Connect with us
https://paxful.com/?utm_source=CGNT&utm_medium=Banner&utm_term=Crypto%20Global%20News%20Team

Altcoin News

Tether Treasury Mints 30M USDT After Bitcoin Crashes Below $8,000

Published

on

Tether Treasury Mints 30M USDT After Bitcoin Crashes Below $8,000

Yet again, we have observed the Tether Treasury minting a significant amount of USDT shortly after the Bitcoin price dropped hard to below $8,000.

This time, the Whale Alert (@whale_alert) Twitter account has noted a minting of $30 million in USDT on the TRON blockchain by the Treasury, who then moved it to the Bitfinex exchange.

Around a month ago, the Treasury acted similarly, minting around $15 million in USDT and moving it to the Huobi exchange after the last time Bitcoin’s price crashed to around $8,000. Since then, the Tether Treasury has also minted close to 2.5 million USDT on TRON shortly after minting around 20 million USDT a week beforehand. As you may know, these mintings mainly occur on the TRON blockchain as of late.

Of course, these moves are almost certainly being done to pump Bitcoin’s price, as many have come to figure out a correlation between the two. Whenever there is a drop in Tether trading volume, we tend to see Bitcoin’s price correct significantly. That said, this isn’t inherently legal, and the company has been involved in a lawsuit for some time regarding the pumping. After all, this minting is technically a form of market manipulation, and it’s any wonder how Tether and Bitfinex have been able to get away with it for so long.

tether usdt

In other Tether news the fact that only 104 Tether addresses are in control of close to 70% of the stablecoin’s circulating supply. This amounts to around $2.8 billion’s worth of USDT. There’s also the fact that many don’t hold the asset for very long, with the average HODL time being around 17.8 days before leaving a wallet.

What do you think about this latest minting? Let us know your thoughts in the comments below.

Altcoin News

Is Crypto Growing In Africa?

Published

on

Is Crypto Growing In Africa
Is Crypto Growing In Africa?

Crypto adoption is making significant advances in Africa, with crypto ownership, trade volume, and regulation all moving toward greater adoption. A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top 10 countries by Google searches for the word “Bitcoin.” The report describes the continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing Africa’s combination of low existing crypto adoption alongside an “enormous” domain possibility. The firms emphasize that Africa exhibits a young population, frequent monetary crises and currency failures, large unbanked or underbanked populations, and expensive means of payment.

While Nigeria has long dominated the continent’s trade volume, the report found that South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%. Worldwide, South Africa ranks fifth for crypto adoption among connected citizens. This past week saw South Africa post its second-strongest weekly volume on peer-to-peer Bitcoin (BTC) marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands.

Weekly Localbitcoins trade volume: Coin.dance

The surge in trade activity saw total P2P volume for South African trade edge out Kenya last week with $1.95 million in trade across Localbitcoins and Paxful. Last month, South Africa’s financial regulator issued a policy document asserting that crypto-assets and activities relating to virtual currencies “can no longer remain outside of the regulatory perimeter.”

Nigerian P2P trade is rallying to record highs, producing $9.2 million in combined weekly trade. Kenyan trade has also seen a recent spike, with Localbitcoins trade between BTC and the Kenyan shilling producing its second-strongest week on record for the third consecutive time. Morocco and Egypt have also posted record trade activity in recent weeks. The increase in volume across the continent has also seen P2P volume from Sub Saharan Africa beat out Latin America for the first time.

Continue Reading

Altcoin News

A Hacker Sells Personal Info From Databases Of Trezor, Ledger And Other Platforms

Published

on

A Hacker Sells Personal Info From Databases Of Trezor, Ledger And Other Platforms (2)
A Hacker Sells Personal Info From Databases Of Trezor, Ledger And Other Platforms

The hacker that breached the Ethereum.org forum is allegedly selling the databases for the three most-popular crypto hard wallets — Ledger, Trezor, and KeepKey. The three databases contain the name, address, phone number, and email for more than 80,000 users combined, however, they do not contain passwords for the accounts. The hacker has also recently listed the SQL database for the online investment platform, BnkToTheFuture.

On May 24, cybercrime monitoring website, Under the Breach, spotted the hacker’s new listings for the databases of the top hardware wallet providers. The hacker claims to be in possession of account information corresponding to nearly 41,500 Ledger users, over 27,100 Trezor users, and KeepKey’s 14,000 customers. Chat logs posted to Twitter indicate that the data was stolen through exploiting a vulnerability to the popular e-commerce website platform Shopify.

Cyber Criminals Have Turned Social Media Cyber Crime Into a $3 ...

The hacker is now advertising the databases of 18 virtual currency exchanges and forums, in addition to the email lists of two crypto tax platforms. The databases include the full SQL for Korean exchange Korbit spanning 4,500 users, three databases for Mexican trading platform Bitso, and the complete account information including passwords for blockchain platforms Blockcypher, Nimirum, and Plutus. The hacker specifies he is only interested in premium bids, stating: “Don’t offer me low dollar, only big money allowed.”

Last week, BlockFi reported a data breach resulting from a Sim-swap attack. Customers’ full names, email addresses, dates of birth, and physical addresses were leaked. Client funds were not impacted. At the end of April, Etana, a custody firm that provides services to Kraken, also suffered a data breach that did not see any customer funds lost.

Continue Reading

Altcoin News

JP Morgan Feels That CBDC Will Have Long-Lasting Effects Of USD

Published

on

JP Morgan Feels That CBDC Will Have Long-Lasting Effects Of USD
JP Morgan Feels That CBDC Will Have Long-Lasting Effects Of USD

JPMorgan believes the central bank digital currencies, or CBDC, could pose a threat to the global hegemony of the US dollar. According to a report covered by Bloomberg, the bank’s chief U.S. economist asserted that “[t]here is no country with more to lose from the disruptive potential of digital currency than the United States.” “This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services conveys immense advantages,” the report added.

While JPMorgan doubts the dollar will be displaced as the global reserve currency soon, the report warns that “fragile” peripheral aspects of the currency’s dominance may be eroded, including trade finance and the SWIFT messaging system. During March, eight major banks including HSBC and Citi announced that a collaboratively developed blockchain trade finance will see a commercial launch in Singapore during the second half of 2020. Blockchain-based trade finance initiatives have also been launched in China, Oman, and Europe.

The report advocates that the U.S. launch a digital dollar project in order to migrate its monetary dominance into the rapidly growing digital sphere. JPMorgan warns that other countries could use digital currencies to circumvent the SWIFT system and the reach of economic sanctions, undermining the ability for the United States to exercise power on a global stage through control over the global reserve currency. “Offering a cross-border payment solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,” the report said.

“For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.”

Economist John Vaz offered a critical appraisal of CBDCs, arguing that central bank digital currencies comprise “a kind of rearguard action being fought by the central banks because they don’t like cryptocurrency.” Vaz argued that cryptocurrencies take away the ability for central banks “to pull a lever in the economy because under things like Bitcoin, you can’t create money by the way of credit.” “Central bank digital currencies are probably more about tracking money than providing benefit,” he added.

Continue Reading

TRENDING

Copyright © 2015 Crypto Global News Team.