Durov’s Arrest: Toncoin Market Cap Hits $13.96B

Toncoin Market Cap Reaches $13.96B

Toncoin, the native token of The Open Network (TON), has reached a market capitalization of $13.96 billion and surpassed 1.1 million daily active users. The achievement comes amidst turbulence following the arrest of Pavel Durov, CEO of Telegram.

He was detained on August 23 at Le Bourget airport near Paris. Durov faces multiple allegations, including involvement in illegal activities on Telegram, such as distributing child pornography, drug trafficking, and organized fraud.

TON Faces Challenges Amid Arrest News

Following news of Durov’s arrest, Toncoin’s value dropped by 25% on August 25, reaching $5.24. The impact of Durov’s arrest extends beyond Toncoin as the value of other tokens within the network also dropped significantly.

For instance, Notcoin (NOT), another leading token in the ecosystem, decreased by 18.1% over the past week. Similarly, the gaming platform GAMEE’s native currency (GMEE) fell by 31.5%, and the NFT game PunkCity’s governance cryptocurrency (PUNK) saw a 21.1% decrease.

Even the intentionally misspelled meme coin Povel Durev (DUREV), which was dedicated to Durov, declined by 8.4%. Additionally, The Open Network itself encountered issues as it halted new block production.

This disruption was due to an “abnormal load” on the network, which prevented several validators from clearing old transactions. During this period, the Dogs (DOGS) meme coin launch, which briefly achieved a $673 million market cap, added to the network’s traffic and complexity.

French President Denies Inviting Pavel Durov Amid Backlash

During his recent diplomatic visit to Serbia, French President Emmanuel Macron firmly denied any involvement in Telegram co-founder Pavel Durov’s arrest when he visited France. Macron stated that he was unaware of Durov’s presence in the country and emphasized that the French justice system would manage the case.

He made it clear that he did not know of the Telegram CEO’s arrival, adding that it was normal for him not to be informed of every foreign national’s visit. However, many saw Macron’s comments as an attempt to distance himself from the controversy.

Tech Community Reacts Strongly to Durov’s Detainment

The arrest of Pavel Durov has drawn strong reactions from global leaders, tech executives, and advocates for free speech. Many view the move as a dangerous precedent where there would be a crackdown on decentralized technology and the individuals behind it across the world.

Among the harshest critics of Durov’s arrest are prominent figures in the tech sector. Gabor Gurbacs, an ex-executive at VanEck, questioned the principles of the rule of law and freedom of expression.

Gabor’s remarks reflect a growing concern that the arrest is politically motivated, despite Macron’s denial. Mert Mumtaz, CEO of Helius Labs, added that there’s no way tech founders should be held responsible for the crimes committed on their platforms since there’s freedom of expression globally.

Fears of Broader Crackdown on Tech and Free Speech

The backlash has not been limited to the tech community. Durov’s arrest has sparked fears of increased regulation and potential restrictions on digital freedom across Europe. These concerns have prompted some in the tech industry to consider relocating their operations to more favorable environments.

Pavel Durov, now facing formal charges by French prosecutors, remains in France under strict conditions, including a €5 million bail bond. He is required to check in with law enforcement weekly and is barred from leaving the country.

Despite Macron’s assurances of the judiciary’s independence, the arrest has fueled speculation that France may be targeting leading figures in the decentralized tech space. The ongoing situation with Durov has further intensified debates on government interference in digital platforms and the broader implications for freedom of speech.

Meanwhile, Chris Pavlovski, CEO of Rumble, has reacted by moving his company out of Europe after alleged threats from French officials. His move suggests a growing concern among tech entrepreneurs about their safety and the future of their companies should they remain in Europe.

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Crypto ATMs Dominate Illegal Cash-to-Crypto Transactions – TRM Labs

A recent study by the blockchain analytics platform TRM Labs showed that cash-to-crypto transactions facilitated by crypto ATMs have surged since 2019. According to the report, criminal elements utilized crypto ATMs to move illicit funds, with roughly $160 million processed already.

Growing Global Concerns on Crypto ATMs

The recently released report highlights the growing concern that law enforcement organizations all around the world have regarding the expansion of automated teller machines that accept cryptocurrencies. These machines, which make it possible to trade fiat currency for digital assets, have become an increasingly important focus of investigation in recent years. Over $30 million worth of illegal cash-to-crypto transfers were sent to known bogus addresses using these services in 2023 alone.

Recent Regulatory Actions and Crackdowns

Earlier this month, Germany’s financial watchdog, BaFin, carried out an operation during which it seized thirteen such machines and confiscated over 250,000 euros (roughly $280,000) in cash. Meanwhile, this approach is part of a larger trend of recent actions taken by regulatory agencies.

The authorities in the United Kingdom removed 26 Bitcoin ATMs in 2023, while in the United States, officials pulled down 18 Bitcoin ATMs in Texas and more than 50 Bitcoin ATMs in Ohio. Despite all of these efforts, the difficulties continue to exist.

Criminal organizations continue to use cryptocurrencies to speed up international transactions by taking advantage of the inherent weaknesses of cryptocurrency-automated teller machines. Two such weaknesses are that these machines use cash, and there are no severe face-to-face verification or account control mechanisms in place.

Crypto ATMs Complaint Statistics and the Financial Impact

According to the survey, out of the 15,000 complaints that were received in the previous year, individuals aged sixty and above were affected by losses of nearly $1 billion associated with digital asset fraud. In addition, almost 2,000 cases, or 13% of the fraud cases, were linked to Bitcoin ATMs.

These findings highlight the major significance that these machines play in fraudulent activities involving digital assets. Since May, regulatory activities in the United States have resulted in the removal of more than 1,000 crypto ATMs.

Despite these regulatory actions, the United States continues to hold the position of a global leader in terms of the number of crypto ATMs, with more than 31,000 devices still in operation across the country.

However, a 17-fold rise in the number of machines over the previous two years in Australia has caused the country to emerge as a prominent player in the market for cryptocurrency automated teller machines. Like the US and other nations, Australian authorities have also identified these automated teller machines as a significant conduit for money laundering.

Regional Development and Crypto ATMs

Even though crypto ATMs are still legal in Germany (so long they comply with certain rules), recent enforcement operations have resulted in the closure of thirteen machines for operating without carrying the proper licenses. This situation is in stark contrast to the current situation in the United Kingdom, where the crypto ATM business has been largely decimated as a result of a ban that was issued by the Financial Conduct Authority (FCA) in 2022.

Before the ban, Coin ATM Radar data indicated that the United Kingdom was home to 81 operational cryptocurrency ATMs, placing it among the top ten countries in the world. Recently, the United Kingdom recorded its first criminal charge connected to the operation of a cryptocurrency-automated teller machine.

A search by the police in Chatham, Kent, at an electronics store resulted in the seizure of numerous cryptocurrency automated teller machines (ATMs), including one that was exhibited in public. The police also took into custody a 37-year-old man named Habibur Rahman, who lives on Langdon Crescent in East Ham, London, over using an unregistered crypto ATM.

The Kent police further claimed that Rahman converted £300,000 into digital assets to clean it. His court appearance is scheduled for October 10, and he is still being held on bail. Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), Matthew Long, warned that individuals who use these devices can unknowingly aid criminal operations since the FCA does not currently have any machines registered with them.

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How to Spot Crypto Scam Ads on Social Media

As cryptocurrencies grow more popular, frauds—particularly crypto scam ads on social media— are also increasing. To entice victims into losing their money, scammers run ads and offer too-good-to-be-true returns on investments.

Although it might be difficult to spot these scams, you can guard yourself from becoming a victim by being aware of typical warning indicators. This guide walks you through how to spot crypto scam ads on social media with ease.

The Emergence of Social Media Crypto Scams

As the crypto market expands, both real investors and cybercriminals have joined the fray. Scammers now find rich ground on social media sites such as Facebook, Instagram, and X—formerly Twitter.

Since anyone can publish advertisements on these sites, fraudsters use the opportunity to promote bogus investment opportunities and other fraudulent schemes. To build credibility, scammers design ads that seem credible, usually copying well-known companies or using celebrity sponsorships.

