Through its Hbit subsidiary, Sinohope, a Hong Kong investment holdings business founded by Leon Li, a co-founder of the Huobi (HTX) exchange, will retrieve over 100% of its blocked deposits on the now-defunct cryptocurrency exchange FTX. A May 24 notice that started making the rounds on May 28 states that Hbit has sold debt investment business Ceratosaurus Investors LLC $19.5 million worth of creditor claims. Sinohope had deposits totaling $18.1 million trapped on FTX at the time of its collapse in November 2022. A 108% recovery ratio of the company’s assets is implied by the deal. Sinohope was materially impacted by the unreturned funds. On Dec. 13, 2023, the firm disclosed that it expects a loss of $280 million Hong Kong dollars ($35.86 million) for the first nine months of the year, an increase from $200 million Hong Kong dollars ($25.61 million) it lost during the same period in 2022. 

According to broker Bernstein’s research study on Tuesday, the market for exchange-traded funds that track bitcoin (BTC) and ether (ETH) is predicted to reach $450 billion based on our projections for cryptocurrency prices. Analysts Gautam Chhugani and Mahika Sapra noted, “This would signify flows exceeding $100 billion into crypto ETFs over the next 18-24 months.”

Prime cryptocurrency broker FalconX plans to open a foreign exchange desk in London, and a team of employees from the cryptocurrency banking company BCB Group will work there. The desk will provide access to 20 forex pairings, including common currencies like the US dollar, the euro, and the British pound, for cryptocurrency trading organisations, exchanges,

As a crucial deadline approaches, the Securities and Futures Commission (SFC) of Hong Kong will visit cryptocurrency trading platforms that wish to proceed with their licencing applications in person, the regulator revealed on Tuesday. Virtual asset trading platforms (VATPs) in Hong Kong are trading platforms that offer cryptocurrency trading services. By June 1, 2024, all

Purchasing cryptocurrency ahead of release can be rewarding and thrilling. It entails purchasing early during pre-sales or initial coin offers (ICOs). Tokens are available for purchase here at a discounted rate before to their general release. If the cryptocurrency’s value soars when it begins to trade broadly, you might earn handsomely. But this is a

The GMO Internet Group and Nomura Holdings are looking into ways to introduce new stablecoin products to the Japanese market. A partnership between the GMO Internet Group and Nomura Holdings, a financial services corporation operating in thirty countries, is centred on the issuance of stablecoins in Japan denominated in USD and JPY. A Nomura Holdings

Argentina is interested in studying other cryptocurrency operations and El Salvador’s experience with Bitcoin adoption. Argentina’s government is collaborating with El Salvador to gain insights from its experience with the adoption of Bitcoin and other cryptocurrency initiatives. According to a formal statement from CNV, the National Securities Commission (CNV), Argentina’s securities regulator, met with the

According to recent information 1,807 liquid staked Ether from the victim’s wallet address, appear to have been stolen via a permission phishing attempt. It looks like scammers have returned a sizable portion of the $6.91 million in liquid staked Ether that the unfortunate victim lost on May 26. The co-founder of blockchain analytics company SlowMist,

After the Normie memecoin exploit, an unlucky trader lost more than $1 million in digital assets. According to a Lookonchain article from May 26, X, the memecoin dealer lost almost 99% of his initial investment of over $1.16 million, which he used to purchase 11.23 million Normie (NORMIE) memecoins. “He spent $1.16M to buy 11.23M $NORMIE at $0.1035 from Mar 25 to Apr 9 and has held it until now without selling it.” A smart contract hack that targeted the Base-native memecoin Normie erased approximately $41.7 million from its market capitalization in just three hours. In an X post from May 26, Lookonchain was the first to report the exploit. According to CoinGecko data, Normie’s value dropped by more than 96% after the exploit, and its market cap peaked at about $200,000 before beginning a little recovery. The hacker’s offer to refund 90% of the NORMIE tokens that were stolen was apparently accepted by the Normie team earlier on May 27. This deal was conditional on Normie issuing a new token to compensate NORMIE holders with the returned monies and $2.3 million from the team’s development wallet. According to a blockchain message from the exploiter that Lookonchain was able to view, the hacker has insisted that the token launch take place before they refund the monies that were taken. “The dev wallet made significantly more than I did during this exploit, and I have no other way to ensure that those funds are used appropriately.” After the

