Day: October 17, 2023

ESMA warned crypto investors on Tuesday: find out more

ESMA says MiCA will take time to be fully implemented.
Crypto investors, therefore, remain at risk in the meantime.
Bitcoin is trading well under the $29,000 level on Tuesday.

All eyes are on Bitcoin after ESMA – the European Securities & Markets Authority cautioned crypto investors on Tuesday.

MiCA will take time to be implemented

Earlier this year, the European Union approved an extensive set of regulations for crypto assets that it’s calling Markets in Crypto-Assets Regulation.

On Tuesday, however, ESMA warned crypto investors that it will likely take until December of 2024 for MiCA to be fully implemented.

It is also worth mentioning here that a bunch of crypto firms will be able to remain in business without an EU license in states that grant them a transitional period of 18 months – which means full protections in these EU states will not be available until July 2026.

At writing, Bitcoin is trading well under the $29,000 level.

ESMA says no cryptoassets is ‘safe’

ESMA did, however, confirm on Tuesday that it’s working closely with national regulators and is motivating them to apply Markets in Crypto-Assets Regulations rules as soon as possible.

Even with full protection, though, it recommended investors to be cautious when investing in cryptocurrencies. The EU watchdog’s statement reads:

Even with implementation of MiCA, retail investors must be aware that there will be no such thing as a safe cryptoassets.

Currently, crypto assets are unregulated under the rules laid out by the European Securities and Markets Authority. Regulating the crypto market has become a priority for ESMA ever since the collapse of FTX and Terra Luna.

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Fantom Foundation employee loses $7 million in exploit

Fantom Foundation director Andre Cronje reportedly confirmed that an employee lost $7 million worth of crypto to a phishing attack.
However, all Fantom Foundation funds were safe.
FTM price did fall following the news.

A Fantom Foundation employee has lost $7 million worth of crypto after a phishing attack on their personal wallet. The exploit did not affect user funds or those of the Fantom Foundation, co-founder and architect Andre Cronje said in a statement quoted by The Block.

Earlier reports that falsely pointed out that the exploit had ended with the attacker draining the Fantom Foundation’s wallets saw the native Fantom (FTM) token plummet sharply. But while the zero-day exploit is said to have targeted an employee’s wallet, FTM price has struggled to pick up momentum.

Fantom price plummets on exploit news

Fantom traded to highs near $0.19 earlier in the day. However, as the exploit’s news hit the market (in the version that Fantom Foundation had been hacked, FTM price quickly fell to $0.17. The decline of almost 10% saw the altcoin’s price give up all gains seen on Monday when the price spiked amid broader market volatility.

Fantom price chart

With this decline, FTM/USD has broken to its lowest price level since the August 17 dip. The other time FTM/USD traded at these levels was in November 2022, when the collapse of crypto exchange FTX plunged the crypto market into negative sentiment.

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Apecoin price up as whale accumulates millions of APE

Apecoin price was up on Tuesday, trading more than 6% up at the time of writing.
The price gain comes amid increased APE purchases by a whale since August.
APE could break above a key technical hurdle if bullish sentiment continues.

The price of Apecoin (APE) was up 6% on Tuesday afternoon as Bitcoin held above $28k following the volatility witnessed in the crypto market on Monday. Despite a slowdown for several altcoins, APE price hovered above $1.12, with buyers looking to extend recent gains to double digits. CoinGecko data showed the cryptocurrency was up nearly 10% in the past week.

Whale gobbles up millions of APE

After taking advantage of recent dips to buy Apecoin, the latest on-chain data shows a whale has continued to signal bullishness for the token with fresh accumulation.

Data from Lookonchain posted on X on Tuesday shows that Machi Big Brother has been relentless over the past two or so months. 

On-chain data shows the whale has acquired APE coins worth $7.43 million since August 2. In total, the whale’s bullish stance has seen them purchase 4.73 million APE at the average cost of $1.57. His latest purchase was 2.24 million APE worth $2.94 million, with the transaction seeing him spend 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.

Machi Big Brother(@machibigbrother) has been buying $APE almost every day since Aug 2, with a total of 4.73M $APE ($7.43M, the average cost is $1.57).

He spent 1,761 $ETH($2.89M) and 52K $USDC to buy 2.24M $APE($2.94M).

And withdrew 2.5M $APE($4.49M) from #Binance.