4 Common Crypto Scam Ads Tactics

Crypto ads scams come in many formats. Hence, knowing the common types of scams can enable you to avoid being a victim.

Fake Investment Offers

Many times, scammers advertise investment opportunities with shockingly huge returns. Usually, they claim that users can double or even triple their investment within a short period. These offerings, which are typically Ponzi schemes—where money from new investors is used to pay returns to previous investors—seem reasonable until they collapse.

Giveaway Scams

Many scam ads claim that users can deposit a small amount of money to qualify for the “free” tokens. They promote fake giveaways or airdrops of cryptocurrencies. The victim sends the money and then gets nothing in return. Any request for cash raises questions, as legitimate giveaways do not require upfront deposits.

Phishing Scams

Some scammers create ads that lead to websites designed to look like official websites of cryptocurrency exchanges or wallets. Thus, users who visit these phishing sites are misled into inputting private keys or login credentials. Once the con artists get the user data, they steal the victim’s money, leaving no chance of recovery.

Romance or Dating Scams

Scammers targeting people via social media or online dating sites choose a more intimate approach. The scammer builds rapport with the victim over time until they convince them to transfer cryptocurrencies as gifts or invest in a fake crypto project. Then, the con artist vanishes after the funds have been transferred.

Red Flags

No matter how convincing they appear, crypto scam ads flash some warning signals. Here are some red flags to watch for that would save you from becoming a victim:

• Unrealistic promises
• Celebrity endorsements
• Pressure tactics
• Anonymous or fake teams
• Poorly designed websites

Real-Life Examples of Crypto Scam Ads

Many crypto fraud schemes utilize social media ads. Sometimes, scammers take over verified accounts to advertise their bogus schemes.

Mandiant Hack

A hacker took over the verified X account of cybersecurity firm Mandiant in January 2024. They changed the account’s name to encourage a fictitious token distribution, fooling consumers into clicking phishing links. The offer seemed reliable, and it came from a verified account.

YieldTrust.ai Scam

Regulators in Texas and Alabama exposed YieldTrust.ai as a scam in April 2023. The business claimed its trading bot could beat human traders. An audit later found that the bot was a hoax and that the platform was designed to prevent users from accessing their money.

How Scammers Target Victims on Social Media

Social media offers scammers various means of reaching their targets. Many times, they take advantage of the same qualities that draw people to social media.

Sponsored Ads

Scammers pay to post their content on social media, like honest companies would. However, people find it more difficult to notice scams as these adverts appear to be real on users’ feeds.

Influencer Partnerships

Some fraudsters pretend to be real enterprises and work with influencers to advertise their bogus cryptocurrency or investment prospects. They could even develop phoney influencer profiles replicating well-known celebrities to seem more legitimate.

False Accounts

Scammers open social media accounts posing as reputable businesses or people. Before trying to steal money or sensitive data, they might chat with users via messages or postings to foster trust.

AI Bots

Artificial intelligence bots can flood social media channels with phony posts, generating the impression of general acceptance or popularity for the hoax. These bots raise their profile by liking, sharing, and commenting on fraudulent posts.

How to Protect Yourself

Following these basic practices can help you protect yourself.

Be on Guard

Approach cryptocurrency projects with a reasonable degree of caution. Anything that appears too good to be true most likely isn’t. Before you commit your money, take some time to scrutinize any project or investment opportunities.

Verify Sources

If an advertisement says a celebrity supports a project, find out via credible news sources or the official channels of the celebrity. Never depend only on what you find in an advertisement.

Avoid Pressure

Real investments never require immediate action. If an offer forces you to respond immediately, consider it a warning to back off and probe further.

Examine the Team

Legitimate crypto projects are open about their team members. Avoid a project if it lacks information on the individuals behind it or if the team appears suspicious or anonymous.

Use Secure Websites

Only submit personal or financial data on safe, certified websites. Search the website’s URL for HTTPS and steer clear of clicking on links from advertisements without first confirming their veracity.

Final Thoughts

Although crypto scam ads are becoming more sophisticated, with the right information, you can spot warning flags and protect yourself. Avoid unreasonable promises, pressure tactics, and faceless teams.

Before making any investments or disclosing personal data online, conduct research. Staying informed and vigilant will help you avoid social media crypto scams.

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Vitalik Buterin Downplays Criticism of Ethereum’s DeFi Neglect

Following accusations that the Ethereum network does not care about decentralized finance (DeFi), Vitalik Buterin has downplayed the criticisms over alleged neglect. According to the Ethereum co-founder, DeFi has been an important part of Ethereum’s ecosystem core principle.

Frustrations over Ethereum’s DeFi Position

Discussions about DeFi gained traction on the crypto social media space after yield farming creator Kain Warwick appeared on a crypto talk show last weekend. During the show, Warwick expressed his dissatisfaction with the way the Ethereum Foundation has acknowledged DeFi’s contribution to the Ethereum ecosystem.

He expressed his displeasure regarding the Ethereum Foundation’s lack of recognition for DeFi’s contributions to the ecosystem. Warwick acknowledged that “years of frustration” went into creating these posts.

While praising Ethereum co-founder Vitalik Buterin for his accomplishments and calling him an “incredible person who has done incredible things,” Warwick expressed concern that the DeFi community’s mounting annoyance has been stoked by Buterin’s position on DeFi, which suggests that DeFi should be given less priority.

Buterin’s Response to Warwick

Online users responded fervently to Warwick’s remarks, with some endorsing his point of view. A user observed that there is a closer relationship between DeFi’s value and the Ethereum network.

An X user argued that it is incoherent for Buterin to support the centralized stablecoin USDC while he pays less attention to DeFi, despite the sector’s significant contribution to the Ethereum network.

In response, Buterin underlined his support of the fundamental ideas of DeFi, like permissionlessness, decentralization, and value applications that are practical and long-lasting. Buterin also stressed how much he values decentralized stablecoins like RAI and decentralized exchanges (DEXes), both of which he frequently uses.

However, he expressed contempt for programs whose appeal stems from unsustainable elements. He cited the 2021 liquidity farming frenzy as an illustration. He explained that this frenzy was fueled by transient token issuances that lacked longevity.

The Future of DeFi in the Ethereum Ecosystem

Buterin predicted that in the future, DeFi by itself would not be enough to propel the Ethereum ecosystem’s evolution, as there would be other necessary and more extensive innovations. Meanwhile, the Ethereum Foundation made a noteworthy financial move amidst the discussion surrounding the position on DeFi.

It moved roughly $97 million worth of ETH to a Kraken exchange deposit wallet address on August 23. After a heated online discussion regarding the purpose of this transaction, the executive director of the Ethereum Foundation clarified that this was a standard procedure for the organization’s treasury management. He further explained that it is a move that guarantees the right distribution of funds.

Defending the Decentralized Prediction Market

In another development, Buterin has also been involved in the defense of decentralized prediction markets. Recently, these markets have come under increased regulatory scrutiny from the US Commodity Futures Trading Commission (CFTC).

By classifying prediction markets as gambling platforms, the CFTC’s proposed regulations could restrict the way in which they operate. However, Buterin disagreed with this categorization, claiming that it oversimplifies the function and advantages of prediction markets.

Buterin stated that prediction markets, such as Polymarket, are useful “social epistemic tools,” offering insights into future events based on market predictions.

Opposing CFTC’s Proposal

Moreover, prominent personalities in the cryptocurrency space have opposed the CFTC’s proposal. Gemini co-founder Cameron Winklevoss argued that decentralized prediction markets provide a special public good. They force users to stake actual money and produce forecasts that are more accurate than those from conventional sources.

In his insights, Coinbase Chief Legal Officer Paul Grewal expressed concerns about the CFTC’s proposal’s vague definition of “gambling.” He pointed out that it might lead to needless limitations on platforms like Polymarket, which have entirely different functions from traditional gambling establishments.

Despite these regulatory difficulties, Polymarket is still doing well. According to recent data, the platform’s trading volume exceeded $390 million in August, indicating a notable increase in user engagement.

Furthermore, new firms joining the prediction market are recording good performances. For instance, the decentralized exchange on Solana called BET (Bullish on Everything) attracted millions of dollars in liquidity on its first day of operation. BET has become well-known for its focus on the results of US elections.

