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Shedding more than 20% loss in a week, XLM is back on a selling mode after taking a two-week break. Rejecting the monthly low, it will likely resume pressure as soon as the supply level increases XLM recently took a break in selling after testing a low of $0.26 earlier this month. It managed to retrace to $0.37 after a week and the price remains stuck under this level for a couple of days. Last week, it initiated drops and slowly resumed selling after failing to sustain retracement. That drop became highly volatile this week and the price slipped, but the monthly support stood firm. A breakdown there will confirm a continuation pattern on the higher timeframe. Meanwhile, the latest bearish move is targeted at $0.15. Once the price hits this level, we may see a nice retracement before resuming bearish. Failure to hold the target level could result in more dips until it finds a key support level. Currently, there are no signs of a buy as the bears are gaining control. An exhaustion of the selling should give the bulls an opportunity to step back. As of now, they are off the market. For now, XLM is still painting a strong bearish picture on the short-term trend with a lower low and lower high pattern on the daily chart. Though its mid-term bullish sentiments are still in play, it may completely fade off as the price continues to roll over. XLM’s Key Level To Watch Source: Tradingview The $0.26 support is still holding in the latest lower movement. Looking ahead, the support level to consider for a dip is $0.22, followed by $0.189 in the near term. In case of a retracement, the flipped $0.3 level is now held as resistance. A climb above this resistance could allow more retracement to $0.35 and $0.41. The higher resistance level for a test is $0.51. Key Resistance Levels: $0.3, $0.41, $0.51 Key Support Levels: $0.26, $0.22, $0.189 Spot Price: $0.283 Trend: Bearish Volatility: Moderate Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency. Follow us on Twitter @nulltxnews to stay updated with the latest Metaverse news! Image Source: mysteryshot/ 123RF
According to a recent development, Dunamu, the parent company of South Korea’s largest crypto exchange, Upbit, is locked in a legal battle with the country’s Financial Intelligence Unit (FIU). The conflict follows a business suspension order issued during South Korea’s ongoing crackdown on crypto-related offenses. Upbit Legal Challenge Over FIU Sanctions It’s worth mentioning that on the morning of February 28, the organization sued the Seoul Administrative Court to overturn the FIU’s decision. Previously, the agency accused Upbit of failing to perform proper customer due diligence in hundreds of thousands of cases, leading to a three-month restriction on new customer transactions from March 7 to June 6. In response, Dunamu argues differently. In their defense, they articulated that the punishment is excessive and could harm its operations. Furthermore, the firm has followed compliance measures to address regulatory concerns. Similarly, they argued vigorously that the FIU imposed sanctions without fully considering key facts, making the decision unfair. Regulators Tighten Crypto Oversight Since the start of this year, the South Korean leadership has been making serious efforts to regulate the crypto industry. More importantly, the FIU’s crackdown is part of a larger decision of the agency to ensure strict compliance with anti-money laundering and security laws. In addition, the principalities believe stronger oversight is necessary to prevent fraud and illegal financial activities. Recently, several crypto exchanges have been penalized, and regulators have demanded higher transparency in customer verification and transaction monitoring. Despite these measures, Upbit’s legal battle signals growing tension between crypto platforms and regulators. Dunamu’s challenge could set a precedent for how authorities enforce regulations in the future. New Task Force to Tackle Crypto Crimes In a related move, South Korea has launched a Joint Investigation Unit (JIU) to address crypto-related crimes . Based in the Seoul Southern District Prosecutors’ Office, the JIU consists of 35 financial regulators and prosecutors from the Financial Services Commission and the Financial Supervisory Service. The unit’s primary goal is to investigate fraud, theft, and market manipulation involving digital assets. This follows the success of a temporary task force established in 2023, which prosecuted 74 individuals and arrested 25 for fraudulent crypto activities. The agency thinks the new unit will improve enforcement against illegal crypto activities. The post Upbit Owner Fights Back Against South Korean Regulators appeared first on TheCoinrise.com .