— Lookonchain (@lookonchain) October 17, 2023

What’s the Apecoin price outlook?

Apecoin price appears to have benefited from the whale’s transaction, with APE/USD touching an intraday high of $1.13. The token’s price gain since flipping from the one-week low of $1.01 was over 11% at the time of writing.

Apecoin price chart from TradingViewWith APE poised above the psychological $1.00 level, an uptick in broader market sentiment could help bulls target the supply wall around $1.29. A breakout from here might open up a path to mid-August highs of $2.08. The daily RSI and MACD indicators support this outlook, but a dip below the primary support level could shatter bulls’ short term plans.

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Ethereum L2 network Scroll officially launches on mainnet

Scroll is an open-source Ethereum L2 rollup leveraging zero-knowledge proofs.
The network offers increased speed and lower fees for developers.

Scroll, an Ethereum layer 2 zkEVM-powered network, has announced that its mainnet is now officially live. The announcement comes after the zkEVM appeared to have quietly launched on mainnet a few days ago.

The L2 solution was founded in 2021 by Ethereum enthusiasts and developers and focused on advancing zero-knowledge proofs on the leading proof-of-stake blockchain. 

After more than two years of building, we are thrilled to announce the launch of Scroll Mainnet.

As we open the doors to Mainnet, we want to take a moment to reflect on our journey thus far 💛

— Scroll 📜 (@Scroll_ZKP) October 17, 2023

Scroll’s live on mainnet

The launch of the Scroll mainnet comes after more than 15 months of extensive testnets and security audits. The development means Scroll is now publicly available.

Our testnets have allowed us to approach the Mainnet release with the attention to detail and caution necessary to ensure its success,” the team noted an announcement published on Tuesday.

Since its initial release, Scroll’s testnets has seen more than 450,000 smart contracts deployed and over 90 million total transactions at an average of 305,000 transactions per day. Details shared via blog release also showed the production of over 9 million blocks and 280,000 zk proofs generated.

Users of the zkEVM-enabled scaling solution will benefit from EVM compatibility and the security of the Ethereum blockchain. But more than that, Scroll promises lower network fees and latency. In this case, developers canl leverage the platform’s technology for cost-efficient development of decentralised applications.

We see a future where the vast majority of value transfer takes place on L2s on Ethereum. What will drive that adoption is improved user and developer experience,” Sandy Peng, co-founder of Scroll, said, adding:

We focus on enabling developers to build blockchain applications that will anchor web3 in real world use cases, attracting new users en masse, and moving everyone forward.”

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XRP price recoils despite the Roblox news as whale transactions rise

Ripple (XRP) price has moved sideways in the past few months as the recent consolidation continues. The coin was trading at $0.50 on Tuesday after Roblox announced that it will integrate it into its ecosystem. Ripple has dropped by more than 47% from its post-SEC lawsuit victory high.

Ripple price reacted mildly to news from Roblox, one of the biggest metaverse and gaming companies in the world. Roblox has a market cap of over $18 billion and millions of users. In a statement, the company said that it will activate XRP payments in its ecosystem.

Ripple has had other victories in the past few months. For one, the judge overseeing its case against the Securities and Exchange Commission (SEC) rejected the agency’s plan to appeal the verdict. The judge ruled that XRP was not a financial security as the agency alleged.

Meanwhile, Ripple recently acquired Fortress Trust, a company that provides crypto infrastructure services. The acquisition gave the company a license to operate in Nevada, a potential big market in the crypto industry.

Fortress Trust is a company that helps companies interact with digital currencies. It joins other companies that Ripple Labs has acquired in the past few years. It bought Metaco in a $250 million deal. Metaco is a Swiss company that provides crypto custody services.

A likely reason why XRP has struggled is that more whales have been moving the tokens substantially in the past few months. For example, a whale moved XRP worth over $14 million from an unknown wallet to Bitstamp. It is unclear whether this whale wants to sell the token or not.

Another XRP whale moved tokens worth over $36 million from Ripple to an unknown wallet. On Monday, another whale transferred XRP coins to BitStamp. To be clear, these large transactions are not necessarily bad. However, they tend to send the wrong information in the market.

How to buy Ripple

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BNB Chain announces Greenfield mainnet

BNB Greenfield is a decentralised data storage network that offers fast uploads and downloads.
Its mainnet release marks a new era for Web3 data ownership, the BNB Chain team said in an announcement.

