TronWeekly

Crypto World News

You are here: Home / Search for "USDC"

Search Results for: USDC

Tether’s Latest Shuffle: Rally On Horizon?

by

Leading stablecoins like Tether [USDT] and USD Coin [USDC] are digital assets tied to the value of traditional fiat currencies like the US dollar. These asset classes often serve as a safe bet for investors during periods of market uncertainty to preserve capital and avoid the volatile nature of other cryptocurrencies. However, the movement of a substantial percentage of these stablecoins to exchanges hinted at a shift in sentiment and a preparation for larger market movements.

The crypto market, known for its volatility, experienced a surge in activity following the transfer of Tether and USDCoin to exchanges. As highlighted by Santiment, this movement served as a prelude to the subsequent rally, which saw a widespread increase in the value of various cryptocurrencies. Bitcoin, Ethereum, and other major players in the market experienced notable price gains, attracting attention from both institutional and retail investors.

Tether
Tether's Latest Shuffle: Rally On Horizon? 2

As the crypto market enters a period of cooldown after the rally, the focus now turns to the potential return of USDT and USDC to exchanges. This movement is expected to be a crucial factor in sustaining the momentum gained during the previous weeks. The return of these stablecoins to exchanges signifies renewed interest and participation in the market, which could translate to increased liquidity and trading activity.

Tether & USDC’s Influence on 2023’s Finale

The final five weeks of 2023 hold the promise of continued market growth, and the reentry of Tether and USD Coin into the exchange ecosystem will likely play a pivotal role in this trajectory. Market analysts are closely monitoring these stablecoin movements, as they could provide insights into the intentions of investors and signal the direction of the broader cryptocurrency market.

In a recent development, Tether Holdings Limited released the assurance opinion for Q3 2023, conducted by the renowned BDO public accounting firm. The document offers a detailed analysis of Tether’s consolidated reserves and assets as of September 30. Notably, the Consolidated Reserves Report [CRR] by the company highlights a noteworthy achievement in the stablecoin landscape, revealing that an unprecedented 85.7% of its reserves are now held in cash and cash equivalents [C&Ceq].

Justin Sun-Led Twin Projects Face $97M Security Breach

by

The Heco Bridge, an interchain project associated with Justin Sun, is reportedly the target of malicious activities, as online investigators have identified suspicious fund transfers totaling $85 million. Cyvers Alerts, an on-chain security platform, reported that it has detected an additional $12.4 million exploitation from another venture linked to Sun, the HTX exchange.

Justin Sun
Justin Sun-Led Twin Projects Face $97M Security Breach 5

Code Red! (Ongoing)Our AI-powered system has detected multiple suspicious transactions from the HECO_Chain bridge. A suspicious address has received around $85 million. Suspicious address: https://etherscan.io/address/0xfc146d1caf6ba1d1ce6dcb5b35dcbf895f50b0c4… The first transaction is 10,145 ETH from the HECO_Chain bridge to a suspicious address. Justin Sun, have a look! More investigations will come!

A red alert was issued through an AI-powered system, revealing multiple suspicious transactions from the HECO_Chain bridge. Approximately $85 million was transferred to an address marked as suspicious. The first transaction involved 10,145 ETH from the HECO_Chain bridge to the said address, prompting online sleuths to call on Justin Sun for attention. Ongoing investigations are underway to unveil more details.

Cyvers Alerts’ tweet sounded the alarm, highlighting a series of attacks on projects associated with TRON founder Justin Sun. In 2022, Sun announced plans to integrate Huobi’s HECO [also known as Huobi Eco Chain] with the Tron and BitTorrent ecosystems. HTX, formerly known as Huobi, is an internationally rebranded exchange, advised by Justin Sun.

Justin Sun
Justin Sun-Led Twin Projects Face $97M Security Breach 6

Responding to the security breach, Justin Sun released a statement acknowledging a hacker attack on HTX and Heco Cross-Chain Bridge. He assured the community that HTX would fully compensate for losses from the hot wallet, and although deposits and withdrawals are temporarily suspended, all funds in HTX are secure. The investigation into the specific reasons for the attack is ongoing, and services will resume once the cause is identified.

