Chuyên mục lưu trữ: DeFi

DeFi (Tài chính phi tập trung) là một hình thức tài chính dựa trên blockchain, không phụ thuộc vào các bên trung gian tài chính trung ương như người môi giới, sàn giao dịch hoặc ngân hàng để cung cấp các công cụ tài chính truyền thống, mà thay vào đó sử dụng các hợp đồng thông minh trên blockchain, loại phổ biến nhất là Ethereum.

Nền tảng DeFi cho phép mọi người cho vay hoặc đi vay từ những người khác, đầu cơ dựa theo sự biến động giá trên một loạt các tài sản sử dụng phái sinh, thương mại tiền mã hóa, bảo đảm chống lại rủi ro, và kiếm được lãi trong những tài khoản giống như sổ tiết kiệm. DeFi sử dụng kiến trúc phân lớp và các blocks xây dựng có khả năng kết hợp cao.

DeFi

Spot Bitcoin ETFs on three-day outflow streak, Ether ETFs rebound

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Spot Bitcoin exchange-traded funds in the U.S. witnessed their third consecutive day of outflows on Oct. 10, while spot Ethereum ETFs posted a modest but positive turnaround after a day of inactivity.

According to data from SoSoValue, the 12 spot Bitcoin ETFs registered outflows totaling $120.76 million on Oct. 10, a notable jump from the previous day’s outflows of $40.56 million.

Fidelity’s FBTC ETF led the wave of Bitcoin ETF outflows, with $149.5 million exiting the fund after a day of zero net flows. Other major funds followed suit, including ARK and 21Shares’ ARKB with $30.30 million in outflows and Bitwise’s BITB shedding $6.16 million.

Even BlackRock’s IBIT, the largest Bitcoin ETF by net assets, broke its five-day inflow streak with an outflow of $10.83 million, reflecting a broader cooling of investor appetite for Bitcoin exposure.

Grayscale, another significant player in the ETF space, saw both its GBTC and Grayscale Bitcoin Mini Trust log outflows of $18.52 million and $21.16 million respectively. Despite these negative flows, six other Bitcoin ETFs remained neutral, neither contributing to the outflows nor seeing fresh investor interest.

Market fears drive sell-off and liquidations

The surge in BTC outflows coincided with a 3% drop in Bitcoin’s (BTC) price, which hit a three-week low of $58,900, before recovering slightly to $60,602. The drop followed unexpected U.S. inflation data that reignited fears of the Federal Reserve pausing interest rate cuts, adding pressure to the cryptocurrency market.

This decline also sparked $198.6 million in liquidations across the market, affecting over 59,000 traders, according to data from Coinglass. Bitcoin’s long positions accounted for $53.3 million of those liquidations, while Ethereum traders lost $31.6 million in the same period.

As the sell-off progressed, fear grew across the cryptocurrency market. The closely-watched Crypto Fear and Greed Index dropped to 32, marking its lowest level since mid-September and firmly placing the market sentiment in the “fear” zone.

Ethereum ETFs attract modest inflows amid BTC downtrend

In contrast to Bitcoin, Ethereum ETFs saw a small but notable uptick. Nine spot Ethereum ETFs recorded net inflows of $3.06 million on Oct. 10, reversing a prior day of zero net flows.

BlackRock’s ETHA led the charge, attracting $17.85 million in fresh capital. Grayscale’s Ethereum Mini Trust followed with inflows of $3.34 million, marking its first positive flows since September 27.

However, these gains were partially offset by outflows from Grayscale’s ETHE, Bitwise’s ETHW, and Fidelity’s FETH, which saw redemptions of $10.37 million, $4.23 million, and $3.54 million respectively. Four other Ethereum ETFs remained neutral, contributing neither inflows nor outflows.

At the time of writing, Ethereum (ETH) was trading at $2,414, moving sideways in a market largely dominated by Bitcoin’s volatility.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Bitnomial takes SEC to court for classifying XRP futures as securities

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Crypto derivatives platform Bitnomial has sued the United States Securities and Exchange Commission over its claim that XRP futures are securities and subject to the agency’s jurisdiction.

In an Oct. 10 lawsuit filed with an Illinois federal court, Bitnomial alleges that the SEC has overextended its jurisdiction by claiming that XRP futures contracts are security futures. 

The firm claims that the SEC is asserting its jurisdiction over a product “that is already regulated by and subject to the exclusive jurisdiction of the Commodity Futures Trading Commission.” As such, the agency’s interference duplicates and “compounds” the regulatory burden on Bitnomial.

Per the filing, Bitnomial filed a self-certification with the CFTC in August, intending to list XRP futures contracts on its exchange. However, the SEC contacted Bitnomial after the filing, claiming that XRP futures are securities and that the exchange must register as a national securities exchange before offering such products.

“The SEC has effectively blocked Bitnomial from listing XRP futures,” the filing reads.

