Geist Finance, a crypto lending platform operating as a $29 million credit protocol, has unexpectedly announced its permanent closure. Geist Finance's decision to shut down is related to the platform's encounter with the Multichain crisis and its struggles to cope with the adverse effects. Multichain recently suffered an attack that resulted in losses of over $100 million, and Geist Finance was also affected, leading to its inability to continue operations. #GeistFinance

Multichain Issues and Closure Decision:

The reasons behind Geist Finance's platform closure are related to the issues within Multichain and their impact on the platform. Geist Finance decided to shut down due to the incorrect reporting of token values by the oracles within Multichain. The misinformation generated by the oracles weakened the platform's ability to calculate accurate values, resulting in significant losses. As a result, Geist Finance's application development team announced the permanent closure of the platform through their social media accounts, stating, "Geist Finance is permanently shutting down due to losses incurred from the Multichain exploit."

Geist Finance's Operations and Affected Assets:

Geist Finance was operating on the Fantom network before its closure, providing users with the ability to borrow bridged tokens such as USD Coin, Tether, Bitcoin, and Ethereum or use them as collateral. However, the Multichain crisis negatively affected the value of the platform's locked assets. It has been stated that Geist Finance had over $29 million worth of locked assets prior to its closure.

Fund Outflows from Multichain and CEO's Arrest:

The fund outflows through Multichain bridges further complicated the closure process of Geist Finance. It was confirmed that these fund outflows occurred due to a hacking attack, and the Multichain team provided information on the matter. Additionally, the CEO of the Multichain project and the CEO's sister were arrested in China. These developments added further uncertainty and complexity to Geist Finance's operations and closure process.

In Summary:

Geist Finance's permanent closure due to the Multichain crisis and oracle issues has had a negative impact on its users and locked assets. This incident once again highlights the importance of security and risk management in the crypto sector. In the future, it is expected that similar platforms will enhance their security measures and take steps to better protect their users. This event also underscores the necessity for increased attention and regulations to address issues in the crypto ecosystem. #MultiChain

Tether CTO states that PayPal's stablecoin project did not affect Tether's performance and emphasizes that the stablecoin called PYUSD is focused on an area where Tether does not provide services. However, it is noted that the other stablecoin in the U.S., USDC, could compete with PYUSD's market launch. In the long term, it is believed that PYUSD will compete with USDC in DeFi and crypto platforms.

#Bykaranteli #MultiChain #BinanceTournament #Worldcoin #googleai

#FDUSD In a surprising turn of events, recent on-chain data analyzed by IntoTheBlock has unveiled a whirlwind of activity within the realm of the Shiba Inu token. The statistics reveal a jaw-dropping surge in transactions involving SHIB within the price bracket of $100,000 to $1 million, marking an astonishing 300% increase over the past month.

This surge, which now accounts for an impressive 1.64% of all Shiba Inu token transactions, has not gone unnoticed.

The data further underscores the extent of this surge, as transactions within the same price range have surged fourfold in terms of dollar equivalent during this identical period. It is worth noting that another intriguing trend has emerged within the $10,000 to $100,000 transaction range, which has witnessed an impressive 95.4% climb since its July inception.

Shibarium gets whales activated

The crux of this extraordinary upswing can be traced back to the impending debut of Shibarium on the token's main network. This event, anticipated with fervor, has cast a sweeping wave of enthusiasm over the SHIB community, and major holders in particular. For those in possession of considerable volumes of $SHIB , this impending launch presents a golden opportunity to leverage the upcoming Layer 2 protocol premiere.

Amid the unfolding summer of Shibarium, the feverish narrative encompassing the #Shibainu ecosystem is reaching unprecedented heights. Notably, the intricate landscape of SHIB's investor base, particularly the most notable stakeholders, is taking center stage.#MultiChain #Worldcoin #googleai

Trading is a game of skill. If we are able control our emotions, Psychology & Greed then we are able to be a pro trader.

But,

Most of the beggars are in a very bad situation. Like, losses all the money & losses faith on trading.