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Feds Bust a Pig Butchering Scam Network in the US

Pig Butchering Scams Targeting US Investors

United States authorities have made significant strides this week in tackling a major pig butchering scam, recovering millions of dollars in cryptocurrency, and sending a former bank CEO to prison. The US District Attorney’s Office for the Eastern District of North Carolina announced the seizure of nearly $5 million worth of Tether (USDT).

Authorities linked the funds to a pig butchering ring, a type of scam in which criminals build online relationships with victims to trick them into investing in fake cryptocurrency schemes. US Attorney Michael Easley highlighted the growing threat of such scams, noting that many Americans have lost their life savings through them.

In one case, the scammers convinced a victim to invest his entire individual retirement savings into what he believed was a legitimate crypto trading platform. Instead, the scammer funneled the funds into the accounts they controlled. Authorities, including federal agents and FBI analysts, tracked the stolen money across multiple crypto wallets, and with help from Tether, they successfully seized the funds.

Former Bank CEO Jailed for Embezzling $47 Million

Earlier in the week, Shan Hanes, the ex-CEO of Heartland Tri-State Bank in Elkhart, Kansas, received a prison sentence of over 24 years. Hanes had embezzled $47.1 million from his bank in an attempt to recover losses he suffered in a pig butchering scam.

Between May and July 2023, Hanes made 11 wire transfers from the bank’s accounts to crypto wallets, hoping to recover his money. However, the scammers continued to pressure him for more funds, leading him to steal from a local church, an investment club, and even his daughter’s college savings account.

Hanes’ actions led to the collapse of Heartland Tri-State Bank, with the Federal Deposit Insurance Corporation (FDIC) covering the $47.1 million loss. However, the damage extended beyond the bank, with investors losing an additional $9 million due to Hanes’ fraudulent activities.

Using Fake Crypto Platforms to Defraud Victims

Pig butchering scams continue to be a serious issue, with scammers targeting more people through social media and dating sites. The scams typically start with criminals posing as romantic interests or trusted acquaintances, who then manipulate their targets into investing in fake cryptocurrency platforms.

The schemes often involve elaborate tactics to build trust before the final financial blow is delivered. In addition, a security expert on X warned about a new scam involving an Asian woman with adequate knowledge of crypto trading. She tricks victims into investing in a fake crypto platform and charges them a 15% fee when they try to withdraw their so-called profits.

Crypto Pyramid Scheme Leader Extradited from Thailand to China

Meanwhile, Zhang Moumou, the brain behind the famous crypto pyramid scheme, has been sent back to China from Thailand to face appropriate charges. This extradition is a significant development in the fight against economic crimes involving digital currencies.

Zhang, who led the MBI Group, orchestrated an online pyramid scheme that scammed millions of people and accumulated billions in illegal profits. Zhang’s extradition is the first instance of such a transfer between Thailand and China under the 1999 China-Thailand Extradition Treaty. Zhang had been on the run since November 2020, when the Chongqing Municipal Public Security Bureau formally filed a case against him.

The MBI Group’s $14 Billion Scam

The MBI Group, which Zhang led, has been operating since 2012. It lured victims with promises of high returns on investments in virtual digital currency. The scheme required participants to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join.

Earnings were tied to recruiting new members and the amount of money they invested. The operation entrapped more than 10 million people and involved over 100 billion yuan ($14 billion).

China’s pursuit of Zhang intensified after the issuance of an Interpol red notice in March 2021. This international alert marked Zhang as one of China’s most wanted economic crime suspects. Thai authorities eventually captured Zhang on July 21, 2022.

Zhang Moumou’s Extradition

However, Zhang’s extradition to China was not immediate. The legal process required careful adherence to the terms of the bilateral treaty between China and Thailand. The Thai Court of Appeal made a final decision on May 21, 2024, to deport Zhang Moumou.

The government approved this decision on August 14, allowing Zhang to be sent back to China on August 20. Despite China’s strict regulations on cryptocurrency, including a comprehensive ban on Bitcoin transactions implemented in 2021, the population remains vulnerable to crypto-related scams.

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Tether to Unveil Dirham Stablecoin with UAE Partners

Tether to Introduce Dirham-Backed Stablecoin in UAE

Tether, the dominant force in the stablecoin sector, is set to launch a new digital currency backed by the United Arab Emirates dirham (AED). This move is part of a collaboration with the UAE’s Phoenix Group and Green Acorn Investments.

The new stablecoin, which will be available to users soon, is expected to enhance international trade and remittances by providing a cost-effective alternative to fiat currency. Tether’s decision to introduce this dirham-pegged token reflects its commitment to meeting the growing demand for stable and reliable digital assets in global markets.

Phoenix Group and Green Acorn Investments Partner with Tether

Phoenix Group, a prominent tech conglomerate based in Abu Dhabi, is a key partner in this venture. The group’s involvement emphasizes its commitment to offering innovative financial solutions that cater to the evolving needs of its clients.

Seyed Mohammad Alizadehfard, Phoenix Group’s co-founder and Group CEO, noted that this partnership aligns with the firm’s mission to provide cutting-edge financial products. With the UAE’s cryptocurrency usage on the rise (driven by the establishment of the Virtual Asset Regulatory Authority), this launch is timely.

Green Acorn Investments, another UAE-based partner, will ensure that the new stablecoin is firmly rooted in the local finance ecosystem, guaranteeing stability and instilling user confidence.

Tether Launches USDT Tokens on Aptos Blockchain

Tether’s expansion into the UAE market is part of a broader strategy to increase its global presence. The company recently launched its USDT token on the Aptos blockchain, further demonstrating its commitment to improving broader access to digital currencies worldwide.

This integration with Aptos aims to reduce transaction costs significantly, making USDT more viable for various use cases, from large-scale enterprise operations to everyday microtransactions. Paolo Ardoino, CEO of Tether, believes that the dirham-backed token will be a valuable addition to Tether’s range of stablecoins, offering users greater flexibility and stability in their financial dealings.

Abu Dhabi Proposes Rules for Fiat-Referenced Tokens

Meanwhile, Abu Dhabi’s financial regulator, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), has proposed a new regulatory framework for fiat-referenced tokens (FRTs), a specific type of stablecoin. This proposal is a response to increased interest from potential issuers and other stakeholders who are keen to explore the issuance of FRTs within the ADGM jurisdiction.

Fiat-referenced tokens (FRTs) are digital assets backed by liquid assets in the same currency as the token itself. They are designed to be stable, with their value tied to a fixed amount of a single fiat currency.

The FSRA’s proposed framework aims to ensure that FRTs maintain their stability by requiring that the market value of reserve assets match or exceed the par value of all FRTs in circulation at the close of each business day. Under the proposed rules, FRT issuers will undergo strict operational requirements.

They would be required to value their reserve assets on a market-to-market basis daily, ensuring that the token’s backing remains robust and that the assets can be liquidated with minimal impact on price. Additionally, if an issuer manages more than one FRT, they would need to maintain separate pools of reserve assets for each token to avoid any cross-liabilities.

FSRA Calls for Framework Scrutiny

The FSRA has called for public feedback on the proposed framework, with a deadline set for October 3, 2024. After this date, the FSRA will review the comments and decide whether adjustments are necessary before finalizing and enacting the regulatory framework.

In defining FRTs, the FSRA consulted international practices and proposed that these tokens be recognized as digital assets whose transfer and storage are facilitated through distributed ledger technology.

The proposed definition also stipulates that FRT holders should have the right to redeem the token for an equivalent amount of the fiat currency it references directly from the issuer. The FSRA’s regulatory proposal also includes a review of the current suite of regulated activities within the ADGM to ensure they are consistent with the new framework for FRTs.

This review is expected to address various aspects, including the use of FRTs in payment services and their acceptance in investment products. Recent developments, such as the Central Bank of the UAE’s approval of a new stablecoin licensing system in June, reflect the region’s growing focus on fostering innovation in the digital economy.

