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27-May-24
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The price of NORMIE sunk 99% in less than three hours after a smart contract exploit, temporarily gutting its market cap from nearly $42 million to $200,000.
The team behind Base memecoin Normie (NORMIE) says it is negotiating with its hacker to return 90% of funds stolen due to a smart contract vulnerability — leading to a $41.7 million plunge in the token’s market cap in less than three hours.
Blockchain analytics firm Lookonchain was one of the first to spot the exploit and the hacker’s offer in an on-chain message to Normie’s deployer address on May 26.
Normie later reportedly accepted the hacker’s offer to get 90% of the stolen NORMIE tokens back — though the price has already fallen 96% since the exploit — on the condition Normie uses the stolen funds and the $2.3 million in the team’s dev wallet to launch a new token to reimburse NORMIE holders.
ETH has come within $70 of the psychological $4,000 price level during early trading on May 27.
The price of Ether (ETH) is closing in on $4,000 during early trading on May 27, rising 5% over the past 24 hours and prompting hope it could be the beginning of Ether’s post-ETF approval pump.
The asset gained almost 5% on the day to hit an intra-day high of $3,930, according to Cointelegraph data — ETH also tapped a similar price just days ago when spot Ether ETFs were first approved on May 23.
This has given ETH a 27.5% gain over the past week, eclipsing Bitcoin (BTC), which has gained just 3.8% in the same timeframe.
One crypto lawyer thinks a Donald Trump election win would revert some SEC crypto lawsuits, but others note he hasn’t always kept campaign promises.
Donald Trump’s potential victory in the November elections could see several Securities and Exchange Commission crypto lawsuits dismissed, according to a crypto lawyer — but others note he has a history of not keeping promises.
“I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out,” crypto lawyer James Murphy, known as “MetaLawMan,” wrote in a May 26 X post.
Murphy expects “a very different SEC” given Trump’s recent crypto promises.
The social media accounts of famous traders, rappers and even Caitlyn Jenner are shilling tokens in what many believe is part of an orchestrated string of hacks.
A string of industry influencers and celebrities had their X accounts hacked over the weekend, shilling everything from Luna2 and ORDI to celebrity-inspired memecoins.
Among the latest victims is Gigantic-Cassocked-Rebirth — known as GCR — a pseudonymous cryptocurrency investor known for profiting from contrarian trades — who confirmed their X account was hacked.
GCR’s X account on May 26 posted about ORDI and Luna2.0, sending both tokens up 6% and 274% momentarily.
England's High Court of Justice delivered a heavy blow to Wright with a judgment that said he "lied to the court extensively and repeatedly."
Nearly a decade after Craig Wright began terrorizing the Bitcoin (BTC) community with claims that he was Satoshi Nakamoto, a British court has delivered a verdict: Wright is not Satoshi.
The ruling came this month from Justice James Mellor of England's High Court of Justice in a civil case spearheaded by the Crypto Open Patent Alliance (COPA). His decision stated Wright “lied to the court extensively and repeatedly” while engaging “in forgery on a grand scale” to prove he was Satoshi.
Mellor excoriated Wright at length in his scathing judgment, writing, in part:
The collection will launch on 29 May with fixed pricing across most items.
Portuguese football superstar Cristiano Ronaldo has announced the launch of his fourth non-fungible token (NFT) collection in partnership with Binance.
The new collection, set to launch on 29 May to the Binance NFT Marketplace, will celebrate the footballer's history and features highlights from throughout his storied career.
Per a blog post from Binance, Cristiano Ronaldo commented:
Kai-Fu Lee predicted the modern AI zeitgeist back when OpenAI was a non-profit building chatbots.
Computer scientist and venture capitalist Kai-Fu Lee recently reiterated his stance that artificial intelligence (AI) technology would supplant at least half of the global human workforce by 2027.
Kai-Fu Lee initially predicted that AI would take over at least half of all human jobs back in 2017. A stance he’s stuck by in the time since. In a 2018 interview with IEEE Spectrum, for example, he pointed out that despite the fact that humans had many talents and skills that AI was unlikely to achieve, AI would still replace around half of us at work.
