NewsBriefs - David Sacks' role in Trump administration reduced to general advisory

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• Dec 21, 4:21 AM Hand-Picked

  David Sacks' role in Trump administration reduced to general advisory

  David Sacks' newly created position as AI and Crypto 'Czar' under incoming President Donald Trump is being scaled back to a more general advisory role. Despite earlier plans for a defined leadership position at the Presidential Council of Advisors for Science and Technology, Sacks will instead serve under Michael Kratsios, who leads tech policy. This adjustment responds to Sacks' decision not to divest from his firm, Craft Ventures, and avoid full-time government status, which would require senate confirmation.

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• Dec 20, 4:00 PM The HBAR Foundation

  HBAR Foundation appoints Charles Adkins as CEO and plans new brand identity

  Charles Adkins has been appointed as the new CEO of the HBAR Foundation, effective January 1, 2025, with plans to rebrand to Hedera Foundation. This move represents a commitment to enhancing user engagement and promoting financial inclusivity through DeFi and the broader adoption of Hedera's technology. The rebranding will also include the introduction of an on-chain grant management platform and several community-driven initiatives aimed at increasing accessibility to DeFi, supporting decentralized application development, and fostering community engagement.

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• Dec 20, 1:50 PM MANTRA | Mainnet Live

  Mantra proposes key updates to OM tokenomics

  Mantra, a Layer1 blockchain specializing in real-world assets (RWA), has introduced a proposal to revise the tokenomics of its OM token on the X platform. The proposed changes, currently under community review through Snapshot, include adjusted reward vesting schedules, unchanged token allocations across activities, and decreased on-chain inflation rates. Voting on these changes will proceed to the mainnet next week.

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• Dec 20, 12:38 PM Bloomberg

  Tether posts $10 billion net profit for 2024

  Tether Holdings Ltd., the world's largest stablecoin issuer, is set to end 2024 with over $10 billion in net profits, significantly benefiting from the surge in demand for its USDT stablecoin as cryptocurrencies like Bitcoin hit new highs. This increase in demand boosted Tether's market cap to over $140 billion. The company's profit largely derives from its investments in US Treasuries, gold, and other securities. Furthermore, Tether plans to continue diversifying its investment portfolio, including a recent strategic $775 million investment in Rumble and future plans in AI and other sectors.

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• Dec 20, 6:49 AM The Block

  US spot Bitcoin ETFs experience record $680 million daily outflows

  US spot Bitcoin exchange-traded funds (ETFs) witnessed record single-day outflows of $680 million, ending a consecutive 15-day streak of positive capital inflows. Major contributors to this unprecedented withdrawal included Fidelity's FBTC, Grayscale's Bitcoin Mini Trust, and the ARKB ETF by Ark and 21Shares. This significant market movement coincided with Bitcoin's price dropping below $100,000 following remarks from Fed Chair Jerome Powell.

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• Dec 20, 5:42 AM Cointelegraph

  Santiment reports surge in 'buying the dip' discussions as Bitcoin falls below $100,000

  Discussions about buying the crypto dip have increased significantly, reaching an 8-month high as Bitcoin's price dropped below the $100,000 mark, according to Santiment. The firm recorded a social dominance score of 0.061 on this topic on December 19, the highest since April. This measure indicates a substantial focus on purchasing crypto during price declines, correlating with recent market behavior where Bitcoin hovered around $100,000 and dipped as low as $95,500.

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• Dec 19, 9:57 PM Cointelegraph

  Investors sue Hawk Tuah meme coin creators over unregistered securities offering

  Investors have filed a lawsuit against the creators and promoters of the Hawk Tuah (HAWK) memecoin, including the Tuah The Moon Foundation and individuals Clinton So and Alex Larson Schultz. The lawsuit claims they engaged in promoting and selling HAWK as an unregistered securities offering, misleadingly framing it as a cultural movement with high growth potential. This contributed to the token's rapid market cap increase to $491 million and subsequent 90% collapse, sparking calls for regulatory scrutiny.