Justin Sun’s HTX Has Initiated Recovery Process

In a subsequent update, Cyvers Alerts reported that HTX_Global had transferred the remaining assets to their “Huobi Recovery” address. HTX reaffirmed its commitment to fully compensating for losses from the hot wallet, while temporarily suspending deposits and withdrawals.

The incident adds to a series of cybersecurity challenges faced by projects affiliated with Justin Sun. Earlier, Poloniex, another exchange backed by Sun, experienced a security compromise resulting in losses exceeding $120 million. The alleged hacker, utilizing a Tron chain address, executed significant asset transfers, including $21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC, totaling over $42.83 million, with only $6.54 million currently frozen.

Aragon DAO Approves $300k Funding for Lawsuit Against Its Founding Team

by

The Aragon DAO has overwhelmingly voted in favor of pursuing legal action against its founding team, allocating a substantial $300,000 for the cause. The decision unfolded in two separate votes; first, a unanimous agreement with 1.6 million governance tokens favored the proposal, and second, a narrower margin of 1.6 million tokens in favor versus 1 million against secured the funding.

image 75 11
Aragon DAO Approves $300k Funding for Lawsuit Against Its Founding Team 8

This move by the DAO is a direct response to the Aragon Association’s recent decision to dissolve itself and discontinue its governance token, ANT, citing legal constraints and the need for a fresh start. The Association took this step without consulting the DAO, which sparked discontent among ANT token holders.

The DAO’s proposal highlights concerns that the Aragon Association might retain $50 million from the dissolution, prompting the need for legal intervention. The $300,000 funding, approved in stablecoin USDC, will be directed to Patagon Management LLC, an investment company owned by Diogenes Casares, to spearhead legal action and negotiations with the Aragon team.

Community Involvement in Aragon DAO’s Legal Pursuit

Patagon Management LLC has previously initiated legal proceedings against Wei “Max” Wu in connection with the Spartacus DAO, and its involvement adds weight to the DAO’s pursuit of justice. The proposal outlines that other individuals can contribute to financing the lawsuit, with the incentive of receiving their funds back plus 10% interest per year if the case prevails.

An oversight committee, composed of representatives from Arca, crypto trader DCF God, and pseudonymous individuals such as Wismerhill, Tedward, CM, Triangular, and Yakitori, will monitor the lawsuit. Notably, these individuals have prior experience dealing with DAOs and dispute resolutions.

This development follows previous controversies, including Aragon’s claims of an attack by the RFV Raiders, a group allegedly targeting DAOs for dissolution. The accusations pointed fingers at members like Avraham Eisenberg, who took responsibility for an attack on Mango Markets, suggesting a larger conspiracy within the crypto space.

Nevertheless, the cryptocurrency community awaits the outcome, recognizing the broader implications for decentralized autonomous organizations navigating the complexities of governance and restructuring.

Related Reading |  Solana Rising: ChatGPT’s Bold Prediction of a $500 SOL – Mapping the Milestones

Ethereum Whales Dump $97.7 Million As ETH Faces Bearish Pressure

by

In a recent development, Lookonchain, a prominent on-chain tracking platform, shook the crypto sphere today with an eye-opening disclosure in an X post, spotlighting a wallet affiliated with HashKey that shed a staggering $97.7 million worth of Ethereum (ETH) in recent market moves. The divulged details outline wallet 0xD26e’s activities, witnessing the deposit of 50,115 ETH onto various exchanges within the preceding ten days.

On-chain analytics offers valuable insights into the path of tokens directed towards exchanges like Binance and OKX. The consequent withdrawals from these platforms culminated in a combined sum of 89.6 million Tether (USDT) and 12.95 million USD Coin (USDC). Lookonchain’s assessments suggest an average selling price of around $2,047 for these tokens. 

Despite the significant whale activity, Ethereum (ETH) has managed to experience a 1,25% increase in value over the past 24 hours. According to CoinMarketCap, ETH is trading at $1,961. Ethereum is struggling to reach the $2,000 mark and has experienced a 4.35% decline in its weekly performance. Its daily trading volume has also dropped by a significant 31.25%, now at $7,864,079,782.