Recently, Changpeng Zhao also known as CZ and Binance have faced criticism, with traders blaming the exchange’s token listing practices for market instability. Meanwhile, the BNB price has declined considerably compared to last month. Amid the CZ and Binance saga, plus the BNB price downward trend, investors are shifting to the DTX Exchange. DTX Exchange is in the final stage of its presale, raising $15.1 million, thus offering the token at a discounted price of $0.18. Moreover, the DTX token will go live at $0.36, offering a 2x surge upon launch. Here's why DTX Exchange is getting massive attention. DTX Exchange Offers Hybrid Trading and Fast TPS DTX Exchange is gaining attention in the trading industry, raising over $15.1 million during its presale phase. With a community of more than 720,000 holders, the platform has seen notable early growth. It is a hybrid trading platform that runs on the VulcanX blockchain infrastructure. This technology could support high transaction speeds of 200,000 TPS. Such efficiency could help maintain smooth trade execution, even during periods of high market activity. Given BNB's low TPS of 10,000, traders may tilt towards DTX's platform. The platform offers traders a 1000x leverage to maximize their potential profits. This feature will enable users to trade with up to 1000 times their initial investment, providing greater market exposure, regardless of the user's capital. DTX's integrated trading ecosystem, along with its ongoing presale success, has contributed to increasing investor interest. Thus, DTX could be positioned as a potential competitor to established exchanges like Binance. Traders Blame CZ and Binance for Market Decline Changpeng Zhao (CZ), the former CEO of Binance, recently expressed concerns about the exchange’s token listing process, calling it “a bit broken” due to its impact on market prices. On February 9, CZ took to X to highlight how Binance’s practice of announcing new token listings only four hours before trading begins leads to price surges on decentralized exchanges (DEXs). Market participants have responded to these developments under CZ’s post, with some raising concerns about market manipulation linked to Binance’s practices. Meanwhile, the BNB price has declined over the past few weeks. Over the last seven days, the BNB price has dipped by 4.29%. The BNB price fell further from $649 to $627 month-to-date, recording a decline of 3.28%. Source: CoinCodex Amid these concerns, some traders are exploring alternative exchanges. One platform gaining attention is DTX Exchange . The exchange has reportedly raised $15.1 million in its presale, attracting users looking for alternatives amid Binance’s practices and the BNB price decline. Why Investors Are Shifting from BNB to DTX Exchange DTX Exchange is approaching the final stage of its token presale which is selling out fast. So far, the platform has raised over $15.1 million, drawing interest as a hybrid trading platform. Currently, the tokens are available at a discounted price of $0.18 in the ongoing bonus presale phase. This allows investors to purchase the token at a lower rate before it launches. With the DTX token set to launch at $0.36, investors who enter at this stage will get a guaranteed 2x return upon launch. The platform also boasts 720,000 holders; some analysts expect further participation as interest grows. Recent fluctuations in BNB price and shifting investor sentiment toward Binance have led some traders to explore alternative options. Given these trends, some market watchers believe DTX could gain traction as its presale continues. Conclusion CZ and Binance are facing criticism from traders who believe the exchange's token listing practices have contributed to a market downturn. The declining BNB price has further fueled concerns, prompting some investors to seek alternative trading platforms. As traders move away from CZ’s Binance, DTX Exchange is gaining traction by raising over $15 million during its bonus presale. The DTX tokens are in high demand, and the window to grab these tokens at $0.18 is closing soon. Hence, experts suggest investors to jump in now before they miss out on the 2X returns opportunity. Check out these links for more information about DTX Exchange: Buy Presale Visit DTX Website Join The DTX Community Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
In a shocking turn of events that has sent ripples through the cryptocurrency world, the hacker responsible for the massive Bybit hack is moving stolen funds at an alarming pace. Just one week after the cyber heist, over half of the pilfered Ethereum (ETH) has already been laundered, raising serious concerns about crypto exchange security and the sophistication of modern-day digital criminals. Let’s dive into the details of this brazen act and what it means for the future of crypto safety. What Happened in the Bybit Hack? Unveiling the Crypto Heist On February 26th, the U.S. Federal Bureau of Investigation (FBI) dropped a bombshell, pointing fingers at North Korea for orchestrating a staggering $1.5 billion virtual asset theft from the crypto exchange Bybit around February 21st. This revelation came hot on the heels of blockchain analytics firm Spot On Chain’s report highlighting the rapid movement of stolen funds. According to their analysis on X, the hacker has successfully laundered a significant chunk of the Ethereum stolen in the attack. Here’s a breakdown of the key figures: Total Ethereum Stolen: 499,000 ETH Ethereum Laundered in One Week: 266,309 ETH Value of Laundered Ethereum: $614 million Percentage of Total Stolen Funds Laundered: 53.3% Average Daily Laundering Rate: 48,420 ETH These numbers are staggering. To put it into perspective, imagine over half a billion dollars worth of cryptocurrency vanishing into the digital ether in just seven days! This incident underscores the immense scale of cyber threats facing the crypto industry and the urgent need for robust security measures. Ethereum Stolen: Why ETH and How Was it Moved? Why Ethereum? ETH, being the second-largest cryptocurrency by market capitalization and widely used in decentralized finance (DeFi), is a highly liquid and sought-after asset. This makes it a prime target for hackers looking to steal