According to a report by Chainalysis, the vast majority of cryptocurrency transactions (about 99.6%) are used for legitimate purposes. In 2023, illegal cryptocurrency transactions accounted for only 0.34% of all cryptocurrency transactions, lower than 0.42% in 2022 and significantly lower than 1.3% in 2019. The report only focuses on funds stolen by cryptocurrency hackers and those identified as illegal addresses. Despite the decrease, it is worth emphasizing that compared to illegal activities in the broader financial industry, cryptocurrency-related crimes are still small.
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The decentralized finance company Avara (formerly known as Aave) has reached its target of $0.98 for its stablecoin GHO. Currently, there are 980 addresses holding GHO, with the top 10 addresses controlling 61.01% of the total supply. In addition, the top 100 holders of GHO stablecoin collectively own 99.47% of the circulating supply. As of December 2, 2023, GHO is ranked as the 26th fiat-backed stablecoin by market capitalization.
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According to data from TradingView, the total value of all DeFi token projects is currently $57.75 billion, an increase of over 25% in the past month. The current valuation of DeFi is at its highest level since August 2022.
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According to official sources, the Sui browser now includes a source code view of the Sui framework package. The "Source Verified" tab is located next to the existing "Bytecode" tab, allowing developers to click and view the source code for the following packages: 0x1 | move-stdlib, 0x2 | sui-framework, 0x3 | sui-system, and 0xdee9 | deepbook. This new feature enables Sui developers to easily find, read, understand, and share Move code, making development or auditing easier. For supported packages, developers no longer need to search for a specific repository or branch corresponding to the published on-chain bytecode. Simply look up the source code in the Sui browser, including the documentation strings.
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According to Whale Alert monitoring, 10,000 ETH (approximately $21,610,710) was transferred from Bybit to an unknown wallet.
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According to Lookonchain monitoring, a participant in the Ethereum ICO who had been dormant for 3 years transferred 20,000 ETH (approximately $42.4 million), of which 10,000 ETH was transferred to Kraken.
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What differentiates a security from a collectible? That question is at the heart of the Securities and Exchange Commission’s lawsuit against Coinbase, as the agency is accusing the company of selling unregistered securities and operating an unlicensed staking-as-a-service program.
But after the SEC’s lawyers faced pointed questions from New York District Judge Katherine Polk Failla, who wondered aloud whether or not the agency’s definition of collectibles was too broad, a Bloomberg analyst has estimated that Coinbase currently has the edge in the case.
“The judge wanted a limiting principle to the SEC definition of "investment contract" that wouldn't encompass collectibles. We view the one offered by Coinbase as more compelling, requiring investment in a business vs. just an ecosystem, along with an enforceable obligation,” Bloomberg senior litigation analyst Elliott Stein wrote.
Coinbase’s lawyers argued that not all cryptocurrency purchases constituted investment contracts, likening the difference to “investing in Beanie Baby Inc. and buying Beanie Babies.” Also in question was whether or not the tokens had an “ecosystem” behind them; lawyers on both sides differed on whether or not Bitcoin constituted an ecosystem, for example, with the SEC’s lawyers arguing that it does not.
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Judge Faila did not rule from the bench at the end of the four-hour hearing, saying she needed more time to consider the questions at hand. If Coinbase’s motion is dismissed, either whole or in part, the case will continue on to discovery. Stein’s analysis notes that Coinbase may not win this motion, but projects that the company will win eventually.
“Our Thesis: Coinbase is 70% likely to beat the SEC, if not outright on this motion, then later,” Stein wrote. “Even if the case survives, it likely reaches the Supreme Court, which we think will narrow Howey,” Stein also argued, referring to the standard for deeming assets as securities under U.S. law.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Galaxy Digital CEO Michael Novogratz recently explained in a Bloomberg TV interview the reasons why Bitcoin prices are expected to "significantly rise", with his bullish forecast depending on the possibility of the US SEC approving the first US spot Bitcoin ETF.
