Per the findings, a total of over 57,000 victims fell prey to various phishing scams. “Compared to January, the number of victims who lost over $1 million decreased by 75%,” it said.

[1/6] ScamSniffer's February Phishing Report
In February, about 57,000 victims lost approximately $47 million to crypto phishing scams.
Compared to January, the number of victims who lost over $1 million decreased by 75%. pic.twitter.com/UgZk0K91lH

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024

Among the thefts, Ethereum mainnet accounts for more than $36.2 million, which is 78% of the total exploits throughout February. Also, Ethereum blockchain users comprise the maximum among total victims, amounting to 25,029 individuals.

Notably, February recorded 75% decrease in total number of victims who lost over $1 million, when compared to January, 2024. The trend, however, showed that more than $6.2 million in digital assets were lost in single day – February 15.

Furthermore, Scam Sniffer highlighted that Ethereum-based ERC token bore the brunt with $40 million of the stolen assets. This represented 86% of the total stolen assets.

“Most of the thefts of all ERC20 tokens were due to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.”

[3/6] Most of the thefts of all ERC20 tokens were due to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2. pic.twitter.com/O5UvmSEUTT

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024

Another latest crypto loss report from Immunefi noted that “Ethereum suffered the most individual attacks, with 12 incidents representing 85.71% of the total losses across targeted chains.”

Major Crypto Scams in February

As reported earlier by Cryptonews.com, web3 gaming platform PlayDapp suffered a major security breach on February 10. The scam resulted in cumulative losses exceeding $290 million.

The exploit seemed to have a private-key leak, resulting in the unauthorized issue of PLA tokens, PlayDapp confirmed the hack.

Another significant losses in February was due to the infamous crypto heist on the decentralized exchange FixedFloat. The hack resulted in the loss of 409 Bitcoin (valued at approximately $21.3 million) and 1700 ETH (worth around $4.9 million).

FixedFloat told Cryptonews that the attack was not internal and attributed it instead to “flaws” and “insufficient protection” in the exchange’s infrastructure.

The post $46.86 Million Stolen in Crypto From Scams in February: Report appeared first on Cryptonews.

The proposal, which called for the allocation of approximately $1.3 million worth of Arbitrum (ARB) tokens from the community wallet, intended to assist Roman Storm and Alexey Pertsev, the developers behind the crypto mixer Tornado Cash. 

The allocated budget could have also been used for public relations and advocacy efforts to promote privacy-preserving technologies.

“By rallying support for their legal fund, we aim to safeguard not only the future of privacy-preserving technologies but also the broader principles of innovation, decentralization, and individual sovereignty within our industry,” the proposal read. 

The pseudonymous delegate DK initiated the proposal on March 7, advocating for a strong legal defense for the developers. 

However, the user has since removed the proposal without providing any reasons. 

Tornado Cash Developers Face Money Laundering Charges

Tornado Cash and its founders face allegations of laundering over $1 billion in illicit funds, including money associated with the hacking group Lazarus Group. 

The developers have been charged by the United States with offenses such as money laundering, sanctions violations, and operating an unlicensed money transfer business.

While supporters of Tornado Cash argue that it merely provides software for decentralized money transmission and does not engage directly in money transmission, the crackdown on the platform has been viewed as a potential threat to developers working on privacy-oriented applications.

In addition to the withdrawal of community funding, the developers have encountered other financial setbacks. 

A crowdfunding campaign on GoFundMe, intended to collect legal fees for Storm and Pertsev, was canceled on February 16 due to a breach of the platform’s terms of service that could expose GoFundMe, its employees, or users to potential harm or liability.

As reported, the US Treasury has added Tornado Cash to its Specially Designated Nationals list, effectively banning Americans from using this mixer. 

The Department claimed that the mixer “has been used to launder more than $7bn worth of virtual currency since its creation in 2019.” 

Storm Asked For Support Against Money Laundering Charges

Earlier this year, Storm sought support from right-to-privacy advocates in anticipation of his upcoming criminal trial.

The crypto veterran faces three charges, including conspiracy to commit money laundering, operating an unlicensed money-transmitting business, and violating the International Emergency Economic Powers Act. 

His trial is scheduled for September 2024, and he has pleaded not guilty to the charges.

2024 is the year that will define the rest of my life.
Honestly, I’m scared. But also hopeful that this community cares with a passion.
Please donate towards my legal defense.https://t.co/dQ7SCBesIm pic.twitter.com/0jeievSUxc

— Roman S (@rstormsf) January 22, 2024

At the time, Storm said that his legal team is preparing a strong defense for his September 2024 trial. 

“Whether you’re [a] passionate developer like me involved with Web3 or just care about software and privacy, this legal battle will affect you. This case will set a major precedent for years to come,” he said. 

Storm, indicted in August 2023, is out on a $2 million bond and has emphasized the case’s potential implications for Web3 developers and individuals concerned about software and privacy. 

The post Arbitrum Community Reverses Decision on Funding Tornado Cash Developer Legal Defense appeared first on Cryptonews.

Reports from local media indicate that trading volumes on South Korea-based crypto exchanges reached a record-breaking 11.8 trillion won (KRW) on Sunday, equivalent to $9 billion based on the prevailing USD-KRW exchange rate. 

These figures exceeded the trading volume of the South Korean stock market on Friday, which stood at 11.47 trillion won ($8.7 billion).

The combined transaction amount of Korea’s five largest won markets contributed to this milestone, with Upbit leading the pack at 8.8 trillion won, followed by Bithumb at 2.7 trillion won, Coinone at 176.4 billion won, Gopax at 55.2 billion won, and Coinone at 32 billion won. 

Among the top five crypto markets on Upbit, the most actively traded pairs were Bitcoin (BTC), Space ID (ID), IQ Protocol’s IQ, Ox’s ZRX, and Shiba Inu (SHIB).

Rising Crypto Demand Shows Increased Risk Tolerance

Observers of the local market believe that the relatively higher volume in the crypto market reflects an increased risk tolerance among South Korean investors, especially following the recent Bitcoin rally. 

Ki Young-Ju, founder of on-chain provider CryptoQuant, explained that Koreans tend to favor high-risk, high-return investments due to their experience with a rapidly growing economy. 

As wealth disparity widens, more individuals are turning to alternative coins (altcoins) as their preferred choice over major assets like BTC or ETH.

Despite trading at a premium compared to global exchanges, Bitcoin, Ethereum, and other tokens maintain strong retail demand on Korean exchanges. 

The sustained high daily trading volume on Upbit since March, surpassing 60,000 BTC, further supports the evidence of retail inflow into the market.

As reported, Bitcoin has been commanding an average 10% price premium in South Korea compared to global exchanges.

This phenomenon is known as the Kimchi premium, which refers to the price difference of Bitcoin on local Korean exchanges compared to global platforms.

The price of #BTC on #upbit , South Korea's largest CEX has hit 100M KRW(about $76K, kimchi premium ~= 7%).

The historic moment is made all the more historic because the South Korean government has yet to allow the BTC spot ETF to be bought and sold pic.twitter.com/Myg5uKo4WO

— Henry | nonceClassic (@HenryK_Xel) March 11, 2024

South Korea Crypto Fans Could See Spot ETF Approvals

Last week, South Korea’s chief of the financial watchdog revealed that authorities are discussing the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the country.

Lee Bok-hyun, governor of the Financial Supervisory Service, said in a recent radio interview that there are differing opinions among authorities. 

While some, like himself, hold a positive stance on virtual assets, others are more cautious. 

“Among authorities, I am one of those who are positive about virtual assets, while there are others who are wary, and we need to hear their opinions as well. We are internally discussing it.”

As of now, spot Bitcoin ETFs are not available for South Korean crypto investors. 

Meanwhile, South Korean police continue to wage “war” on crypto-powered drug trafficking, with officers in the capital Seoul making 452 arrests from June 2022 to December 2023.

As reported, police arrested three suspected drug dealers just this week. Officers also charged 445 buyers and four illegal “cryptoasset trading platform operators.”

The post South Korean Crypto Exchanges Outpace Stock Market in Trading Volume Amid Bitcoin Rally appeared first on Cryptonews.