and subsequently launder large sums. The Ethereum stolen from Bybit was primarily processed through THORChain exchanges, a decentralized cross-chain liquidity protocol. THORChain acts as a bridge, enabling users to swap assets across different blockchains without relying on centralized intermediaries. In this case, the hacker utilized THORChain to convert the stolen ETH into Bitcoin (BTC). This cross-chain swapping is a common tactic in crypto laundering because it obfuscates the trail of funds and makes it harder for authorities to track the stolen assets back to their origin. Here’s a simplified view of the laundering process: Theft: Hackers breach Bybit and steal 499,000 ETH. Initial Movement: Stolen ETH is likely moved through various intermediary wallets to further obscure its origin. THORChain Exchange: Large amounts of ETH are deposited into THORChain. Conversion to Bitcoin: ETH is swapped for Bitcoin (BTC) through THORChain’s decentralized exchange. Further Laundering: The Bitcoin is likely moved through mixers, tumblers, or other privacy-enhancing services to further break the transaction trail and make it virtually untraceable. The speed at which this crypto laundering operation is being conducted is particularly alarming. At a daily average of 48,420 ETH laundered, Spot On Chain estimates that the remaining 233,086 ETH could be cleared within the next five days. This rapid pace suggests a highly organized and sophisticated operation, further pointing towards state-sponsored actors as speculated by the FBI. THORChain Under Scrutiny: Is Decentralization a Double-Edged Sword? The use of THORChain in this crypto laundering incident raises important questions about the role of decentralized exchanges (DEXs) in facilitating illicit activities. While decentralization offers numerous benefits, including censorship resistance and greater user control, it can also be exploited by malicious actors seeking to bypass traditional regulatory frameworks. Is THORChain to blame? Not directly. THORChain, as a protocol, is designed to facilitate cross-chain swaps, and like any tool, it can be used for both legitimate and illegitimate purposes. However, this incident might prompt increased scrutiny of DEXs and cross-chain protocols, potentially leading to discussions about implementing measures to mitigate their use in money laundering without compromising their core principles of decentralization and privacy. North Korea Crypto Theft: The Shadowy Suspect Behind the Bybit Breach The FBI’s accusation that North Korea crypto theft is behind the Bybit hack adds a geopolitical dimension to this already complex situation. North Korea has been increasingly implicated in cybercrime and cryptocurrency theft as a means to circumvent international sanctions and fund its regime. If these allegations are true, the Bybit hack would represent a significant financial coup for North Korea, further bolstering its illicit activities. It also highlights the growing nexus between state-sponsored cybercrime and the cryptocurrency ecosystem. Nations like North Korea are likely attracted to crypto due to its pseudo-anonymous nature and the relative ease with which large sums can be moved across borders, evading traditional financial surveillance systems. Can Crypto Exchanges Prevent Future Hacks? Actionable Insights for Enhanced Security The Bybit hack serves as a stark reminder that even major cryptocurrency exchanges are not immune to sophisticated cyberattacks. So, what can be done to prevent similar incidents in the future? Here are some actionable insights for crypto exchanges and users alike: Enhanced Security Protocols: Exchanges need to continuously upgrade their security infrastructure, employing multi-layered security measures, including robust firewalls, intrusion detection systems, and regular security audits conducted by reputable third-party firms. Advanced Threat Intelligence: Proactive threat intelligence gathering and analysis are crucial. Exchanges should invest in tools and expertise to identify and mitigate emerging cyber threats before they can be exploited. Multi-Signature Wallets: Implementing multi-signature wallets for holding customer funds can significantly enhance security. This requires multiple private keys to authorize transactions, making it much harder for a single hacker to gain control. Cold Storage Solutions: A significant portion of cryptocurrency assets should be held in cold storage – offline wallets that are not connected to the internet. This drastically reduces the attack surface and protects funds from online threats. User Education: Educating users about phishing scams, social engineering attacks, and best security practices is paramount. Many breaches originate from user-side vulnerabilities. Regulatory Collaboration: Increased collaboration between crypto exchanges and regulatory bodies is essential. Sharing threat intelligence and working together to establish industry-wide security standards can strengthen the overall crypto ecosystem. For crypto users, the Bybit hack underscores the importance of: Diversification: Not keeping all your crypto assets on a single exchange. Hardware Wallets: Utilizing hardware wallets for long-term storage of cryptocurrencies. Vigilance: Being cautious about suspicious links, emails, and requests for personal information. The Road Ahead for Crypto Security The Bybit hack and the subsequent rapid crypto laundering operation represent a serious challenge to the cryptocurrency industry. It highlights the ever-present threat of sophisticated cyberattacks and the ingenuity of malicious actors in exploiting vulnerabilities. While decentralization offers numerous benefits, it also presents unique security challenges that need to be addressed proactively. The industry must double down on security, enhance collaboration, and work towards establishing robust defenses to safeguard user funds and maintain trust in the digital asset space. The speed and scale of this incident serve as a wake-up call, demanding urgent and comprehensive action to secure the future of cryptocurrency. To learn more about the latest crypto security trends, explore our article on key developments shaping crypto exchange security and preventative measures.