KhGnpgd3N1qr1i8xHKrF1Ylzfc5o30TFvjHj1TD6xTXc7bh5gOteGVyCjhcbu1zAQVE6KYIHUbBXCEAakQIZ HSwMdwQ5vXZ144I2AdKJKoGGt7ibYO0g8AtyXLw9dQDbYxYWXxU13EE8zgWMGan MY

Source: TradingView

Ethereum Technical Outlook

Analyzing the technical indicators reveals a concerning trajectory for ETH, entangled within a negative price channel that signals a bearish trend. The cryptocurrency appears susceptible to breaching its critical support level at $1,945 in the imminent days, possibly cascading further to the $1,830 mark.

Nevertheless, an optimistic prospect emerges if Ethereum sustains its position above the $1,945 support threshold for the subsequent 72 hours, potentially invalidating the looming bearish sentiment. A bullish scenario could entail ETH’s breakout from the descending price channel. In such a favorable turn, sustained momentum from buyers might pave the way for Ethereum to surmount the $2,065 resistance, potentially transforming it into a new stronghold of support.

The current state of the Ethereum market is at a critical juncture, where the balance between bearish sentiments and the potential for a bullish upswing hangs in the balance. Significant movements by whales and the prevailing market dynamics further influence this delicate balance.

Coinbase’s Quantum Leap: Redefining Commerce with the Onchain Payment Protocol: Report

by


In a bid to revolutionize its Commerce product, cryptocurrency exchange giant Coinbase has rolled out its innovative open-source “Onchain Payment Protocol.” It aims to deliver instant settlement, reduced fees, and extensive asset support, enhancing the overall payment experience for both merchants and customers, according to the announcement.

Coinbase Commerce, has witnessed widespread global adoption, with thousands of merchants globally having received billions of dollars in on-chain payments through the platform. Despite its success, the company acknowledges that merchants grapple with crypto volatility, and consumers often find the payment process intimidating.

Coinbase’s Update Shields Against Crypto Volatility

The newly updated Commerce product, built on the Onchain Payment Protocol, addresses these challenges by automatically converting customers’ crypto holdings to the stablecoin USDC. This conversion effectively shields users from the volatility associated with cryptocurrencies. The protocol presently accommodates any wallet and supported token within the Ethereum, Polygon, and Base ecosystems, with plans to expand to additional networks in the near future.

Lauren Dowling, Head of Product — Developer Payment Services at Coinbase, explained the significance of the update, stating, “This Commerce update allows users to pay in hundreds of currencies across Ethereum, Base, and Polygon, both native currencies and ERC-20s. Coinbase retail customers will be able to pay in every asset that is supported by our exchange.”

Merchants stand to benefit significantly from the update, according to Dowling. The new system empowers merchants to tap into the vast user base of global crypto enthusiasts willing to transact on-chain. Moreover, the update drastically reduces transaction costs compared to the hefty fees associated with credit card transactions, providing an added advantage to merchants. Additionally, it eliminates exposure to the unpredictable nature of crypto market fluctuations.

Even in the face of a challenging market environment, the exchange remains steadfast in its commitment to innovation. In August, the company launched Base, a Layer 2 network built on top of Ethereum. Currently, Base ranks as the third-largest scaling network in terms of total value locked, trailing behind Arbitrum and Optimism, as per DefiLlama data.

Furthermore, Coinbase Financial Markets, Inc. (CFM) received regulatory approval in August to introduce federally regulated crypto futures trading for eligible U.S. customers. This paved the way for Coinbase Advanced customers in the U.S. to engage in leveraged crypto futures contracts through CFM.

Traders in the U.S. can now seamlessly navigate both spot and futures trading through the integrated, secure, and user-friendly Coinbase Advanced platform. Coinbase continues to lead the charge in advancing the crypto landscape, offering innovative solutions to meet the evolving needs of users and merchants alike.