While Hong Kong opened applications for Bitcoin spot ETFs in December last year, no related products have hit the market yet, leaving Asian investors at the risk of lagging behind their American counterparts. 

In an attempt to bridge this gap, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum. 

The goal is to gain an edge over the United States, solidifying Hong Kong’s position in the global crypto market, as per reports from local media outlets. 

Bitcoin Spot ETFs See Consistent Inflows

The cumulative net inflow of Bitcoin spot ETFs in the United States surpassed $2.24 billion last week, propelling the price of Bitcoin to reach new all-time highs. 

As per Coinglass data, the total asset under management of Bitcoin ETFs currently stands at $55.34 billion. 

The top three performers in this space are GBTC, IBIT, and FBTC, managing $27.73 billion, $12.97 billion, and $8.35 billion, respectively. 

These figures represent an increase of over 40% compared to mid-January prices.

Taking a cue from the Bitcoin frenzy, two Bitcoin futures ETFs in Hong Kong have also witnessed significant growth. 

The Southern Bitcoin ETF (3066) reached a high of 27.5 yuan, a 2.5-fold increase from its listing price, while the Samsung Bitcoin ETF (3135) peaked at 26.8 yuan, marking a 2.2-fold increase.

Amidst the surge in Bitcoin-related investment products, market attention has turned to the development of Hong Kong’s Bitcoin spot ETF offerings. 

Weng Xiaoqi, CEO of HashKey Exchange and COO of HashKey Group, emphasized the need for Asian investors to have access to local spot ETF products. 

Currently, most of these products are led by European and American institutions, potentially leaving Asian investors at a disadvantage. 

Weng pointed out that a six-month delay in launching spot ETFs in Asia would mean a delayed entry of U.S. capital, leading to higher purchase costs and increased risks of being overshadowed by American capital.

To address this concern, HashKey is collaborating with its partners to expedite the listing of trading products such as Hong Kong spot ETFs and derivatives. 

Hong Kong to Attract Substantial Funds with Spot ETFs

Weng said that Hong Kong, as a well-established global financial center, has the potential to attract substantial funds once Bitcoin spot ETF trading opens, making it a significant player in Asia’s virtual asset market.

Although specific details regarding the listing of the first batch of Bitcoin spot ETFs in Hong Kong are yet to be determined and authorized by the Securities and Futures Commission, it is expected that the initial number of ETFs listed in Hong Kong will be fewer than the 11 authorized in the United States. 

Considering the difference in capital size between the Hong Kong and U.S. markets, concentrated liquidity with limited Bitcoin spot ETF listings would be more beneficial for Hong Kong’s development. 

Weng emphasized that global crypto investors are particularly anticipating the launch of Ethereum spot ETFs, and Hong Kong is actively discussing and preparing for such products. 

If the city state can introduce these offerings earlier than the United States, it has a chance to transition from a follower to a leader in the global crypto market.

Earlier reports indicated that 10 financial institutions in Hong Kong have expressed their intentions to apply for Bitcoin spot ETF launches. 

Harvest Fund, for instance, submitted relevant applications to the Securities and Futures Commission in mid-January, signaling the growing interest in crypto-related investment products in the region.

The post Hong Kong Financial Institutions Eye Ethereum ETFs to Bolster Global Crypto Market Position appeared first on Cryptonews.

Per the news agency Interfax, smaller firms will likely have to follow suit and accept the CBDC by October 2027.

Major Russian Companies Obliged to Accept Digital Ruble?

Interfax said a “source familiar with the situation” confirmed that government and Central Bank officials want to amend the nation’s law “on the protection of consumer rights.”

The source also claimed that the first batch of firms would comprise vendors (including data and service providers) with an annual revenue of above $330,000.

This group must begin accepting CBDC pay no later than October 1, 2026. Companies with an annual revenue of $220,000 to $330,000 will have an additional year to adopt.

However, smaller firms may be exempt from the new rules. The media outlet noted that companies with an annual revenue of under $55,000 will not be obliged to accept CBDC payments at all.

Central Bank to Use Familiar Adoption Strategy

The bank and the Kremlin have prior form. They used a “similar approach” to the Mir payments system, which debuted in 2017.

The amendment will also be bundled with provisions for the Faster Payments System (SBP), another Central Bank project.

In the bank’s own words, SBP “allows individuals to instantly transfer funds to each other using mobile phone numbers, pay for purchases, pay utility bills, and make a wide variety of other transfers.”

Larger firms will need to adopt SBP pay by October 1 this year. Medium-sized companies will be given until October 1, 2025.

Interfax reported that it had seen an accompanying note from the Central Bank that read:

“This bill provides for a staged approach. It will provide merchants with the ability to make payments using SBP and digital rubles. And it will let merchants prepare for the implementation of the requirements of the bill.”

The bank further enthused:

“We took a similar approach to introduce the mandatory acceptance of Mir payment cards and this proved effective.”

The amended bill is yet to pass before lawmakers, but the idea that CBDC acceptance “may become mandatory” is a major departure for the Central Bank.

The bank has previously insisted that individuals will be free to choose whether or not they want to use the digital ruble.

Russia’s growing trade with China has helped its economy withstand Western sanctions. Now Moscow is preparing to spend billions to upgrade its vast eastern railroads to speed up the burgeoning cooperation https://t.co/nY5gqTPlIG

— Bloomberg Economics (@economics) March 7, 2024

CBDC Reluctance in Russia?

There are also suggestions that the public is wary of the Central Bank coin. A Moscow-based business operator told Cryptonews.com, on condition of anonymity:

“I don’t really see why the digital ruble is necessary. I’m not opposed to it in principle. It may prove to be a good idea in the long term. But I have no idea how it’d help me or my business at this point.”

However, some analysts have suggested that the bank is already preparing to issue mandatory CBDC pension and benefits payments – despite its insistence to the contrary.

The Central Bank suggested that its current focus is adoption among major Russian companies.

CBDC B2B transfers will be subject to 0.3% commission fees, while transfers between individuals will be commission-free.

The bank reportedly said that its new move “is aimed at promoting competition, improving the quality and availability of payment services, and scaling settlements in digital rubles.”

Apple has suspended its Apply Pay service for Russia's Mir card payment system, closing a loophole that had allowed Russians to keep using the digital payment service.

Apple initially restricted the use of Apple Pay in Russia on March 1https://t.co/x00mZAo75U pic.twitter.com/0YH3yrZgoZ

— The Telegraph (@Telegraph) March 25, 2022

Major Russian Companies Stand to Benefit from Digital Ruble?

The bank has further reportedly claimed that the “adoption of the law will also allow merchants to reduce costs for payment services.”

Per official figures, 1.5 million Russian firms had adopted SBP payment infrastructure by the end of 2023. This figure is a sharp rise from the 560,000 SBP-adopting companies reported in 2022.

A “second group of 17 banks” is poised to join the CBDC pilot, along with “several tens of thousands of firms and individuals,” later this year.

The post Major Russian Companies ‘Will Be Forced to Accept Digital Ruble Payments’ appeared first on Cryptonews.

According to a recent report by the FBI, investment losses related to cryptocurrencies rose from $2.57 billion in 2022 to approximately $3.94 billion in 2023, representing a staggering 53% increase.

These losses accounted for the largest portion of investment fraud within the country, making up around 86% of the total investment fraud losses, which amounted to $4.57 billion for the year. 

The FBI highlighted the alarming trend of victims falling prey to crypto scams, enticed by the promise of substantial returns on their investments.

“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” emphasized the FBI.

Romance Scams Continue to Take Victims

One of the most prevalent types of crypto scams victimizing individuals is romance scams. 

In this scheme, criminals adopt fake online identities and establish trust with victims before convincing them to send cryptocurrencies, only to vanish thereafter. 

Chainalysis, a blockchain analysis firm, reported that romance scams alone were responsible for at least $374 million in suspected stolen crypto in 2023.

Phishing scams also posed a significant threat to crypto users, with over 324,000 individuals falling victim to such scams in 2023, resulting in the loss of approximately $295 million in digital assets. 

