Author: Anmol Khatiwada

Arkham Unveils Points Program to Attract Derivatives Traders

Arkham has launched a crypto derivatives exchange with an exciting 30-day points program that converts into ARKM tokens. Targeting major retail traders, it offers onchain audits and PoR but excludes U.S. users. Crypto derivatives trading is absolutely booming, just recently it hit a milestone of $3T+ volume with platforms like CME and Crypto.com baking it up for with futures tied to popular coins.

Arkham Intelligence is a blockchain analytics firm that primarily specializes in tracking and analyzing cryptocurrency transactions. It provides all tools essential in order to identify the entities behind crypto wallet addresses, and hence offers insights into blockchain activity. This blockchain analytics firm has started a points program to woo traders to its newly launched cryptocurrency derivatives exchange, according to an announcement made on Nov. 14.

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This basically means traders can earn points from trading spot crypto and perpetual futures contracts. The program is set to last for overall 30 days and the points thus earned will be converted into Arkham’s native token, ARKM. On November 6, they even launched a digital assets derivatives exchange. This exchange will reportedly target retail traders and compete with existing platforms such as Binance. In short, it mixes their research with onchain audits and proof-of-reserve (PoR). But heads up, it’s not available for U.S. users. This is likely due to regulatory restrictions and compliance issues around crypto trading platforms in the country.

Read more: Hamster Kombat Surpasses $5.3B in Volume, Gains 11M Token Holders

Bitfinex Hacker Lichtenstein Gets 5-Year Prison Sentence

Ilya Lichtenstein, the man behind the infamous 2016 Bitfinex hack which resulted in $71M (now billions) being stolen, has got 5 years in prison for laundering with his wife, Mrs. Heather Morgan. They used every shady techniques like creating fake ID’s, darknet markets, and NFTs to hide their funds. After finally being caught Lichtenstein cooperated and helped solve cybercrime cases while his wife is also facing sentences soon.

Ilya Lichtenstein from Russia is has been sentenced to five years in prison for working together with his wife to steal and launder billions of cryptocurrency. His wife is a rapper who goes by the name  “Razzlekhan” on her social media and she also pleaded guilty last year for their heinous crimes. Reportedly, Morgan has faced an 18 month sentence recommendation and that will be finalized on November 18.

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This case dates back to 2016, the time when Lichtenstein managed to hack into the Bitfinex exchange, stealing 119,754 Bitcoin worth $71 million at the time. The recent surge of Bitcoin makes the overall stolen amount rise to billions of dollars. The scale of this money and the complexity involved in the case has made this one of the most infamous heist in crypto.

Judge somewhat praised Lichtenstein by calling his Bitcoin heist super calculated. He and his wife both, used fake IDs, crypto exchanges, and even bought NFTs to hide stolen funds. However, after pleading guilty he cooperated with cyber police force and is also helped them solve other cybercrime cases. He showed remorse and promised to fight against cybercrimes. This case really highlights how wild crypto crimes can get.

Bhutan Sells $33M in Bitcoin Amid Price Surge

Bhutan has just sold $33.5M worth of Bitcoin at its peak price, this added to the previously sold $66M overall becomes $100M and this is just the data of this month. Well, even after this the country still holds 12,206 BTC, that totals about $1.11B. Bhutan mines bitcoins using its epic hydro power. Their strategic moves are inspiring other nations, with talks of a U.S. “Strategic Bitcoin Reserve” gaining major buzz.

The kingdom of Bhutan has just recently sold about  367 Bitcoin, worth around $33.5 million, through Binance. Arkham Intelligence says that the transfer took place exactly  at 12:06 a.m. UTC. Bitcoin’s price was high, above $90,000 at that time. Two weeks earlier Bhutan had sold  $66 million worth of Bitcoin, that time it was just $70K which is still lot but after the elections BTC has really surged like never seen before.

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Overall Bhutan still has about 12,206 BTC, considering current price that amounts to about $1.11 billion. These Bitcoins holdings are managed by Druk Holding & Investments. Bhutan seems to sell them strategically so as to make as much profit possible. The recent rally of Bitcoin was the right moment for them to sell out some of the BTC and hence profit is all theirs.

Conclusion

Bhutan’s killing it as the 5th biggest Bitcoin-holding government, leveraging its hydro power energy source instead of seizures to mine BTC. Their high sell-strategy is attracting every major global organizations. Even the US. is thinking of creating a “Strategic Bitcoin Reserve” with recent buzz from Trump and Senator Lummis.

Hamster Kombat Surpasses $5.3B in Volume, Gains 11M Token Holders

Hamster Kombat token (HMSTR) is back on track as it stays hot in trading. It just hit massive $1.3B daily spot and $4B perpetual volumes, despite its Web3 game losing 86% of users since August. After this recent news, Tokenholder vibes stay strong at 11M even though active addresses and price have dropped significantly. Binance Dubai talks stressed keeping Web3 games fresh and emotionally engaging.

