Crypto Shake

UNI jumps 11% as Uniswap debuts its own layer-2 solution Unichain Decentralized exchange Uniswap has entered the layer-2 solution landscape with its new initiative to “accelerate Ethereum’s scaling roadmap.” Uniswap, one of the largest decentralized exchanges by trading volume, has unveiled Unichain, a new open-source Ethereum-based layer-2 network designed to enhance transaction speed, reduce costs, and improve liquidity across decentralized finance.

YouTuber MrBeast earned over $10m promoting low-cap tokens, on-chain crypto investigator says MrBeast, a YouTube entertainer with over 320 million followers, has come under scrutiny following an on-chain investigation that suggests he may have earned millions from low-cap crypto. According to the anonymous crypto sleuth known as SomaXBT, MrBeast — whose real name is Jimmy Donaldson — earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP). It’s an ethical red flag, SomXBT says, equating it to a pump-and-dump scheme. By promoting the tokens to millions of followers, only to sell them after their value surges, causes regular investors to suffer a loss. “This is the shady stuff they’ve all done in the crypto market,” SomXBT stated on X, referring to social media influencers. “[If] they had done this in the stock market, the SEC would be after them.” SomaXBT uses on-chain data to track to increase transparency and hold the crypto community accountable. His work, evident in his Oct. 11 posts, highlights the risks of influencer-backed token promotions.

Trump’s lead over Harris widens, but is Polymarket accurate? Donald Trump’s lead over Kamala Harris has grown on Polymarket, a prediction market that allows users to wager on political outcomes. As of writing, Trump holds a 55.3% probability of winning the U.S. presidential election, while Harris trails with 44.1%. This approximate 11% gap is the largest since Harris entered the race, reflecting increasing bets on Trump’s potential victory. Election day is less than 25 days away, and both U.S. presidential candidates have been active on the campaign trail. On Oct. 5, during his speech in Butler, Pennsylvania, Donald Trump hinted at potentially releasing Silk Road founder Ross Ulbricht from prison. Tesla CEO and vocal Trump supporter Elon Musk appeared at the event, but neither Trump nor Musk made any direct statements about the crypto industry during the event.

Trump-backed World LibertyFi wants to build on Aave platform Donald Trump’s crypto project World Liberty Financial submitted a governance proposal to build an instance on the DeFi protocol Aave. World Liberty Financial announced through an Oct. 9 governance proposal that it wants to launch its service as an Aave V3 instance on the Ethereum(ETH) mainnet. The decentralized protocol Aave will act as the back end to the platform. According to the proposal, World Liberty Financial’s Aave V3 instance will focus on providing stablecoin liquidity for Ethereum and Wrapped Bitcoin (WBTC) as well as help grow the Aave protocol’s user base. WLF’s Aave will allow users to deposit in ETH, WBTC and stablecoins like USD Coin(USDC) and Tether(USDT). WLF offer tokenholders overseeing the protocol, otherwise known as Aave DAO, 20% of the fees it generates and around 7% of the total supply of the platform’s governance token, WLFI. In return, WLF asks Aave DAO to take part in procedures regarding WLF Governance, liquidity mining, and promotion of decentralization in the WLF platform.

Bitfinex could be ‘sole victim’ of 2016 hack, US government says A U.S. government filing indicates Bitfinex could be the sole entity eligible for restitution from the massive 2016 Bitcoin theft. The filing by the U.S. government has confirmed that Bitfinex could be the sole victim eligible for restitution concerning the notorious 2016 hack that resulted in the theft of approximately 120,000 Bitcoin, now valued at $7.4 billion. According to the court documents, the U.S. Attorney for the District of Columbia stated, “The government is not aware of any person who qualifies as a victim under the Crime Victims’ Rights Act or for restitution under the Mandatory Victims Restitution Act, beyond perhaps Bitfinex.” This statement puts Bitfinex as the primary entity affected by the cyberattack, which has left individual account holders without recourse for claims against the seized assets.

EIGEN has formed a bullish pattern, but two risks remain ✨ The EigenLayer token rebounded, reaching a high of $3.86, its highest level since Oct. 2, and 26% above its all-time low. EIGEN’s rebound occurred after the founder announced that the network was shifting focus to Web3 applications post-airdrop. This is important since EigenLayer does not have a consumer-facing application. Instead, it secures several actively validated services like AltLayer, Ethos, and Lagrange. The rebound also came after a hacker stole 1,673,645 tokens valued at over $6.8 million. The hacker moved these tokens through a decentralized swap platform and then transferred the stablecoins to centralized exchanges. EIGEN token holders face two significant risks ahead. First, there is a dilution risk since EigenLayer has 187 million tokens in circulation against a maximum cap of over 1.6 billion tokens. According to the developers, the network will unlock and distribute 67 million tokens, or 4% of the initial supply, in the first year. These unlocks will happen every Tuesday over the next 12 months, with 3% going to Ethereum and liquid staking token stakers. 1% of the tokens will go to EIGEN stakers and operators. Token unlocks are typically bearish because they increase the number of tokens in circulation, diluting existing holders. The second risk is that demand for restaking is waning. According to DeFi Llama, EigenLayer’s total value locked has dropped to $10.7 billion, down from over $20 billion earlier this year. In Ethereum terms, the network secures 4.43 million Ethereum, down from the year-to-date high of 5.34 million.