These scams typically involve deceiving users into revealing their wallet credentials, allowing scammers to drain their funds.

It’s important to note that the rise in crypto scam victims is not limited to the United States alone. 

Countries around the world are grappling with similar issues. 

In April 2023, the Australian Competition and Consumer Commission revealed that Australians had lost 221.3 million Australian dollars ($146.9 million) to investment scams involving crypto as the payment method in 2022, reflecting a staggering 162.4% increase compared to 2021.

The surge in crypto investment fraud highlights the need for greater awareness and caution among investors and crypto enthusiasts. 

Exploits Remain Rampant in Web3

Last month, the token for the layer-1 blockchain Shido plunged 85% after the project’s Ethereum-based staking contract fell victim to an exploit.

The exploit targeting Shido came just one day after Serenity Shield project, a multi-chain data storage startup, fell victim to a theft that compromised its MetaMask wallet.

The hack, which took place on one of Serenity’s wallets on BSC, allowed perpetrators stole around 6.9 million native SERSH tokens worth $5.6 million at the time of hack.

The exploit took a toll on the price of the native token, dragging SERSH from $0.565 to $0.009, a nearly 99% plunge.

As reported, bad actors have stolen $38.9 million from various Web3 projects in the first month of 2024.

One of the first major crypto hacks of the year occurred when Radiant Capital experienced a $4.5 million loss due to an empty market exploit.

Gamma Strategies, another affected platform, fell victim to a flash loan attack on January 4, shortly after the Radiant Capital incident.

The attack exploited a code bug, enabling the hackers to siphon $6.1 million from Gamma’s public-facing vaults.

The post FBI: Crypto Investment Fraud Surged 53% in 2023, Topping $3.94 Billion appeared first on Cryptonews.

The Second Circuit Court of Appeals recently overturned a lower court’s ruling that dismissed the lawsuit, allowing the putative class action to proceed against the world’s largest crypto exchange.

Originally filed in April 2020, the lawsuit was brought by a group of crypto investors who alleged that they had purchased securities, including ERC-20 tokens such as EOS, TRX, ELF, FUN, ICX, OMG, and QSP, from Binance. 

The EOS token, specifically issued by Block.One, is connected to Bullish, which is the parent company of CoinDesk, the parent company of Binance.

New Ruling Reverses Dismissal Decision

In May 2022, Judge Andrew Carter of the Southern District of New York dismissed the case, stating that the plaintiffs had filed the lawsuit after the statute of limitations had expired. 

Additionally, Judge Carter ruled that Binance, as a non-domestic exchange, did not have sufficient ties within the United States to meet the standards of federal securities laws.

However, the recent ruling by the Second Circuit Court of Appeals reversed Judge Carter’s decision and sent the case back to the district court. 

The appeals court found that the plaintiffs had plausibly alleged that the transactions involving the assets in question were conducted on servers within the United States and that they had accessed Binance from the U.S. The ruling also challenged Binance’s previous claims of lacking a headquarters or physical location.

Regarding the issue of timeliness, the circuit court stated that the statute of limitations clock did not begin until the plaintiffs purchased the tokens, which was within a year of filing the suit.

It’s worth noting that the recent ruling only pertains to seven of the tokens mentioned in the original complaint.

The ruling does not determine whether the tokens in question are securities or not. 

If the case is not appealed further and returns to the district court, the parties will have the opportunity to argue whether the tokens meet the definition of securities.

Binance still has the option to appeal to the U.S. Supreme Court.

If it chooses not to or if the Supreme Court declines to take up the appeal, the district court will resume jurisdiction over the case.

Binance Exits Nigerian Market After Regulatory Scrutiny

The new headeache for Binance comes as the exchange recently had to discontinue all services involving Nigerian local fiat currency, the Nigerian naira (NGN), after regulatory scrutiny. 

Last week, the world’s largest cryptocurrency exchange said it would suspend NGN withdrawals after March 8. 

Earlier, the Nigerian government imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation’s local currency. 

The Nigerian government’s actions against Binance and other crypto firms stem from concerns over continuous manipulation of the forex market and illicit movement of funds. 

Authorities believe that these activities have contributed to the weakening of the naira. 

The post Investors Get Green Light to Pursue Class Action Against Binance appeared first on Cryptonews.

The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California and now plans to concentrate its efforts on races in Ohio, Montana, Maryland, and Michigan.

Fairshake, which has amassed a staggering $85 million in funding, primarily from major crypto players Coinbase, Ripple Labs, and Andreessen Horowitz, intends to allocate resources to the general elections in Ohio and Montana, as well as the Democratic primaries in Maryland and Michigan. 

These states are particularly significant due to vulnerable Democratic senators up for re-election, who have previously expressed skepticism or criticism towards cryptocurrencies.

Fairshake Targets Anti-Crypto Senators

In Ohio, Senator Sherrod Brown proposed a nationwide ban on cryptocurrencies in December 2022 following FTX’s collapse. 

Similarly, Montana’s Senator John Tester has been dismissive of crypto, stating that he sees no reason for its existence. 

Despite this, Fairshake has not explicitly announced opposition to these senators but rather indicated its intention to participate in their races. 

This suggests that Brown and Tester could potentially earn the PAC’s support if they adopt more crypto-friendly positions.

Fairshake has not disclosed the timeline for deciding which candidates to endorse in the Ohio and Montana races but emphasized that it would evaluate various factors, including a candidate’s stance on crypto, viability, election significance, and the potential impact of the PAC’s involvement.

In Michigan, Fairshake will engage in the Democratic Senate primary set for August, where congresswoman Elissa Slotkin currently leads the race. 

Although Slotkin has not publicly discussed crypto extensively, she has acknowledged the need for politicians to disclose their cryptocurrency trades. 

Her opponents include actor Hill Harper, who previously launched an app to encourage people of color to engage with cryptocurrencies.

In Maryland’s May Democratic Senate primary, Fairshake will participate as well, with candidates David Trone, co-founder of Total Wine, and Angela Ashbrooks, a local politician, facing off.

Neither candidate has prominently addressed crypto on their campaign websites or made public statements on the subject.

Crypto PAC Could Significantly Impact US Power Dynamics

With Democrats holding a narrow 51-49 majority in the Senate, any shifts in these four races could significantly impact the power dynamics in Washington. 

Leveraging substantial funding from the crypto industry, Fairshake aims to ensure that candidates elected in November will advocate for the establishment and adoption of much-needed regulations for the cryptocurrency industry.

As reported, approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. 

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.

It said that 78% of crypto holders in the state believe that policymakers should support “new, innovative, and disruptive technologies” and express their intention to vote for candidates who align with these views.

The post $85 Million Crypto Super PAC Sets Sights on Transforming Senate Makeup appeared first on Cryptonews.

The trader made insane profits by investing in the Solana-based meme coin dogwifhat (WIF), which blew up in 2024.

The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.

He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.

The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd

— Lookonchain (@lookonchain) March 4, 2024

The trader used 5.288 SOL (worth $310 at the time) to buy 2.58 million WIF tokens in late November.

At the current market price of $2.30, 2.58 million WIF tokens would be worth close to $6 million.

But the trader appears to have already been booking some profit.

As per solscan.io, their WIF holdings were last 1.831 million, with a current market valuation of around $4 million.

Meanwhile, the account now holds 9,362 SOL tokens worth just under $950,000.

This cryptocurrency trader turning $310 to $5 million in 3 months could go down as one of this bull market’s most legendary stories.

Meme Coin Mania Continues Growing

In the wake of Bitcoin hitting fresh record highs above $70,000 on Friday, major meme coins continue to pump.

Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Shiba Inu (SHIB), and Dogecoin (DOGE) are all in the top 10 best-performing cryptos on Friday, up between 10-30% in 24 hours, as per CoinMarketCap.

Floki (FLOKI), meanwhile, is up close to 80% in 24 hours.

But each of these meme coins now has a market cap of at least $2 billion.

Dogecoin and Shiba Inu, meanwhile, have market caps of above $20 billion.

That suggests the room for upside is becoming more limited.