“Most jobs are repetitive,” Kai-Fu Lee said at the time, pointing to “truck-driving, telemarketing, dishwashing, fruit picking, assembly-line work, and so on.”
During the first quarter, the foundation committed $4.34 million in new grants and disbursed $2.79 million in previously committed grants.
The Uniswap Foundation has disclosed holding $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter.
According to the publication, the Foundation committed $4.34 million in new grants during this period and disbursed $2.79 million in previously committed grants.
The fiat cash and stables are designated for grant-making and operating activities, while the UNI tokens are reserved for employee token awards.
Bitcoin may not yet be done consolidating below new all-time highs, with BTC price rejecting above $70,000.
Bitcoin (BTC) stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.
Data from Cointelegraph Markets Pro and TradingView showed strong performance by BTC/USD, which briefly passed $69,500 before consolidating.
Weekend upside, which some market observers predicted, nonetheless remained capped by familiar resistance zones.
The recent surge in transactional activity on Aptos is attributed to the launch of Tapos Cat, a new tap-to-earn game that has gained rapid popularity.
The layer-1 blockchain platform Aptos, developed by former Facebook employees, has achieved a new milestone in blockchain transactions. It surpassed Solana by recording 115. 4 million transactions in a single day on May 25, compared to Solana’s 31.7 million.
The surge in transaction volume set a new benchmark and surpassed the previous L1 record of over 65 million held by Sui Network by a significant margin of over 50%.
According to Aptoscan, the blockchain’s user TPS (transactions per second) also reached an all-time high of 32,000 on the same day. This signifies a substantial increase in activity within the blockchain ecosystem, underscoring the growing adoption and momentum in the industry.
The approval of spot Ether ETFs brings in “another line of defense for Bitcoin,” argues MicroStrategy founder Michael Saylor.
MicroStrategy founder Michael Saylor has changed his tone on spot Ether (ETH) exchange-traded funds (ETFs), arguing that the recent nod from the United States regulator is only good news for Bitcoin (BTC) as well.
“Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry,” Saylor told Bitcoin podcaster Peter McCormack on the May 25 episode of What Bitcoin Did podcast.
“They serve as another line of defense for Bitcoin,” he said, following the news that the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on their respective exchanges on May 23.
Former United States President Donald Trump vows to free Silk Road founder Ross Ulbricht from prison if re-elected.
The former President of the United States Donald Trump has pledged to grant Silk Road founder Ross Ulbricht with a presidential pardon if he is re-elected in November's election.
"If you vote for me, on day one I will commute the sentence of Ross Ulbircht," Trump stated at the Libertarian Party’s National Convention in Washington on May 25.
"He's already served 11 years, we're going to get him home," he said of the creator of Silk Road — which is known as the first modern darknet market with a payment system built on Bitcoin (BTC).
Former United States President Donald Trump claims he is "very open minded" to "all things related to this new and burgeoning industry."
The United States must not settle for anything but top place in the cryptocurrency industry, according to former U.S. President Donald Trump.
“Our country must be the leader in the field, there is no second place,” Trump declared in a May 25 post on Truth Social — a social media platform owned by Trump Media and Technology Group (TMTG).
“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he claimed, before taking aim at the current president, Joe Biden, whom he is up against in the 2024 presidential race, with the US election day scheduled on November 4.
Considering Telegram doesn't even offer end-to-end encryption by default, founder Pavel Durov has a lot to say about his messaging app's competitor.
Telegram founder Pavel Durov put the encrypted messaging application Signal on blast this month, arguing in a May 8 post that its privacy mechanisms amounted to a “circus trick.” His commentary was purpose-built to undermine the rival messaging app, but Durov’s history with Signal and Telegram's own privacy credentials make it hard to take his comments seriously.
Durov has been throwing stones at Signal for years. In 2017, he predicted we'd find a backdoor in their protocol within five years. Seven years later, that prediction has missed the mark. A few years later, Signal founder Moxie Marlinspike posted a thread suggesting we should stop calling Telegram an encrypted messaging app.