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Ledn Secures $50M Bitcoin-Backed Loan: What to Know

Ledn Secures Pioneer $50M Bitcoin-Backed Loan

Ledn, a prominent digital lending platform, has received approval for a $50M loan backed by Bitcoin. This loan, syndicated by Sygnum, a global digital asset banking group, marks a significant development in the integration of digital assets into the broader financial system.

Ledn is expected to fund the growth of its retail lending operations with this loan. Sygnum, with $4.5 billion in client assets, played a crucial role in syndicating the loan, emphasizing its commitment to bridging the gap between traditional finance and the rapidly evolving world of digital assets.

The partnership between Ledn and Sygnum is a pivotal moment for both companies, as it paves the way for further innovation in the financial industry. John Glover, chief investment officer at Ledn, noted that this collaboration represents a major step towards integrating crypto assets into mainstream financial markets.

Glover emphasized that this partnership is not just about the present achievement but also about setting a new standard for transactions in the finance ecosystem. Adam Reeds, CEO and co-founder of Ledn, expressed confidence in the potential of Bitcoin-backed syndicated loans to become a regular feature in the financial landscape.

He views this transaction as a pilot that will lead to many similar deals as digital assets continue to gain acceptance in traditional financial markets. The loan, structured similarly to Ledn’s existing retail loan offerings, includes provisions for maintaining loan-to-value (LTV) ratios.

This means that Ledn will be required to increase the collateral backing the loan at certain thresholds. This structure mirrors the way Ledn manages its retail clients’ loans, ensuring consistency and reliability.

Sygnum Sets New Precedent with Role in Bitcoin-Backed Loan

Sygnum’s involvement in this deal reflects the increasing recognition of Bitcoin as a legitimate asset class among institutional investors. As a fully regulated bank, Sygnum’s participation in this loan facility will encourage more traditional financial participants to explore opportunities in the digital asset space.

Benedikt Koedel, head of credit and lending at Sygnum, expressed excitement about supporting Ledn’s growth and contributing to the maturation of the crypto ecosystem. Katalin Tischhauser, head of investment research at Sygnum Bank, predicted that Bitcoin ETF inflows could reach between $30 billion and $50 billion within the first year of trading.

She added that Ether is more relatable to traditional institutional investors due to its revenue-generating potential. Thus, it is an attractive option as the market for digital assets gains wider acceptance.

Bitcoin Rises Amid Stock Market Rally

Meanwhile, Bitcoin experienced a significant price boost on August 20, climbing by 2.5% to approach the $61,000 mark. This upward movement came as the broader macroeconomic sentiment appeared increasingly risk-on, aligning with gains in the stock market.

According to data from TradingView, Bitcoin reached a local high of $61,424 on Bitstamp. This surge marks a notable shift from its position at the weekly open, providing hope for a possible price recovery.

The driving force behind this momentum, as identified by market analysts, is a renewed appetite for risk in traditional markets. Trading firm QCP Capital highlighted that the stock market’s rally has been fueled by a surge in corporate share buybacks, which have totaled $1.15 trillion this year.

QCP Capital also pointed out that this risk-on sentiment could extend beyond equities, potentially benefiting both Bitcoin and gold. The latter recently hit fresh all-time highs, signaling strong demand for safe-haven assets.

Traders Cautious Despite the Bitcoin Price Surge

Despite these positive signals, Bitcoin’s price has struggled to break past the key resistance level of nearly $70,000, leaving traders cautious about the sustainability of the current rally. Mark Cullen, a popular trader, noted that Bitcoin’s price squeezed through the $59,500 level overnight, capturing liquidity above weekend highs and testing the upper trendline.

According to popular market analyst Rekt Capital, Bitcoin’s price actions echo changes seen since its price peak in March. He emphasized that Bitcoin is currently attempting to reclaim a crucial support level. If successful, this could signal a bullish trend for the cryptocurrency.

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What is DEX Screener? A Complete Beginner’s Guide

The rising complexity and diversity of DeFi platforms call for strong tools to analyze the market properly. DEX Screener is one of the main platforms providing such tools. It guarantees almost flawless trade analysis. The key features and benefits of DEX Screener are explained in this guide.

Understanding DEX Screener

One often used DeFi analytics tool is DEX Screener. Its intended use is to provide DeFi traders with real-time data insights. DEX Screener compiles data from several decentralized exchanges (DEXs) and blockchain systems so users can track and examine market movements, token pricing, liquidity, and more. Thanks to its simple interface and comprehensive data coverage, it is an excellent tool for beginner and experienced traders.

Key Features of DEX Screener

DEX Screener offers several amazing analytics features.

Real-Time Token Price Tracking

DEX Screener can monitor token prices across many DEXs in real time. Traders can quickly check price swings, analyze past charts, and spot patterns with possible buy or sell prospects.

Liquidity Analysis

DEX Screener offers comprehensive liquidity metrics, including pool sizes, trade volumes, and liquidity provider costs. These insights help traders evaluate the strength of a market and decide whether to enter or exit a trade position or stay away from the market.

Advanced Filtering Options

DEX Screener features sophisticated filtering options to allow consumers to locate certain coins or liquidity pools. Applying filters based on chain, token type, volume, and more lets traders personalize their searches. This feature is helpful for identifying niche prospects or concentrating on certain market segments.

Customizable Watchlists and Alerts

Users of DEX Screener can construct tailored watchlists to monitor certain coins’ performance. The software also provides configurable alarms alerting traders when a token hits a certain price threshold. Thus, users can get informed quickly and react fast to changes in the market.

Multicharts for Comparative Study

DEX Screener offers multi-chart features for traders looking to compare several tokens. This function lets users see up to 16 tokens at once, facilitating a thorough study of any relationships between them, including price fluctuations. With these comparisons, traders can better grasp market dynamics and make wiser selections.

New Pair Explorer

The New Pair Explorer tool on DEX Screener enables traders to find newly introduced trade pairs across many DEXs. With real-time charts, historical data, and liquidity information for new pairings, this tool lets you spot developing prospects very early. Thus, you can profit from fresh market swings before other traders identify them.

Portfolio Tracking

DEX Screener provides portfolio monitoring solutions that let traders check the success of their assets.

Trending Score

DEX Screener rates every token on its platform with a “Trending Score” based on its present market activity. This score takes into account many elements, like trade volume and price swings. This score helps traders spot possible investing prospects or stay away from bad assets.

How to Use DEX Screener for Successful Trading

Making good use of DEX Screener requires knowledge of its many characteristics and integration into your trading plan.

Track New Pairs Frequently

The New Pair Explorer greatly aids in finding new trading opportunities. Regularly reviewing this section will help you stay ahead of the curve and invest in interesting tokens before they become popular.

Use Advanced Filters

Use the filtering options to limit your search to certain tokens or marketplaces. Whether you’re looking for specialized networks, high-volume tokens, or narrow market sectors, this will let you concentrate on assets that fit your investing requirements.

Set Custom Alerts

Create personalized notifications for tokens you’re interested in to prevent losing out on important market swings. These notifications will ensure you’re constantly in the loop, whether you’re buying from a price decrease or selling from a price increase.

Use Multicharts for Comparative Study

With the multi-chart tool, you can compare many tokens concurrently. If two tokens often move in unison, you might choose to invest in both or avoid one should the other be underperforming.

Track Liquidity Metrics

Given their major influence on your trading experience, pay close attention to liquidity measures. Low liquidity could cause price slippage, while high liquidity allows you to enter and exit trades more readily. Use the liquidity information of DEX Screener to choose the best trading conditions.

Analyze Market Cap and Trending Scores

As you assess possible investment options, consider market capitalization and trend scores. A high market cap points to a well-known coin; a strong trending score points to present market interest. Combining these indicators will enable you to choose coins with stability and expansion potential.

Final Thoughts

As a flexible and strong analytics tool, DEX Screener gives DeFi traders the tools they need to thrive in a complex and fast-changing environment. Including DEX Screener into your trading routine will help you keep ahead of the competition and reach your financial objectives regardless of your level of experience.

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Crypto Mixing: What to Know About Mixero Bitcoin Mixer

Despite general belief, transactions involving Bitcoin are not completely anonymous to others. They are pseudonymous; such transactions leave a trail where users’ identities can be potentially exposed. Enter Bitcoin mixers. A Bitcoin mixer like Mixero can hide transaction trails and ensure users’ anonymity.