A meme coin valued under $200 million is much more likely to be able to secure 100x gains, for example.

Meme coin investors are thus hunting for smaller valuation, high-potential alternatives.

Meme Coin Alternative – Smog (SMOG)

A Solana-based meme coin called Smog (SMOG) has been turning a lot of heads recently as its price increases.

SMOG’s price has pumped nearly 8x since late February, reaching a market cap of $270 million, as per DEXTools.

The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.

Traders can qualify for the airdrop by buying a holding SMOG on Solana or staking the token on Ethereum.

Even though its market cap is modest, SMOG already boasts a strong community.

Indeed, as per birdeye.so, it already has over 60,000 holders.

Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.

SMOG could deliver at least 10x gains to investors, hence it’s ranked as one of the best crypto meme coins to buy now.

Traders should note that they can receive a 10% discount when buying SMOG directly through the project’s website.

They can also stake their tokens for a 42% APY.

Buy SMOG Here

The post Cryptocurrency Trader Turns $310 Into $5 Million in 3 Months – Here’s How appeared first on Cryptonews.

About Solana

Founded in 2017 by Anatoly Yakovenko, Solana is an open-source blockchain platform focused on scalability and speed. It aims to outperform existing blockchains in transaction processing without compromising on cost-effectiveness.Solana achieves this through a unique Layer 1 network architecture, allowing it to handle over 710,000 transactions per second (TPS).

This architecture also facilitates the creation of smart contracts and decentralized applications (DApps), making it suitable for various use cases like decentralized finance (DeFi) and nonfungible tokens (NFTs) marketplaces.

Launched in 2020 after extensive testing, Solana stands out from platforms like Ethereum by avoiding the need for additional scaling solutions. Instead, it utilizes powerful and fast computers to maintain the network and manage data storage. SOL, the native cryptocurrency of Solana, plays a crucial role in enabling transactions and securing the network through staking.

This report provides a comprehensive overview of the Solana ecosystem in February 2024, analyzing SOL price performance, ecosystem developments, and updates.

Solana On-chain Data and SOL Price Performance

Solana’s daily transaction volume has seen a significant increase, rising from 22.1 million on Feb. 6 to 33.7 million on Feb. 26. This rise in activity suggests growing engagement and use of the Solana blockchain. However, by the end of the month, the daily transaction volume dropped once more, reaching 28.5 million.

< Solana's total value locked (TVL) has reached $2.5 billion, which represents a 30% increase year-to-date. In comparison, Ethereum's TVL grew by 15% during the same period, and BNB Chain saw a 12% increase in BNB deposits since Dec. 31, 2023.

The outage of Solana’s Mainnet was caused by a complication with legacy programs, as detailed in Solana’s comprehensive report compiled by Anza.

Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9

— Solana Status (@SolanaStatus) February 6, 2024

The SOL price fluctuated throughout February. After dropping to $95 on Feb. 4, it rebounded by more than 27%, reaching about $130 by the end of the month.

Two factors fueled SOL’s price increase: various airdrops and the network’s perceived advantages in terms of affordability and ease of use compared to its competitors.

Despite its recent outage, Solana boasts faster development and upgrade implementation compared to Ethereum Virtual Machine (EVM) compatible networks. While the February outage caused exchanges to halt SOL and Solana SPL token transactions and impacted DApp usage, it didn’t significantly affect the SOL price, potentially due to Solana’s faster development cycles.

Solana Ecosystem Updates And Acquisitions

Solana Mobile’s Chapter 2 smartphone reached 100,000 preorders on Feb. 12, less than 30 days after registration was opened. The smartphones will start shipping in early 2025. In comparison, it took Solana almost a year to sell 20,000 of its first Solana Saga smartphones.

100,000 preorders in less than 30 days

We’re floored by the demand and truly grateful for the overwhelming support

Now that we’ve hit this milestone, the Founder Window & preorder price of $450 will close in 48 hours. Your chance to join is now!

https://t.co/nYR9apGGIT pic.twitter.com/9L224igXcL

— Solana Mobile 2⃣ (@solanamobile) February 12, 2024

​​Helius, a platform developing tools for Solana blockchain developers, secured $9.5 million in funding. The company plans to use the funds to hire more engineers, improve its technology, and onboard more developers to the Solana ecosystem.

Tools for Humanity, the main developer behind the Worldcoin project, announced the acquisition of Ottr Finance, a Solana-based digital wallet startup. Ottr Wallet will cease operations as the company focuses on supporting Tools for Humanity in building the Worldcoin project.

Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital participated in a $25-million Series A investment in crypto mobile payment firm Oobit. Oobit wants to make it easier for consumers to purchase goods and services using cryptocurrency.

Solana also collaborated with Filecoin, a decentralized data storage marketplace, to enhance the reliability and scalability of the Solana blockchain. As part of the partnership, Solana will leverage Filecoin’s infrastructure to improve data redundancy, scalability and security while reinforcing Solana’s commitment to decentralization.

Solana's integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5

— Filecoin (@Filecoin) February 16, 2024

Moreover, the Solana Foundation launched a global hackathon called Renaissance for Web3 developers as well. The hackathon will take place from March 4 to April 8, 2024, and participants can compete for a share of a $1 million prize pool and pre-seed funding.

Solana Meme Coins

Following SOL’s price gains, several meme coins built on the Solana blockchain, including Bonk (BONK) and DogWifHat (WIF), also saw significant increases in trading activity during the last week of February.

The prices of BONK and WIF grew by 110% and 250%, respectively, since Feb. 23, reaching $0.00002364 and $0.856420 on Feb. 29. The BONK price saw an uptick following the news about a possible listing on the Revolut trading platform.

The proposed collaboration would see Revolut launch a “Learn and Earn Campaign” aimed at attracting 500,000 new users to the Bonk ecosystem. With 38 million users in over 50 countries, Revolut’s involvement could significantly expand Bonk’s user base if the partnership is realized.

#Revolut plans to list #BONK and launch a $1.2M campaign to educate users about the meme coin. Approval vote expected to pass. #crypto #Solana

Follow and stay tuned!

— Learn2Earn (@Learn2Earnify) February 14, 2024

A new Solana-based and dragon-themed coin, Smog (SMOG), which was launched on Jupiter DEX on Feb. 7, is also experiencing increased interest. Its price jumped over 3,000% upon release, attracting over 30,000 holders. The project is currently offering staking rewards and planning an airdrop to distribute a portion of its token supply to the community.

Solana Airdrops and DEXs

Following the lucrative JUP airdrop by the Jupiter exchange in January, the Solana blockchain is now home to several projects with the potential to replicate this success.

Drift Protocol, an open-sourced decentralized exchange (DEX), Parcl, a decentralized real estate trading protocol, and Zeta, a decentralized derivatives exchange, emerged as Solana’s leading projects poised for upcoming airdrops, offering innovative opportunities for user participation in DeFi.

Drift Protocol

With a significant $3.8 million in seed funding and a subsequent $23.5 million Series A round, Drift has proven its position as a heavyweight in the DeFi space. Drift has introduced “Drift Trader Points”. This is a system that rewards users for their activities on the platform, including trading volume and liquidity provision. The program will conclude at the end of March with a snapshot of past activities already taken; users will be rewarded at the end of the season for their activities, insurance fund staking and super staking.

On Feb.13, Drift saw a massive $300 million daily trading volume and an all-time high in active users. Its TVL stood at an impressive $182,7 million on Feb. 29.

Parcl

Parcl announced the launch of its governance and utility token, PRCL, with a focus on community engagement and future protocol functions. Moreover, Parcl experienced significant growth, boasting over 140,000 users and $111.2 million in TVL.

Zeta

Zeta also announced its upcoming token launch in April. The project’s recent $8.5 million Series A funding round led by Jump Capital highlights the significant potential of the upcoming airdrop. This news, along with the already mentioned airdrop announcements from Drift and Parcl, makes April a promising month for Solana ecosystem participants.

Io.net

Io.net, a Solana-based decentralized physical infrastructure network (DePIN) project focused on sourcing GPU computing power, also unveiled a rewards program in anticipation of its token launch.