In just three days, a shrewd trader profited $2.7 million from the Donald Trump-themed MAGA (TRUMP) meme token.According to a May 27 X post by Lookonchain, the memecoin trader known as wallet “0x303” spent more than $535,000 to purchase six billion MAGA tokens on May 25, yielding a return on his initial investment of more than 505 times. “He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago. He currently holds 4.5B $MAGA, worth $2.51M.” MAGA tokens, which have increased by more than 82% in the last day, make up the whole contents of the astute trader’s wallet. According to CoinStats statistics, the wallet is currently valued at over $2.2 million, while it was worth over $4 million just a few hours ago, at around 7:00 am UTC. Following remarks made by Republican presidential candidate Donald Trump regarding digital assets, the MAGA token has experienced notable increases in value.On May 9, MAGA increased by more than 78% intraday, and trading volume increased by more than 62% to $281 million as a result of Trump’s remarks endorsing cryptocurrency. “I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good

The introduction of a token on the Solana blockchain, purportedly by American star Caitlyn Jenner, has puzzled analysts of the cryptocurrency market. Jenner announced late on Sunday that she had used the Solana token deployer Pump Fun to issue the JENNER token in a post on her X account. Because famous profiles on the social media site have been compromised in the past to fraudulently promote coins or crypto protocols, market players promptly discounted it as a possible hack. Usually, such account compromises are caught early and shut down immediately by X’s security teams. But Jenner’s account continued to advertise the token hours after the initial launch. “Nothing has been hacked,” a post read. “We will be solely focused on $Jenner and expect to hit $50m market cap in the first 24 hours,”

As weekend trade concentrated around $69,000, the Bitcoin BTC tickers down $69,124 remained close to important BTC price levels until the weekly close on May 26.A data revealed that the Bitcoin/USD pair performed strongly, temporarily surpassing $69,500 before leveling out. The weekend’s gains, as some market watchers had anticipated, were nevertheless restrained by well-known resistance

Former President Donald Trump believes that the United States should not settle for anything less than first place in the cryptocurrency business. “Our country must be the leader in the field, there is no second place,” Trump said in a May 25 post on Truth Social, a social media platform owned by Trump Media and

The introduction of Tapos Cat, a brand-new tap-to-earn game that has been incredibly popular, is thought to be the cause of the current spike in transactional activity on Aptos. A new milestone in blockchain transactions has been reached by the layer-1 blockchain platform Aptos, which was created by former Facebook employees. On May 25, it

According to MicroStrategy creator Michael Saylor, the approval of spot Ether ETFs adds “another line of defence for Bitcoin.” When it comes to spot Ether exchange-traded funds (ETFs), MicroStrategy founder Michael Saylor has reversed his position, claiming that Bitcoin will only benefit from the US regulator’s recent approval. What effect does this have on Bitcoin?

Donald Trump, the former US president, promises that if he is reelected, he will release Silk Road creator Ross Ulbricht. In the event that he is re-elected in November, former US President Donald Trump has promised to pardon Silk Road creator Ross Ulbricht himself. At the Libertarian Party National Convention in Washington on May 25,

With the goal of expanding Kenya’s already booming renewable energy sector, bitcoin mining behemoth Marathon Digital has announced a new cooperation with the ministry of energy and petroleum (MOEP).Key energy infrastructure development, policy concepts, investment strategies, and the exchange of technical expertise and research will be the main areas of focus for this cooperation. The CEO of Marathon Digital, Fred Thiel, highlighted the following benefits of cultivating this kind of connection with Kenya’s Ministry of Energy and Petroleum following the recently signed partnership. “This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides us with a clear framework to pursue opportunities across the Republic of Kenya. It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure.” According to