Signal and Telegram do not like each other.
U.S. SEC approves spot Ether ETFs, FIT21 crypto bill goes to the Senate, and Sam Bankman-Fried held in Oklahoma.
The U.S. Securities and Exchange Commission (SEC) has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States on May 23. The approval reaches filings from major firms such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Issuers must still obtain SEC approval for their S-1 registration statements before the ETFs can officially begin trading. The SEC had previously asked applicants to expedite filings on May 20, with the removal of staking being the most notable amendment seen. The approval was considered an implicit recognition from the SEC that Ether is not a security, according to industry pundits.
The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the U.S. House of Representatives on May 22. The bill now heads to the Senate, where its future is uncertain, facing opposition from Senator Elizabeth Warren. FIT21 proposes giving the Commodity Futures Trading Commission (CFTC) primary control over cryptocurrencies, which the industry views as a more lenient regulator compared to the Securities and Exchange Commission (SEC). The SEC would still regulate cryptocurrencies that arent sufficiently decentralized, but FIT21 introduces a mechanism for cryptocurrencies classified as securities to be sold as commodities. The Biden administration and the SECs Chair, Gary Gensler, have both issued statements opposing the regulation.
Former FTX CEO Sam SBF Bankman-Fried is no longer incarcerated in New York or California, where his parents own a home according to prison records, hes in Oklahoma. As of May 23, inmate records for the Federal Bureau of Prisons showed that Bankman-Fried was being held at the Federal Transfer Center in Oklahoma City. The facility confines inmates on a short-term basis for transfers within the prison system. The transfer appeared to have happened despite Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York recommending SBF stay at the Metropolitan Detention Center, Brooklyn.
Musk recently said he expected xAI to catch up to OpenAI and DeepMind Google by the end of 2024.
Billionaire mogul Elon Musk’s xAI has plans to build a supercomputer in partnership with Oracle to power the next version of its “Grok” artificial intelligence (AI) large language model.
According to a report from The Information, citing a presentation shown to xAI stakeholders, the project has been framed as a “Gigafactory of Compute” for training and developing the next generation of the company’s Grok AI system.
Related: Political correctness in AI systems is the biggest concern: Elon Musk
Elon Musk recently said AI would surpass humans by 2025 but Google’s models are so inaccurate they’re being tuned by hand.
A recent artificial intelligence feature called “AI Overview,” unveiled by search monolith Google, has been handing out inaccurate and dangerous summaries in response to user searches and Google doesn’t appear to have an actual fix for the problem.
As of the time of this article’s writing, Google has disabled certain queries for its “AI Overview” feature after it was widely reported that the system was generating erroneous and potentially harmful outputs.
Reports began to circulate throughout the social and news media communities of a user query asking the search engine how to keep cheese on pizza to which the AI system reportedly responded with text indicating that the user should use glue. In another batch of apparent mess ups, the AI system purportedly told users that at least two dogs owned hotels and pointed to a non-existent dog statue as evidence.
Key factors driving XRP's price upward today are hopes of spot XRP exchange-traded funds in the U.S. and increased accumulation by whales.
The price of XRP (XRP) has jumped by 4.65% in the last 24 hours to reach $0.542 on May 25, mirroring gains elsewhere in the cryptocurrency market.
Primary catalysts driving the XRP price upward today include the growing buzz around the introduction of spot XRP exchange-traded funds in the United States and a growing accumulation sentiment among whales.
XRP price climbed on hopes that Wall Street would launch XRP ETFs in the future.
Due to legal constraints, UK-based users still have restricted access to the Bitcoin white paper on the Bitcoin.org website.
The Bitcoin white paper has been reuploaded to the Bitcoin.org website after Craig Wright’s unsuccessful court attempt to prove he is Satoshi Nakamoto, the protocol’s pseudonymous creator.
Hennadii Stepanov, the maintainer of the Bitcoin.org website, announced the return of the Bitcoin white paper by sharing a link to the white paper PDF on platform X.