Bitnomial argues that it cannot comply with the SEC’s requirements because XRP, as the underlying asset, is not registered as a security, and the exchange does not have the power to register it.

Further, the derivatives platform pointed to the July 2023 ruling by New York District Court Judge Analisa Torres, which concluded that while institutional sales of XRP were considered securities transactions, the token’s sales on secondary markets were not.

Bitnomial referenced this court decision in its lawsuit, arguing that the SEC’s position on XRP had already been challenged and partly rejected in court. It is currently seeking a court declaration that XRP futures are not securities and an injunction preventing the SEC from enforcing its regulations on the contracts.

Yet, the SEC has maintained that XRP is a security, arguing that Ripple’s sales of the digital asset should fall under securities regulations. On Oct. 2, the SEC announced it would appeal Judge Torres’ ruling.

Ripple, has contested the SEC’s stance and countered with a cross-appeal. The company previously agreed to pay a $125 million penalty to settle the initial case, but the final resolution remains pending due to the SEC’s appeal.

The SEC’s enforcement actions over the past years have faced industry-wide criticism, with market participants arguing that the agency is overreaching its authority by classifying most digital assets as securities.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

BitMEX rolls out customizable bots for predefined trading strategies

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Crypto exchange BitMEX has introduced automated trading bots with customizable options for different trading strategies.

Seychelles-based cryptocurrency exchange BitMEX is expanding its offerings with the launch of automated trading bots that enable users to implement customizable strategies for trading.

In an Oct. 10 press release shared with crypto.news, BitMEX said that the so-called “Trading Bots” tool is designed to implement predefined strategies or react to market signals.

The platform provides two tiers of Trading Bots: Basic Bots, intended for new traders, enable automated trading setup, while Advanced Bots cater to more experienced users, offering a range of configuration options, including time intervals and technical indicators like the Relative Strength Index.

BitMEX says its trading bots cover a broad spectrum of over 200 crypto contracts, providing users with a diverse array of trading strategies. Once a bot is configured, it will automatically execute trades based on the user’s market outlook. Traders have the flexibility to adjust or deactivate their bots at any time, accommodating shifts in market dynamics, the exchange added.

Commenting on the product launch, BitMEX chief executive Stephan Lutz said it marks an “exciting step forward at the intersection of cryptocurrency and AI-driven technology.” While it’s unclear if the bots utilize artificial intelligence, Lutz emphasized that they facilitate “data-driven decision-making,” benefiting even beginner traders.

As crypto.news previously explained, the effectiveness of crypto trading bots remains a controversial topic. Experts agree that while they can be beneficial, average users are unlikely to profit without substantial trading knowledge. Most effectively, trading bots serve as automation tools for skilled traders rather than a quick path to riches for inexperienced users.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Thai SEC to allow crypto exposure for mutual and private funds

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Thailand’s securities regulator has proposed allowing mutual and private funds to invest in cryptocurrency, marking its latest effort to bolster the country’s crypto economy.

According to a Bangkok Post report citing an Oct. 9 announcement from Thailand’s Securities and Exchange Commission, the proposal outlines plans to let funds invest in investment tokens and crypto exchange-traded funds listed on U.S. stock exchanges.

SEC deputy secretary-general Anek Yooyuen stated that “investment tokens” would be treated similarly to securities such as stocks and bonds, given their comparable risks, aiming to allow securities firms and asset managers, to offer crypto products to large investors.

One key provision is that retail mutual funds would face a cap, limiting their crypto exposure to 15%, while institutional and high-net-worth investors would be free from such restrictions.

Yooyuen added that the relevant criteria would be updated later this year to accommodate funds dealing with digital assets, noting that these changes will include aspects like “asset custody” and “information disclosure.”

Further, the commission plans to apply different rules based on the risk level of digital assets. High-risk assets, such as Bitcoin, will have specific guidelines, while stablecoins may follow a different set of regulations.

The SEC is currently seeking public feedback on the proposal until Nov. 8, 2024.

Simultaneously, the SEC will also consider allowing initial coin offering portals to outsource some tasks, such as fundraising or project design if they lack in-house capabilities, the report added. Although, a public hearing would be held before this is implemented.

However, alongside these new opportunities, the SEC is tightening the rules, introducing tougher penalties for violations like “naked short selling” and market manipulation. 

Fines for improper trading orders by securities firms are expected to rise to 3 million baht, up from the current 1 million baht. Firms found guilty of severe offenses could also have their licenses revoked.

Thailand’s pro-crypto moves

Regulators in Thailand have been taking steps to foster a more crypto-friendly environment in the nation. Earlier this year, the Thai cabinet approved a tax exemption on crypto earnings to give the nation a competitive edge on a global stage.

Months later, the SEC launched a Digital Asset Regulatory Sandbox in August, to allow ten private firms to conduct trials for exchanging digital tokens and cryptocurrency for Thai baht, laying the foundation for the use of cryptocurrencies as a payment method.