Related Reading | Cardano’s Profitability Peaks in 2023

Midas to Unveil stUSD Token, Linking U.S. Treasuries with DeFi Platforms

by

In an upcoming convergence between traditional finance and the ever-expanding realm of cryptocurrencies, Midas, a stablecoin backed entirely by U.S. Treasuries, is set to introduce its stUSD token across various decentralized finance (DeFi) platforms like MakerDAO, Uniswap, and Aave in the forthcoming weeks. This revelation was disclosed in a presentation deck obtained by CoinDesk.

The Midas project, aiming to establish a solid footing in the DeFi space, is strategically procuring U.S. Treasury bonds through asset management giant BlackRock. The procurement entry is facilitated using Circle Internet Financial’s USDC stablecoin, as detailed in the presentation. Additionally, institutional partners like Fireblocks and Coinfirm are involved, providing custody technology and blockchain analytics support, respectively.

Tokenizing Treasuries: Midas’ Game Plan

The motivation behind this move stems from the substantially higher yields observed in traditional financial assets like U.S. Treasuries in comparison to the returns on conventional DeFi products. Midas aims to tokenize these traditional financial assets, making them seamlessly available within the DeFi ecosystem, as articulated in their presentation.

This strategic move resonates with the current industry trend of tokenizing real-world assets, particularly attracting attention from traditional finance entities. The focus on tokenizing Treasuries has seen significant growth in 2023, prompting the Midas project to tap into this potential.

Notably, the Midas team comprises industry figures like Fabrice Grinda, the founder and executive chairman of Global Technology Acquisition Corp. (GTAC), and Dennis Dinkelmeyer, the vice president of GTAC.

The stUSD token, being 100% backed by U.S. Treasuries and issued under German law as a debt security, emphasizes the adherence to regulatory compliance and legal frameworks. Midas highlights its compliance with European Securities Regulation and Anti-Money Laundering laws, further ensuring that the token’s transfer embodies the transfer of underlying legal rights.

Despite these advancements, neither Grinda nor Dinkelmeyer responded to requests for comment as of press time. The imminent integration of Midas into the DeFi space represents a pivotal step in bridging the gap between traditional finance and the evolving landscape of decentralized finance.

Related Reading | Shibarium Surges 3000%, Ushering in New Era for SHIB 

Justin Sun’s Poloniex Under Seige: Estimated Loss Over $120M

by

The Poloniex exchange, backed by Justin Sun, is currently under suspicion of a compromise, with potential losses surpassing $120 million. Taking swift action, Poloniex has disabled the exchange wallet for maintenance, ensuring users that updates will be provided once the wallet is re-enabled. An active investigation into the incident is underway.

In response to the situation, the Poloniex team has provided reassurance to users, affirming that despite the incident, the exchange maintains a strong financial position and is committed to fully reimbursing the affected funds. Additionally, the exchange is proactively exploring collaborations with other platforms to aid in the recovery of lost assets.

Justin Sun, the founder of TRON, has echoed Poloniex’s commitment to a thorough investigation into the hacking incident. In a bid to resolve the situation, he has offered a 5% white-hat bounty to the suspected Poloniex hacker, urging the return of funds to specified ETH, TRX, and BTC wallets within a 7-day period before legal action is pursued.

Before the wallet freeze, the alleged hacker, utilizing a Tron chain address, conducted substantial asset transfers, including $21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC, amounting to over $42.83 million. As of now, only $6.54 million remains frozen.

Poloniex
Justin Sun's Poloniex Under Seige: Estimated Loss Over $120M 11

In light of the incident, reports have surfaced suggesting that Justin Sun initiated multiple ETH transfers to a CEX recently, prompting speculation about a potential short signal. Some community members wrote that the actual stolen amount could exceed the reported $60 million, with Arkham data indicating figures surpassing $100 million. Yet, additional information regarding the extent of the loss is still anticipated.

Poloniex Exchange Hack

On the same day, Australian crypto exchange CoinSpot experienced a $2.4 million hack, believed to have resulted from a “probable private key compromise” on at least one of its hot wallets. Blockchain analyst ZachXBT traced two transactions to the alleged hacker’s wallet, which subsequently transferred funds to the Bitcoin network via ThorChain and Wan Bridge.