A profoundly known crypto gaming platform called Hamster Kombat has managed to amass a community of 11 million tokenholders. The team even jokingly compared this number to about 239 Yankee Stadiums full of hamsters, which made it seem like a legit strong community that holds strong belief in token’s value and so is the truth as well. On November 14, they declared an amazing $1.3 billion in daily spot trading volume and $4 billion in perpetual trading volume for HMSTR.

However, analysts report major decline in the user engagement lately. The token’s price reflects this decline well, as it has fell down form a high of $0.01 on September 26 to $0.0022 on November 4. Nevertheless, their loyal fanbase’s emotion remains strong and very much positive. CoinMarketCap research indicates that over 73% of the total 87,689 voters are very optimistic about Hamster Kombat, while remaining 27% are in doubt.

Recently, at Binance Dubai, Notcoin co-creator Sasha Plotvinov shared his opinion which stated that Web3 games need to vibe with players emotionally and always feel fresh to keep them engaged. Speaking especially on the “Telegram Mini Apps and Games” panel, he believes social and emotional connections are key to keep players coming back.

Read more: SUI Reaches Record High Amid Overextension Concerns

SUI Reaches Record High Amid Overextension Concerns

SUI’s rally is looking for one last stretch as RSI reported its being overbought quite much lately. Meaning the hype will sure chill out sooner than many would expect. Fibonacci math shows that it could reach highest which is expected to range around $3.77 to $4 before its eventual cooldown.

SUI is a native cryptocurrency of the SUI Blockchain. Its a layer 1 blockchain profoundly known for its high speed transactions and scalability. Its token SUI has been on a constant uphill ride. However, the rise is not so celebrated as experts assume its currently on its final wave of ascent and will quickly set down.

Relative Strength Index (RSI) which, as the name suggests, is a popular indicator in trading. It basically measures how much overbought or oversold is an asset and it measures it on a scale of 0 to100. This reliable source, RSI shows major overbought conditions in case of SUI which sharply signals a potential slowdown coming down inevitably. According to some indicators, the price is extremely overextended and the main question is how much it can go before reversing.

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SUI Price Forecast

As of November 11, the price of Sui’s token SUI is $3.29. It holds a 24 hour trading volume of about $2.9 billion. This price means it is still on its uphill ride as it has increased by 0.46% and considering past seven days it has seen a 46.63% price increase. There are total 2.8 billion SUI tokens circulating right now and they hold total market capitalization of about $9.3 billion.

Considering previous waves, this time the Fibonacci level suggests SUI might see its end after reaching  $3.77, but there’s still a slight chance it may go a bit longer and reach $4 dollars before it settles down for good.

UK Unveils Crypto Regulations to Rival US Leadership in Blockchain

United Kingdom just came up with new rules this month, focusing more on stablecoins and staking. This act is all to stay relevant with Trump’s pro Bitcoin US. Some delays have put them behind but there is still a shot to lead if they move fast enough. Clear regs = more crypto startups staying in the UK.

UK government is planning to introduce new crypto regulations this month to reassure businesses and especially to compete with Donald Trump’s sharp progress in crypto firms with a clear stance on the sector. A report says, UK treasury will reveal two pieces of legislation which are primarily focused on stablecoins and its staking services.

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The major step up by UK comes with new crypto rules for stablecoins and staking to keep up with Trump’s crypto-friendly US and the EU. Stablecoins will get industry input on rules, and staking won’t face heavy regulations anymore. There are delays however, that have put the UK behind, but there’s chance for bounce back as there’s plenty left for them but they must act fast. With newly elected president Trump hyping up Bitcoin reserves and mining, United Kingdom needs clear and chill regulations to keep crypto status from bouncing.

Italy Weighs Lowering Crypto Tax from 42% to 28%

Italy is planning to implement 42% price hike on crypto trades according to a statement made by the Vice Economy Minister last month. It has taken major backlash though, so there’s a chance they might drop it to 28%. Some want to scrap the hike entirely, while others push for better crypto education. Whatever the outcome is, this could reshape Italy’s place in the crypto game.

The government of Italy is more tilted towards approving a proposal  to reduce the planned tax hike on cryptocurrency trading. A junior partner in Prime Minister Giorgia Meloni’s coalition suggests crypto tax limit to be 28% instead of the originally planned 42% according to last month’s budget.

Crypto Industry leaders argue that this absurd proposed tax would certainly make Italy less competitive in the field of crypto, compared to other European Union countries. It is sure to get a major pushback, they quoted. The law currently beholds  26% tax rate for crypto.

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The EU is also reportedly rolling out some major crypto rules soon, so Italy’s case becomes even more heated debate than anticipated. Forza Italia, a center-right political party in Italy, wants to cancel the hike entirely and ditch the tax break for gains under €2,000. The League also suggests teaming up with crypto firms to educate investors. The decision is in hands of Italy’s government and this decision is crucial as it would reshape its crypto future forever.