Illicit crypto addresses pocketed a staggering $40.9 billion worth of digital assets last year, and that number is likely to balloon even further, per a new report from the blockchain data firm Chainalysis. Chainalysis notes in its annual Crypto Crime Report that 2024’s total is currently less than the $46.1 billion worth of crypto that flowed into illicit addresses in 2023. The firm also says, however, that 2024’s total volume will likely exceed 2023’s as additional illicit addresses are identified. “Since 2020, our annual estimates of illicit activity — which include both evidentiary attributions and Chainalysis Signals data — have grown by an average of 25% between annual reporting periods. Assuming a similar growth rate between now and next year’s Crypto Crime Report, our annual totals for 2024 could surpass the $51 billion threshold.” The illicit total represented 0.14% of the total on-chain transaction volume last year. Chainalysis notes that stablecoins represent 63% of all illicit transactions, while Bitcoin ( BTC ) is the top choice of asset for ransomware and darknet market (DNM) sales. The privacy coin Monero ( XMR ) has also become an “increasingly important” part of DNM sales. The firm says the online marketplace Huione Guarantee illustrates the “professionalization” of crypto’s illicit ecosystem. “Huione and all vendors operating on their platform have processed more than $70 billion in crypto transactions since 2021. This platform has provided infrastructure which facilitates the sale of scam technology and processed on-chain transactions for pig butchering and other fraud and scams, addresses reported as stolen funds, sanctioned entities such as the Russian exchange Garantex, fraud shops, child sexual abuse material, and Chinese-language gambling sites and casinos, among others.” Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Illicit Crypto Addresses Received $40,900,000,000 Worth of Digital Assets Last Year: Chainalysis appeared first on The Daily Hodl .
The US Securities and Exchange Commission (SEC) has delayed its decision to either approve or deny the request from Fidelity Investments to list Options on its spot Ethereum ETF product. According to the filing from the markets regulator, despite following the schedule designated to review the proposal, it still require additional time to decide the next move. Options on Spot Ethereum ETF Demand Is Growing As the market regulator noted in its filing , it will now look to May 2, 2025, as the tentative timeline to release its decision for the Options listing on spot Ethereum ETF. Already, it has asked the public for comments on the proposed filing and received the feedback as of January 21, 2025. Fidelity’s push for Options on its spot Ethereum ETF product dates back to October 19, 2024. As reported, CBOE Exchange filed the proposed rule change to further diversify the firm’s interest in the ETF market. There is growing interest in options products on ETH ETF products in general. Earlier in February, the CBOE BZX Exchange also filed a proposed rule change to list and trade options on Bitwise Ethereum Fund . BlackRock is also moving to list the offering, but neither of these proposals has gained a green light from the market regulator. This is a developing story, please check back for updates!!! The post Just In: US SEC Delays Decision on Fidelity’s Ethereum ETF Options Proposal appeared first on CoinGape .