Novogratz explained: "Bitcoin will usher in a number of positive factors, including the upcoming ETF, which the industry has high expectations for. Some of these have already been reflected in the price." He also said that when the announcement of the launch of the spot Bitcoin ETF is actually announced (Novogratz believes it will take two months before trading begins), BlackRock, Ark, Fidelity, and his own company will "use their sales force to convince people to adopt Bitcoin".
Novogratz also emphasized that BTC prices will rise significantly, especially in the event of a possible rate cut by the Federal Reserve, and believes that by this time next year, Bitcoin may reach its historical high. (Bitcoin.com)
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According to Scopescan monitoring, the ETH whale with a header of 0x0111, which has been silent for nearly a year, deposited 5,000 ETH ($10.2 million) into Binance. The whale originally acquired most of the ETH from Houbi three years ago for $340, and withdrew a large amount of funds a year ago when ETH rose to $1,300. As of now, the address still holds 35,000 ETH (approximately $70.83 million).
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According to [email protected] monitoring, 29,000 BTC options are about to expire with a Put Call Ratio of 0.58, a maximum pain point of $37,000, and a nominal value of $1.13 billion.23,000 ETH options are about to expire with a Put Call Ratio of 0.49, a maximum pain point of $2,100, and a nominal value of $470 million.Cryptocurrency volatility has significantly decreased this week. After last week's monthly settlement, BTC has hit $38,000 three times in a row but ultimately failed to hold.
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According to Coingecko market data, PYTH has risen above 0.4 USDT, reaching a high of 0.419 USDT, with a maximum increase of 32% in the past 24 hours, and the current price is 0.404 USDT.
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Chaos Labs has launched a $20 million dYdX Chain incentive plan aimed at promoting early adoption and seamless transition to dYdX Chain. The plan will last for six months and aims to encourage various participants to migrate and participate in dYdX Chain. The incentive methods involve specific goals for different user groups, each of which aims to maximize the effectiveness of the plan.
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Galaxy Digital CEO Mike Novogratz is optimistic that Bitcoin will reach its all-time high by next year, with the potential approval of the first U.S. spot Bitcoin ETF driving billions of dollars into the sector. Novogratz believes that making it easier to invest in cryptocurrencies via ETFs will attract a fresh set of retail investors. Meanwhile, MicroStrategy has purchased an additional $593.3 million worth of Bitcoin, bringing their total holdings to 174,530 BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. Other high-profile leaders in traditional finance, such as BlackRock's Larry Fink, have also expressed optimism about Bitcoin's future.
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National Tax Agency (NTA) of Japan has revealed that it has recently investigated hundreds of cases of tax violations related to cryptocurrency. The NTA released its annual tax investigation report before the weekend, which includes a section on cryptocurrency taxation. The data in the report and a report from Japan's CoinPost show that the agency conducted 615 investigations into cryptocurrency held by Japanese residents in the 2022 fiscal year. The NTA noted that it had discovered 548 cases of tax violations, a significant increase from the previous fiscal year. In the 2021 fiscal year, the NTA conducted 444 investigations related to cryptocurrency and discovered 405 violations. However, the value of tax violations related to cryptocurrency seems to have decreased, which may reflect the global decline in cryptocurrency prices.
The NTA added that the average amount of unreported income in cryptocurrency-related cases in the 2022 fiscal year was about $206,000 per case, lower than the $245,000 per case in the 2021 fiscal year. The total value of unreported income in the 2022 fiscal year was $126.5 million, higher than $110 million in the previous year.
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On November 30th, BNB Chain officials stated that they are fixing the issues with the BSC and opBNB testnets, and the estimated time for the fix is about 1 hour. The mainnet is not affected.
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BNB Chain posted on social media that the BNB Chain Core team is currently conducting some tests with the community for a hotfix hard fork. The test network may be unstable or unavailable in the next few hours.
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According to Whale Alert monitoring, at 16:38:23 Beijing time, 12,000 ETH ($24,166,166) was transferred from an unknown wallet to Gate.io.
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