Understanding Mixero

Mixero is a specialized cryptocurrency mixer service created to improve the confidentiality and privacy of Ethereum and Bitcoin transactions. One of Mixero’s major characteristics is that it can be accessed via an onion link using the Tor web browser. This technique protects user activities by ensuring a more private and secure connection.

Mixero’s Inner Working

Mixero uses CoinJoin technology, which masks transaction sources and destinations, making transactions harder to track. This technique entails merging several transactions into a larger transaction to hide specific details.

This approach makes it more difficult to determine which sender is connected to which recipient since smart contracts and many mixing layers are included. While Bitcoin addresses do not carry personal information, CoinJoin tackles the traceability problem.

Digital forensics can trace all network contacts connected to an IP address after they have been identified. However, Mixero broadcasts a single, merged transaction to the blockchain by combining transactions made simultaneously.

Since this aggregated transaction obscures the ties between senders and recipients, tracking individual transactions inside the pool is very difficult.

The Monero Bridge

Mixero is a sophisticated mixing protocol that uses the Monero (XMR) network to enhance privacy. During this procedure, Bitcoin will be momentarily converted into Monero, a cryptocurrency known for its privacy-focused features.

By combining several transactions, Monero uses ring signatures to hide the source of wallet addresses, while stealth addresses hide the recipients’ identities. The XMR is converted to Bitcoin once it has traveled via the Monero network. The transaction trail is essentially broken by this operation, making it nearly impossible to determine the transaction’s source and destination.

Key Features

Mixero’s features offer a fantastic option for people looking to safeguard their anonymity when making cryptocurrency transactions.

Automatic Wallet Generation: Mixero creates a fresh, random wallet address for every transaction. Since these wallets are not connected to exchanges, exchange records cannot be used to track them.

Ricochet Tool for Enhanced Privacy: The Ricochet tool increases transaction privacy by adding extra steps, or “hops,” between the sender and recipient. Any attempts to follow the transaction trail become more difficult due to these erroneously timed confirmations and delays. To increase anonymity even further, users can adjust the hops and delays.

Zero Data Footprint: Mixero ensures that no user information or transaction history is kept on file through its rigorous no-logs policy. Transaction-related data is only kept until the procedure is finished, at which point it is erased.

Tor Integration: Users can access Mixero’s services through an onion link, which encrypts data and routes connections via nodes—volunteer-run servers. By anonymizing IP addresses, this procedure provides an additional degree of protection.

Mixero Guarantee: A Guarantee Letter is sent with every transaction Mixero handles. This document is proof of the transaction and is essential for resolving potential problems. It includes a signed promise from Mixero.

Benefits of Using Mixero

Mixero provides several other benefits in addition to the features mentioned above.

Customizable Transaction Delays: By setting up time gaps between transactions, users can make it more difficult for observers to connect senders and recipients.

User-Friendly Interface: Mixero’s simple design makes it possible to set up and complete transactions quickly and without needless complexity.

Flexible Fee Structure: Mixero’s fee structure accommodates users with different budget requirements. Users can choose from various fee options depending on their preferred transaction speed and degree of anonymity.

Using Mixero

If you’re an intending user, you must utilize the onion link or the standard URL to visit the official site to use Mixero. Users can also use the Monero bridge to access the advanced mode.

The platform lets users choose their service costs, transaction delays, and destination wallet addresses. Furthermore, users can use the “Clean Coins” option to guarantee adherence to anti-money laundering (AML) guidelines.

Conclusion

Mixero provides a dependable option for users seeking increased anonymity in their Ethereum and Bitcoin transactions. Its cutting-edge technology, intuitive UI, and adaptable fee schedule make it a formidable competitor in anonymizing crypto transactions.

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AI Bubble Burst Threatens Crypto Projects – Analysts

Crypto AI Projects Face New Challenges

Recent fears on Wall Street about a possible AI bubble burst have raised concerns about the future of AI-focused crypto projects. As AI technology gains mainstream attention with advancements like ChatGPT, investors poured money into various AI ventures, including those in cryptocurrency.

Nvidia, a key player in AI hardware, saw its stock skyrocket, outpacing even Bitcoin. However, recent market upheavals, including a major decline in Nvidia’s stock value due to issues with AI chip manufacturing, have intensified worries about a potential AI bubble.

This shift in the market has led to a growing skepticism about the sustainability of AI investments. Therefore, Wall Street analysts are questioning whether the heavy investments in AI models are justified by the revenues they generate.

Their studies suggest that many AI projects may not deliver on their promises, leading to concerns that the AI bubble could be on the verge of bursting. Thus, crypto AI projects, which have thrived behind AI hype, face significant challenges.

Mirza Uddin, a business development leader at the decentralized finance platform Injective, argues that many of these projects lack solid fundamentals. He added that many AI-related crypto projects are not based on real AI technology but use the term as a buzzword to attract attention.

According to Uddin, only a small fraction of these projects are genuinely built on meaningful AI applications, with most being mere ChatGPT clones or flashy proposals with practical use.

Industry Leaders Call for Caution

Meanwhile, Basel Ismail, CEO of analytics firm Blockcircle, remarked that many crypto AI projects leverage the AI label for financial gain rather than offering substantive technology. He compared the current situation to the dot-com bubble, where many companies failed while a few, like Amazon and Google, became successful.

Ismail believes that a similar trend will occur with crypto AI, where only projects with true innovation and practical applications will survive. Tegan Kline, CEO of Edge and Node, which developed The Graph, also shared a similar opinion.

In the event of an AI bubble burst, financial backing will play a crucial role in determining which projects survive. Hence, Uddin opined that many crypto AI projects lack the necessary funds to endure such a downturn.

He explained that developing and training AI models is expensive, and small seed rounds or initial funding may not be sufficient for long-term success. Hence, projects with significant financial resources and strong development teams will be better positioned to navigate any market correction.

Moreover, access to valuable data and existing networks can also impact a project’s ability to weather the storm. Kline noted that projects with robust data access and established community connections will be more resilient during a market slowdown.

California’s AI Safety Bill Faces Tech Industry Backlash

Meanwhile, a California bill to regulate artificial intelligence (AI) has drawn strong criticism from Silicon Valley’s tech industry. Known as SB 1047 or the “Safe and Secure Innovation for Frontier Artificial Intelligence Models Act,” the bill requires AI developers to implement strict safety protocols.

Thus, AI won’t cause large-scale harm, such as mass casualties or significant cyberattacks. One of the key provisions of SB 1047 is the requirement for an “emergency stop” button on AI systems, which could immediately halt any AI operation deemed dangerous.

The legislation also mandates annual third-party audits of AI safety practices to ensure compliance. Additionally, the bill proposes the creation of a new regulatory body, the Frontier Model Division (FMD), tasked with overseeing the AI sector and enforcing these rules. Developers who fail to comply with the regulations could face severe penalties.

Silicon Valley and Congress Express Concerns

However, the bill has sparked significant opposition within Congress and the tech industry. US Congressman Ro Khanna, representing Silicon Valley, has voiced his concerns.

In his statement, Khanna acknowledged the necessity of AI regulation to address risks such as misinformation, deepfakes, and economic inequality. However, Khanna criticized the bill as overly punitive towards small businesses and startups, warning that the legislation could stifle innovation.

Venture Capitalists and Researchers Push Back

Venture capital firms, particularly Andreessen Horowitz (a16z), have also strongly opposed the bill. Jaikumar Ramaswamy, a16z’s chief legal officer, sent a letter to Senator Scott Wiener, one of the bill’s sponsors, earlier this month.

In the letter, Ramaswamy argued that the bill’s “arbitrary and shifting thresholds” would place an undue burden on startups. Prominent AI researchers like Fei-Fei Li and Andrew Ng have also raised concerns.

They believe the legislation could harm the broader AI ecosystem, particularly open-source development and academic research. Major tech companies have also voiced their objections. Despite these concerns, the bill passed the Senate with bipartisan support in May and is now under consideration by the Assembly, with a decision expected by August 31.

