NewsBriefs - Justin Sun refutes liquidation rumors amid crypto market downturn

Aug 5, 7:28 AM DeFi Llama News

Justin Sun refutes liquidation rumors amid crypto market downturn

Justin Sun denied rumors of his positions being liquidated as crypto prices fell. Bitcoin dropped 13% to $52,864, while Ethereum fell 20% to $2,324. The total crypto market value decreased by 17% to $1.8 trillion. Sun stated his preference for industry-supporting activities over leveraged trading. The market decline coincides with recession fears and disappointing tech earnings. Investors sold off risky assets following weaker job reports and the Fed's decision to hold interest rates.

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• Sep 20, 3:30 PM BNB Chain

  BNB Chain integrates with Telegram to boost web3 accessibility

  BNB Chain's integration with Telegram aims to onboard the next billion users into web3. The partnership introduces Telegram Mini Apps, allowing seamless BNB management through bot wallets like CodexField and UXUY. Developers can leverage Privy's SDK for easy Telegram login integration, streamlining user onboarding. The move simplifies crypto interactions within a familiar platform, potentially accelerating web3 adoption by lowering entry barriers for new users.

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• Sep 20, 2:00 PM Cryptoslate

  Cardano founder warns Trump's DeFi venture may trigger political backlash

  Charles Hoskinson, co-founder of Cardano and Ethereum, expressed concerns about Trump and Harris' crypto policies. He views Trump as more pro-crypto but warns his DeFi platform could politicize the industry. Hoskinson stressed the need for regulatory clarity in the US crypto sector, noting global adoption will continue regardless. He estimates embracing decentralized tech could add $5-10 trillion to the US economy over a decade. Hoskinson highlighted progressive crypto regulations in Singapore, the Middle East, and Europe as examples for the US.

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• Sep 20, 2:00 PM Cointelegraph

  Crypto adoption hindered by technical complexity and lack of understanding

  Surveys show that 30-43% of respondents avoid crypto due to lack of understanding. Complex terminology, hardware issues, and storage concerns create barriers to entry. Industry experts emphasize the need for simplified education and user-friendly platforms to boost adoption. The launch of Bitcoin ETFs has increased crypto use, offering easier access for investors. Regulatory clarity is also crucial for wider acceptance. Experts suggest focusing on engaging, interactive learning experiences to make crypto more accessible to the general public.

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• Sep 19, 10:15 PM Cryptoslate

  Terraform Labs gets court approval for bankruptcy wind-down after SEC settlement

  Do Kwon-founded Terraform Labs secured court approval to wind down operations in bankruptcy after settling with the SEC. The company agreed to pay a $4.47 billion fine for investor fraud related to the Terra ecosystem collapse. Co-founder Do Kwon is liable for $110 million of the settlement. Terraform estimates paying $184.5 million to $442.2 million to crypto purchasers and stakeholders in liquidation. The SEC may not collect the full settlement amount due to prioritizing investor claims.

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• Sep 19, 3:56 PM Cointelegraph

  SEC requests four-month extension for Coinbase document production

  The SEC has asked a federal court for a four-month extension to produce documents in its discovery proceedings with Coinbase. This request follows Coinbase's partial victory in a motion to compel discovery, requiring the SEC to provide information on its application of securities laws for tokens. The extension would push the fact discovery deadline to February 2025, with expert discovery potentially concluding in April 2025. This case is part of the SEC's broader enforcement actions against crypto exchanges, alleging the sale of unregistered securities.

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• Sep 19, 2:28 PM Cryptoslate

  US labor market and manufacturing data boost Bitcoin to $63k

  Bitcoin surged above $63,000, gaining 6.5% in 24 hours, following positive US economic data and a Fed rate cut. Initial and continuing jobless claims decreased, while the Philadelphia Fed Manufacturing Index improved. These indicators suggest a strengthening economy, potentially boosting investor confidence in risk assets like Bitcoin. The Fed's 50-basis-point rate cut further supported Bitcoin's price increase by making non-yielding assets more attractive.

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• Sep 19, 1:34 PM The Block

  Stablecoins reach systemic importance as circulating supply hits all-time high

  Stablecoins are becoming systemically important, with Tether and Circle now among the top 18 holders of US treasuries. Onchain stablecoin payment volume has tripled to $1.4 trillion monthly, accounting for 50% of all onchain transactions. The stablecoin market is expanding with new entrants like PayPal's PYUSD. Circulating supply has reached an all-time high of $180 billion, with USDT dominating at $120 billion. Non-crypto use cases are growing, particularly among younger demographics in emerging markets.