Increased pressure on Korean regulators to accept cryptocurrency exchange-traded funds (ETFs) stems from the US Securities and Exchange Commission’s recent approval of spot Ethereum ETFs (SEC). Local media report that Seoul’s financial regulators will likely face pressure to reevaluate their position on digital assets as a result of the SEC’s Ethereum judgment.Following the SEC’s January 2024 approval of Bitcoin ETFs, the agency on May 24, 2024 authorized the formation of ETFs for Ethereum, the second-largest cryptocurrency globally. Investors can increase their exposure to a variety of securities by purchasing exchange-traded funds (ETFs). An important first step toward closing the divide between traditional finance and the digital asset market is the approval of crypto ETFs. The Korean Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have been hesitant to allow crypto asset trading on conventional securities markets, in contrast to their American equivalents. The Capital Markets Act mandates that ETFs can only be connected to conventional underlying assets, and the FSC claims that this requirement must be closely followed.Financial derivatives are based on these assets, which also include securities, commodities, foreign currencies, and well-established financial instruments. The government organization in charge of monitoring and controlling South Korea’s financial markets and institutions is called the Financial Services Commission. Early in February, the Virtual Asset Users Protection Act received an upgrade from the South Korean government. According to a report by the Korea Times, Xangle, a leading digital currency data provider based in Seoul, has spoken out against the ban on digital assets in the traditional securities market, describing it as ‘outdated’ and needing revision to accommodate the growing significance of digital assets in modern finance. “Under the

Analysts claim that Ethereum lacks a sound bite that is “easy-to-understand” and will draw the baby boomer generation to spot Ether exchange-traded funds (ETF). Following the United States Securities and Exchange Commission’s (SEC) approval of eight spot Ether ETFs on May 23, Glassnode head analyst James Check, aka “CheckMatey,” said in a post on X on May 24 that “Ethereum still has no elevator pitch, despite years of attempts.” Is there a similar, brief statement for ether? If yes, what is it? noted Eric Balchunas, a Bloomberg ETF analyst, adding that a possible barrier to spot Ether ETF success may be its appeal to investors between the ages of 60 and 80. Reducing the goal and value of Ether ETFs into a clear, concise sound bite is one of the obstacles standing in their way, according to Balchunas. As he underlined, “Bitcoin is digital gold.” This is the cryptocurrency’s main selling point.But he claimed that Ethereum lacks a similarly straightforward selling argument that investment managers might effortlessly convey to their baby boomer clientele. Chief investment officer of Bitwise, Matt Hougan, stated in a May 24 Bankless podcast episode that newcomers to cryptocurrency may find it difficult to understand the distinctions between Bitcoin and Ethereum since they perceive them as distinct currencies, “just like the dollar and the euro.” According to Hougan, the simplest approach to describe the variations is to compare them to the various software businesses that employ software in various ways. “SalesForce use software in one way, Microsoft use it in another way,” he stated.According to Hougan, every cryptocurrency asset has the dual functions of an asset and a blockchain, and these blockchains can be improved in different ways, just as software businesses can optimize their products in different ways. While Ethereum can be used to access decentralized financial (DeFi) services, Bitcoin is typically compared with the argument that it can be used as a safe haven and to maintain value. As this is going on, other cryptocurrency industry players have different suggestions on how to differentiate Ethereum in a one-liner.Ether is analogous to digital oil.Decentralized protocols are powered by this gas. Adam Cochran, a partner with Cinneamhain Ventures, said, “It’s productive and yield bearing.” The price of Ethereum has increased 19.56% in the last seven days following initial reports that the SEC was softening its position on approving ETFs.