Magnifi

Marginfi, a decentralized lending protocol on Solana with a TVL of $533,5 million, announced the completion of early development for its decentralized stablecoin, YBX, which is set to launch on the main net in late March.

1/ Introducing $YBX

A yield-bearing asset to capture base layer monetary policy

Here's how it works pic.twitter.com/JNKAd4GyfY

— marginfi (@marginfi) February 28, 2024

Jupiter

Jupiter Exchange, the largest DEX aggregator on Solana, opened its LFG launchpad for applications. The Jupiter DAO, alongside JUP holders and the community, will be able to assess these applications to decide which project will be selected for the LFG launchpad listing.

Solana NFTs and Games

Solana was the third most popular blockchain network in the NFT ecosystem in February. Solana-based NFTs reached a new milestone, hitting $5 billion in all-time sales volume in February.

Data from CryptoSlam indicated that the sales volume for Solana-based NFTs in February reached $218 million. The data further revealed that the Solana network attracted around $433k buyers and 197k sellers of NFTs in February. The number of NFT transactions on Solana in February reached more than 3,8 million. This high volume of transactions highlights the increasing activity within the Solana NFT ecosystem.

However, a large part of the trading volume was generated by only a few collections (e.g. Froganas, Tensorians, MadRug).

Tensor has rapidly ascended to become Solana’s leading NFT marketplace, commanding over 70% of Solana’s NFT trading volume. With $3 million in seed funding, Tensor’s valuation is speculated to be closer to Blur, Ethereum’s top NFT marketplace, signaling a solid market position.

During the last couple of months, Tensor has surpassed Blur’s trading volume on a number of occasions, highlighting Tensor’s growing influence and potential valuation.

BREAKING: Solana's dominance trend continues, Tensor flipped @blur_io in 24 hours NFT trading volume.

Tensor: $14 million
Blur: $12 million pic.twitter.com/scWKEh8pt3

— SolanaFloor | Powered by Step Finance (@SolanaFloor) December 16, 2023

Solana-based Web3 racing game MixMob secured the licensing rights for the Original Stormtrooper from the Star Wars franchise. This collaboration will integrate the character into MixMob: Racer 1 through unique NFTs. This acquisition is part of MixMob’s ongoing strategy to secure additional licenses in 2024.

Transdimensional Fox Federation, an NFT collection featuring a fixed supply of 7,779 NFTs hosted on the Solana blockchain network, was the seventh most-selling NFT collection in February.

Notable Solana NFT launches in February

Looking Ahead – Will SOL’s Price Continue to Ascend?

The Solana ecosystem experienced notable developments and challenges in February 2024. Solana’s TVL reached a significant milestone of $2.5 billion, marking a 30% year-to-date increase.

The SOL price also saw a new high of $130 on February 29. This was driven by several airdrops and perceived advantages in affordability and ease of use of the Solana blockchain. Despite a five-hour network outage on February 6, Solana demonstrated resilience, with its daily transaction volume reflecting growing engagement.

Solana’s ecosystem showcased diverse advancements, including the successful preorders of Solana Mobile’s Chapter 2 smartphone and Helius securing $9.5 million in Series A funding. Partnerships with Filecoin and the launch of the Renaissance hackathon emphasized Solana’s commitment to innovation and collaboration within the Web3 space.

The meme coin sector on Solana witnessed increased trading activity, notably in DogWifHat, Bonk, and the newly launched Smog. These coins experienced significant price surges, reflecting the dynamic nature of the Solana blockchain. DEXs on Solana emerged as leading projects with promising airdrops, attracting substantial funding and user participation.

Solana’s NFT ecosystem flourished, reaching a new milestone of $5 billion in all-time sales volume, with Tensor dominating as the leading NFT marketplace.

Despite challenges, including the network outage and concentrated trading volume in certain NFT collections, Solana remains a vibrant and evolving ecosystem. Especially with ongoing developments in DeFi, gaming, and NFTs shaping its trajectory in 2024.

The post Solana February 2024 Recap: SOL Price Analysis and Ecosystem Review appeared first on Cryptonews.

The US Justice Department stated on Thursday that it will continue to seek Kwon’s extradition in accordance with relevant international agreements, bilateral agreements, and Montenegrin law, according to a Bloomberg report. 

“The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law,” the authorities wrote. 

Do Kwon Remain in Custody in Montenegro

Do Kwon, co-founder of Terraform Labs Pte, was arrested in Montenegro in March 2023 for using a fake passport. 

Kwon’s arrest triggered competing extradition requests from prosecutors in Seoul and New York.

While the court ruling may be viewed as a victory for Kwon, as his lawyers have expressed a preference for him to be extradited to South Korea, some legal experts in the crypto industry have raised doubts about the decision. 

Terrence Yang, a managing director at Swan Bitcoin and former counsel at Merrill Lynch, called the ruling “a travesty” and questioned the wisdom of sending Kwon to South Korea. 

“The US probably has the largest number of victims by both number and dollar amount,” Yang said.

“It seems a bit ridiculous for the Montenegro court to extradite Do Kwon to South Korea, where he might get acquitted or a comically light sentence as opposed to the United States.”

The SEC has been pursuing a civil case against Terraform Labs and Kwon, linking their operations to an alleged $40 billion cryptocurrency fraud.

Previously, the SEC agreed to postpone Kwon’s trial to mid-March due to Kwon’s extradition request.

Kwon’s legal team filed an appeal against the Montenegro High Court’s decision to uphold the extradition requests from both the United States and South Korea.

Moreover, Do Kwon’s legal representative in Montenegro Goran Rodic has presented an argument favoring Kwon’s extradition to South Korea over the United States.

Terraform Labs Files for Bankruptcy

Terraform Labs filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on January 21, citing estimated assets and liabilities between $100 million and $500 million.

The company later said that the bankruptcy protection filing would enable the pursuit of an appeal against the SEC’s securities fraud lawsuit.

In a filing, Terraform Labs CEO Chris Amani emphasized the importance of bankruptcy protection for the company’s operations and the preservation of value for stakeholders, including the Terra community.

“[The bankruptcy protection] is critical to the Debtor’s ability to operate as a going concern, preserve value for its creditors and stakeholders (including the Terra community), provide an orderly process for resolving competing claims against it, and pursue an appeal of the SEC Enforcement Action.”

The post US Prosecutors to Appeal Montenegrin Court’s Decision to Extradite Do Kown to South Korea appeared first on Cryptonews.

The report, authored by Coinbase research analyst David Han, highlights the stiff competition and technical challenges faced by AI projects, potentially hindering their long-term viability.

Han’s report suggests that the value potential of many AI tokens may be overstated due to the prevailing attention on the AI industry, and that these tokens may lack sustainable demand-side drivers in the short to medium term. 

The report questions the bold claims made by crypto-focused platforms asserting their unique disruptive potential within the AI industry.

AI Crypto Market Reaches $26 Billion

The total value of AI crypto projects has already surged to $26 billion this year, with CoinGecko reporting that 37% of these gains occurred in the past week alone, coinciding with a rise in Nvidia’s stock. 

Nvidia, a market leader in AI chip technology, has witnessed a 15% increase in its shares this week.

Despite the recent rally, Coinbase remains cautious about the transformative claims made by crypto-focused platforms in the AI space.

The rapid evolution of AI technology has created uncertainty regarding the future outlook of most projects.

Han highlighted the uphill battle faced by crypto AI products against broader market and regulatory forces.

He also pointed out the technical challenges associated with decentralized networks, which form the core concept of crypto AI projects, further complicating their path to success. 

“AI tokens generally benefit from strong associated performance in both the broader crypto market as well as related AI news headlines.”

In 2024, AI tokens like Akash and Render have outperformed the overall crypto market, with gains of 146% and 99% respectively, compared to Bitcoin’s 54% increase. 

However, Han emphasizes that the future remains uncertain for many of these projects.

Akash Network Faces Headwinds

Han specifically pointed to Akash Network as a project facing immediate headwinds. 

The platform incentivizes users to repurpose their computing power for decentralized cloud computing, positioning itself as an “Airbnb for data centers.”