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• Sep 19, 9:30 AM U.S. News

  Hackers demand 100 Bitcoin for files stolen from Seattle airport in cyberattack

  Hackers are demanding 100 Bitcoin ($6 million) from Seattle-Tacoma International Airport for stolen documents posted on the dark web. The Port of Seattle refuses to pay the ransom. The FBI is investigating the Rhysida ransomware gang's cyberattack, which disrupted airport operations. The airport is contacting individuals whose personal data may have been compromised. This incident follows a similar attack on Columbus, Ohio's city systems by the same group.

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• Sep 19, 7:30 AM PeckShieldAlert

  Phishing scam hits Decentraland X, MANA users at risk

  PeckShield reported a hack of Decentraland's X account, warning users of a phishing scam disguised as a MANA token airdrop. The scam prompts users to connect wallets, potentially compromising funds. This incident follows a recent trend of crypto scammers targeting high-profile social media accounts. Users are advised to avoid interacting with the account until security is confirmed.

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• Sep 19, 2:45 AM Constant Contact

  Louisiana state government accepts Bitcoin and USDC for state services

  Louisiana State Treasurer, John Fleming, M.D., announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USDC as valid forms of payment for state services. The initiative, aimed at modernizing government operations, allows residents to use their private Bitcoin wallets for transactions while the state receives payments in US dollars. The conversion process, managed by Bead Pay, mirrors traditional card payments, ensuring security and efficiency. This move is part of Louisiana's broader effort to integrate new technologies into public services, enhancing transaction security and reducing fraud risks.

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• Sep 18, 9:44 PM Coindesk

  Trump buys burgers with Bitcoin at NYC crypto hangout PubKey

  Former US President Trump made a Bitcoin transaction at PubKey, a crypto-themed bar in New York, becoming the first US president to publicly use the Bitcoin network. This move aligns with Trump's recent crypto industry overtures, including his support for World Liberty Financial and its WLFI token. Trump has been courting the crypto industry, promising to make the US the "crypto capital of the planet" if elected president again.

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• Sep 18, 7:47 PM Crypto Briefing

  SEC charges Rari Capital and co-founders over unregistered securities

  The SEC settled charges against Rari Capital for misleading investors and operating as an unregistered broker. The firm's co-founders falsely claimed Earn pools would automatically rebalance crypto deposits. This case highlights the SEC's focus on DeFi platforms, following similar actions against other crypto firms. Rari Capital and its co-founders neither admitted nor denied the findings.

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• Sep 18, 2:03 PM Coindesk

  Deutsche Bank survey reveals consumers prefer cash and cards over CBDCs

  A Deutsche Bank survey shows consumers are hesitant to adopt CBDCs despite global central bank interest. 44% prefer cash over CBDCs, while 57% favor debit or credit cards. Only 16% believe CBDCs will become mainstream. Privacy concerns persist, with 21% of US respondents viewing general crypto as more private than government-backed options. Central banks are increasingly focusing on wholesale CBDC applications, as evidenced by recent initiatives from SNB, ECB, and the Federal Reserve Bank of New York.

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• Sep 18, 7:30 AM ZetaChain

  Revolut adds support for ZetaChain

  Revolut now supports ZetaChain, a layer 1 blockchain focused on interoperability. The integration gives 45 million UK and EU Revolut users access to the "universal blockchain," the firm stated. ZetaChain enables cross-chain dApp development without bridges or wrapped coins. The project, started in 2021, secured Series A funding in August 2023 from Jane Street Capital, Blockchain.com, and Sky9.

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• Sep 18, 6:15 AM Reserve Bank of Australia

  Australia’s central bank announces three-year roadmap for wholesale CBDC

  The Reserve Bank of Australia has unveiled a three-year roadmap prioritizing wholesale CBDC development over retail options. The central bank's research found limited innovation potential in retail CBDCs for public use in Australia. The RBA's focus on wholesale CBDCs aims to reduce risks, enhance transparency, and improve transaction capabilities. Project Acacia will explore wholesale CBDC and tokenized commercial bank deposits, with plans to establish advisory forums and support regulatory sandbox reforms. The RBA is also researching asset tokenization and blockchain technology's role in central bank operations.

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