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Nigeria's $37 million USDT freeze connected to MEXC and KuCoin hot wallets

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Nigeria's $37 million USDT freeze connected to MEXC and KuCoin hot wallets



The Nigerian government has reportedly frozen four crypto wallets holding over $37 million in Tether’s USDT stablecoin, local media outlet Premium Times reported.

The Economic and Financial Crimes Commission (EFCC) sought the freeze, alleging the funds were involved in money laundering and terrorism financing. Abuja Federal High Court Judge Emeka Nwite approved this request on Aug. 9.

The EFCC’s application named four wallets, with one holding $37 million USDT and others containing smaller amounts—ranging from 90 to 967 and 443,512 USDT. The details of the wallets and their balances are as follows:

  • TGVCWYLdeCyjmSpojd4n7hqfJp2ucwuGAx  960 USDT
  • bclqd6803rg24sgh4pjaprvh47apvgmleps9zagdt
  • TB37WWozkkenGVYWD7Do2N5WT2CedqDktJ
  • TUpHuDkiCCmwaTZBHZvQdwWzGNm5t8J2b9

In his ruling, Judge Nwite stated:

“That an order of this honourable court is hereby made freezing the wallet addresses/accounts stated in the schedule below, which wallets are owned by individuals currently being investigated for offences of money laundering and terrorism financing, pending the conclusion of the investigation.”

While the court did not reveal the wallet owners’ identities, reports have suggested that they might be connected to the recent #EndBadGovernance protest in the African country.

The protests from Aug. 1 to 10 were triggered by widespread dissatisfaction with Nigeria’s economic and governance issues.

Wallets information

CryptoSlate’s analysis of the wallets using blockchain data from Arkham Intelligence showed that the wallets belonged to the hot wallets of some exchanges.

For context, the TGVCWY wallet contained only $16 and was last active on Aug. 3. Before Aug. 3, the address’s highest balance was $3,000, recorded in August 2023. Since then, it has had significant interactions with centralized exchanges like Binance, KuCoin, and OKX.

Additionally, Arkham’s data indicated that the wallets “TB37WW” and “TUpHuD” were associated with the hot wallets of the MEXC and KuCoin exchanges. The exchanges have yet to respond to CryptoSlate’s request for comment.

Furthermore, Arkham provided no data on the address “bclqd6803,” suggesting it may not exist.

The post Nigeria’s $37 million USDT freeze connected to MEXC and KuCoin hot wallets appeared first on CryptoSlate.



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DraftKings kills NFT business, citing 'legal developments’

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It comes four weeks after a federal judge found DraftKings NFTs fell “within the meaning” of the Securities Act and Exchange Act and thus could be securities.



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Fed holds interest rate steady at 23-year high, possible rate cut coming September

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Fed holds interest rate steady at 23-year high, possible rate cut coming September


Key Takeaways

  • Fed’s rate hold aligns with expectations, Bitcoin price shows minimal immediate reaction.
  • Market anticipates September rate cut, potentially boosting crypto investment sentiment.

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The Federal Reserve announced today that it will keep its benchmark interest rate unchanged, maintaining the federal funds rate at 5.25% to 5.5%. This decision, aligns with widespread market expectations and signals the Fed’s continued cautious approach to monetary policy amid shifting economic conditions.

“Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective,” the Federal Reserve said in a statement.

Implications for crypto markets

This decision arrives against a backdrop of moderate inflation, with the US consumer price index (CPI) showing a 3.3% year-on-year increase in June. This economic indicator has already positively influenced crypto markets, suggesting a potential correlation between inflation trends and digital asset performance.

For the crypto market, particularly Bitcoin, the Fed’s decision carries significant weight. While the immediate impact of a rate hold may be limited, the longer-term implications of the Fed’s monetary policy direction could be substantial. Historically, periods of lower interest rates have been favorable for risk assets, a category that includes crypto, given how such assets reduce borrowing costs and by implication encourage investment in non-traditional assets.