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• Dec 19, 8:38 PM Cointelegraph

  Craig Wright receives one-year suspended sentence in the UK for contempt of court

  Craig Wright, who falsely claimed to be the creator of Bitcoin, Satoshi Nakamoto, has been handed a one-year suspended sentence and a £145,000 fine by a UK court for contempt of court. The suspension is for two years for violating a court order banning him from filing lawsuits against Bitcoin developers. This sentencing followed a legal complaint by the Crypto Open Patent Alliance (COPA) after Wright exceeded 100 lawsuits against various firms under his unfounded claims.

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• Dec 19, 3:00 PM Chainalysis

  Crypto hacking in 2024 hits $2.2 billion as DPRK leads in large-scale exploits

  In 2024, crypto platforms experienced a significant amount of hacking, with a total of $2.2 billion stolen, marking a 21.07% increase from the previous year. Notably, North Korea-affiliated hackers were responsible for around 61% of the total value stolen, showing a drastic 102.88% increase in thefts compared to 2023. While hacking incidents and associated stolen funds surged in the first half of the year, the activity stagnated post-July following geopolitical developments, including a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un. The focus of attacks also shifted from decentralized finance (DeFi) platforms to centralized services, with private key compromises being a major vulnerability exploited by attackers.

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• Dec 19, 11:35 AM The Block

  Ark Invest sells $3.9 million in Coinbase shares amid market volatility

  Ark Invest unloaded $3.9 million worth of Coinbase shares from its ARKF ETF following a significant 10% drop in the stock's price, influenced by a hawkish speech from Federal Reserve Chair Jerome Powell. This move aligns with Ark's strategy to prevent any single holding from dominating more than 10% of the ETF's portfolio, ensuring diversification. Despite this, Coinbase remains the second-largest component of the ARKF ETF.

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• Dec 19, 6:35 AM Decrypt

  Crypto market sees major plunge; Bitcoin and other major tokens sharply decline

  Crypto prices have plummeted, with Bitcoin dropping dramatically to $97,020 after recently hitting an all-time high above $108,000. Other leading tokens, including Ethereum, XRP, Dogecoin, and Solana also saw significant losses, contributing to a broader market downturn that resulted in $1.17 billion worth of positions being liquidated.

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• Dec 18, 9:24 PM The Block

  Fed Chair Powell states the Federal Reserve cannot own Bitcoin

  Federal Reserve Chair Jerome Powell clarified that the Federal Reserve is legally prohibited from owning Bitcoin, aligning with the Federal Reserve Act. This statement was made in response to questions regarding President-elect Donald Trump's proposal for a strategic Bitcoin reserve. Powell indicated no intention to seek changes to this legislation, highlighting the role of Congress in considering such changes.

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• Dec 18, 4:35 PM CoinDesk

  Solana sets new transaction record with 66.9M in a day following PENGU token debut

  The Solana blockchain registered a new record of 66.9 million transactions in a single day, coinciding with the launch of the PENGU token by the Pudgy Penguins NFT project. This milestone, the highest since Solana's launch in 2020, surpassed the combined transactions of all other major blockchains. Solana also led in daily decentralized exchange trading volume and daily active addresses, though it lagged behind others like Base, Ethereum, and Tron in stablecoin transfer volume. Despite some fluctuations in the market value of PENGU and the SOL token, Solana remains a popular choice among retail investors for trading memecoins, NFTs, and other smaller tokens.

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• Dec 18, 11:30 AM CoinDesk

  Binance sparks unintended gains and losses with false alpha watchlist tokens

  Binance inadvertently triggered market volatility by posting a misleading list of crypto tokens on its Telegram channel, leading to quick gains and subsequent losses for traders. The tokens such as Wise Monkey (MONKY) and Happy Cat (HAPPY) surged in value following the initial announcement, only to plummet after Binance declared the posted information false. The fluctuations resulted in substantial financial impacts, including a significant loss for one trader.

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• Dec 18, 8:36 AM The Block

  Arthur Hayes foresees major crypto sell-off at Trump's inauguration

  Arthur Hayes, former CEO of BitMEX and current CIO of Maelstrom, predicts that the gap between high market expectations for Donald Trump's administration and the political reality will cause a significant crypto sell-off around Trump's inauguration on January 20, 2025. Despite a steep rise in Bitcoin prices following Trump's electoral win and promises of favorable crypto regulations, Hayes highlights the limited time Trump has to enact major policy changes, expecting a market realization and subsequent sell-off. Hayes plans to reduce his firm's crypto holdings in anticipation of the market downturn.

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