer of scrutiny and security for its operations.

Kraken also obtained a virtual asset service provider registration, reinforcing the exchange’s commitment to regulatory compliance. These actions demonstrate Spain’s dedication to ensuring robust AML and investor protection measures in the cryptocurrency space.

Moreover, Spain’s central bank, Banco de España, has joined other European financial institutions in exploring the advantages of a digital euro.

The central bank has expressed its belief that the digitalization of the economy and society requires a digital currency to fully exploit its benefits. This aligns with the broader trend of central banks worldwide exploring digital currencies as a means to stay relevant and efficient in an increasingly digital financial landscape.

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Bitget celebrates the 15th Bitcoin Whitepaper Day with “Satoshi” on the Street & BTC giveaways

Victoria, Seychelles, October 31st, 2023, Chainwire

Bitget, top crypto derivatives and copy trading platform, has announced the start of a series of events and videos at the end of October, to celebrate the 15th birthday of the Bitcoin Whitepaper’s release. The event will be hosted on both online and offline venues, including street performances of “Satoshi Nakamoto”, Bitcoin analysis report, prize giveaways, and much more.

The purpose of the activities is to honor the landmark event in the blockchain industry and attract attention to the increasing adoption and prospects of cryptocurrencies worldwide.

Bitget’s Bitcoin Whitepaper Day commemoration began at the end of October with offline street performances in Austria and Taiwan. A bustling street in each region was selected to host a statue performer dressed as Satoshi Nakamoto, holding a Bitcoin Briefcase. The performance captured the attention of passers-by and acted as a powerful media attraction, subsequently amplifying its presence on social media and further boosting the event’s visibility.

“We all know the importance that Bitcoin has for blockchain, as the proverbial ‘forefather’ or genesis stage. We believe that marking an event as important as the birthday of the Bitcoin Whitepaper is a tribute all of us have to give to Bitcoin, which started it all. And that is why we are organizing this event in as lively and engaging a format as possible,” as Gracy Chen, the Managing Director of Bitget, commented on the upcoming event.

A prequel lineup of online teasers to the Bitcoin Whitepaper Day includes social media videos and live performers calling on audiences to spread the word about the event and participate in it. Bitget will also provide participants with a chance to participate in special promotional events and giveaways to ensure that Bitcoin gets the birthday wish it deserves from as many involved users as possible. The Bitcoin Whitepaper Day event foresees prizes and giveaways, including an airdrop of BTC, as well as Bitcoin-related souvenirs handed by live performers on the streets.

Bitget is committed to inspiring individuals to embrace cryptocurrencies through strategic initiatives, including collaborations with reputable partners like Lionel Messi. Its goal is to demystify the world of digital currencies and make them accessible to more people.

This event aligns with our mission, aiming to educate and engage participants enjoyably and interactively. The Bitget team attributes considerable weight and meaning to the Bitcoin Whitepaper Day, given the importance of Bitcoin for the global blockchain and cryptocurrency community as a pioneer in the industry.

The ultimate aim of the Bitcoin Whitepaper Day is to attract new audiences into the decentralized space and advance the usability and adoption of cryptocurrencies as affordable and applicable financial instruments for users of all generations.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

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Bitget announces the delisting of Floki’s TokenFi (TOKEN)

Bitget has announced the delisting of TokenFi (TOKEN), the token of an asset tokenization platform launched by Floki.
The exchange accuses the team behind TOKEN of potential market manipulation and opaque vesting schedule.
The price of TOKEN was $0.01806395 at the time of writing, having surged by 258% in the past 24 hours.

Bitget has announced the delisting of TokenFi (TOKEN), the tokenization platform recently launched by the team behind the meme cryptocurrency Floki.

The price of TOKEN on exchanges is currently $0.01806395, about 258% up in the past 24 hours. Bitget announced the listing of TokenFi on October 27.

Why did Bitget delist TOKEN

According to details in an announcement published on Tuesday, 0ctober 31, the decision to delist TOKEN relates to potential market manipulation by the project’s team.

After the trading service of TokenFi (TOKEN) began, significant price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity,” Bitget wrote.

