Tag: Cryptocurrency

Kraken Looks to Buy Deribit While Facing U.S. Regulatory Pressure

Summary: Kraken, a leading crypto exchange, is in talks to acquire Deribit, the leading options exchange, as much as US regulators like the FBI and SEC put increasing pressure.

Kraken is negotiating a purchase of Deribit, a largest crypto options trading venue, for a deal whose breakdown news was denied by sources insisting that talks continue. Worth anywhere between $4 billion and $5 billion, Deribit is worth trying for, with some of the potential buyers being Coinbase. Deribit CEO said they had received several proposals but had yet to make any decision.

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If Kraken is successful in the transaction, it would be strengthening its presence in crypto derivatives, a fast-growing business. That is occurring at a time, however, when the exchange is under increasing pressure from U.S. regulators. Kraken received almost 7,000 data requests from authorities around the globe a year before—over half were from the U.S. The SEC, which has already sued Kraken for allegedly operating an unregistered exchange, asked for 37% of them.Other companies, including the OFAC and the CFTC, have also requested clients.

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Despite issues of regulation, Kraken continues to expand. The exchange earned $1.5 billion in revenue for 2024, representing a 128% increase from last year. If Deribit acquisition occurs, it can give Kraken a solid grip in the world of cryptocurrency, shaping its destiny even while being embroiled in lawsuits.

Apex Fusion Kicks Off PRIME Chain and AP3X Token with Big Plans for Blockchain

Summary: Apex Fusion has officially launched its blockchain platform, the PRIME Chain and AP3X token. The project, which is dedicated to marrying Bitcoin security with Ethereum programmability, is endeavoring to construct a more scalable and efficient blockchain network. AP3X token holders can now stake and get rewards as more than 130 stake pool operators lock up the network. The token will be listed on LBANK this year. Apex Fusion also plans to launch NEXUS and VECTOR, two Layer 2 solutions, and a cross-chain bridge to increase blockchain connectivity.

Apex Fusion has officially entered the blockchain sector with the launch of its PRIME Chain and AP3X token.The PRIME Chain is the underlying network of the ecosystem, taking Bitcoin’s security model and Ethereum’s smart contract features and combining them to develop a more scalable, user-centric network.

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The project has already onboarded over 130 stake pool operators, enabling the possibility of having adequate decentralization and security.AP3X token holders can stake their tokens and receive rewards along with contributing to the stabilization of the network.

Apex Fusion also reaffirmed that AP3X will be listed on LBANK on February 20, 2025, giving early adopters a chance to acquire an estimated 10% annual yield.

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In the future, the team plans to roll out NEXUS, a Layer 2 smart contract platform, as well as VECTOR, with lower-cost, faster transactions. The Reactor Bridge, a cross-chain bridge that allows seamless transfer of assets across blockchain networks, is in development.

New MacOS Malware Can Steal Crypto Wallets and Personal Data, Microsoft Warns

Summary: Microsoft managed to discover a new variant of XCSSET malware that specifically targets Apple MacOS and this poses a very serious threat to the users of cryptocurrency and data privacy. Originally discovered 5 years ago, the malware has been refreshed with new tricks such as modifying Bitcoin addresses in web browsers and hijacking sensitive files.

A new wave of malware is targeting MacOS users, and this time, it’s after their crypto wallets. Microsoft has identified an updated variant of the XCSSET malware, which has been around since 2020 and is known for stealing Telegram data, recording screens, and accessing Apple Notes.

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The latest version comes with even more dangerous features. According to Microsoft, hackers can now alter Bitcoin addresses displayed in browsers, tricking users into sending funds to fraudulent accounts. It also has better disguise methods, improved ways to stay hidden on infected devices, and new ways to spread.

But Microsoft continues to assert this malware isn’t yet widespread and cautions people to be vigilant. The greatest way thus far is not to download any program which might lead to malware being installed on your gadget and to download any program solely from the authentic Mac App Store.

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Cyber experts recognize that cyber attacks are always evolving, and one has to stay current. Enabling Mac’s built-in security features and executing a tried-and-tested antivirus software like Microsoft Defender can assist in safeguarding digital assets.

Cardano’s Price Skyrockets 126% in Q4 as DeFi Booms

Summary: Cardano (ADA) had an impressive fourth quarter in 2024, surging 126% in price and pushing its market cap to $30.3 billion. The network also saw a major boost in transaction fees, daily trading volume, and DeFi activity. As decentralized finance platforms expanded, total value locked (TVL) climbed, and Cardano moved up the rankings to become the ninth-largest cryptocurrency by market cap. The rally coincided with the U.S. election, which helped drive overall market enthusiasm.

Cardano (ADA) had one of its best quarters in recent history, with its price jumping by an astonishing 126% in the last three months of 2024. The surge brought ADA’s market cap to $30.3 billion, pushing it from the 11th to the 9th largest cryptocurrency by circulating market cap.

This price appreciation was happening during a broader trend of the larger market, and this was largely fueled by expectations around the U.S. election. Enhanced market sentiment as well as investor involvement played a huge role towards ADA’s strength.

