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Why Ethereum DeFi Coin Sushi Just Surged 15% Despite Co-Founder Exit

The Ethereum-based decentralized finance coin SUSHI has surged over 15% in the past 24 hours after a brutal retracement from highs above $10.00. Chart of SUSHI’s price action over the past day and a half from TradingView.com The coin, which is the native governance token of the SushiSwap exchange, now trades at $2.76 as of […]

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The Ethereum-based decentralized finance coin SUSHI has surged over 15% in the past 24 hours after a brutal retracement from highs above $10.00.

Chart of SUSHI's price action over the past day and a half from TradingView.com

The coin, which is the native governance token of the SushiSwap exchange, now trades at $2.76 as of this article’s writing.

Here’s why the coin is up over 15% in the past 24 hours in spite of a recent “exit scam” by a company co-founder. Many thought that the so-called “exit scam” would mark the end of the project as he was the lead maintainer of the protocol and was the public face of the project.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

Ethereum DeFi Coin Sushi Just Surged 15%: Here’s Why

After reaching an all-time high of over $10 over the weekend, SUSHI faced a strong correction after a co-founder of SushiSwap “Chef Nomi” sold coins from the developer fund and pulled liquidity from the SUSHI/ETH trading pair.

Chef Nomi argues that this was not an exit scam, as he proceeded to hand over the keys of the project to FTX’s CEO, who has since distributed the control of the project to a decentralized group.

Whatever the case, the Ethereum-based SUSHI has surged 15% in the past 24 hours.

The coin is rallying because SushiSwap, which is actually a fork of the Uniswap decentralized exchange, has overtaken Uniswap. What happened was that hundreds of millions worth of liquidity from the Uniswap decentralized exchange was migrated to SushiSwap.

Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop

Uniswap May Soon Shoot Back

Although Uniswap is on the back foot after the so-called “vampire attack,” the decentralized exchange may soon shoot back.

Hayden Adams, the inventor/founder of Uniswap, published the tweet below on September 9th. Many believe that this is a teaser for Uniswap’s own token, which many think will allow Uniswap to regain its dominance over SushiSwap.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million
Photo by Vinicius Benedit on Unsplash
Price tags: ethusd, ethbtc, sushiusd, sushibtc, sushieth
Charts from TradingView.com
Why Ethereum DeFi Coin Sushi Just Surged 15% Despite Co-Founder Exit

Source: https://www.newsbtc.com/2020/09/10/ethereum-defi-coin-sushi-surges-15/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-defi-coin-sushi-surges-15

Blockchain

Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner

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Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.

The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.

Building on LVT’s Expertise

With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.

LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.

Ternoa Blockchain Offers Customizable Time Capsules

Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.

Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.

  • Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
  • Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
  • Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
  • Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
  • D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.

While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/ternoa-blockchains-nft-based-data-transmission-project-gets-lvt-capital-as-a-partner/

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Blockchain

Altcoins pop while Bitcoin looks for support near $50,000

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Bitcoin (BTC) continues to look for direction but as this occurred, Ether and altcoins bounced higher from the May 13 sell-off. Dogecoin shocked investors with its 47% rally that kicked off after Coinbase announced that it would list (DOGE) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

While many altcoins have seen double-digit gains during the recovery the price of Bitcoin (BTC) has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.

Data from Cointelegraph Markets and TradingView shows that while the Bitcoin recovery has been muted, demand for Ether (ETH) led to an 18% rally as the altcoin notched an intraday high at $4,173 on May 14.

ETH/USDT 4-hour chart. Source: TradingView

Gains in the top altcoin come amidst mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-stake blockchain.

Altcoins rally higher

While the debate about whether or not the market is officially experiencing an altseason rages on, one of its trademark characteristics is a sideways trading Bitcoin that leads to traders refocusing their attention on the altcoin market and leading to a decline in Bitcoin dominance.