 While Akash has witnessed increased usage, issues related to supply and demand have emerged, diluting user fees due to limited demand. 

Han suggested that projects like Akash may need to revise their token distribution structures to address these challenges.

As crypto AI projects attempt to attract users from established centralized platforms like Amazon Web Services and ChatGPT, Han suggests that nuanced use cases will be crucial for their success. 

The key question remains whether these projects can offer something genuinely new and useful before investors divert their attention elsewhere.

It is worth noting that despite the hype around AI tokens, the memecoin sector has taken center stage in the current crypto market rally. 

The memecoin sector as a whole has experienced an 84% surge in the past week. 

Notable performers include SHIB, PEPE, BONK, WIF, FLOKI, and POPCAT, which have more than doubled in value, contributing billions of dollars to their market caps. 

The post Coinbase Says Value of Many AI Tokens is “Overstated” as Sector Surges 37% in Past Week appeared first on Cryptonews.

Industry sectors such as Layer 2s, which are crucial for scaling blockchain for mainstream use, and the intersection of crypto and artificial intelligence, were expected to lead the way in terms of performance. 

Technical frontiers like restaking, modular blockchains, and DePIN projects were also seen as potential contenders. 

However, defying expectations, it is the cat-themed coins, dog-themed coins, memes, and fractionalized NFTs that are leading the charge.

Meme Coins Post Substantial Gains

Cat-themed coins, with tokens like Taylor Swift’s Cat, Banana Cat, and Pop Cat, have seen impressive gains, with Taylor Swift’s Cat token surging 25-fold in the past seven days. 

Although the cat coin sector may seem dismissible with a market cap of $730 million, the meme category has emerged as a force to be reckoned with. 

With a staggering market cap of $55 billion, meme coins have surpassed the liquid staking sector, Layer 2s, and gaming tokens in terms of valuation.

Within the meme category, dog-themed coins dominate, with Doge, the original meme coin, reigning supreme with a market cap exceeding $20 billion. 

The sector as a whole has experienced an 84% surge in the past week. Notable performers include SHIB, PEPE, BONK, WIF, FLOKI, and POPCAT, which have more than doubled in value, contributing billions of dollars to their market caps. 

Other significant gainers include MYRO and MOG.

Solana Emerges as Preferred Blockchain for Meme Coins

Solana, a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading meme coins. 

The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump. 

The viral story of a trader turning $260 into nearly half a million dollars with ‘Jeo Boden’ sparked the creation of coins like ‘Doland Tremp’ and ‘Olen Mosk.’ 

No way they just dumped $BODEN on Biden’s terrible state of the union speech? pic.twitter.com/Eyybd0kxWV

— Bones Senpai (@EVNFT) March 8, 2024

Solana-based decentralized exchanges (DEXs) have witnessed trading volumes exceeding $2 billion on March 5, according to DeFiLlama, with Solana’s share of DEX volumes steadily increasing to around 15% from less than 2% six months ago.

Currently, Solana is the third largest blockchain network in terms of DEX volume, trailing behind Ethereum (ETH) and Arbitrum.

Ethereum, which hosts the largest DeFi ecosystem, registered around $4.7 billion in trading volume in the past 24 hours, with a positive weekly change of 54%.

On the other hand, Arbitrum DEXes saw $2.1 billion in daily trading volume, up by 85% over the past week. 

The Solana ecosystem now boasts more than 2,500 monthly active developers, according to the Solana Foundation. 

The foundation highlighted that the network has maintained a consistent range of 2,500 to 3,000 monthly active developers throughout the past year, a testament to the ecosystem’s ability to attract and retain talent. 

The increased developer activity comes as Solana continues to make waves in the crypto community, achieving several significant milestones.

The network has surpassed Ethereum in 7-day stablecoin trading volume for the first time ever. 

The post Memecoin Sector Surges 84% in Past Week, Outperforming Red-Hot AI Tokens appeared first on Cryptonews.

According to Busan Ilbo, trading in the Worldcoin (WLD) token has spiked in the wake of a new Personal Information Protection Commission probe.

This has seen WLD trading balloon on the platform. On March 4, 24-hour Worldcoin trading surpassed Bitcoin transaction volumes “by nearly 2 billion won [over $1.5 million].”

Worldcoin Controversy: Bithumb a Beneficiary?

Authorities believe that at least 50,000 South Koreans hold WLD tokens. However, the coin has reportedly “gained great popularity among crypto investors” in recent weeks.

The media report noted that as of 6:30 am UTC on March 7, 24-hour WLD trading volumes on Bithumb hit the $107.3 million mark. These figures were only surpassed by two other tokens: Bitcoin and Dogecoin.

Bithumb has “benefited” from listing the coin, unlike its closest rival Upbit – which once dominated the market in almost every trading pair.

On March 7, Spanish regulators ordered the Sam Altman-orchestrated Worldcoin project to halt operations in the nation.

This has likely sparked more trading fervor on Bithumb. At the time of writing, WLD transaction volumes on the platform were higher than all but SHIB and BTC.

The media outlet wrote:

“This is all good news for Bithumb. Typically, cryptoasset exchanges make money from commissions generated from trading. In other words, the more active WLD traders are, the more profit Bithumb can make.”

WLD holders seem confident that despite the Worldcoin controversy in South Korea, their investments are safe for the time being.

The report noted that “even if” the regulator rules that the Worldcoin project “violates personal information protection protocols,” the “industry consensus is that delisting is still a long way off.”

Worldcoin officials have “temporarily suspended iris scanning in South Korea” until at least March 20.

Bithumb appears resolute on the matter. A spokesperson told the outlet that the exchange was “following the deliberations of the Personal Information Protection Committee.”

The Bithumb spokesperson said that it was “still too early to discuss Worldcoin” delisting-related matters.

Self-regulating Body May Eventually Decide WLD’s South Korea Fate

However, the exchange conceded that if the committee were to rule “in the negative” against the project, a body named DAXA would make delisting-related decisions.

Spain blocks Sam Altman’s eyeball-scanning venture Worldcoin https://t.co/THiU9YX0QC

— Financial Times (@FT) March 6, 2024

DAXA, short for the Digital Asset Exchange Association, is a self-regulating body that comprises the nation’s five licensed, KRW-trading crypto exchanges. Both Bithumb and Upbit are members.

The body makes decisions on a wide range of crypto-related matters, including token listing and desisting policies.

Spanish regulators have said it has concerns that Worldcoin representatives have collected data about minors.

They have also said the firm failed to follow domestic data laws that allow users to exact greater control over their private information.

The South Korean Personal Information Protection Committee, meanwhile, said that it had received complaints Worldcoin’s handling of personal information and iris scanning activities.

The committee said Worldcoin representatives were still collecting facial and iris recognition data at some 10 locations in the country.

Hong Kong’s data protection authority has also investigated six Worldcoin operators over similar concerns.

The post Worldcoin Controversy ‘Benefiting’ South Korea’s Bithumb Exchange appeared first on Cryptonews.

In a Thursday press release, the Hong Kong Monetary Authority (HKMA) said the project aims to explore financial market infrastructure that facilitates seamless interbank settlement of tokenized money using wCBDC.

Initially, Project Ensemble will focus on tokenized deposits, which are digital representations of commercial bank deposits issued by commercial banks and available to the general public. 

By using wCBDC as the foundation, these tokenized deposits can be utilized for transactions involving tokenized assets, thereby unlocking new opportunities for optimization and innovation in the tokenization era, according to the HKMA.

Wholesale CBDC Project to Boost Hong Kong’s Financial Industry

Eddie Yue Wai-man, the Chief Executive of the HKMA, said the Wholesale CBDC project will provide a boost to Hong Kong’s vibrant financial industry and reinforce the city’s leading position in tokenized money and assets. 

Yue Wai-man emphasized Hong Kong’s commitment to innovation and international collaboration, inviting global talents and industry players to participate in this exciting tokenization journey.

“Project Ensemble will provide fresh impetus to our vibrant financial industry and reinforce our forefront position in tokenized money and assets.”