BNB Chain has launched mainnet for Greenfield, a decentralised data storage network natively bridged to the BNB Smart Chain (BSC).

Binance’s BNB Chain is an ecosystem of several decentralised blockchains, including the staking and governance layer BNB Beacon Chain and the EVM-compatible BNB Smart Chain (BSC). Recently launched layer-2 solution opBNB is part of this growing ecosystem that’s powered by native token BNB.

BNB Greenfield for Web3 data ownership

Greenfield offers a high performance data storage platform with cross-chain programmability, built-in access control, fast bandwidth and data monetization and exchange, the BNB Chain team noted in an announcement.

The network also provides users, developers, and data managers among others access to features such as decentralised hosting, “pay for knowledge” ecosystem with smart contracts integration, data management solutions and a blockchain-based infrastructure that allows users to track, licence, and remix content.

The public rollout of this network marks for Web3 data ownership, the BNB Chain team wrote on X.

BNB Greenfield is a transformative development in Web3 data ownership and data economy, as it provides users with a decentralised alternative to conventional Cloud services. Distinct from centralised offerings, BNB Greenfield empowers users with control over their data, mitigating the risk of breaches and data loss,” said Arnaud Bauer, senior solution architect at BNB Chain.

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EVER plunge by 20% as Everscale team says large number of tokens were stolen

Key takeaways

Layer 1 blockchain Everscale’s token has plunged by more than 20% so far today.

The development team announced that a large number of its tokens were stolen.

Everscale tokens stolen, EVER token dips by 20%

Everscale, a Layer 1 blockchain project built on the Telegram Open Network architecture, informed its community members via Twitter on Tuesday that a large number of tokens have been stolen.

Recent EVER volatility

Friends, unfortunately, a large number of EVER tokens have been stolen.

We are working closely with exchanges where EVER is listed in order to stop any further outflow of tokens 🛠

Please stay calm and refrain from taking any hasty actions 🧘

To halt…

— Everscale (@Everscale_net) October 17, 2023

The team said they are currently working with exchanges where EVER is listed in order to stop any further outflow of tokens.

This latest cryptocurrency news has seen EVER, the native token of the Everscale ecosystem, lose more than 20% in the last few hours. 

The team revealed that it temporarily disconnected the Octus Bridge, a decentralized bridge between blockchains that is powered by Everscale. This is to ensure that there would be no more outflow of EVER tokens from the ecosystem. 

The development team also asked its community members to stay calm and refrain from making hasty decisions. They will provide more details as the situation becomes clearer in the coming hours and days. 

EVER has lost roughly 20% of its value over the last 24 hours and is currently trading at $0.02896 per token. 

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BitGo acquires HeightZero to bolster crypto wealth management services

BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management.
BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval.
HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients.

Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.

While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.

Preparing for the imminent Spot Bitcoin ETF approval

With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.

“RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”

HeightZero acquisition by BitGo

HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.

This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.

BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.

This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.

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Binance US drops FDIC insurance amid regulatory pressure

Cryptocurrency exchange Binance US has withdrawn FDIC insurance for user funds.
The exchange faces regulatory heat from the US Securities and Exchange Commission (SEC).
The SEC lawsuit ramifications are spilling over.

In a significant policy change, Binance US, the American arm of the global cryptocurrency exchange Binance, has revoked FDIC insurance coverage for user funds.

The move comes amid an ongoing legal battle with the US SEC, which has accused the exchange of violating federal securities laws.

The FDIC insurance withdrawal

Binance US users were previously covered by FDIC insurance, providing a level of protection for their cryptocurrency holdings. However, following an update in their terms of service, the exchange has informed users that their crypto deposits are no longer insured by the Federal Deposit Insurance Corporation (FDIC).

The updated terms explicitly state, “Digital Assets are not legal tender, are not backed by any government, and accounts and value balances are not subject to protections or insurance provided by the FDIC or the Securities Investor Protection Corporation (SIPC).”

This change places the responsibility for asset security squarely on the users themselves.

International ramifications of the SEC Lawsuit

Binance US’s decision to withdraw FDIC coverage is connected to an SEC lawsuit filed against Binance, Binance US, and its founder, Changpeng Zhao (CZ). The SEC’s legal action alleges various securities law violations, including falsely declaring trading controls and engaging in unregistered securities sales, violating investor protection regulations.