The crypto market’s reaction to the Fed’s decision will be closely watched, especially in light of recent events. The movement of $2 billion worth of Bitcoin from a DOJ entity just days before the FOMC meeting has introduced an element of uncertainty. This government action, coupled with the Fed’s decision, shows the complex interplay between regulatory actions, monetary policy, and crypto market dynamics.

Post-FOMC market movements

The following chart shows the price activity of Bitcoin in 48 hours after the last eight FOMC decisions.

BTC price activity post-FOMC, 48-hour range.

Each chart depicts the price fluctuations of Bitcoin (BTC) over distinct three-day intervals between July 2023 and June 2024. The charts highlight significant price volatility within short periods, showcasing peaks and troughs that suggest rapid market dynamics. For instance, from July 26 to July 28, 2023, there is a notable spike followed by a quick decline, reflecting a high level of trading activity or external influences affecting the market.

The price trends vary across the different intervals, with some periods like January 31 to February 2, 2024, showing multiple sharp fluctuations, while others, such as November 1 to November 3, 2023, exhibit a steady downward trend. These variations indicate the sensitivity of Bitcoin prices to market conditions and possibly to news events or economic factors impacting investor sentiment.

Macro-level economic shifts influencing crypto markets

Looking ahead, several macroeconomic factors will continue to influence both traditional and crypto markets. These include ongoing inflation trends, global economic recovery patterns, and potential shifts in monetary policies of other major central banks. The divergent approaches of the Bank of Japan and the Bank of England, both set to announce their own decisions this week, highlight the global nature of these economic considerations.

The relationship between inflation and crypto markets remains a topic of keen interest. While Bitcoin has often been touted as a hedge against inflation, its performance in various inflationary environments has been mixed.

The Fed’s approach to managing inflation through interest rate policies could significantly impact this narrative, potentially influencing investor sentiment towards crypto either as a store of value or as a hedge against inflation.

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Goldman Sachs Discloses Massive Investments in Bitcoin ETFs During Q2

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Goldman Sachs Discloses Massive Investments in Bitcoin ETFs During Q2


Banking giant Goldman Sachs submitted the 13F filing disclosing its portfolio positions during the second quarter of Q2. As per the SEC filing, the banking giant has exposure to seven different Bitcoin ETFs available in the US market.

Goldman Sachs and Bitcoin ETF Exposure

As per the disclosure, Goldman Sachs is holding nearly 7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth a staggering $238 million. Similarly, it holds 1.5 million shares of Fidelity ETF FBTC worth nearly $80 million. Below is the complete disclosure of Goldman Sachs’ holdings across different funds.

These 13F filings specifically highlight how big market players are trading their BTC ETFs. Going ahead, more companies will submit their filings while disclosing their ETF investments during Q2.

The institutional exposure to spot BTC ETFs has been on the rise recently with more than 500 institutional investors allocating funds to these Bitcoin products. Within the first six months of launch, BlackRock’s IBIT has become the third-largest Bitcoin holder while clocking daily trading volumes of $4.2 million.

The inflows into the spot BTC ETFs have resumed once again this week. The total inflows have been $39 million with BlackRock’s IBIT Bitcoin ETF seeing $34.6 million in inflows, Fidelity’s FBTC clocked $22.6 million in inflows, Bitwise’s BITB saw $16.5 million inflows while Grayscale’s GBTC saw $28.6 million in outflows on Tuesday, August 13.

Similarly, the inflows have also resumed into spot Ethereum ETFs with BlackRock’s ETHA taking the lead.

Bitcoin Gains Momentum

The Bitcoin price has gained momentum shooting another 3% in the last 24 hours and moving past $61,000. This rally comes ahead of the scheduled US CPI inflation data release this week which seems to be part of the major short covering in the market. Also, the Wall Street indices showed strength on Tuesday with the top three indices gaining anywhere between 1-2%. It will be interesting to see whether this rally sustains moving ahead from here.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20

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Pudgy Penguins gets a character in Pixelverse’s mini-game, the influence of ETFs on ETH price, and Craig Wright admits he’s not Satoshi.