As part of the project, the HKMA plans to launch a wCBDC Sandbox later this year to facilitate research and testing of tokenization use cases. 

This includes exploring the settlement of tokenized real-world assets such as green bonds, carbon credits, aircraft, electric vehicle charging stations, electronic bills of lading, and treasury management. 

The goal is to bridge the gap between tokenized real-world assets and money in transactions, potentially forging a new financial market infrastructure.

To ensure industry standards and a future-proof strategy, the HKMA will establish a wCBDC architecture community consisting of local and multinational banks, digital asset industry key players, technology companies, and the CBDC Expert Group. 

Additionally, the HKMA will continue its partnership with Cyberport and the Hong Kong Science and Technology Parks Corporation to support the development of asset tokenization and foster homegrown fintech innovation.

Hong Kong’s Crypto Licence Scheme Ends

The deadline for virtual asset trading platform (VATP) crypto license applications in Hong Kong has passed, with the number of applicants reaching 24.

At least five cryptocurrency firms submitted their applications in the final days leading up to the February 29 deadline.

Cryptocurrency exchanges that have not yet applied must exit the Hong Kong market by May 31.

The Securities and Futures Commission (SFC) will announce approved and declined applications on a public register by June 1, 2024.

After securing approval, virtual asset trading platforms can onboard new retail and institutional crypto investors and start marketing in Hong Kong.

In comparison, when Singapore’s Monetary Authority gave crypto companies one month to notify their pre-existing status and intention to be licensed in 2021, it resulted in about 70 official license applications by the end of 2021, three times the number in Hong Kong.

The post Hong Kong Central Bank Launches Wholesale CBDC Project to Foster Tokenization appeared first on Cryptonews.

The investment aims to support beoble’s mission of becoming a leading global Web3 social platform by leveraging blockchain technology to enhance user interaction, privacy, and security, the company said in a press release shared with Cryptonews.com. 

With this partnership, beoble will have the opportunity to offer its advanced Web3 chat features to selected companies and projects within Animoca Brands’ extensive portfolio of Web3 investments.

“We’re excited to have Animoca Brands’ backing, as it is a testament to its support of our vision and capabilities,” Sung Min Cho, CEO of beoble, said. 

“This strategic investment empowers us to scale and grow our platform and enables us to drive greater communication and collaboration opportunities for Animoca Brands’ portfolio companies.”

beoble Offers Wallet-to-Wallet Messaging 

beoble offers secure and decentralized wallet-to-wallet messaging, token-gated chatrooms, and unique earning features. 

The funding from Animoca Brands will be utilized to expedite the platform’s development and expand its range of features, enabling beoble to grow its user base worldwide. 

Collaboratively, beoble and Animoca Brands will work towards offering beoble’s chat features to relevant companies and projects within Animoca Brands’ portfolio, fostering enhanced community engagement and interactivity across the Web3 ecosystem.

“Our investment in beoble reflects our confidence in the ability of its team and technology to drive advances in how people interact digitally,” Yat Siu, the executive chairman and co-founder of Animoca Brands, commented.

“The integration of beoble’s chat features can foster more vibrant and engaged communities, aligning with the vision of a more enriched social experience in an interconnected, interactive Web3 ecosystem.”

Last month, beoble closed its seed funding round, bringing in a total of $7 million from a number of major investors including Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital, and Blockchain Founders Fund.

Web3 Social Media Platforms Find Momentum

The landscape of Web3 social media platforms is evolving rapidly, offering more decentralized, user-controlled alternatives to traditional social media. 

These platforms leverage blockchain technology, NFTs, and cryptocurrency to empower content creators and enhance user experiences by providing more security, flexibility, and new revenue streams. 

One such platform is Odysee, a decentralized content sharing and publishing platform that rivals YouTube by offering a secure environment for content monetization. 

It allows creators to upload content simultaneously on both YouTube and Odysee through a YouTube Sync function.

Likewise, Nostr is a decentralized networking protocol that resembles Twitter’s architecture but is customizable for various social media experiences. 

It supports encrypted direct messaging and lets users create self-governed accounts and identities​​. 

Nostr has grown significantly, boasting over 524,000 profiles with bio attached and more than 30,000 daily new users as of early February​.

Mirror is another well-known Web3 social media platform. 

It is a publishing platform for writers that uses Ethereum for logging in, minting posts as NFTs, and creating new revenue streams. 

Content published on Mirror is stored permanently on the Arweave network.​

The post Web3 Messaging Platform beoble Gets Backing from Animoca Brands to Scale appeared first on Cryptonews.

As of the Asian morning hours, Bitcoin (BTC) was trading just above $66,000 on most global exchanges, while on Korean exchanges like Upbit, it reached over 93 million won, equivalent to over $71,000 at current exchange rates.

The Kimchi premium phenomenon refers to the price difference of Bitcoin on local Korean exchanges compared to global platforms. 

In theory, traders can exploit this arbitrage opportunity by purchasing Bitcoin on a global exchange, transferring it to a Korean exchange, and selling it for a risk-free 10% profit in Korean won. 

However, capital controls and challenges in withdrawing large sums of money from Korea make it difficult for most investors to take advantage of this opportunity.

Sam Bankman-Fried Profited From Kimchi Premium

One notable figure who capitalized on the Kimchi premium was Sam Bankman-Fried, the founder of Alameda Research and FTX exchange. 

Bankman-Fried claimed that the premium reached as high as 50% during 2019 and 2020, enabling his firm to make significant profits. 

The return of the Kimchi premium indicates renewed interest and participation from retail investors in South Korea, driven by local demand for the asset.

Ki Young Ju, the founder of on-chain analysis firm CryptoQuant, referred to the Kimchi premium as a “pure retail FOMO indicator,” suggesting that Korean retail investors are getting back into the market. 

Korea Premium Index(a.k.a. Kimchi Premium) is a pure retail FOMO indicator because
1/ There are no notable crypto funds in Korea
2/ Korea has very strict capital control policies

— Ki Young Ju (@ki_young_ju) August 8, 2021

The increased premium creates an arbitrage opportunity, prompting traders to bring their overseas holdings back to Korea and leading to a rise in Bitcoin reserves on local exchanges like Upbit.

While the Kimchi premium provides potential gains for traders, it also highlights the unique dynamics of the South Korean cryptocurrency market. 

The country’s strict capital controls, combined with limited infrastructure for smaller investors, present challenges for capitalizing on the arbitrage trade. 

Nevertheless, as the premium continues to rise, more traders are likely to exploit the opportunity, further increasing Bitcoin reserves on Korean exchanges.

South Korea Could Allow Spot ETFs

Earlier this week, South Korea’s chief of the financial watchdog revealed that authorities are discussing the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the country.

Lee Bok-hyun, governor of the Financial Supervisory Service, said in a recent radio interview that there are differing opinions among authorities. 

While some, like himself, hold a positive stance on virtual assets, others are more cautious. Lee emphasized the need to consider all perspectives and engage in internal discussions.

“Among authorities, I am one of those who are positive about virtual assets, while there are others who are wary, and we need to hear their opinions as well. We are internally discussing it.”

As of now, spot Bitcoin ETFs are not available for South Korean crypto investors. 

In January, the country’s financial authorities announced that they had no plans to regulate the sales of Bitcoin futures ETFs. 

The post “Kimchi Premium” Returns: Bitcoin Trades at 10% Price Premium in South Korea Against Global Exchanges appeared first on Cryptonews.

The bank also unveiled a leadership shake-up, featuring former Treasury Secretary Steven Mnuchin as one of the new board members.

In a press release issued on Wednesday afternoon, NYCB confirmed that it had struck a deal with several investment firms, including Liberty Strategic Capital (led by Mnuchin), Hudson Bay Capital, and Reverence Capital Partners, to raise over $1 billion in exchange for equity in the bank.

As part of the agreement, Mnuchin and Joseph Otting, former comptroller of the currency, would join the board of directors, with Otting taking over as CEO.

Following the announcement, NYCB’s stock experienced a sharp rebound, although trading remained highly volatile throughout the day. 

The shares briefly halted trading, surging nearly 30% before retracing some gains when trading resumed. 