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Cardano’s utilization of the network also increased sharply, according to a report by Messari. Fees per transaction increased 254% quarter-on-quarter to $1.8 million, 95% above the equivalent quarter of 2023. Though traffic was greater, the network still succeeded in keeping average fees per transaction even, dropping just 2% to 0.34 ADA per transaction.

The number of active users also grew, with daily volumes rising by 65% to 71,500 transactions and active addresses increasing by 58% to 42,900. Meanwhile, the average USD transaction fee climbed 80% to $0.23, reflecting the rise in ADA’s price.

The Cardano decentralized ecosystem has showcased a strong and very strong growth, which involves its value locked protocal increasing 13% which is a quarter over quarter to $231.6M. Liquid Finance was at the forefront, increasing by 141% to $113.6 million, with Minswap following closely in line with strong growth of 69% to $98.9 million. Smaller platforms such as Splash Protocol and Aada also revealed their presence, reflecting large quarter-over-quarter growths of 253% and 105%, respectively.

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Decentralized exchanges (DEXs) on Cardano had a good time as well. Their quarterly volume increased by 271%, to $8.9 million. Minswap led the market, having over 200,000 traders and accumulating a volume of $3.1 billion. WingRiders and SundaeSwap contributed to overall DEX growth, up 40% year-on-year.

Cardano’s stablecoin sector saw notable changes, with the total market cap rising 66% over the quarter. The network’s most widely used stablecoins, iUSD and DJED, grew by 20% and 41%, respectively, while MyUSD rose 17%. However, USDM was the only stablecoin that declined, dropping by 5%.

Cardano’s rapid expansion in DeFi and increased adoption in trading activity indicate a growing confidence in the network’s capabilities. With strong performance in the last quarter of 2024, ADA has positioned itself as a major player in the crypto space, setting the stage for further advancements in the coming year.

N1’s Big Leap: New Blockchain Gains Major Investor Support Before Mainnet

Summary: N1, Founders Fund-backed high-performance Layer 1 blockchain, is ready to launch mainnet with solid investor backing from the likes of Multicoin Capital and Arthur Hayes. Designed for decentralized applications (dapps), N1 removes computing and speed limits and supports multiple programming languages, all simplifying development. With its NTS smart contract platform and N1 Studios initiative, the project seeks to drive blockchain technology forward, offering developers the tools and resources required to create the next generation of on-chain applications. N1, a new Layer 1 blockchain, is making waves ahead of its mainnet release, with large investors doubling down on their bet. Founders Fund, Multicoin Capital, and Arthur Hayes are just a few of the most notable supporters who believe in N1’s vision of revolutionizing how blockchain development occurs.

The project belongs to the same team that made 01, which they shut down in order to create something new.Their new focus is on unlimited, high-speed computing for decentralized applications (dapps) to remove the hurdles that have restrained blockchain innovation.

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N1, unlike other platforms for smart contracts, supports more than one programming language, starting with TypeScript and followed by Python and others. This enables developers to develop dapps as seamlessly as they can create regular software without needing to grapple with difficult blockchain programming.

N1’s unique architecture separates settlement and execution layers, improving security and efficiency. Each app gets its own dedicated space, allowing it to scale without being constrained by network-wide bottlenecks.

To further boost adoption, the team launched NTS—the first-ever TypeScript-based smart contract platform—now available to select early developers. These testers are already building groundbreaking apps that weren’t possible before.

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But N1 isn’t stopping at just creating a platform—it’s actively shaping its ecosystem. Through N1 Studios, the project is funding and mentoring developers to create powerful on-chain applications. Instead of waiting for adoption to happen naturally, N1 is taking the lead in driving the next era of blockchain innovation.

Binance Brings Back USD Deposits and Withdrawals After 18 Months

Almost a year and a half afterwards, Binance.US eventually reopened USD deposits and withdrawals, a big step up for the exchange.

In a recent blog post update, Binance.US stated that customers will once more be able to deposit and withdraw USD through bank transfers (ACH). The feature will be available to all worthy customers within the next several days. To go along with this, the website is also returning fee-less ACH transactions, crypto staking, OTC trading, and a feature which enables customers to turn small cryptocurrency balances into usable cash.

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Interim CEO Norman Reed called the move a major milestone. “We are thrilled to restore fiat rails as we gain momentum in the new year,” he said, adding that this moment is one of the most unexpected comebacks for Binance.US since its struggles two years ago.

The exchange halted USD transactions in June last year after the SEC sued Binance and its founder, Changpeng “CZ” Zhao, accusing them of breaking securities laws and mishandling billions in customer funds. By October, Binance.US had stopped accepting USD entirely.

And then in November, the company resolved with U.S. regulators in a record-breaking $4.3 billion agreement, one of the largest in history. Under the agreement, Binance committed to adhering to regulatory requirements.

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Today, with regulations evolving and maybe a shift of government policy later this year, Binance.US is restarting full fiat services, possibly a turning point for crypto in the United States.