Other than the accusation of market manipulation via malicious compression of liquidity, the exchange also noted other possible issues around TokenFi. These include an opaque token economy and undisclosed vesting schedule.

TOKEN buyback launched

On top of halting deposit and trading for TokenFi (TOKEN) on October 31, Bitget has also canceled all pending orders. 

The exchange also announced a TOKEN buyback program to be implemented before November 7, with an automatic swap of TOKEN into USDT undertaken.

 “To be responsible for our users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan for users who hold the token on Bitget,” the crypto exchange added.

The swap price will be 1 TOKEN = 0.00605002 USDT, which is based on the highest closing price the token had in the five days after trading opened in the innovation zone.

Floki launched its tokenization platform on October 26, with the project aimed at capitalizing on the growing traction of an industry projected to hit $16 trillion by 2030. TOKEN has a total supply of 10 billion tokens, with 5 billion a piece on the BSC and ETH chains.

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Everlodge on the rise: can it match Bitcoin and Ethereum’s growth?

In the rapidly evolving realm of cryptocurrencies, a new player is making waves: Everlodge (ELDG). This burgeoning contender is in its presale phase, yet showing potential to challenge the dominance of established giants like Bitcoin (BTC) and Ethereum (ETH).

This article delves into Everlodge’s remarkable ascent, exploring whether it has what it takes to rival the market leaders’ supremacy.

Everlodge’s innovative approach to luxury investment

Everlodge is setting a new trend in the luxury real estate arena, making it possible for the average person to hold stakes in luxurious vacation properties starting at just $100. By leveraging the power of NFTs, each representing a share of a property, they are dismantling the longstanding barriers to elite real estate ventures.

All necessary legal and ownership details are carefully encrypted into the metadata of a strong smart contract. The resulting digital tokens are then segmented to allow interested investors to participate in prime real estate opportunities without spending a fortune.

But there’s more. Everlodge isn’t just a marketplace; it doubles as a launchpad for budding property developers. They can tap into the community, sourcing funds for their ambitious projects. It’s a symbiotic setup – developers get the required capital, and users get a shot at lucrative early-bird opportunities.

ELDG is the primary currency in the Everlodge world. It serves as the platform’s heartbeat. Holding onto ELDG tokens offers a range of benefits, such as trading discounts and reduced maintenance charges. Token staking provides an opportunity to earn a consistent monthly yield, enabling passive income.

The buzz is real. Currently, ELDG tokens are up for grabs at just $0.23 each in the sixth phase of the presale. This rate isn’t here to stay, as it is set to keep rising as more people jump on board.

Once the presale ends, ELDG will debut in tier-one exchanges, potentially catapulting its value. Market whispers hint at a colossal 30x surge post the token’s debut on leading exchanges.

For more information about the Everlodge (ELDG) Presale you can visit their website or join their community here.

Evaluating recent Bitcoin (BTC) price movements

Bitcoin’s journey has been nothing short of a rollercoaster lately. After a promising kick-off to the year, the cryptocurrency took a surprising dip in mid-August, plummeting from $30k to a worrying sub-$25k. The price has since rebounded to the current price of $26.3K.

So, what’s causing Bitcoin’s fall from grace? The prevailing sentiment is a thirst for fresh liquidity in the Bitcoin market. The buzz surrounding a potential Blackrock ETF did give Bitcoin a short-lived 20% boost, but the uncertainty around the SEC’s verdict has left the market in a lull.

All eyes are now on the anticipated Bitcoin halving in 2024. Historically, such events have revitalized Bitcoin’s momentum, but the crypto realm remains inherently unpredictable. The consensus is growing that Bitcoin’s resurgence is tied to the approval of the Blackrock Bitcoin ETF.

With whispers suggesting that an ETF decision might be pushed to 2024, several Bitcoin enthusiasts are exploring other opportunities. Many are gravitating toward the Everlodge presale, eager to secure tokens while they’re still affordable.

Ethereum (ETH): price resistances and network activities

Ethereum remains a powerhouse within the DeFi arena, boasting an impressive Total Value Locked (TVL) that exceeds $20 billion across various platforms. Its foundational crypto role and robust developer resources underscore its sustained relevance.