Percentage of total market capitalization dominance. Source: CoinMarketCap

One of the breakout stars of 2021 is Polygon (MATIC), which has seen its price rally 60% over the past 24-hours to reach a new record high at $1.75.

Another project whose price surged 45% from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that got a boost of adrenaline earlier in the week after Coinbase revealed that it would list the token.

Other notable performances include an 80% increase in the price of Ergo (ERG) and a 48% increase in the price of Sora (XOR) which lifted the token’s price back above $800.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $2.307 trillion and Bitcoin’s dominance rate is 40.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/altcoins-pop-while-bitcoin-looks-for-support-near-50-000

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Blockchain

Bitfinex hacker will need 114 years to launder $7 billion worth of stolen Bitcoin

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Only 4% of nearly 120,000 Bitcoin (around $7 billion today) stolen by a hacker from crypto exchange Bitfinex in 2016 have been laundered so far—and it will take the thieves over a century to cash out their bounty in full, according to blockchain intelligence firm Elliptic.

According to the report published on Thursday, 79% of the stolen funds hadn’t moved to this day and still reside in the hacker(s) wallet. While another 21% have been moved around over the past five years, the malicious actors managed to launder or exchange “only” approximately $270 million of their cache.

This is because the evolution of crypto tracking tools, regulation, and law enforcement methodologies have made illicitly gained digital assets extremely hard to cash out today, Elliptic pointed out.

Peeling off your BTC

For example, the hacker used so-called “peel chains” to launder and exchange their funds. Using this method, crypto tokens are usually moved around a lot, rapidly migrating from wallet to wallet, while just small portions of BTC are being “peeled off” to their actual destination along the way.

An example of peeling chains used by the Bitfinex hacker
An example of peeling chains used by the Bitfinex hacker. Image: Elliptic

Back in 2016, coins laundered via peel chains were extremely hard to trace manually, the firm explained, but there are now many automatic tracing systems that have been developed since then. For example, the “Elliptic Forensics” software ostensibly allows to “determine within milliseconds the ultimate source or destination of funds in an address, regardless of the number or complexity of the transactions used by a launderer.”

Still, after stealing 119,756 BTC in 2016, the hacker reportedly conducted a “flurry of transactions” in 2017, but their activity nearly ceased by 2020.

However, when the price of Bitcoin began exploding in early 2021, the temptation apparently became too much for the hacker, prompting them to move 12,241 BTC in April—worth $774 million at the time.

Elliptic also identified the three main venues the hacker used to move his stash: darknet markets (84%), privacy wallets (12%), and exchanges (4%).

Not so many options anymore

The laundering process first began in 2017 on Alphabay, the largest darknet market at the time. After it was shut down by law enforcement later that year, the operation moved to Hydra, which is the biggest illegal marketplace today.

“After a hiatus in 2019, the launderers returned to Hydra in 2020, and are currently depositing $3 million of the stolen bitcoins every month. In total, approximately $72 million-worth of the stolen bitcoins have been sent to Hydra to date,” Elliptic revealed.

The hacker also actively used privacy-focused wallets that allow users to hide their coins from blockchain trackers. Initially, some portions of BTC were sent to JoinMarket, but the hacker later switched to Wasabi as their primary wallet.

In total, the attacker has laundered roughly $10 million and keeps sending another $1 million worth of the stolen Bitcoin to Wasabi Wallet every month.

Finally, crypto exchanges account for just 4% of the hacker’s transactions—and this is because most of them are using strict know-your-customer and anti-money laundering procedures today, making it extremely hard to cash out stolen funds without revealing your identity.

“At that rate, it will take another 114 years to work through the rest of the stolen funds. As well as shedding light on criminal activity such as that suffered by Bitfinex, blockchain analytics has made it increasingly difficult to make crime pay when using crypto for illicit purposes,” Elliptic concluded.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/bitfinex-hacker-will-need-114-years-to-launder-7-billion-worth-of-stolen-bitcoin/

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