CertiK, a blockchain security firm, indicated that the exploit in the CoinSpot incident likely stemmed from a “probable private key compromise” on a hot wallet. This unfortunate series of events, including both CoinSpot and Poloniex, has raised concerns within the cryptocurrency community, highlighting persistent security challenges and underscoring the imperative for collaborative efforts to address and mitigate such incidents in the industry.

Polkadot’s Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments

by

In Q3’23, Polkadot showcased a remarkable performance with significant developments that are reshaping the landscape of decentralized networks. The completion of Polkadot 1.0, a long-anticipated milestone, was met with enthusiasm, marking the realization of the Polkadot whitepaper. Looking forward, the community is eagerly awaiting Polkadot 2.0, which is expected to take shape through community discussions and consensus.

Polkadot’s Q3’23 Performance

The quarter brought forth a 12% QoQ increase in DOT staked, underlining the effectiveness of Polkadot’s staking mechanism. Notable integrations included Wormhole’s routed liquidity via Moonbeam and the launch of Native USDC on Polkadot’s Asset Hub, further expanding access to liquidity across the ecosystem.

Financially, Polkadot operates under a unique weight-based fee model, distinguishing it from the common gas-metering model. Despite a 3% QoQ decrease in revenue to $94,000, Polkadot’s revenue remains relatively lower compared to its competitors due to its structural design.

image 15 5
Polkadot's Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments 14

Polkadot’s native token, DOT, experienced a 12% QoQ increase in staking, aligning closely with the ideal rate, which reflects the effectiveness of its mechanism. This adjustment led to reduced staking rewards and a 12% QoQ decline in annualized nominal yield to 15%. Zodia Custody’s announcement of institutional custody and staking services on Polkadot added to the network’s credibility.

The network’s treasury, financed through various means, supported initiatives in Q3, including software development, bounties, client upgrades, and community events. The introduction of OpenGov is set to revolutionize treasury management, delivering substantial benefits to the Polkadot community. As of the quarter’s end, the treasury held approximately $185 million.

In terms of network analysis, Polkadot’s Relay Chain witnessed increased account activity attributed to heightened governance processes. The network experienced an average of 5,200 daily active accounts, contributing to 4,312,113 million unique accounts across the Polkadot ecosystem by the end of September, marking a notable 9.3% QoQ and 34.9% year-to-date increase.

image 16 1
Polkadot's Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments 15

Polkadot’s developer ecosystem continues to thrive, boasting nearly 2,000 monthly active developers in Q3, making it the second-largest ecosystem by developer count. Various developer support categories further solidify Polkadot’s position in the crypto industry, with initiatives like the Polkadot Developer Heroes Program and the Polkadot Blockchain Academy adding to its appeal.

Looking ahead, Polkadot’s roadmap is shaping up, with Polkadot 2.0 discussions taking center stage. The network’s ecosystem, characterized by XCM, parachains, and various integrations, continues to grow, offering a promising future for the Polkadot community.

Related Reading |  SEC Faces Uncertainty In Ongoing Ripple Battle Following Second Circuit Ruling 

Cardano Market Cap Grows By 9% In 24 Hours, Onchain Activity Signals Bullish Momentum

by

Cardano has taken center stage in the cryptocurrency world this Thursday, making headlines with an impressive surge in its market capitalization. Over the past 24 hours, Cardano’s market cap has soared by an impressive 9%, and over the last two weeks, it has witnessed a remarkable 36% increase. 

According to data from Santiment, the surge in Cardano’s on-chain activity was a clear precursor to this bullish movement, with the number of ADA addresses and whale transactions hitting their highest levels in over three months.

However, as the sun sets on Friday, ADA has experienced a slight reversal. It is currently trading at $0.3168, marking a 2.43% daily increase and an almost 12% gain in the weekly chart. The trading volume over the past 24 hours has also spiked, showing a 28.89% increase and reaching $461 million.

ADA 1D graph coinmarketcap 1
Source: CoinMarketcap

The network’s journey through the third quarter of 2023 has been marked by significant advancements, particularly in the realms of interoperability and core infrastructure. The Cardano DeFi sector stands to benefit greatly from these developments, with expectations of increased activity and Total Value Locked (TVL).