The allure of Ethereum isn’t limited to individual investors; institutional powerhouses are increasingly swayed by its capabilities, especially in the realm of smart contract development.

A buzz surrounds the potential unveiling of an Ethereum-centric ETF by Blackrock, which, if realized, would catapult Ethereum into the portfolios of a broader spectrum of investors, promising significant growth.

However, price-wise, Ethereum is wrestling with challenges. The resistance level within the $2,000 to $2,100 bracket has proven formidable. A recent slip saw Ethereum’s price spiralling downwards by 15% in just one day.

Coupled with this price dip, a drop in network activity and fears of substantial sell-offs have shadowed uncertainty over Ethereum’s trajectory. This sentiment is underscored by a staggering 50% drop in Ethereum’s TVL since its 2023 peak of $32 billion in April.

Amidst this backdrop, Ethereum holders are looking over their shoulders at Everlodge, a nascent blockchain project whose potential challenges Ethereum’s dominance. While Ethereum competes in a highly competitive atmosphere with other layer-1 platforms, Everlodge offers a unique product in the $280 trillion real estate market.

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New UniBot contract exploited, UNIBOT token crashes

UniBot, a popular Telegram bot used for Uniswap trading, was exploited.
UNIBOT token price plummets.
User compensation has been promised.

UniBot, a popular Telegram bot used for sniping trades on Uniswap, has fallen victim to a significant exploit, causing a sharp decline in the value of the UNIBOT token.

Exploitation of UniBot’s new contract

In a surprising turn of events, UniBot, the widely used Telegram bot for decentralized exchange Uniswap trading, recently experienced a security breach.

The breach occurred in a newly deployed contract, resulting in the theft of approximately $560,000 worth of various meme coins from users. The company identified the issue as a “token approval exploit” originating from their new router, prompting them to temporarily pause the router to mitigate the situation.

Although investigations are still underway, blockchain security firm Scopescan advised affected users to revoke approvals for the exploited contract and transfer their funds to a more secure wallet.

Impact on UNIBOT token price

The repercussions of this breach have been swift and substantial. The UNIBOT token, which is closely tied to the UniBot ecosystem, saw an immediate 42.7% drop in its price within a single hour. It plummeted from $57.56 to $32.94, leaving investors and token holders concerned about their assets.

However, at the time of reporting, there were indications of a recovery in the token’s price, but the incident undeniably rattled the market.

Compensating affected users

UniBot responded to the situation by pledging to compensate users who suffered losses due to the contract exploit.

We experienced a token approval exploit from our new router and have paused our router to contain the issue.

Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.

We will release a detailed response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Cryptocurrencies such as JOE, UNIBOT, and BCAT were among the digital assets that were part of the loot. Notably, the hacker involved in the breach was observed converting the stolen meme coins into Ethereum (ETH), causing further concern among users.

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a16z targets $3.4B for next early and seed-stage funds: report

Andreessen Horowitz (a16z) is planning to raise $3.4 billion for its next early and seed-stage fund.
The fundraising is reportedly set to start by the end of year.

Andreessen Horowitz (a16z), a crypto-friendly venture capital firm based in Silicon Valley, is targeting approximately $3.4 billion for the next early-stage and seed-stage funds, according to Axios.

According to the report, the core fund will represent a slight increase for a16z when compared to previous efforts.

New growth, crypto and bio vehicles

Andreessen Horowitz is one of the bullish VCs on AI, an area that’s seeing a significant uptick in investments. But as artificial intelligence projects prove a big hit for VC fundraising, the broader landscape is seeing notable declines.

The fundraising that reportedly is marked to start towards the end of the year eyes “new growth, crypto and bio vehicles in 2025.” Per Axios, the VC giant “will ask, although not require, limited partners to invest via a new master vehicle that would feed into sub-funds (including some of its sector-specific vehicles).”

In May 2022, a16z announced a $4.5 billion fund that targeted projects in crypto and blockchain. Earlier this year, Andreessen Horowitz outlined its bullish outlook on generative AI, noting the industry’s massive potential and impact. 

That perspective adds to its footprint in the crypto space, with high profile investments including those in Coinbase, Dapper Labs, Avalanche and MakerDAO.

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