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Nearly Half of the Bitcoin Supply is Dormant – Glassnode

45% of Bitcoin Supply Unmoved for 6 Months

New research from Glassnode has highlighted a significant trend in the behavior of Bitcoin holders. According to their latest data, 45% of the total Bitcoin supply has remained inactive for at least six months.

This inactivity suggests that many investors hold onto their coins despite market fluctuations, showing strong confidence in the cryptocurrency’s long-term value. This finding comes after Bitcoin reached a new all-time high approximately five months ago.

Despite this peak and the subsequent price volatility, many investors have chosen not to sell their holdings but are maintaining their positions. The analysis focuses on a metric known as the “realized cap HODL waves.” This indicator tracks the age of coins in circulation, revealing how long Bitcoin has been held in wallets without being moved.

The data showed that over 45% of all Bitcoin has stayed in the same wallets for over half a year. Glassnode’s report also examines the activities of long-term holders (LTHs).

These entities or individuals have held Bitcoin for at least 155 days. The report indicated that while these holders did distribute some of their coins leading up to and following the all-time high, there has been a notable decrease in the selling pressure from this group.

This trend suggests long-term holders are more inclined to retain their BTC holdings.

Market Concerns Contrast with Holder Resilience

Meanwhile, the behavior of these holders contrasts with the concerns circulating in the market recently. Many traders and analysts have been wary of potential sell-offs, particularly after the significant drop in Bitcoin prices at the start of August.

For instance, in the past few days, a substantial amount of dormant Bitcoin, valued at over $1.7 billion, has been moved on-chain, causing a stir among market analysts and investors. This movement, which took place between August 11 and 12, involved 29,206 Bitcoin that had been inactive for a considerable period, raising fears of potential selling pressure in the market.

Notable BTC Movements

According to the data, 18,536 BTC, which had been inactive for two to three years, was moved on August 11. This BTC movement was followed by another movement of 5,684 BTC, which had been dormant for three to six months, a few hours later.

Another notable movement of BTCs occurred on August 12. This transfer involved 4,986 BTC, which had stagnated for three to twelve months.

Additionally, 2,394 BTC lying dormant for an even longer stretch of three to five years were also mobilized, injecting new life into these previously inactive funds. The scale and timing of these movements have led to speculation about their impact on Bitcoin’s price in the short to medium term.

Potential Selling Pressure?

Typically, when large amounts of Bitcoin that have been dormant for extended periods are moved, it can signal the possibility of increased selling pressure. This effect is especially concerning in times of low liquidity, where such large sales could have a pronounced effect on the market, usually driving prices down.

However, not all analysts share a bearish outlook. In an investment note dated August 14, Tony Sycamore, an analyst from IG markets, offered a more optimistic perspective. He pointed out that despite the recent $500 billion sell-off in the crypto market, Bitcoin had shown resilience.

Sycamore attributed this resilience to improving macroeconomic conditions and a favorable shift in risk sentiment following lower-than-expected US Producer Price Index data. Sycamore suggested that Bitcoin might continue to gain ground, potentially moving towards the $70,000 mark in the next few months.

He noted that the market positioning had become cleaner following the recent dip below $50,000, which sets the stage for a possible upward trend. Current Coingecko data shows that BTC’s price trades below $60,000, down 3.6% in the last 24 hours, but it’s still up almost 99.5% over the past 12 months.

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Blockchain Development Guide for Beginners: All You Need To Know

Blockchain technology is transforming sectors by offering decentralized, safe, open ways for handling and documenting transactions. The demand for qualified blockchain developers and blockchain solutions is rising.

This guide is for enthusiasts wishing to pursue this fascinating field. We will cover everything from the foundations to practical experience, strengthening your foundation in blockchain development.

Understanding Blockchain Basics

It’s important to grasp the basic ideas guiding blockchain development before implementing it.

Decentralization

Unlike conventional databases, which depend on a central server, blockchain runs on a decentralized architecture. This distribution improves security and dependability by lowering the possibility of a single point of failure. Blockchain guarantees that no one entity has complete control by spreading data among several nodes, therefore resisting manipulation and fraud.

Cryptography

Blockchain security revolves mostly around cryptography. It guarantees immutable transactions and safe storage of data kept on the blockchain. Blockchain authenticates transactions using digital signatures and hash mechanisms for data encryption. Once data is entered on the blockchain, it is impossible to change, guaranteeing great data integrity.

Consensus Systems

Consensus systems are procedures allowing blockchain networks to agree on transaction validity. Popular consensus systems are proof of Work (PoW) and Proof of Stake (PoS).

Proof of Work (PoW) participants must solve challenging mathematical puzzles to validate transactions and add fresh blocks to the blockchain. Bitcoin’s mechanism guarantees the network’s security by making it difficult for hostile actors to change the blockchain.

PoS (or Proof of Stake) chooses validators depending on coin counts and willingness to “stake” collateral. It is more energy-efficient than PoW, and networks like Ethereum use it.

Essential Skills to Becoming a Blockchain Developer

You need strong basics in several technical skills to be a competent blockchain developer.

Computer Languages

The development of a blockchain system depends on learning the correct programming languages. Among the most valuable languages are:

Solidity Language

On the Ethereum platform, smart contracts are mostly written in Solidity language. This statically typed language is designed for blockchain applications of contract logic.

JavaScript

JavaScript is extensively used in web development and is necessary for designing user interfaces that interact with blockchain networks. It is also used with Web3 libraries to incorporate blockchain capabilities into online tools.

Python

Python is perfect for creating smart contracts and blockchain apps since it is flexible and straightforward. Its simplicity of usage makes it popular on several blockchain systems.

C++

C++ is a powerful language used to create blockchain systems such as Bitcoin. Its fine-grained control over system resources makes it suitable for building efficient blockchain systems.

Smart Contracts

Smart contracts are self-executing agreements containing straight code language terms. Once set criteria are satisfied, they automatically carry out agreements. Blockchain development depends on knowing how to write, use, and interact with smart contracts—especially on Ethereum.

Web Development

Knowledge of web development is also very beneficial in blockchain development, especially in creating decentralized apps (dApps). Knowing front-end languages like React or Angular will enable you to create user interfaces that interact with blockchain systems.

Exploring Blockchain Platforms

Different blockchain systems possess special qualities and capacities. Thus, knowing these tools will enable you to select the correct one for your projects.

Ethereum

Decentralized apps and smart contracts are mostly created on Ethereum. Hence, blockchain development would be perfect since it has a strong infrastructure and a sizable developer community.

Hyperledger Fabric

Designed for corporate solutions, Hyperledger Fabric is an open-source blockchain platform. Its modularity and adaptability make it suitable for corporate uses needing permissioned blockchains. Since Hyperledger Fabric focuses on business solutions, companies trying to apply blockchain technology find it a preferred alternative.

Binance Smart Chain

Binance Smart Chain is compatible with the Ethereum ecosystem and supports the development of smart contracts. Its speedier block times and reduced transaction costs attract developers, making it suitable for distributing decentralized apps.

Gaining Practical Experience

Mastery in blockchain development requires hands-on experience. Here are some approaches to develop your abilities and get practical knowledge.

Build Projects

Start with creating basic projects. Design a voting system or a simple cryptocurrency. You can also build more intricate dApps and smart contracts as you grow confident.

Join Hackathons

Blockchain hackathons give a great chance to work with other developers to address practical issues. These activities let you put your creativity to use in a demanding setting, helping you to grow as you get feedback on your work.

Contribute to Open Source

Participating in open-source blockchain initiatives on sites like GitHub will advance your knowledge and expose you to actual development methods. It lets you create a portfolio and network with the larger blockchain community.

Using Online Resources

Several internet tools are at hand to support you on your path to becoming a blockchain developer. These materials provide community support, courses, and tutorials to help you negotiate the learning process.

Dapp University

Dapp University provides detailed, sequential guides on blockchain development. It is a great tool for novice and professional developers since it covers everything from fundamental ideas to sophisticated programming knowledge.

Coursera

Starting with an entry-level course like “Introduction to Blockchain Technologies,” you can progressively move to more complex subjects as your knowledge grows.