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Grayscale launches investment fund for MakerDAO token

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Grayscale also launched funds for protocols Bittensor and Sui in August.



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Bitcoin Scam Targets US County Residents With Fake Warrants – News Bytes Bitcoin News

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Bitcoin Scam Targets US County Residents With Fake Warrants – News Bytes Bitcoin News



Bitcoin Scam Targets US County Residents With Fake WarrantsA scam email targeting residents of Montgomery County, Pennsylvania, is falsely soliciting Bitcoin payments to resolve supposed arrest warrants. The fraudulent emails claim to be from authorities like the “FDIC government office warrant division” and include misleading subject lines such as “Montgomery County Sheriff office false claims division.” These emails contain fake documents, including a […]



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Australia's Securities Regulator Sues ASX for Misleading Statements About Blockchain Project

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Australia's Securities Regulator Sues ASX for Misleading Statements About Blockchain Project



Australia’s Securities and Investment Commission (ASIC) has sued the country’s largest market operator, ASX Limited, for allegedly making misleading statements about how its blockchain project to replace its aged Clearing House Electronic Subregister System (CHESS) was progressing, before revealing that it had cancelled the project, the regulator announced on Wednesday.



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As Altcoin Rally Is On The Horizon, Whales Set Their Eyes On KASPA and MinePro Just-launched Presale

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As Altcoin Rally Is On The Horizon, Whales Set Their Eyes On KASPA and MinePro Just-launched Presale


Big Fish, Small Ponds: How Whales Are Preparing for the Next Wave.

The crypto landscape is abuzz with anticipation as whales prepare for the next altcoin rally, signalling a potential resurgence in the market after a scary dip down below $53,000 Bitcoin, with a strong rebound back up to above $60,000. This movement coincides with a notable resurgence in DeFi (Decentralized Finance) activity, reaching levels not seen since 2022, showing strength in the overall crypto market despite this recent dip. Let’s explore how these developments are shaping the market, with a particular focus on two noteworthy projects: Kaspa and MinePro.

Wake up, DeFi! The Time is Nigh.

The DeFi sector is waking up from a very long nap. Key metrics such as active loans and total value locked (TVL) are on an upward trajectory, with Token Terminal reporting active loans reaching approximately $13.3 billion. This revival is further exemplified by Morpho Labs, a decentralized finance protocol, securing $50 million in funding for its new permissionless lending protocol, Morpho Blue.

This renewed interest in DeFi isn’t just a fleeting trend. It’s indicative of a healthy market, where investors are once again willing to engage with more complex financial instruments within the cryptocurrency ecosystem. As the saying goes, “A rising tide lifts all boats,” and this DeFi resurgence could potentially spark waves across the entire crypto market.

Kaspa, A Promising Altcoin:

Kaspa has taken holders for a wild ride recently, touching an all-time high of $0.20 before dipping to $0.15. It has also seen a 70% surge in trading volume, indicating substantial investor interest.

Analysts are eyeing a potential 25% rebound in Kaspa’s value, with Kaspa’s price already touching $0.17 again. Projections suggest it could reach $0.25. However, it’s worth noting that the Relative Strength Index (RSI) is signalling an “overbought” condition, which may lead to another dip. However, relative to the rest of the market, Kaspa has been quite resilient, this strength is reminiscent of the adage, “Smooth seas do not make skilled sailors.” Its ability to navigate turbulent market conditions has certainly caught the attention of seasoned investors.

MinePro Presale explodes

Projects like MinePro are leveraging the recent volatility of the market to show their strength. MinePro is a unique tokenized model which allows investors to stake $MINE tokens and earn Bitcoin rewards. This model not only provides consistent returns but also aligns with the growing demand for Bitcoin.

mine-pro

Unlike the erratic behaviour of many altcoins, MinePro focuses on the growth potential of Bitcoin, offering investors a pathway to profits during market recoveries.

