The editors of Incrypted have prepared a digest about the main events in the crypto industry over the past week. We will talk about Tether’s plans to become one of the key players in the mining market, expert discussions around the Solana Saga phone, the upcoming flight into space of the DOGE token and the threefold increase in the number of Bitcoin millionaires.
- The cryptocurrency rate continues to jump
On the night of November 15, the price of Bitcoin dropped below $35,000. However, the very next day, the cost of the cryptocurrency rose to an annual record, immediately reaching $37,900.
- The number of Bitcoin millionaires increased by 237%
The number of wallets holding the first cryptocurrency worth more than $1 million has more than tripled since the beginning of 2023. Over the past eleven months, the number of Bitcoin millionaires has grown by 237%, according to Glassnode.
The last time the industry demonstrated such numbers was in May 2022, when the asset was trading around $38,000.
- The expert predicted the collapse of Bitcoin before the launch of spot Bitcoin ETFs
Euro Pacific Capital President Peter Schiff conducted a poll on his X (formerly Twitter) about when Bitcoin would crash.
68.1% of respondents made a bet to buy and hold the asset. 23% of respondents predicted the collapse of the first cryptocurrency after the launch of spot Bitcoin ETFs. Only 8.9% of voting participants believe that the collapse of cryptocurrency will occur even before the launch of exchange-traded funds.
Schiff himself believes that the collapse of the digital asset will happen before Bitcoin ETFs enter the market.
- Bitcoin reacted with slight growth to news of slowing inflation in the US
The US Department of Labor reported that the consumer price index in the US as of October in annual terms was 3.2% – this is lower than experts’ expectations of 3.3%. On a monthly basis, the figure did not change.
After the release of inflation data, the Bitcoin rate showed a slight increase.
- Tether intends to become one of the leaders in the field of mining the first cryptocurrency
Over the next 6 months, the USDT stablecoin issuer will invest $500 million in Bitcoin mining. The funds will be used to purchase shares in specialized companies and build Bitcoin mining centers.
By 2025, the total capacity of Tether mining enterprises should be 450 MW, and the market share should exceed 1%.
- Bitcoin Mining Difficulty Sets New ATH
On November 12, another recalculation of the difficulty of mining the first cryptocurrency took place. The indicator increased by 3.55% and set a new ATH. At the time of writing, the difficulty is 64.68 T, and the hashrate is fixed at 466.26 EH/s, according to BTC.com.
Hackers and vulnerabilities
- CertiK announced a vulnerability in the Solana smartphone. The company denied security problems
On November 15, CertiK announced the discovery of a “critical vulnerability” in the Saga smartphone. The company unlocked the device’s bootloader using a backdoor, gaining access to the device’s data.
Solana representatives said that the CertiK video is not evidence of any security problems specific to the Saga smartphone. Unlocking the bootloader is one of the advanced features of many Android devices.
The situation was also commented on by CCO HAPI Mark Letsyuk, who noted that in the CertiK video the phone does not use one of the main features of Saga – the Seed Vault function.
- Raft suffered from a $3.3 million hacker attack
The hacker caused $3.3 million in damage to the Raft DeFi platform, but the attacker likely lost almost all of the stolen funds.
Before the hack, an unknown person sent 18 ETH to his wallet through the Tornado Cash mixer. He subsequently withdrew 1,577 ETH from Raft and then burned 1,570 ETH, leaving only 7 ETH. Due to an attack on the platform, the native RAFT token fell by almost 100%.
- In China, hackers stole cryptocurrencies through fake Skype
A new cryptocurrency scam has emerged in China. To steal assets, attackers use a fake Skype application, since the original software is banned in the country. Experts have discovered more than 100 addresses associated with a phishing scam.
- BitcoinJS wallets risk losing $1 billion due to vulnerability
Cryptocurrency wallets based on BitcoinJS are at risk of hacking due to the Randstorm vulnerability. Their owners risk losing over $1 billion, Unciphered analysts said.
- Mutant Ape Planet NFT Collection Developer Pleads Guilty to $3 Million Fraud
The French developer of the Mutant Ape Planet NFT collection, Aurelien Michel, pleaded guilty to committing fraud in the amount of about $3 million. He faces a prison sentence of 5 years.
- Crypto wallet lost $27 million as a result of hacking
On-chain analyst ZachXBT discovered that hackers hacked a crypto wallet that recently received $27 million. The hacker promptly converted the stolen Tether coins into ETH, after which the funds were transferred to Bitcoin using the THORChain protocol.
Regulation of crypto assets in Ukraine and the world
- An alternative bill on taxation of cryptocurrencies was introduced to the Verkhovna Rada
On November 17, the Verkhovna Rada registered bill No. 10225-1 on amendments to the tax code and other legislative acts regarding the regulation of the turnover of crypto assets.
The document proposes a different approach to taxation than the previously presented draft law, which provides for a tax rate for transactions with cryptocurrencies for individuals in the amount of 19.5%, as well as the implementation of tax agent activities by exchanges.
- The German bank Commerzbank received a license to store cryptocurrencies
The German banking concern Commerzbank has officially received a license to store cryptocurrencies. At the first stage, the company intends to launch a platform for secure storage of assets for institutional clients.