Due to legal constraints, Bitcoin.org was forced to restrict access to the Bitcoin white paper for UK-based users. Instead, it displayed a poignant quote from Satoshi Nakamoto: ‘It takes advantage of the nature of information being easy to spread but hard to stifle”.
Bitcoin's price dropped 15% after spot Bitcoin ETFs started trading, but traders aren't so sure that Ether's price will react the same way.
Traders are skeptical about assuming that the price of Ether (ETH) will decline after the launch of spot Ether exchange-traded funds (ETFs), similar to what happened with Bitcoin (BTC), after spot Bitcoin ETFs started trading.
“I think there is less likelihood of a selloff here after the ETH ETF compared to the BTC ETF,” crypto trader Matthew Hyland explained in a May 24 post on X.
Hyland pointed out that, unlike Ether, Bitcoin had not experienced a price decline in the period leading up to the approval of spot Bitcoin ETFs on Jan. 10.
Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.
Korean regulators are under mounting pressure to approve cryptocurrency exchange-traded funds (ETFs) following the recent approval of spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC).
According to local media, the SEC’s decision regarding Ethereum is expected to exert pressure on Seoul’s financial regulators to reconsider their stance on digital assets.
The SEC greenlighted the creation of ETFs for Ethereum, the world’s second-largest cryptocurrency, on May 24, 2024, following its earlier approval of Bitcoin ETFs in January 2024.
While Bitcoin is often marketed as "digital gold," Ethereum hasn't quite found its simple elevator pitch yet, according to crypto analysts.
Ethereum (ETH) is lacking an “easy-to-understand” sound bite that will attract the baby boomer generation towards spot Ether exchange-traded funds (ETF), according to analysts.
“Ethereum still has no elevator pitch, despite years of attempts,” Glassnode lead analyst James Check aka “CheckMatey" wrote in a May 24 post on X, following the United States Securities and Exchange Commission’s (SEC) approval of eight spot Ether ETFs on May 23.
“Does a simple one-liner like that exist for Ether? If so, what is it?” added Bloomberg ETF analyst Eric Balchunas, while suggesting that a potential obstacle for the success of spot Ether ETFs will lie in how it resonates with those investors in the 60-80 year old age range.
Technology company Nvidia outperformed Bitcoin over the past decade, but cryptocurrency executives see slim chances of a repeat.
Technology company Nvidia's (NVDA) outperformance of Bitcoin (BTC) over the past ten years should not be used as an indicator for the next decade, as it is unlikely to happen again, according to crypto executives.
“Near zero chance of Nvidia outperforming Bitcoin over the next 10 years,” argued Swan Bitcoin CEO Cory Klippsten in a May 24 X post.
“I’d pick Bitcoin over Nvidia for the next ten years, personally,” investment strategist Lyn Alden stated, after pointing out on X that NVDA "is one of the few assets that has outperformed Bitcoin over a 10-year time period."
Learn the essential steps to create and train your own AI bot for day trading cryptocurrencies and potentially automate your trading decisions.
Crypto trading algorithms and bots are common tools in cryptocurrency trading. The emergence of generative artificial intelligence (AI) has added new capabilities to these tools, creating AI crypto trading bots and spurring further interest in their use.
For investors who take advantage of these tools to augment their day-trading strategies, effective AI bot training is critical to their success.
AI crypto trading bots, algorithmic trading tools, or automated trading bots are software programs or platforms that use AI, machine learning or algorithms to monitor crypto markets and automatically execute crypto trades. Trading bots automate trading tasks such as choosing, buying or selling a cryptocurrency based on certain parameters and a trader’s chosen strategy.
Marathon Digital, one of the world’s leading Bitcoin mining operations, announced a collaboration to overhaul Kenya’s renewable energy sector.
Bitcoin mining giant Marathon Digital recently announced a new partnership with Kenya’s Ministry of Energy and Petroleum (MOEP) to develop the country’s already thriving renewable energy sector.
The partnership will focus on exchanging technical knowledge and research, policy ideas, investment strategies, and the development of critical energy infrastructure.