Bengal Man Nabbed by Delhi Police for ₹2000 Cr WazirX Hack

Delhi police busted a Bengal man, SK Masud Alam in case of a maassive ₹2,000 crore WazirX hack using a fake account sold on Telegram. After the arrest, WarzirX cooperated but custody firm liminal isn’t sharing any info outside. Cops are suspecting an inside job and are investigating further to uncover more links related to this massive cyber attack.

Delhi police have successfully arrested an individual named SK Masud Alam. He is from West Bengal and had serious connections with a cyberattack on cryptocurrency exchange. The platform they were using to lure in victims was WarzirX, they used this platform to steal digital assets worth ₹2,000 crore.

Basically he ran this attack by setting up a fake account, which especially targeted WazirX’s hot wallet and attempted to breach its cold wallet. This attack was reported as one of the largest breaches in the crypto sector, drawing attention from higher ups on security vulnerabilities within the digital asset exchange.

Read more about: South Korea Busts $230M Crypto Scam: 215 Arrested, 15,000 Victims

The main person, Alam is a resident of East Midnapore in West Bengal and was  apprehended by Delhi Police’s Special Cell following an investigation led by the Intelligence Fusion and Strategic Operations (IFSO) division. Alam created a fake WazirX account in the name of Souvik Mondal, which he later sold via Telegram to an individual named M Hasan. This account was the main one carrying out the cyber attacks. The authorities are continuing their investigation on Alam suspecting that this might be more larger network than what it seems to look like.

Liminal custody, the firm that secured WazirX’s wallets is in hot water for not helping out Delhi Police with the investigations. Despite their repeated attempts, they didn’t share any key infos which raised questions about security practices. Cops plan to dig into Liminal’s role further in a follow-up chargesheet.

South Korea Busts $230M Crypto Scam: 215 Arrested, 15,000 Victims

South Korea busted a huge $230M crypto scam, with over 15,000 victims suffered by their scam, most of the them were old people. This scheme was apparently run by a Youtuber with over 620K subs. Cops arrested him including 215 helpers, and tracked over 1400 accounts and seized $1.9M in Bitcoin. The mastermind for this was caught in Australia and the hunt for fund is still on.

South Koreans have just cracked down a massive organization that had managed to defraud over 15K investors including vulnerable older citizens , out of 325 billion won. According to a report by Gyeonggi Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Investigation Unit, they have arrested 215 people associated with the scam. Among them 12 were considered higher level organizers of the plan. Every one of the suspects now face charges under South Korea’s Aggravated Punishment Act for Specific Economic Crimes.

The scam was mostly successful because of the influence of a youtuber who goes by the name “Mr. A”, he is the alleged ring-leader of this scam. He used his influence to lure in  investors with claims of quick riches, encouraging some to even sell their homes and take out loans to buy crypto assets that would supposedly yield “20 times the principal.” 

The scam was active from December 2021 to March 2023, and offered 28 different types of cryptocurrency tokens, six of which were self-created and listed on overseas exchanges to attract buyers. The scam was cruel on so many levels, victim’s personal info were also misused, many of them lost their life’s savings in this scheme. The alleged leader Mr.A ran away from South Korea and was eventually arrested in Australia.

Police reported that they found across 1444 bank accounts and seized 22 bitcoins which is worth $1.9 million, and requested court approval to confiscate approximately $34 million linked to the scam. They are now working on to get victims money returned to them and prevent further financial crimes.

PAAL Token Plummets 70% Amid ASI Alliance Merger Announcement

PAAL token crashed 70% in just one day after the merger news with ASI alliance and FET. Investors have panicked all over a deal, which is 6.24 PAAL = 1 FET. Plus, a 6-month vesting period which has led to them dumping their holdings quickly. The merger isn’t even final and yet the market is already this bad.

PAAL is an AI-powered token that is especially designed for integrating artificial intelligence with blockchain technology. It supports major applications required such as automation, data analysis, and decentralized AI solutions, with their aim solely focused on enhancing efficiency across various industries. This token however, dropped by 24.53% in just 24 hours, now trading at a mere $0.1064.

PAAL price Bitmala
Source: CoinMarketCap

This massive decline has set a panic mode for investors. This panic didn’t come just recently though, it has been brewing up by several factors, beginning with an initial 55% drop in just two minutes after ASI Alliance announced the potential merger on November 12. This immediate loss left everyone anxious about the merger with ASI alliance and integration into the FET ecosystem. Their concerns even stemmed from the complicated process of converting PAAL tokens to the new token and the requirement to wait full 180 days before gaining full access to their converted tokens.

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However, this merger is not fully in function right now, its voting period is set for November 18 to 23. Despite ASI’s numerous attempts to clarify market sentiment remains negative. If the merger proceeds, PAAL token holders would exchange 6.24 PAAL tokens for 1 FET token, which is a very unfavorable conversation ratio and that intertwined with lengthy vesting period heightened concern all over.

Crypto influencer Alex Becker called out PAAL and ASI for more transparency but hasn’t sold his tokens yet, meanwhile ASI’s Director, Humayun Sheikh, said the merger’s all about boosting AI utility and announced a live chat on Nov 14 to clear the air. Its interesting to see where this token heads to next.

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