But, I want to say you that their are good time at bad situation. Like my strategy of trading physiology:

GOOD TIME at BAD SITUATION:

So, When all the Market goes down then most of the top 30 coins also going down with respect to each other. But a hot news can increase the price of this coin even in a bloody day.

So, we can choose one of top 30 & take a long with respect to hyped of News.

Same as GOOD TIME at BAD TIME , then another form is also true. Means:

BAD TIME at GOOD SITUATION:

At this time we have to take negative news & choose the coin wrt news of the coin.

So, Take a short in this situation.

Remember:

* Top 30 Coins

* Long & Short

* Binance Futures Trading & Love

* Skill required discipline: psychology of mind & Emotions of the market.

* Be accessible to data & information ℹ️

Some Coins:

BTC LTC ETH XRP SHIB DOGE BTT LUNC YGG WLD ARB MATIC OP ICP & many more.$BNB $USDC $SOL #FDUSD #MultiChain #BinanceTournament #googleai #Worldcoin

🚀📈 XRP's Massive Pump Explained! Ripple's Win in SEC Case Fuels Price Surge!

🔥 The Crypto world is buzzing as Ripple's #XRP experiences an explosive pump alongside other cryptocurrencies. Here's why $XRP is skyrocketing:

✅ Ripple Labs Wins SEC Case: In a game-changing ruling, the judge declares XRP is not a security. After a lengthy three-year battle, Ripple's victory is seen as a major win for the entire crypto market.

⌛ SEC vs Ripple Case Conclusion: The protracted legal battle finally comes to an end, paving the way for XRP's surge.

🎉 Ripple's Triumph Ignites Market Frenzy: The crypto community celebrates #Ripple victory, which bolsters confidence in the project's potential.

💸 XRP Price Surge: As we speak, XRP's price has surged by a staggering 100%, and the momentum is still building.

💎 Stay tuned for more profitable updates and insights!

Follow us for the latest updates and seize the opportunities in this exciting market.

#MultiChain #GOATMoments #Binanceturns6

$BTC $LTC

#SEC news update :

#BackRock's Bitcoin ETF application added to SEC docket

BlackRock's application for a spot #bitcoin ETF has been added to the SEC's official docket.

The move is a significant step forward for the proposal, which has been closely watched by the crypto community.

BlackRock's application was revised to include a "surveillance sharing" clause with Coinbase.

A spot Bitcoin ETF would track the value of Bitcoin without requiring the asset to be held directly.

The SEC has yet to approve a spot Bitcoin ETF, but the addition of BlackRock's application to the docket is a positive sign.

What does this mean for the crypto market?

The addition of BlackRock's application to the SEC docket is a positive sign for the crypto market. It suggests that the SEC is taking the proposal seriously and that it may be open to approving a spot Bitcoin ETF in the future. This would be a major milestone for the crypto industry and would help to legitimize Bitcoin as an investment asset.

What are the next steps?

The SEC will now review BlackRock's application and will likely hold a public hearing on the proposal. If the SEC approves the application, then a spot Bitcoin ETF could be launched on a traditional stock exchange. This would make it easier for investors to buy and sell Bitcoin and would help to bring more mainstream adoption to the cryptocurrency.

Stay tuned for updates on this developing story.

#MultiChain #GOATMoments

$BTC $ETH $BNB

Michael: Hey there, I'm Michael. I buy Bitcoin when it starts going up and sell when it comes down. It's not the most successful strategy, as I often end up buying high and selling low.

Andrew: Hi, I'm Andrew. I have a different approach. I buy Bitcoin when it starts going up, and I buy even more when it comes down. This helps me maintain a great average cost.

Michael: That sounds like a smart strategy, Andrew. Maybe I should consider being more like you and focus on accumulating rather than trying to time the market.

Andrew: Absolutely, Michael! Being patient and having a long-term perspective can make a significant difference in your investment outcomes. It's better to be like me and prioritize consistency and accumulation.

Comments if You agreed 👇

#crypto #MultiChain #GOATMoments #bitcoin #pepe

$BTC $BNB $LTC