In the wake of the newly inked collaboration, Marathon Digital CEO Fred Thiel noted the advantages of fostering such a relationship with Kenya’s Ministry of Energy and Petroleum:
After being dismissed by the Delaware Court of Chancery in 2023, the state’s supreme court ruled the definition of the merger agreement between BitGo and Galaxy was “ambiguous.”
Delaware’s Supreme Court has reversed a ruling from a lower court that dismissed a $100 million lawsuit brought by BitGo against Galaxy Digital following a failed acquisition.
In a May 22 filing, the Supreme Court of the State of Delaware said language in the BitGo-Galaxy Digital $1.2 billion merger agreement — which the latter terminated in August 2022 — was “ambiguous.” The state supreme court concluded that it would reverse the Delaware Chancery Court’s decision “for the consideration of such extrinsic evidence as may be appropriate to resolve this ambiguity.”
The successful appeal, first submitted on Feb. 7, would seemingly allow BitGo another bite at the apple to file suit against Galaxy Digital. In an August 2022 lawsuit, the firm alleged Galaxy committed an “intentional breach” of the acquisition agreement. Galaxy claimed at the time that it was within its rights to drop the deal after BitGo failed to deliver audited financial statements from 2021.
LINK’s double-digit rally is backed by increasing network activity and a bullish technical setup.
Chainlink (LINK) price gained 7% on May 24, despite a downturn in the wider cryptocurrency market.
Currently priced at $17.04, LINK has seen an impressive 30% increase so far in May, prompting investors to wonder whether the drivers for a rally above $20 still exist.
Let’s look at the factors that could possibly drive LINK price higher.
This week’s Crypto Biz explores Kraken’s stablecoin plans in Europe, the departure of Grayscale’s CEO, Prometheum’s Ether custody service that treats ETH as a security, and more.
Custody of digital assets has become an increasingly popular business, particularly since the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
The latest companies seeking to safeguard assets for institutional investors include Taurus and Fireblocks. While Taurus announced opening an office in Canada in response to a demand for custody and tokenization, Fireblocks is awaiting regulatory approval for a limited-purpose trust company regulated by the New York Department of Financial Services.
Ripple foresees the institutional crypto custody market could reach nearly $10 trillion by 2030.
With DePIN activity surging, Solana targets Firedancer upgrade to enhance network performance and accommodate growth.
Solana plans to release a full version of the Firedancer upgrade in 2025, with “pared-down versions” rolling out before then, according to Solana Foundation’s DePIN lead, Kuleen Nimkar.
The upgrade aims to increase Solana’s overall reliability and scalability as network activity from decentralized infrastructure protocols continues to grow. “We’re seeing a ton of up-and-coming deep-end projects that are doing everything,” Kuleen said of DePIN activity at DEFICON on May 23.
DePIN, or decentralized physical infrastructure networks, refers to the use of blockchain to manage and operate physical infrastructure systems.
Executive director Aya Miyaguchi said the foundation’s neutrality can’t depend on culture and individual judgment after researchers take multimillion-dollar roles at EigenLayer.
The Ethereum Foundation will institute a policy on conflicts of interest, executive director Aya Miyaguchi said on May 24. The announcement came in response to controversy in the crypto community over connections between the foundation and EigenLayer developers.
Two Ethereum researchers joined the ranks of paid advisers at the EigenFoundation in the week preceding Miyaguchi’s announcement. Justin Drake announced his appointment at EigenFoundation on May 19 in a lengthy X post. He said he would receive incentives from EigenFoundation worth “millions of dollars” but would reinject the money in the Ethereum ecosystem. Dankrad Feist made a similar long announcement the following day. Feist acknowledged receiving “a significant amount of tokens,” adding:
Both researchers said they were taking the posts personally and not as representatives of the Ethereum Foundation. Drake promised “to continue to lean critical of EigenLayer,” and Feist said he would “take contrarian views.” Reaction to the researchers’ moves was mixed. ZkSecurity co-founder David Wong tweeted on X about Drake:
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