The State of Cardano in Q3 2023 presents a host of noteworthy insights. Notably, Cardano’s stablecoin value has seen a 16% increase Quarter-over-Quarter (QoQ) and an astonishing 461% Year-to-Date (YTD) growth. Native stablecoins like iUSD initiated this momentum, but it gained further traction in Q3 with the introduction of bridged versions of USDT and USDC by Wanchain.

Cardano’s Total Value Locked (TVL) remained relatively steady on a QoQ basis but soared by 198% YTD. This impressive performance propelled Cardano’s TVL ranking among all blockchain networks from 34th at the beginning of 2023 to an impressive 15th place.

Project Catalyst Fund10 marked a significant milestone, having successfully funded 192 projects from the Cardano Treasury with a fund pool of 50 million ADA. 

Cardano Price Predictions & Sentiment

Nevertheless, for those eager to glean insights from technical analysis and price predictions, as per CoinCodex, currently, the general ADA price prediction sentiment is neutral, with 21 technical analysis indicators signaling bullish signals and 12 signaling bearish signals. Over the last 30 days, ADA has seen 16 out of 30 (53%) green days, with a 7.64% price volatility, indicating the market’s dynamism.

ADA’s future price is the subject of great interest, with predictions indicating a potential rise of 2.65% to reach $0.328196 by November 7. Additionally, technical indicators suggest that the current sentiment is “Neutral,” while the Fear & Greed Index registers at 65, signaling “Greed.” 

Related Reading | Ripple’s XRP Poised for a 35% Rally in the First Week of November 

Cardano’s Q3 Performance: 461% Growth & $1.39 Billion ADA Treasury Balance

by

Cardano continued to make significant strides in the third quarter of 2023. With notable developments in interoperability and core infrastructure, Cardano’s future appears promising.

One of the key highlights from the State of Cardano report for Q3 2023 was the impressive growth in its stablecoin value. There was a 16% increase­ from quarter to quarter and a huge 461% increase for the year so far. The­ first push came from native stablecoins like­ iUSD. Then, Wanchain brought versions of well-known stable­coins USDT and USDC, pushing growth higher in quarter three­.

The TVL remained steady over the quarter but witnessed a remarkable 198% increase in YTD figures. Notably, Cardano’s TVL ranking among all blockchain networks climbed from 34th at the start of the year to 15th, indicating a substantial rise in the network’s prominence.

image 128 1

In Q3, Cardano’s governance phase, known as Voltaire, gained momentum with the launch of SanchoNet and Intersect. SanchoNet, a testnet for on-chain governance, and Intersect, a Cardano member-based organization, are expected to play crucial roles in the governance of the network.

The financial analysis revealed that its revenue experienced a decline of 29.9% QoQ due to fluctuations in transaction fees, primarily influenced by users’ urgency to transact. Despite this decline, its Treasury balance increased by 7.2% QoQ to 1.39 billion ADA.

Cardano ADA’s Price and Yield Analysis

Cardano’s native asset, ADA, encountered a 9.5% QoQ price decline, consistent with the overall crypto market trend. The nominal staking yield for ADA delegators remained at 3.3%, and the real yield was 3.34%. Cardano’s transaction fees saw a notable decrease in average transaction fees (USD), dropping from $0.13 to $0.10 QoQ.

Moreover, the network’s performance in active addresses and daily transactions revealed a decrease, with daily active addresses dropping 28.9% QoQ. The Transaction / Active Address ratio increased by 23.4% QoQ, indicating that despite fewer active addresses, the network’s power users were more engaged.

The blockchain load decreased from over 50% in Q2 to roughly 40% in Q3. Additionally, new development languages and toolkits like Aiken improved execution speed and memory efficiency.

The ecosystem witnessed steady growth in stake pools and delegators, contributing to the network’s decentralization. However, stake and delegator distribution remained somewhat unbalanced among the total pools.

image 128 2

Nevertheless, Cardano’s continued progress in Q3’23 suggests a promising future, with infrastructure enhancements, growing DeFi potential, and the rise of various stablecoins contributing to the network’s overall growth and sustainability.

Related Reading | Avalanche’s Snowtrace Closure Sparks Funding Worries