Senior citizen’s Bitcoin recovered with ZachXBT’s help ZachXBT’s crypto investigations helped recover $275,000 in Bitcoin stolen from an elderly U.S. user in an apparent social engineering scam. According to the blockchain sleuth, Indian impersonators stole around 15 Bitcoin from a Coinbase user back in April. The scammers posed as support agents from the crypto exchange and successfully siphoned the victim’s life savings. Bitcoin traded as high as $71,000 that month, valuing the user’s assets at over $1 million. ZachXBT also noted that the Indian scammer group attacked other users and stole more than $5 million from several victims. The funds were laundered via Tron’s blockchain, centralized exchanges, and over-the-counter desks,

Which countries are winning the crypto race? Global crypto adoption index insights ✔️ What are the key trends highlighted by the global crypto adoption index, and how do they reflect crypto’s role in global economic shifts? The global crypto adoption index is an essential tool for understanding how well different countries are adopting crypto. But why is this important? Well, in a world that’s becoming increasingly digital, knowing where crypto is gaining traction helps us see the bigger picture. Let’s dive deep into what the index is, how it’s calculated, and what it says about the future of crypto adoption worldwide. The crypto adoption across the globe reveals interesting trends that showcase how the world is embracing crypto assets. A critical observation is the widening gap between developing and developed nations regarding crypto adoption. While early adopters like the U.S., Japan, and South Korea maintain strong positions, the most substantial growth in crypto usage is occurring in emerging markets. For instance, Latin American countries such as Argentina and Brazil have seen a surge in crypto adoption, primarily driven by economic instability and high inflation rates. Argentina, battling hyperinflation for years, had over one-third of its population engaging with crypto in 2023, according to the Crypto Council for Innovation’s report. Citizens are using digital assets as a hedge against their rapidly devaluing national currency. Similarly, Brazil has experienced a noticeable rise in crypto users as it seeks alternatives to its weakening real. Africa is another region demonstrating high levels of adoption, particularly in countries like Nigeria and Kenya. In Nigeria, where a large portion of the population is unbanked, over 45% of citizens have engaged with cryptocurrency in some form. Meanwhile, Southeast Asian countries such as Vietnam and the Philippines continue to lead in adoption rates. In these regions, the rise of blockchain-based gaming and play-to-earn models, where users earn crypto by playing online games, has captivated young populations seeking new income opportunities in a region with relatively lower wages. In contrast, developed nations like the U.S., Germany, and Japan exhibit a more investment-focused trend in crypto adoption. Investors in these countries are turning to cryptocurrencies to diversify their portfolios and as a hedge against traditional markets. Data also highlights that institutional investments have also fueled adoption in wealthier countries, with major financial firms incorporating crypto into their offerings. For example, in the U.S., investment giants like BlackRock and Fidelity have launched crypto funds aimed at both retail and institutional investors. The global trend is clear: in developing countries, crypto is becoming a vital tool for financial survival and accessibility, while in developed nations, it serves primarily as an investment vehicle.

🚀 Waterfall Network’s Explosive Growth! @waterfall_network launched with 2048 validators, and within the first month, we’ve seen a 338% surge in deployed validators–– thanks to the dedication of our developers, founding team, community, and ecosystem builders. As of September 17th, we have 7603 validators. Check the statistics here: https://waterfall.network/individuals#statistics_block 🌱 To make node management seamless, we’ve partnered with top infrastructure providers like @Infstones, @Piconbello, and Stardust. Learn more about our partnerships here: https://waterfall.network/staking-infrastructure-providers. @waterfall_network has also successfully completed a security audit with @Hackenai – Blockchain Security Auditor! 🔐 A special thanks to the Google Cloud Web3 Startup Program for supporting our validator testing. We’re proud to be the first L1 decentralized and scalable ledger to pass testing with a record 1,573,892 validators, with servers spanning 5 continents, including islands like Japan and Taiwan. 🌍 *For context: Validators on Ethereum, Gnosis, Elrond, Cardano, and others are smaller in comparison. And this is just the beginning! Dr. Sergii Grybniak, Head of Research, has been representing Waterfall Network at key events like Coinfest Asia 2024, Korean Blockchain Week, and the Web3 Technical Application Conference in Hangzhou, showcasing our exciting vision for the future. 🌍🔥 Don’t miss out– join the Waterfall revolution today: https://www.gate.io/uk/trade/WATER_USDT 🌊✨