Ultimately, the stock closed the day up over 7% after several additional halts.

NYCB Faces Challenging Year After Crypto Bank Acquisition

The capital raise and leadership changes come after NYCB faced a challenging start to the year. 

In late January, the bank disclosed a significant increase in its allowance for potential loan losses, primarily attributed to its exposure to commercial real estate. 

Moody’s Investors Service subsequently downgraded NYCB’s credit rating to junk status, and the bank appointed former Flagstar bank CEO Alessandro DiNello as executive chairman.

Last week, NYCB revealed the identification of material weaknesses in its internal loan review controls and announced DiNello’s brief tenure as CEO before transitioning to nonexecutive chairman, as stated in the press release on Wednesday.

The recent developments surrounding NYCB evoke memories of the struggles faced by regional banks such as Silicon Valley Bank, Signature Bank, and First Republic, which failed in the spring of 2023. 

Signature bank was one of the major crypto banks that offered fiat and banking services to crypto startups.

The lender was shut down on March 12, 2023, after depositors withdrew large sums of money on the heels of the collapse of Silicon Valley Bank (SVB).

At the time, NYCB, based in suburban New York, acquired a significant portion of Signature Bank’s assets, including deposits and loans, totaling nearly $13 billion.

US Banks Face Difficulty Amid Crypto Involvement

Last year, Heartland Tri-State Bank, a community bank in Elkhart, Kansas, was forced to shut down after its CEO, Shan Hanes, lost millions of dollars in a cryptocurrency scam. 

The Kansas Office of the State Bank Commissioner launched an investigation into the bank and declared it insolvent on July 28.

The Federal Deposit Insurance Corp. (FDIC), which was appointed as the bank’s receiver, has estimated a loss of $54 million from its insurance fund to protect depositors. 

The collapse of Heartland came as four major US lenders failed last year, including Silvergate Bank, Signature Bank, Silicon Valley Bank, and First Republic Bank.

Among these banks, the failure of Silvergate and Signature was partly related to the 2022 crypto meltdown. 

The post NYCB Shares Plunge 42% Before Rebound on $1 Billion Capital Raise appeared first on Cryptonews.

Per the media outlet OSN, Alexander Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, said that crypto would not “die completely,” but would become “marginalized.”

‘Bitcoin Will Tumble’ – But ‘Not Like MMM Ponzi’

Razuvaev claimed that the crypto markets were currently “greatly overheated” by spiking and unsustainable demand.

He added that BTC and other crypto prices would likely continue to rise in the short term, but claimed that unpredictable events could take place “after April.”

The economist was likely referring to the next Bitcoin Halving event, expected to take place in April this year. Razuvaev said:

“Crypto is all about demand. If it is in demand, it becomes more expensive. If not, it becomes cheaper. Any [financial asset] – be it a stock or a bond – can be assessed through its cash flows. Bitcoin cannot be valued this way, and that is why it is a risky asset for investors.”

And Razuvaev said that a “better world” for investors would emerge “when digital rubles, dollars, and euros begin to roll out.”

Razuvaev also reiterated familiar claims about crypto’s supposed similarity to Dutch tulip mania.

This speculative frenzy in 17th-century Holland saw tulip bulb prices rise to “more than the worth of a horse,” the Russian economist noted. He explained:

“Of course, after a very short time, the owners of these ‘boundless riches’ found themselves with nothing. They were just like their ideological descendants who love investing in financial pyramids.”

However, he claimed that unlike conventional “pyramid schemes,” like the notorious MMM Ponzi, crypto would not vanish completely. Razuvaev said:

“Times have changed since the MMM days [in the mid-1990s]. Now, financial toys can live for a long time. I don’t think that the cryptocurrency market will die completely. Instead, it will become a kind of marginal phenomenon.”

India’s state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions https://t.co/q0QHLKZ4oa

— Bloomberg (@business) March 6, 2024

Could Digital Ruble Really Outshine BTC?

Razuvaev previously claimed that Moscow would eventually force pensioners to accept digital ruble payments.

The outspoken economist said that CBDC adoption “trends” would “only intensify over time,” as “technological progress takes its toll.”

In late January, he also claimed that US and EU-led sanctions regimes would ultimately undermine the United States dollar, and provide a boost to Moscow’s CBDC plans.

The Russian Central Bank Governor this month underlined claims that the digital ruble is still in pilot testing, and will roll out no earlier than 2025.

The post Bitcoin Will Tumble After Launch of Digital Ruble, Says Russian Economist appeared first on Cryptonews.

To they buy meme coins on the Solana (SOL) blockchain, or on the Ethereum (ETH) blockchain?

Both blockchains have their pros and cons. Solana has very low fees and fast transactions times.

Ethereum, meanwhile, suffers from high fees and slower transactions. However, Ethereum is still the home to the bulk of on-chain liquidity.

As per DeFi Llama, its trade value locked (TVL) was last close to $150 billion.

Solana’s TVL, meanwhile, was last just over $8 billion on Solana.

When comparing the best meme coins to buy, traders would do well not to ignore either chain.

Both make up important parts of the web3 ecosystem, and are undoubtedly here to stay.

That being said, here are the best meme coins to buy on Ethereum and Solana.

Best Meme Coin to Buy Now

Shiba Inu ($SHIBA)

Ethereum-based meme coin Shiba Inu ($SHIBA) has been a major beneficiary of the recent meme coin price pump.

$SHIBA’s market cap has pumped nearly 4x in the past 30 days, as per CoinMarketCap.

Its market cap is now back to around $20 billion. But its market cap back in 2021 peaked at over $50 billion.

Assuming the current crypto bull market blows past the 2020/2021 bull market, Shiba could still see 3-4x gains from here.

That makes it easily one of the best meme coins to buy right now.

Scotty the AI ($SCOTTY)

Scotty the AI is a brand new Ethereum-based dog-themed meme coin, but with a very important difference. Scotty the AI isn’t just another Shiba Inu. Scotty is a Scottish Terrier.

And unlike the likes of Dogecoin, Shiba Inu and Bonk, Scotty is a meme coin that is packed with utility.

Scotty the AI features an agile threat-detecting AI system that tirelessly ensures the integrity of the cryptoverse by sniffing out potential threats, suspicious transactions, network anomalies, and security breaches.

Scotty is rewarding his army of fans with his unconditional loyalty as their on-chain, AI-powered guard dog.

Scotty the AI also features a security chatbot and will be the star of an upcoming play-to-earn (P2E) game.

Scotty the AI just launched an initial coin offering (ICO).

Having already raised a whopping more than $800,000, it’s already being touted as 2024’s best presale.

Investors are racing to secure their $SCOTTY tokens given they are on sale for $0.00605 each, a very low price.

Indeed, given the total $SCOTTY supply of 1,734,567,890, investors getting tokens at $0.00605 are essentially buying to Scotty at a market cap of around $10 million.

If Scotty achieves its goal of becoming a household meme coin name, it could easily reach $200 million.

Scotty thus ranks as one of the best meme coins to buy right now.

Visit Scotty Here

Dogwifhat (WIF)

Newer meme coin Dogwifhat (WIF) is vying with Bonk (BONK) to become the new flagship meme coin of the Solana ecosystem.

Dogwifhat (WIF) recently clinched a market cap of $1.8 billion after pumping up nearly 10x in the past 30 days.

The meme coin, which features a dog wearing a hat, has a good chance of catching up to the likes of Shiba Inu.

That means potential gains of as much as 10x are on the cards.

Despite its recent pump, it could still be early to get WIF.

It is certainly a candidate for best Solana-based meme coin to buy right now.

Smog (SMOG)

A much smaller Solana-based meme coin alternative called Smog (SMOG) has been turning heads recently.

The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.

Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.

Even though its market cap remains modest at just over $70 million, SMOG already boasts a strong community.

Indeed, as per birdeye.so, it already has over 30,000 holders.

Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.

SMOG could deliver at least 10x gains to investors, hence its rank in the best meme coins to buy.

Buy SMOG Here

The post Solana Or Ethereum? Compare The Best Meme Coins To Buy On Both Chains appeared first on Cryptonews.