Author: NBTC

Polkadot (DOT) only saw $1M of its treasury spent in July, after backers noticed overspending on marketing. At this rate, Polkadot may run out of treasury reserves in the next two years. Polkadot (DOT) decreased the outflows of its treasury, after receiving criticism of misspending its marketing budget. The Polkadot treasury has been in the red for the past 12 months, with the most significant outflows in April and May 2024. Some of the outflows are in support of Polkadot’s marketing budget. The last month saw more than $1M in net outflows, following months with more than $3M in net…

A US citizen has filed a lawsuit over losing $2.1 million in Bitcoin tokens due to what he believes to be a pig butchering scam orchestrated by a crime syndicate in Southeast Asia. According to a release on Oct. 3, Hector Gustav Gutierrez has filed a lawsuit against Yan Shi Zhang, also known as “1” in the District Court of California over an alleged “pig butchering” scam which cost him 33 Bitcoin(BTC), approximately $2.1 million USD. Attorney Kiley Grombacher, the lawyer representing Gutierrez, explained that his client was roped into a pig butchering scam involving fraudulent crypto investments operated from…

Kraken has announced the launch of its new global derivatives venue in Bermuda. This initiative aims to provide clients with a licensed trading platform in a recognized jurisdiction. Kraken’s new venue allows clients to trade derivatives around the clock, aligning with the 24/7 nature of the cryptocurrency market. According to the press release, the exchange operates under the regulatory oversight of the Bermuda Monetary Authority, which is recognized for its strong framework in cryptocurrency regulation. With this launch, Kraken expands its offerings to include over 200 different derivative contracts. The timing is important, as many clients seek to use derivatives…

The cost of mining one Bitcoin drastically changed after April’s halving, while eight countries with affordable electricity have already banned BTC mining. Mining Bitcoin (BTC) was once a cash cow for early individual adopters, but not since the halving earlier this year, according to a September study by NFT Evening. People in Ireland, for example, have to spend around $321,112 to mine a single Bitcoin. In Iran, the same process would cost about $1,324. Due to energy costs, U.S. miners operated at a 50% loss when Bitcoin dropped to $57,909 last month. This paradigm played out despite America being one…

An early Bitcoin miner from 2009 three weeks ago ended a decade of inactivity and earlier Tuesday sent an additional 5 bitcoin to crypto exchange Kraken. There has been notable activity from Bitcoin wallets dating back to the Satoshi era in the past year, including a wallet that moved $16 million worth of BTC after 15 years of dormancy. An early bitcoin (BTC) whale who mined the asset in its infancy in 2009 has transferred a portion of its holdings to crypto exchange Kraken after a decade of dormancy, data from on-chain tool Arkham shows. The whale, a colloquial term…

The Bank of Russia has explained that the launch of the digital ruble, the Russian CBDC, will not affect the state’s mechanisms to control inflation or the amount of money issued. The institution clarified that the new currency does not pose risks to the country’s financial stability, and will not change the functions of the banking system. Bank of Russia: Digital Ruble Not a Risk for the Country’s Financial Stability The Bank of Russia recently explained that the digital ruble, Russia’s central bank digital currency (CBDC), will not change how the state manages its monetary policy. In a draft outlining…

XRP has started to shed off its losses from the recent crypto crash. This price rebound is also getting support from whales, who have started a strong accumulation trend for the coin. The bearish sentiment appears to be fading away as XRP enters a more optimistic zone. Earlier today, the market witnessed rising buying activity from XRP whales. As per Whale Alert, more than 26 million XRP coins were transferred from crypto exchange Binance to an unknown wallet. This XRP transfer is worth around $13.62 million, as per the current XRP price. Whales typically buy crypto on prominent trading platforms…

As the U.S. Securities and Exchange Commission (SEC) officially appeals the Ripple case, the XRP community is now focused on a series of crucial dates that could shape the outcome of this long-standing legal battle. After Judge Analisa Torres ruled last year that secondary XRP sales were not securities, many saw it as a win for Ripple, but controversy over institutional sales has kept the case in the spotlight. Now, the SEC’s move to appeal brings new timelines that Ripple and XRP holders must keep in mind. Key dates in the appeal process include the SEC’s opening brief, which is…

Last week, decentralized exchanges (DEXs) trading saw a marked increase, reaching $39.99 billion. This week’s rate of 24.67% growth signifies the increasing traction of decentralized finance. Among the best performers, Uniswap remained on top with $10 billion in trading volume and $1.88 billion in total value locked (TVL). Phoenix, a crypto media platform, shared the list of top decentralized exchanges (DEXs) by weekly trading volume through its official X account. TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #Uniswap #Pancakeswap #Raydium #Orca #Aerodrome #Curve #DODO #ThorChain #LFJ pic.twitter.com/NS2xr1SzQN — PHOENIX – Crypto News & Analytics (@pnxgrp) October 3, 2024 Uniswap Maintains…

Ethena’s USDe stablecoin, also known as the “synthetic dollar,” has seen nearly $100 million in redemptions over the past few days during a massive market selloff that has seen Bitcoin fall below $50,000 and Ethereum give up its 2024 gains. Significant market turbulence likely triggered these redemptions from users, putting some pressure on the protocol. On Monday, over $1 billion in lending trades were liquidated on centralized exchanges and over $400 million on DeFi protocols, marking one of the largest liquidation events of the year. Meanwhile, USDe managed to maintain its peg to the US dollar. However, its price fluctuated…