- The Central Bank of the Netherlands has licensed the issuance of digital euros on the Algorand network
The Dutch Central Bank has licensed the issuance of a regulated and programmable digital euro. The EURD payment instrument was created by Quantoz. We are talking about an electronic money token (EMT), which is not a cryptocurrency or a stablecoin.
- SEC filed 784 lawsuits in 2023
The US Securities and Exchange Commission (SEC) filed 784 lawsuits, up 3% from last year, and received $4.9 billion in financial damages.
This is the second highest figure in the agency’s history. In addition, the SEC paid $930 million to investors who suffered from the actions of “unscrupulous persons.”
- Ukrainian law enforcement officers completed OSCE training on tracking crypto assets
Representatives of law enforcement and supervisory authorities of Ukraine completed a special course on investigating financial crimes using crypto-assets.
The training was organized under the auspices of the Office of the Coordinator of Economic and Environmental Activities of the OSCE and the UN Office on Drugs and Crime.
PrivatBank and Monobank responded to messages about blocking accounts for transactions with cryptocurrencies
Complaints from PrivatBank and Monobank clients about card blocking appeared online. In particular, some of them reported that users made transactions to buy or sell crypto assets.
PrivatBank support stated that the information about card blocking that has spread online is fake. A bank support representative in a conversation with Incrypted noted that the issue is “individual for each client.”
Monobank representatives also commented on the situation:
“The blocking is individual for each client, depending on what transactions are being carried out. In general, we withdraw funds from cryptocurrencies. There may be different reasons for blocking cards“
Dogecoin wallet will be launched on the moon on December 23
Members of the Dogecoin community intend to launch a physical wallet with the token to the moon. The operation to send DOGE to the Earth’s satellite is being carried out jointly with the aerospace company Astrobotic Technology. The delivery of the token into space should be ensured by the super-heavy launch vehicle Vulcan Centaur.
BlackRock filed with the SEC to create a spot Ethereum ETF
BlackRock has officially filed an application with the US Securities and Exchange Commission to create a spot Ethereum ETF. The Form S-1 filed with the agency said that the iShares Ethereum Trust is intended to “generally reflect the price performance of Ethereum.”
OKX introduced the X1 L2 network based on Polygon CDK
Cryptocurrency exchange OKX has officially introduced a test L2 network called X1. The project, created on the basis of Polygon CDK, is positioned as an on-chain ecosystem for developers, OKX representatives told Incrypted.
The influx of funds into crypto funds has exceeded $1 billion over the past 7 weeks
In the period from November 6 to 10, the influx of funds into exchange-traded products (ETP) based on cryptocurrencies amounted to $293 million. Since the beginning of 2023, the volume of infusions has exceeded $1.14 billion, according to CoinShares.
The dYdX project launched a beta version of the mainnet and opened asset trading
The main network of the L1 blockchain dYdX Chain has entered the beta stage. This was stated by the project team. Users can now trade assets within the network.
However, there are no rewards for conducting such activities in the beta version. However, validators and stakers will accumulate trading fees, dYdX representatives said.
- Tether CEO announced the launch of 5 new projects.
- FTX filed a lawsuit against the Bybit exchange demanding the return of $953 million.
- Uniswap’s total commissions for the month exceeded $1 million.
- Foresight Ventures has acquired a majority stake in crypto media The Block.
- Crypto.com has received a virtual asset service provider license in Dubai.
- MOON surged 150% after announcing a plan to reduce its supply.
- Named after Elon Musk’s AI bot, the token grew by 1000% in 6 days.
- The PancakeSwap team presented the GameFi platform.
- South Korea’s pension fund made nearly 40% of its profits from Coinbase shares.
- The National Bank of Kazakhstan conducted the first transaction with digital tenge.
- Binance will launch a cryptocurrency exchange in Thailand.
- The 1inch Network team presented a cryptocurrency portfolio tracker.
- Bitget introduced “position grids” for trading automation.
- CoinShares received an option to acquire Valkyrie Funds.
- The FBI has arrested suspects in a $10 million fraud.
What’s up with Incrypted?
The Incrypted team reviewed projects that could host airdrops in 2024 and selected the most promising ones:
We also analyzed in detail what taxes they want to impose on cryptocurrency owners in Ukraine:
On November 16, the Incrypted team held an AMA session with the founders of the CryptoFights project, Dmitry Kvashnevsky and Alexey Didichenko. We have prepared material with the main points of the conversation:
In addition, the editors explained how to read charts on cryptocurrency exchanges and aggregators, as evidenced by the main patterns, and why traders need various indicators:
New materials from this section:
- Arbitrum Odyssey – Week 6
- XION Activity
- Linea – DeFi Voyage Week 2
- Intract Activity
- Taho Beta-test Game Subscape
- Person Activity
- X1 Network Testnet
- Galxe Quests New Module
- Rhino.fi Bridge Activity
- BNB Chain Airdrop Marathon Week 6
- DeBank Badges
- zkLink Social Quest on Intract
- Starknet Mint
- The editors of Incrypted remind you of the upcoming pitch session for startups, which will take place on November 22, 2023.
- New events have appeared in the crypto calendar, where you can find a lot of interesting things.