To Sum Up

Building a successful career in blockchain technology starts with knowing the fundamentals, picking the necessary talents, and getting practical knowledge. With your commitment and the correct tools, you will open a future of possibilities in this sector. Start small, but never stop learning, and welcome the challenge as you explore the many opportunities in the blockchain industry.

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Infinite-CT Review – Is infinite-ct.com Scam or a Legit Crypto Broker?

Infinite-CT Review

As online trading is getting more and more popular, many people are joining this trend with each passing day. That is why many advanced trading platforms have redesigned themselves for the needs of starters and beginners, as they have outnumbered the professionals and veterans in this field. While there are only a few suitable broker options left for the needs of professional and experienced traders, I decided to review and test them to see if they are up to professional standards or not. In this Infinite-CT review, I will talk about one of the platforms that I just came across recently.

I will discuss various features and functions of the Infinite-CT trading platform to see if it lives up to the expectations of trading experts. So, without any further delay, let’s see if this specific platform is a good option.

Top-Tier Trading Accounts

The first thing that I will discuss in this Infinite-CT review is the top-tier trading account options that this platform offers. The first thing I noticed as soon as I entered the Infinite-CT broker platform was its diverse range of trading account options. It has basic-level accounts, medium-level accounts, and premium–level accounts. Their premium-level user account option is the best for professional or veteran traders as it is made according to their needs and demands.

Although this level of account is more expensive than the other levels of accounts, it comes with additional features and advanced functionalities. It comes with exclusive trading features like an account manager and personal analyst.

Various Asset Classes and Trading Tools

Every expert trader has a demand for multiple asset classes and advanced trading tools. This online broker platform has a multitude of both modern and conventional asset options. Using this platform, users can do stock trading, forex trading, indices trading, crypto trading, and many more. They can also trade some physical commodities on this platform, such as various valuable metals and precious oils. With this availability, traders can trade in multiple markets and create diverse portfolios from one place.

Infinite-CT trading platform comes integrated with an extensive range of helpful analytical tools that can be used for multiple purposes. Traders can use these advanced tools for detailed analysis of any market, viewing up-to-second Price movement of any asset or detecting technical indicators on the charts for favorable suggestions.

Dedicated Market News Section

For every expert trader, it is absolutely essential to keep up with the market to build strategies that are well-informed and data-based. For this, they have to go through the hassle of finding relevant news channels and financial websites, which can be quite hectic for busy traders. So, to keep this process simple and easier for its users, the development team of the Infinite-CT broker platform has created an entire news section within it.

All the news that is provided in this section is sourced from relevant news channels and sites. Traders can head over to this news section whenever they are using the platform to get all the latest market updates and insights. They can know all the current market situations and trends on the go so they don’t miss out on opportunities and events.

High Accessibility and Compatibility

Finally, I will talk about the impressive accessibility and compatibility of the Infinite-CT broker platform. This trading platform is designed by developers to be accessible regardless of location or device. With this ease of access, busy professionals can log in and trade whenever they want from the comfort of their homes or even if they are traveling.

Plus, with its high compatibility, they can easily use this platform on any mobile device they own or have on hand. They can trade using a laptop, smartphone, or tablet.

Is Infinite-CT Scam or Legit?

In this part of my Infinite-CT review, I will discuss some cybersecurity aspects of this online platform to see how legitimate it is. This broker website employs a strict Know Your Customer policy to verify each user who signs up as a trader. It also has anti-money laundering measures in place to ensure there is no suspicious activity happening on the platform. It uses strong encryption protocols like SSL and 256-bit to protect users’ confidential data from the risk of theft or exploitation.

Final Thoughts

All in all, the Infinite-CT broker platform is a pretty good option for expert and professional traders. It comes with advanced features and functionalities that are designed to fulfill experts’ demands and requirements. It has a premium-level trading account option, which comes with a personal analyst and an account manager. It has a wide variety of both modern and conventional asset classes, so users can create a diverse portfolio from one place.

It comes integrated with an extensive range of analytical trading tools and a market news section so traders can make strategies that are well-informed and accurate. Plus, it is also designed with high compatibility and accessibility.

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ETH ETFs Record First Positive Net Flows Week

BlackRock’s iShares Ethereum Trust Leads with $188.4M Inflows

Spot Ether (ETH) exchange-traded funds (ETFs) in the United States have achieved a significant milestone following their first positive net flows since their launch on July 23. SoSoValue’s ETF tracking data showed that the recently launched Ether ETFs recorded a combined net investment of $104.8 million during the week starting August 5, indicating strong investor interest.

This inflow occurred despite a sharp decline in the value of Ether during the same period. ETH’s price experienced a drop of 23% since the start of August. Hence, the inflows indicate strong investor interest in these new financial products.

BlackRock’s iShares Ethereum Trust stood out among the nine funds, with $188.4 million in net inflows. This fund has accumulated over $900 million in investments in 13 trading days.

Notably, it has not experienced a single day of outflows since its launch, highlighting the strong investor confidence. In second place is Fidelity’s Ethereum Fund, which attracted $44.65 million in inflows during the same week, bringing its total assets to $342 million.

Other funds contributing to the positive net flows include Grayscale’s Mini Ethereum Trust, the VanEck Ethereum ETF, the Bitwise Ethereum ETF, and the Franklin Ethereum ETF.

Mixed Results for Other Ether ETFs

However, two ETFs, the Invesco Galaxy Ethereum ETF, and the 21Shares Core Ethereum ETF, reported zero weekly net flows. Moreover, the total trading volume for these ETFs reached $1.9 billion, pushing the total net assets under management to $7.3 billion by August 9.

These figures highlight the significant interest in Ether ETFs amid the broader market volatility. In contrast, Grayscale’s Ethereum Trust recorded an outflow of $180 million during the week.

According to data from Farside Investors, this outflow brought the overall outflows for all nine funds to $406.4 million. In addition to the trading activity, the regulatory landscape around Ether ETFs is also changing.

The NYSE American proposed a rule change to allow the listing and trading of options contracts for three Ether ETFs from Grayscale and Bitwise. This proposal could add another layer of investment opportunities and trading strategies for market participants, potentially influencing the future performance of these ETFs.

Ethereum Gas Fees Reach Five-Year Low

Meanwhile, Ethereum’s transaction costs have plummeted to a level not seen in five years, marking a significant change in the network’s usage and cost dynamics. On August 10, the median price to send a transaction on the Ethereum blockchain dropped to 1.9 gwei.

This starkly contrasts the year’s peak in March, where the median gas fee was 83.1 gwei. The drop in gas fees comes as activity on Ethereum’s main network decreases, as layer-2 solutions handle more transactions.

Layer-2 blockchains, such as Arbitrum and Taiko, have gained traction as they offer faster and cheaper transaction processing by moving most activities off the main Ethereum blockchain. However, they still use Ethereum’s layer-1 solution to ensure security and transaction validation.

This shift in transaction activity has relieved some pressure on Ethereum’s base layer, reducing gas fees. The latest Etherscan data showed that low-priority Ethereum transactions, which can take up to 10 minutes to process, were priced as low as one gwei.

This translates to about seven cents per transaction, making the Ethereum network significantly cheaper than in previous months. The reduced transaction costs could make Ethereum more accessible to users previously deterred by high fees.

Impact on Ethereum’s Economic Model

Despite the drop, concerns have been raised about the sustainability of Ethereum’s economic model, particularly its staking rewards. Martin Köppelmann, co-founder of Gnosis, noted that gas fees must be at least 23.9 gwei to fund rewards for those who validate blockchain transactions.

Without sufficient transaction fees, validators may be less incentivized to participate in the network, potentially impacting its security and stability. Ethereum’s declining gas fees are partly due to the March Dencun upgrade, which introduced nine Ethereum Improvement Proposals (EIPs).

Among these was the introduction of data blobs or proto-danksharding, aimed at reducing transaction costs on layer-2 blockchains. The upgrade has had the intended effect as layer-2 networks continue to grow in popularity and transaction volume.

In the last 30 days, layer-2 networks’ (like Base) transaction volumes far outstrip those on Ethereum’s main chain. Base alone recorded over 109 million transactions, while Ethereum’s layer-1 networks handled around 33 million.