ED Seizes ₹1,646 Crore in Crypto from Ahmedabad Man Tied to BitConnect Scam

Summary: Indian officials have confiscated ₹1,646 crore ($197 million) of cryptocurrency from an Ahmedabad resident connected to the BitConnect Ponzi scheme. The Enforcement Directorate (ED) also seized cash, a luxury sports utility vehicle, and digital devices as part of its ongoing investigation.

India’s Enforcement Directorate (ED) has conducted one of its biggest crypto seizures, freezing ₹1,646 crore ($197 million) in digital assets in relation to the BitConnect scam. Besides crypto, authorities also froze ₹13.50 lakh in cash, an SUV, and various digital devices in their raid in Ahmedabad.

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BitConnect, a well-known international Ponzi scheme established by Satish Kumbhani, attracted investors with a guarantee of 40% returns every month through a so-called “volatility software trading bot.” Investors sent in Bitcoin (BTC), which was exchanged for BitConnect’s own token BCC. The Ponzi scheme also used multi-level marketing (MLM) strategies, in which users were compensated for recruiting new investors.

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After operating between 2016 and 2018, BitConnect fell apart after regulators stepped in, causing investors across the globe to lose billions. The ED has been probing the case since 2018, earlier seizing ₹489 crore worth of assets. Officials have also confirmed foreign involvement, and Kumbhani is still under US federal investigation.

Hackers Impersonate Saudi Crown Prince, Launch Fake $KSA Memecoin

Summary: Scammers hacked an account pretending to be Saudi Arabia’s Crown Prince Mohammed bin Salman, using it to promote a fake memecoin, $KSA, and another token, $FLCN. The tweets vanished quickly, and officials confirmed the hack.

In another wild crypto scam, hackers took control of an account impersonating Saudi Crown Prince Mohammed bin Salman and used it to launch a fake Saudi Arabia Memecoin ($KSA). The tweet went out at 15:00 UTC, luring in unsuspecting investors.

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But that wasn’t enough for the scammers. Shortly after, they promoted another token, FALCON ($FLCN), directing users to a suspicious website, FLCN.meme. The posts stirred up some hype before vanishing into thin air.

Now, the hacked account has been drained, and police confirmed that it had indeed been hacked. It was the classic crypto scam playbook: impersonate a prominent person, generate buzz, present fake coins, and disappear before the victims can figure out what happened.

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These scams are becoming more common, preying on hype and FOMO. When you see an “official” memecoin announcement out of nowhere, pause—because more often than not, it’s another rug pull in the making.

Ethereum Sees $1.1B Stablecoin Surge as Solana Loses Ground

Summary: Ethereum’s stablecoin supply jumped by $1.1 billion in just a week, while Solana saw a $772 million decline. Analysts say Ethereum’s lower gas fees and technical improvements are driving demand for USDT and USDC on the network.

Ethereum is seeing a fresh wave of stablecoin activity, with on-chain data showing a $1.1 billion increase in USDT and USDC supply over the past week. Concurrently, Solana has witnessed a precipitous fall of $772 million, with questions raised regarding changing market trends.

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Ethereum and Solana dominate the stablecoin market to a great extent, but recent patterns indicate Ethereum taking momentum back, as per blockchain analytics platform Lookonchain. The drop in gas fees and continuous improvements in Ethereum’s infrastructure have made it a more attractive option for stablecoin transactions, bringing fresh liquidity back to the network.

Meanwhile, Solana has lost nearly $780 million in stablecoin supply, with no clear explanation.Others believe network stability problems and changing user needs may be pushing funds elsewhere.

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Data from DefiLlama shows Ethereum still leading the stablecoin market with over $122.9 billion in supply, or 54.63% of the total supply. Solana, however, has just 5.15%—around $11.58 billion.

These shifts reflect the constantly shifting nature of crypto markets, in which small fluctuations in cost, speed, and reliability can quickly influence where consumers would rather transact.

Nigeria Government vs. Binance’s Tigran: A Clash Over Corruption Allegations

Tigran Gambaryan accuses Nigeria of blackmail and torture, while the government denies the claims, sparking a heated online dispute.

The drama between Binance’s former exec Tigran Gambaryan and the Nigerian government is heating up. Gambaryan, who was arrested in February one year before while in Nigeria for a meeting with government officials about Binance, spent eight months in jail before being released on humanitarian grounds. During his time in custody, he was charged with money laundering and tax evasion.

After returning to the U.S., Gambaryan went off, accusing Nigerian officials, including those from the DSS (Nigeria’s State Security Services), of trying to extort $150 million in crypto from Binance. He claims he was tortured while in jail, even though he was in poor health, and that he was used as a scapegoat in the whole mess.

Of course, the Nigerian government is having none of it. They denied all of Gambaryan’s claims, calling them “falsehoods” and stating that his first visit wasn’t even official. They also said that his release wasn’t because of any humanitarian reason but due to diplomatic intervention. They even alleged that Binance tried to pay a $5 million ransom to free him, but it was rejected.

Gambaryan shot back on X (formerly Twitter), calling the government’s statement lies and promising more legal action in the future. This saga is only getting messier.

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