Ava Patel

Coinbase new smart wallet seeks to attract 1B users on-chain

Coinbase new smart wallet seeks to attract 1 billion users on-chain by solving user problems

June 6, 2024 1 min read

Coinbase crypto exchange has launched its intelligent wallet for users, with the goal of enhancing on-chain transactions by removing the need for recovery phrases and addressing other related problems. The primary objective of the smart wallet is to amass a user base of 1 billion individuals on the blockchain by resolving issues such as network costs and recovery phrases. It provides a decentralized on-chain experience without the need for gas

Kraken exchange sees record Bitcoin and Ethereum outflows since 2017

June 4, 2024 1 min read

Kraken, a leading cryptocurrency exchange, has recently seen its highest levels of Bitcoin and Ethereum outflows since 2017, as reported by Joao Wedson of Dominando Cripto. Kraken’s Bitcoin holdings have decreased to levels not seen since 2018, with withdrawals totaling over $3.33 billion. Similarly, the Ethereum reserves have fallen below one million units for the first time since 2016, with outflows amounting to nearly $2.15 billion. These changes in asset

Hong Kong police report a surge in counterfeit banknotes linked to crypto scams

June 3, 2024 1 min read

The Hong Kong police have seen a notable surge in forged banknotes, with many of them being associated with cryptocurrency scams. This presents a considerable obstacle for law enforcement agencies and regulatory bodies. From January to April of this year, law enforcement confiscated 3,396 counterfeit banknotes, which had a total nominal value of about HK$2.55 million ($326,130). A significant number of these forged banknotes were specifically created for the purpose

The biggest bank in Singapore has $647 million in Ethereum (ETH)

May 30, 2024 1 min read

DBS, the biggest bank in Singapore, has been revealed as a significant holder of Ether (ETH), with a value of about $647 million. The DBS blockchain address has a total of 173,753 ETH, which has an estimated worth of about $3,730 per Ether. According to Nansen’s research, the address has accumulated more than $200 million in profit from its ether holdings. Ether has seen significant growth in popularity in recent

The US DOJ arrests Rui-Siang Lin and seizes $100M in crypto from his dark web drug market

May 23, 2024 2 mins read

In a massive crypto crackdown, the US Department of Justice (DOJ) detained 23-year-old Taiwanese Rui-Siang Lin. Lin, as Pharoah or Faro, runs Incognito Market, a dark web drug bazaar. Over $100 million in anonymous crypto drug transactions were facilitated by the site. Incognito Market, a dark web drug bazaar, debuted in October 2020, according to the indictment. Before closing in March, the site sold over $100 million in drugs. Users

Bitcoin is making a return after a year of market turmoil, hitting $67,000 for the first time since late 2023.

Bitcoin Price Explodes Past $67,000 As Investor Confidence Returns

May 20, 2024 1 min read

Bitcoin is making a return after a year of market turmoil, hitting $67,000 for the first time since late 2023. This surprise increase has energized the Bitcoin community and given investors hope. Santiment’s “Weighted Sentiment” statistic shows the Bitcoin community’s highest positive sentiment since the SEC’s late 2023 approval of Bitcoin spot ETFs. That crucial legislative decision legitimized cryptocurrencies as an investable asset class and boosted trust in it. Bitcoin

Binance CEO Tigran Gambaryan was denied bail by a Nigerian court

A Nigerian court denies bail for Binance executive Tigran Gambaryan

May 18, 2024 2 mins read

Binance CEO Tigran Gambaryan was denied bail by a Nigerian court, a family representative said. The judge delayed Binance and Gambaryan’s trials until May 22 and 23. Despite assurances that Gambaryan has no passport, the judge refused bail amid worries he would leave. After his colleague Nadeem Anjarwalla fled incarceration earlier this year, the court worried. Gambaryan’s wife, Yuki, said, “I truly cannot believe that my innocent husband is now

Deutsche Bank questions Tether’s stability and transparency in new stablecoin report

May 13, 2024 2 mins read

Deutsche Bank Research’s examination of stablecoins, namely Tether’s USDT, ignited a discussion among the financial sector. This question arises when stablecoins face scrutiny over their functionality and reliability. The study analyzed 334 instances of currency pegs from 1800 to the present and found that just 14% of them maintained stability. The future stability of stablecoins such as USDT, which aim to mimic the value of established currencies like the U.S.

Grayscale Bitcoin Trust rebounds with a 5% surge amid new investment inflows

May 7, 2024 1 min read

The Grayscale Bitcoin Trust (GBTC) had its first increase in fund value since January, with a 5% boost in pre-market trading. Following its conversion into an Exchange-Traded Fund (ETF) on January 10, GBTC experienced a decline in its market share as a result of withdrawals amounting to $17.46 billion. The resurgence of GBTC, amounting to $63 million, may be attributed to the positive trajectory of the cryptocurrency markets. In early

Coinbase was sued on May 5 in the Northern District of California for misrepresenting digital assets as securities.

Coinbase faces lawsuit claiming it misrepresented crypto as non-securities

May 6, 2024 1 min read

Six customers have sued Coinbase Global, CEO Brian Armstrong, and two companies in a class-action complaint. The plaintiffs are requesting that state securities laws regulate Solana (SOL), Polygon (MATIC), and other cryptocurrencies as “investment contracts.” Despite Coinbase’s denials, the complaint claims that its user agreement refers to it as a “Securities Broker.” The plaintiffs contend that by making false promises, Coinbase “knowingly and intentionally” violates securities laws. They demand statutory

The US SEC filings reveal a growing but cautious interest in Bitcoin ETFs among major institutions

May 4, 2024 1 min read

The US SEC requires 13F filings for entities managing over $100 million to disclose Bitcoin exchange-traded fund (ETF) interests. These filings show institutional interest in Bitcoin ETFs based on quarterly holdings. BNP Paribas and BNY Mellon have small Bitcoin ETF stakes. BNY Mellon has around 20,000 IBIT shares and 7,000 Grayscale’s GBTC shares, while BNP Paribas owns 1,000. These tiny stakes indicate institutional interest in bitcoin funds. Smaller corporations are more

Galaxy reported on May 3 that crypto businesses raised approximately $2.5 billion in the first quarter

Crypto startups see a $2.5B boost in Q1, signaling a slow but steady recovery