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IRS Releases Updated Crypto Tax Form: Here’s What to Know

Following the launch of the updated draft of the 1099-DA crypto tax form by the US Internal Revenue Service (IRS), crypto traders and investors must report all transaction activities involving digital assets. The updated legislation, set to go into force in 2026, streamlines tax reporting and addresses the privacy concerns raised in the previous draft.

Overview of the 1099-DA Crypto Tax Form

The 1099-DA form will be crucial for cryptocurrency investors dealing with brokers, especially centralized exchanges like Coinbase and Kraken. This form will be the main tool for reporting taxable events connected to the exchange and sale of digital assets.

The IRS has realized that the reporting procedure must be simplified as the cryptocurrency market develops. As a result, the IRS recently released an updated draft version of the 1099-DA form.

These adjustments aim to guarantee taxpayer compliance with tax duties about digital assets. It also addresses privacy issues and lessens the administrative load on them. The revised form is a component of the larger regulatory structure the IRS creates to scrutinize crypto-related transactions.

The Major Modifications

One of the most important modifications to the recent version of the 1099-DA form was the removal of the requirement that investors submit their wallet addresses and transaction details. The original version drew harsh criticism from the crypto community because it demanded extensive information that would potentially reveal sensitive data.

Another significant change is the removal of the requirement to include transaction times. In addition, the amount of sensitive information that needs to be provided is smaller, requiring only the dates of transactions.

This modification satisfies the IRS’s requirement for accurate tax reporting while streamlining the reporting process for taxpayers and making it less invasive. Furthermore, the revised draft has eliminated a section requiring filers to identify the broker through which the transaction occurred.

The Revised IRS Guidelines for Crypto Tax Reporting

A few months ago, regulations about the reporting requirements for cryptocurrency brokers were finalized. However, the tax body stated that the existing standards do not address decentralized and non-custodial brokers; thus, it will publish additional regulations before the end of the year.

The IRS aims to simplify tax reporting on digital assets, and one step toward that goal is the introduction of the 1099-DA form. Furthermore, the new form is intended to assist taxpayers in navigating the complexity of digital assets tax reporting.

Beginning with the 2025 tax year, the IRS will provide a simplified way to report digital asset gains and losses to help taxpayers fulfil their tax duties. Accordingly, the IRS has established a 30-day comment period for the public to offer input on the proposed 1099-DA to ensure it satisfies the needs of taxpayers and other stakeholders.

Global Context of Crypto Tax

The IRS’s initiatives to control and tax digital assets are a part of a larger worldwide trend as nations increasingly realize how important it is to tax Bitcoin holdings. For example, Brazil has proposed legislation that will take effect on January 1, 2024, taxing income from cryptocurrencies kept abroad by Brazilian citizens by up to 15%.

Like some other countries, India has imposed stringent tax laws on cryptocurrency transactions, such as a 1% Tax Deducted at Source (TDS) on all transactions and a 30% tax on profits. These actions are part of the nation’s larger efforts to perform oversight functions over the quickly expanding digital asset market.

Moreover, the UK has urged digital asset holders to reveal unpaid taxes to avoid trouble. In Europe, the regulatory landscape on crypto taxation is also evolving.

Notably, Tether CEO Paolo Ardoino has raised concerns over the stringent requirements of the European Union’s new markets in crypto-assets (MiCA) for managing stablecoins within this region. One of the key aspects of MiCA is the requirement that 60% of stablecoin reserves be held in EU bank accounts.

Ardoino argued that such a requirement poses systemic risks to the banking sector. This is especially troubling in light of recent bank catastrophes, such as the failure of Silicon Valley Bank in 2023. He also brought up the USDC de-pegging event with USD to prove that the requisite procedures for stablecoin reserves are not as secure as planned.

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Telegram Mini-Apps: What Are They and How Do They Work?

Telegram mini-apps represent a fundamental shift in the digital environment, providing users with a varied way to interact with micro-applications directly within the Telegram platform. These mini-apps offer a variety of features, including the opportunity to play games, such as tap-to-earn cryptocurrency games, within the popular chat service.

Hence, the incorporation of the Telegram Open Network (TON) blockchain has increased the popularity of these mini-apps in 2024, resulting in a spike in users.

Understanding Telegram Mini-apps

Telegram mini-apps are small JavaScript-based applications that work perfectly with the Telegram messenger. Users can use these mini-apps without leaving the main app.

The design of these mini-apps enables businesses to develop app-like experiences right within Telegram without the need for additional downloads or external links. Games, e-commerce platforms, dating services, VPNs, cloud mining programs, and decentralized exchanges (DEX) are some of the most popular mini-app genres.

The launch of the Telegram Mini App Store in August 2024 was a key milestone. This store works with Telegram’s newly announced “Stars” feature, which is intended to increase user involvement and social interaction.

Users can give Stars to friends, who can subsequently explore over 1,000 mini-apps that use this functionality. With Telegram’s user base of over 950 million people, these mini-apps have a large potential audience. Notably, popular mini-apps such as Hamster Kombat, Catizen, and Notcoin have millions of users, demonstrating the applications’ quick growth and popularity.

The Appeal of Telegram Mini-apps

There are various reasons why Telegram mini-apps are so popular. One of the primary reasons for this is the ease of use of these apps, especially in the gaming sector.

Many of the most popular mini-apps are casual games that require little effort, making them attractive to a wide range of users. According to Liftoff’s study, hyper-casual games are the most popular type of game on mobile devices, which explains the success of Telegram’s gaming mini-apps.

Integrating crypto rewards into these casual games has also shown to be an effective method for recruiting more players to these web3 ecosystems.

Features of Telegram Mini-Apps

Telegram mini-apps run smoothly within the Telegram environment, resulting in a streamlined user experience. They use Telegram’s APIs to access the user’s information, such as their name, ID, or profile image.

The mini-app then communicates with backend servers to process requests and alter the interface in response to the user’s activities. One of the most distinguishing qualities of Telegram mini-apps is their simplicity. These programs are lightweight and simple to use, requiring little technological skill.

For example, many gaming mini-apps adopt a simple tap-to-earn model, in which users can earn incentives just by pressing the screen. This uncomplicated approach is not restricted to games; it applies to many other mini-apps, making them an excellent alternative for consumers looking for quick and easy interactions.

Furthermore, many mini-apps are incorporated into the larger GameFi ecosystem as a play-to-earn model, providing incentives like in-game currency, discounts, and power-ups. These rewards stimulate user participation.

In certain situations, the in-game assets obtained in these mini-apps can be converted into digital assets, which adds to their attractiveness. Telegram’s connection with the TON blockchain provides additional capabilities to mini-apps.

Developers can build their coins or take crypto payments through their mini-apps. Furthermore, the TON blockchain offers computing resources for applications like data storage and smart contract execution.

Pros and Cons

Telegram mini-apps offer several benefits that are appealing to users and developers. One of the key benefits is the ease of accessing anything from the familiar Telegram interface. Users do not have to move between apps or download new software, which saves storage space on their smartphones.

Another major advantage is that mini-apps perform much faster. Due to their compact size and optimized design, mini-apps load quickly and run smoothly, offering a better user experience than standard programs.

Interestingly, developers are particularly attracted to Telegram’s revenue-sharing model. Unlike traditional app stores, which take a large percentage of program sales and in-app transactions, Telegram allows developers to keep all in-app purchase revenue while just sharing ad revenue.

However, these mini-apps come with limitations. One is the lack of access to hardware capabilities. Hence, many complex functionalities in standard apps may be unavailable in mini-apps.

Furthermore, the lack of a strict vetting process in Telegram’s App Center increases the possibility of users discovering scam mini-apps. Moreover, the use of blockchain technology poses custodial wallet security and smart contract vulnerabilities that can be difficult to address.

Conclusion

Telegram mini-apps are a key breakthrough in the world of digital applications, providing a quick and easy method to access many features within Telegram. These mini-apps have swiftly grown in popularity among Telegram’s user base thanks to their easy user interface, smooth interaction with the TON blockchain, and the ease of possibility to earn various incentives.

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