According to a Rabbit representative, the accusation was untrue and the Gama team was honest about the project’s open source. The artificial intelligence (AI) startup Rabbit stated that it has been open about rebranding and moving into AI, while refuting some of the claims made by YouTube investigator Stephen Findeisen. On May 22, Findeisen, also

Gate.HK intends to restart services following the acquisition of the required licences and plans a significant revamp to comply with legislation. Gate is a cryptocurrency exchange situated in Hong Kong.Due to noncompliance with the local licencing laws that will come into effect on June 1st, HK has closed. All cryptocurrency exchanges operating in the region

Free tokens or coins are distributed to wallet addresses as part of a cryptocurrency airdrop to advertise a new coin. It’s a means for businesses to draw interest, promote trade, and honour devoted customers. Crypto airdrops aid in the broad distribution of tokens, which can strengthen decentralisation. Some crypto airdrops require you to retain a

The Ministry of Energy and Petroleum of Kenya and Bitcoin (BTC) mining company Marathon Digital (MARA) signed an agreement on Friday to spend over $80 million in the development of Kenya’s energy infrastructure. According to Marathon CEO Fred Thiel, the partnership’s goals are “monetizing underutilised energy across Kenya and jointly developing technology projects.” The business

Following the initiation of spot Bitcoin ETF trading, the price of Bitcoin experienced a 15% decline; however, traders are unsure if Ether’s price would follow suit. When spot Ether exchange-traded funds (ETFs) are introduced, traders are hesitant to assume that the price of Ether would drop, as was the case with Bitcoin when spot Bitcoin

Users in the United Kingdom are still only able to see the Bitcoin white paper on the Bitcoin.org website with limited access due to regulatory restrictions. Following Craig Wright’s failed legal attempt to establish his identity as the pseudonymous architect of the Bitcoin protocol, Satoshi Nakamoto, the white paper has been released again to the

Over the last ten years, the technology giant Nvidia has outperformed Bitcoin; nevertheless, cryptocurrency executives believe there is little likelihood of a recurrence. According to crypto executives, the fact that technology giant Nvidia (NVDA) outperformed Bitcoin during the last ten years should not be interpreted as a sign for the upcoming ten years. Cory Klippsten,

A family representative for Binance and two of its executives stated in an interview  that a Nigerian court had postponed the money laundering trial against the company and two of its executives until June 20 due to the illness of one of the executives. Along with his company, Tigran Gambaryan, an American citizen who oversees financial crimes compliance for Binance, was accused of tax evasion and money laundering. Gambaryan’s attorney wrote to trial judge Emeka Nwite that their client is “very ill and requires comprehensive medical attention,” according to a Reuters report. According to the letter written by Gambaryan’s attorney, the medical facility administered intravenous therapy for malaria to him after he collapsed on Thursday. Gambaryan was arrested by Nigerian police in February and, after celebrating his 40th birthday this past week, was sent to Kuje jail, which is home to members of the terrorist organization Boko Haram. Alongside him in custody was Nadeem Anjarwalla, the British-Kenyan regional manager for Africa. Although Anjarwalla managed to flee, he was nevertheless charged with money laundering. “Yesterday, despite numerous signs of severe illness, my husband was still required to appear in court, where he later collapsed,” Gambaryan’s wife, Yuki Gambaryan, said in the statement seen by CoinDesk. “The conditions in the notorious Kuje prison are, in a word, devastating. My husband is a strong, healthy

Experts in the field are already speculating about the cryptocurrency that will be next, having approved a significant application in the competition to introduce a spot ether (ETH) exchange-traded fund (ETF). Not until 2025, according to Standard Chartered (STAN), Solana (SOL) or Ripple’s XRP may be the next big thing. “For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” analyst Geoffrey Kendric said. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.” Form 19b-4, which prospective issuers had submitted, was approved by the Securities and Exchange Commission (SEC) on Thursday. Although this is a significant milestone in the race to introduce a spot ether exchange-traded fund (ETF), it is only one of two formats that require regulator approval. The SEC may require weeks, months, or even indefinitely to accept the S-1 paperwork, which has only been filed by a small number of possible issuers. Given SOL’s resemblance to Ethereum, a number of industry professionals have proposed that it might make sense to include it as a third ETF. Given that Ethereum is categorized as a commodity, brokerage company Bernstein stated in a note on Thursday that the token may proceed in a similar manner. By market capitalization, Solana ranks third among cryptocurrencies, following Bitcoin and Ether. This does not include Binance Coin (BNB) or the stablecoin Tether (USDT).