Furthermore, the SEC claims that CZ and Binance secretly controlled the operations of Binance US, raising concerns about transparency and potential conflicts of interest. The regulator also alleged that customer funds were covertly transferred to a separate entity called Merit Peak Limited, under CZ’s control.

The SEC’s actions have not only impacted Binance US but have also drawn international regulatory scrutiny. In response to the lawsuit, Binance has withdrawn from operations in several countries, illustrating the global implications of regulatory actions in the cryptocurrency space.

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Solana dips amid Bankman-Fried’s trial mentions; eyes on InQubeta presale

Crypto exchange FTX might be bankrupt but it continues to spell bad news for Solana. During the ongoing trial of FTX’s former CEO Sam Bankman-Fried, Solana’s name has cropped up more than once. 

It doesn’t help that Bankman-Fried was once a strong supporter of Solana. Following multiple mentions during the trials, Solana’s price has dropped significantly in the recent past.

One of the few saving graces amidst the gloom seems to be the excitement around the presale success of InQubeta (QUBE). The decentralized platform was rolled out just a few months ago and it’s already among the best new ICOs of 2023 after its presale funding crossed $3.6 million recently. 

Powered by the Ethereum network, InQubeta enables startups working in the artificial intelligence (AI) sector to find reliable investors and bring their ideas to life. It also helps investors to access promising projects ahead of their market launch. 

InQubeta: A budget-friendly investment option for crypto users

InQubeta is a next-generation crypto project that can drive impact with a model that combines both AI and DeFi technologies. The platform has the potential to fast-track the growth trajectory of AI startups and drive financial inclusion for crypto users. It has released a native cryptocurrency called the QUBE token which determines all kinds of transactions on the network. QUBE can be purchased on presale and early investors can take advantage of the current bonus offers to accumulate huge volumes. 

QUBE is among the best cryptos you will find in today’s market. It has a decentralized model that tames price fluctuations by keeping the supply scarce. In principle, a deflationary token’s supply is always kept less than its demand, so there are minimal price fluctuations. If the demand falls below the supply, the extra tokens are then destroyed in the burn wallet. 

The top altcoin is powered by a decentralized autonomous organization (DAO) model where all stakeholders are involved in running the platform. If a community member has a suggestion in mind that could boost the capability of the protocol, they can pitch it as a proposal before other community members. The proposal is extensively debated by other community members and then put to a vote. QUBE token holders can play a decisive role by using their special voting privileges and expressing their opinions about the proposal through their vote.

If you are a startup looking to explore InQubeta, the first thing to finalize is an offer for investors. The offer would typically represent a reward level like a share in the company’s equity that the investor would get for investing. These offers are tokenized and turned into NFTs. Next, they are uploaded on InQubeta’s NFT marketplace where investors can evaluate and purchase them. If an investor agrees to a startup’s offer, they can purchase the NFT using their QUBE tokens. As these NFTs can be fractionalised, investors have the freedom of either purchasing the entire asset or a part of it. 

Hurry and participate in the QUBE presale and get a chance to become a startup investor. Early users could potentially generate huge returns as analysts believe that QUBE could rise rapidly once it gets listed on mainstream exchanges. 

Solana price drops after frequent mention in SBF trials

Solana is an open-source platform that offers developers a wide range of cutting-edge tools to build powerful and scalable dApps. Its native token is SOL and it’s the official medium of exchange of the Solana ecosystem. What stands out about Solana is its hybrid consensus protocol that combines proof-of-history and proof-of-stake consensus algorithms. The combination not only improves scalability but also the level of decentralization. At the same time, the hybrid protocol paves the way for shorter processing times and validation times for transactions than other blockchain networks. 

Solana has faced a bearish phase due to frequent mentions during Sam Bankman Fried’s current trial. However, holders are backing Solana and believe it could recover in the long term.


InQubeta is an innovative crypto project that has outperformed many new altcoins with its cutting-edge features. From a utility-centric model to a robust security framework and a deflationary token, InQubeta ticks off all the right boxes. With its wide array of features, it is also an ideal option for anyone looking to diversify their portfolio. 

InQubeta empowers an average crypto user to become a startup investor through its blockchain platform. With opportunities that leverage pioneering technologies like AI, InQubeta enables its holders to create a long-term income source that could secure their financial future. To purchase QUBE token, one can visit the InQubeta Presale.

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