Crypto whales are making waves again! Solana investors pulled a massive $40 million from Binance, leaving traders wondering what’s next for SOL and the Solana price. Meanwhile, DTX Exchange is stealing the spotlight as its $0.18 token sees historic inflows. The platform is growing quickly, raising over $15.23 million in its presale, with more and more investors jumping in. With its unique multi-asset trading and lightning-fast blockchain, DTX is shaping to be a game-changer. This could be the last chance to double your money before its launch at $0.36, so is now the time to invest? Let’s break it down! DTX Exchange: Gears Up for Growth While Solana Price Dumps SOL is in the spotlight again as its price takes a downward turn, but another rising star is capturing investor attention: DTX Exchange. Built on the high-performance VulcanX blockchain that can handle up to 200,000 transactions per second (3 times faster than SOL), this all-in-one trading platform supports stocks, crypto, and forex. Features like fractional multi-asset trading, copy trading, and an automated investment manager position DTX for massive growth, even as Solana’s momentum stalls. Now in its final bonus stage at $0.18, the DTX token has already raised over $15.23 million in its presale, signaling strong investor confidence. Analysts forecast a potential jump to $1 by 2025, making it an attractive choice for those looking beyond SOL’s recent dip. Adding to DTX’s appeal is the 1000x leverage option, allowing traders to control $100,000 with just $100, a substantial advantage in a volatile market. Meanwhile, the Phoenix Wallet (boasting over 275,000 downloads) ensures smooth transactions and secure asset management. Looking ahead, the upcoming DTX Foundation aims to drive even greater adoption and innovation on the platform. As Solana price dumps, DTX Exchange stands out as a serious contender, offering diverse features and promising upside for forward-thinking investors. Solana Whales Withdraw $40M from Binance as DTX Coin Sees Unprecedented Demand DTX Exchange is making waves just as Solana whales withdraw $40 million from Binance, leaving traders speculating about their next move. While SOL remains a dominant force in the market, DTX is quickly gaining traction with its multi-asset trading platform. Now is the final opportunity to secure a huge bonus: use "LIST2X" at checkout to double your DTX stack and lock in a 4x return at open launch. Security is also a priority, with a full SolidProof audit yielding an impressive trust score of 71.78. With a total supply of 475 million tokens and a planned Q1 2025 launch in 41 countries and across all platforms, DTX could be the next big thing in crypto. As Solana whales continue making bold moves, all eyes are on DTX. Don't wait. This opportunity won’t last long! Grab your tokens before it’s too late! Solana Price Update: Whales Move Millions as Market Reacts SOL has had some big price changes as investors keep an eye on the market. Right now, Solana is priced at around $140, with $5.31 billion traded in the last 24 hours. Even though its price has dropped recently, Solana remains a major player in the crypto world, with a market value of $70.09 billion. However, whale activity is shaking things up; over $40 million worth of SOL was recently withdrawn from Binance, sparking speculation about future price movements. Source: CoinMarketcap Weekly Chart: Solana Price The Solana price has seen sharp swings, recently dropping 21.45% after failing to hold the $180 level. Analysts highlight key support levels at $135 and $120, with resistance near $150-$160. If SOL reclaims $150 as support, a rebound could be on the horizon. However, a break below $120 might signal further bearish momentum. As the market remains volatile, all eyes are on Solana price and SOL’s next move, while DTX continues gaining momentum as the next big crypto contender. Conclusion With Solana prices soaring and whales making bold moves, the crypto market is trending with action. While SOL continues to dominate discussions, DTX Exchange is rapidly gaining ground with its multi-asset trading platform. With 720,000 users and predictions hinting at massive growth, DTX is becoming a strong contender. As the launch date nears, investors are keeping a close watch because opportunities like this don’t last forever, act now before it’s too late! To learn more about the DTX Exchange platform, Visit: Visit Website Buy Presale Join Community Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
The top US securities regulator is officially announcing that memecoins do not fall under its purview, comparing the burgeoning crypto sector to “non-functional” collector’s items. In a new statement, the U.S. Securities and Exchange Commission (SEC) is declaring that memecoins are officially not securities. As defined by the SEC’s statement, “A ‘meme coin’ is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading.” The SEC says memecoins are more like collectibles and entertainment items than securities. According to the SEC, memecoins fail the Howey test, a litmus test for deciding whether or not something is a security. “First, meme coin purchasers are not making an investment in an enterprise. That is, their funds are not pooled together to be deployed by promoters or other third parties for developing the coin or a related enterprise. Second, any expectation of profits that meme coin purchasers have is not derived from the efforts of others. That is, the value of meme coins is derived from speculative trading and the collective sentiment of the market, like a collectible.” The SEC’s official statement echoes comments made by Commissioner Hester Peirce on memecoins earlier this month. “Just because something is out there and it’s popular does not mean that it will fit within the SEC jurisdiction. So I just caution people not to assume that there’s going to be an SEC regulatory backstop to everything…” The statement comes on the heels of an overhaul at the regulatory agency. In addition to the consolidation and creation of a new crypto task force, the Cyber and Emerging Technologies Unit (CETU), just last week, the SEC has also dropped several high-profile investigations as February comes to a close, including inquiries into Coinbase , Robinhood , OpenSea and MetaMask . Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post SEC Likens Memecoins to Collectibles With ‘No Use’, Declares Meme Assets Are Not Securities appeared first on The Daily Hodl .