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Gemini: Global crypto ownership steady as sell-off slows down Gemini’s 2024 Global State of Crypto, released on Sept. 10, reveals that despite recent market challenges, crypto ownership has remained consistent in key regions like the U.S., U.K., France, and Singapore. In the report shared with crypto.news, Gemini researchers highlighted the consistency of global crypto owners despite the turbulence that has rocked the industry in recent years – specifically from 2022 to 2024. During these years, the U.S. and U.K. maintained stable ownership rates of 21% and 18%, respectively. France saw a modest increase in crypto ownership from 16% to 18%, while Singapore experienced a slight decline from 30% to 26%, according to the report.

SEC accuses Galois Capital of misleading investors, custody failures The U.S. Securities and Exchange Commission (SEC) has charged Florida-based Galois Capital with serious compliance failures and investor misrepresentation. The charges relate to the firm’s failure to adhere to required custody practices and misleading information about redemption policies. According to the SEC’s order, Galois Capital, previously a registered investment adviser for a private fund primarily investing in crypto assets, breached the Investment Advisers Act’s Custody Rule. This rule mandates that client assets, including those offered and sold as securities, must be maintained with a qualified custodian. However, since July 2022, Galois Capital did not comply with these regulations, holding crypto assets in trading accounts on platforms like FTX Trading, which are not deemed qualified custodians by the SEC. This lapse in custodial practices led to substantial losses, with approximately half of the fund’s assets under management lost during the collapse of FTX in November 2022.

Elon Musk wants to bring Dogecoin back to Tesla merch page Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website. Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option.

Binance to support Cardano’s Chang hard fork Binance has announced that it will support Cardano’s upcoming network upgrade and hard fork. Cryptocurrency exchange giant Binance disclosed its readiness to support Cardano for its Chang hard fork in an announcement on Aug. 30. Ahead of the hard fork, Binance will halt ADA deposits and withdrawals. The exchange expects a temporary pause to Cardano deposits and withdrawals will take effect on Sept. 1, 2024, at 20:45 UTC. Notably, Sept. 1 is the date Cardano expects to activate its Chang hard fork, which was rescheduled from Aug. 27 due to Binance and other crypto exchanges’ unpreparedness.

CFTC Issues Subpoena to Ben ‘BitBoy’ Armstrong’s Former Company in Fraud Investigation, Focuses on Token Activities The CFTC is investigating potential fraud involving 15 tokens, including BEN. The agency subpoenaed Hit Network on July 16, seeking details on trading and wallets. The probe follows content featuring these tokens by BitBoy Crypto’s Ben Armstrong, though Armstrong is not specifically mentioned in the subpoena.

Morgan Stanley to Permit Wealth Advisors to Recommend Bitcoin ETFs to Certain Clients: CNBC Morgan Stanley will allow its financial advisors to offer spot bitcoin ETFs, specifically BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, starting August 7. This marks a first among major Wall Street banks, allowing select clients to invest in these bitcoin ETFs.

Russia Considers Legalizing Crypto for International Payments Russia is set to legalize cryptocurrency for international payments amid Western sanctions. The State Duma will review a law allowing crypto settlements, with approval expected soon. Russia's central bank aims to start crypto-based cross-border payments by the end of 2024, reversing its previous stance against crypto.

SEC to Amend Binance Complaint, Avoiding Immediate Ruling on Token Securities Status The SEC plans to amend its complaint against Binance, potentially avoiding a court ruling on whether tokens like Solana (SOL) are securities. This move follows a court order for the SEC and Binance to propose a schedule for further proceedings. The SEC's intended amendments may extend beyond the issue of Third-Party Tokens, according to Binance./

Former FTX Executive Ryan Salame Seeks Postponement of Prison Date Following Dog Attack Former FTX executive Ryan Salame's lawyers have requested to delay his prison sentence from August 29 to October 13 due to urgent surgery after a dog attack. Salame, who was sentenced to seven and a half years for criminal charges, sustained a severe face injury from a German Shepherd on June 29. He pled guilty to unlawful political contributions and operating an unlicensed money-transmitting business.

Federal Reserve Board Ends Enforcement Action Against Silvergate The Federal Reserve Board ended enforcement actions against Silvergate Bank on July 26, 2024, after it successfully wound down operations and reimbursed customers. Silvergate collapsed in March 2023 due to financial instability and the fallout from FTX's collapse. Despite federal oversight during liquidation, some stakeholders filed lawsuits. CEO Alan Lane and other executives resigned in August 2023.