Their just-launched presale is producing insane numbers, with $700,000 raised in the first day. What sets MinePro apart is its focus on bringing highly profitable private energy Bitcoin mining to the public through a seamless tokenized system. In an industry often criticized for being purely speculative, with 99% of projects having no working product or revenue source, MinePro’s approach is akin to finding the proverbial needle in a haystack – a project that brings a highly profitable RWA (Real World Asset) to its holders through monthly Bitcoin mining profit payments, directly to holders wallets.

Analysts are saying that MinePro’s token which is currently in presale, $MINE, is set to do over 50x on launch and could reach $40 per token by 2028.

As the market prepares for the next altcoin rally and DeFi resurgence, MinePro offers a compelling investment opportunity that aligns with broader market trends. Its focus on Bitcoin, coupled with low operational costs and strategic partnerships, positions MinePro as a leader in the industry. For investors seeking a real product amidst the fluctuating crypto landscape, MinePro presents a promising path forward.

Navigating the Altcoin Resurgence

As the crypto market braces for a potential altcoin rally, projects like Kaspa and MinePro stand out as noteworthy contenders. Kaspa’s impressive performance metrics and MinePro’s innovative, sustainable approach to Bitcoin mining offer distinct value propositions in a crowded market.

The crypto market, known for its volatility, requires a measured approach. We’re seeing a new trend emerge with MinePro, with real products drawing heavy investor interest once more, poised for heavy gains within the coming years.

Join the MinePro Presale:

Presale: https://mineprobusiness.net/

Telegram: https://t.me/MineProBitcoin

Discord: https://discord.gg/dWtWJjwNYy



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Bitcoin dips to $53K after Bank of Japan's rate hike, Ether follows drop as global market panic ensues

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Bitcoin dips to $53K after Bank of Japan's rate hike, Ether follows drop as global market panic ensues


Key Takeaways

  • Bitcoin and Ether have significantly declined, with Bitcoin at $53K and Ether losing all year-to-date gains.
  • Japan’s rate hike has had a cascading effect on global markets, including significant drops in the Nikkei and Nasdaq.

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Bitcoin and ether prices plummet amid a broader market selloff, with BTC falling to $53K and ETH erasing 2024 gains as panic grips global financial markets following the Bank of Japan’s interest rate hike.

The selloff accelerated during Sunday evening US hours, pushing Bitcoin to levels not seen since February and Ethereum back to December prices.

Bitcoin has dropped 12% in the past 24 hours and 20% week-over-week, while Ethereum has plunged 21% in 24 hours and 30% over the past week, erasing its year-to-date gains. Crypto indices from CoinGecko show that most markets are down 10% over the past 24 hours, reflecting the widespread nature of the crypto market downturn. Notably, the decentralized finance sector showed a 17.3% decline over the past 24 hours, with a 27.8% dive from the past week.

Bank of Japan rate hike impacts crypto markets

The trigger for this massive correction appears to be the Bank of Japan’s unexpected interest rate hike last week, which sent the yen soaring and Japanese stocks tumbling, according to a report from Bloomberg issued three hours prior to this writing. The Nikkei index has fallen roughly 15% over three sessions and is now 20% below its mid-July peak. This volatility has spread globally, with the US Nasdaq sliding over 5% in the last two trading sessions of the previous week.

Adding to market uncertainty, the US Federal Reserve’s ambivalence about potential September rate cuts has surprised investors. In response, traders have priced in a 100% chance of lower US base rates in September, with a 71% probability of a 50 basis point cut. The US 10-year Treasury yield has also fallen sharply to 3.75%, down from 4.25% a week ago.

Bitcoin Price Chart July 30 to August 4, 2024. Source: CoinGecko

The chart shows a sharp decline in Bitcoin’s price over a short time period, with the value dropping from around $70,000 to below $55,000. The downward trajectory is steep and consistent, showing very few moments of price recovery or stabilization throughout the timeframe. This dramatic fall of roughly 17% in Bitcoin’s price indicates a significant market correction or sell-off event, potentially triggered by broader economic factors.

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