As of October 2024, crypto payments are still prohibited by the Bank of Thailand, but the SEC plans to discuss the matter further with the central bank before proceeding with any implementation.

Thailand also prohibits unauthorized crypto trading and the commission moved to block unlicensed platforms to prevent locals from accessing services.  

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Gotbit’s $42m manipulation case could strengthen crypto market resilience: Santiment

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Gotbit’s multi-million dollar charges may spark FUD, but fear-driven sell-offs could trigger a swift recovery, Santiment predicts.

The recent criminal charges against Aleksei Andriunin, CEO of market-making firm Gotbit, for a $42 million crypto market manipulation scheme have sent shockwaves through the industry, though analysts suggest the eventual outcome might actually be positive for the space.

As crypto.news reported earlier, Andriunin and Gotbit face charges for inflating crypto trading volumes through “wash trading,” creating the illusion of active markets before dumping assets at inflated prices. Despite the short-term panic, blockchain analytics Santiment points to historical trends indicating that such fear-driven sell-offs often create buying opportunities for more experienced traders.

Brian Quinlivan, director of marketing at Santiment, highlighted in a recent blog post that “markets tend to move in the opposite direction of the crowd’s expectations, especially when fear-driven retail activity dominates the headlines.”

“While the immediate reaction might be a small dip, as news of the manipulation scheme spreads, there’s a strong likelihood that the market could absorb the panic and swiftly reverse direction.”

Brian Quinlivan

He noted that panic selling may lead to a capitulation effect, where the worst-case scenario is already priced in, setting the stage for a potential bullish reversal, creating opportunities for institutional investors and market participants.

Santiment warns that the broader crypto market could face short-term disruptions “especially those directly connected to the manipulation, like Robo Inu and Saitama.” However, Quinlivan emphasized that “moments of extreme FUD often coincide with market bottoms,” and the removal of Gotbit’s market manipulation practices could lead to a “healthier, more transparent trading environment, increasing confidence in cryptocurrency markets.”

Gotbit, which has been active since 2017, was co-founded by Andryunin and Iuliia Milianovich. Per the firm’s description, its platform-based solution was aimed at giving project founders more control over their markets. In July 2019, Andryunin publicly acknowledged that the firm’s business “is not entirely ethical” and expressed intentions to wind down its market-making operations due to challenges with strict customer identification processes.

The firm’s website listed several prominent crypto exchanges and venture firms, including Binance, OKX, Crypto.com, a16z, Gate.io, and Bybit, in its “our friends” section. However, it remains unclear if these entities have any formal connections to Gotbit.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

ZachXBT exposes Murad Mahmudov’s 11 meme coin wallets

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Web3 investigator ZachXBT reveals what he claims to be 11 Ethereum and Solana wallets belonging to Murad Mahmudov, a crypto trader who has been actively promoting memecoins on his socials.

On an Oct. 8 X post, crypto sleuth ZachXBT claimed that he has discovered “11 high confidence wallets tied to @MustStopMurad holding ~$24M in meme coins.

He explained to users that he believes they are Murad’s wallets because they have been linked to the same Ethereum(ETH) source and the holdings inside them follow a similar pattern to Murad’s history of meme coin purchase posts.

His revelation earned him mixed reactions from the crypto community on X, with some accusing him of making Murad a target for doxxing by exposing his wallet information. While others have praised him for creating more transparency and claiming that the information ZachXBT shared was already public knowledge.

In a follow up post, ZachXBT explained that he revealed Murad’s wallet addresses so that followers can “monitor his future activities”. Murad has been known for promoting meme coins on his platform and recommending his top picks for followers.

“Murad is making very bold predictions about micro cap memecoins to thousands and thousands of followers while controlling the supply… People deserve to make more informed decisions about the coins they buy,” said ZachXBT.

Murad Mahmudov is a crypto trader that founded Adaptive Capital and was formerly the chief information officer. The crypto hedge fund went bankrupt in March 2020. Since then, he was able to amass a large following on X, building his social media presence on advocating about meme coins.

The crypto sleuth has previously criticized Murad, accusing him of using his large following to promote coins instead of actually having an “edge” on the market.

One X user disagreed with ZachXBT’s decision to expose the Solana(SOL) and Ethereum wallets, saying that Murad has done nothing wrong except “shill memecoins to his followers.”

“Disingenuous or not, I see this as a big risk to someone’s well being,” said @CryptoSrm in a post.

ZachXBT has been widely known in the community for his investigations that have contributed to dozens of seizures, providing on-chain analysis and tracking down stolen funds.

On Oct. 7, the pseudonymous blockchain investigator helped a US senior citizen recover $275,000 in Bitcoin stolen in a social engineering fraud. He also warned the crypto community that the newly launched defi lender Sorta Finance could very well be an exit scam, alleging it was part of a criminal group stealing funds across blockchains in July 2024.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

South Korea’s largest crypto exchange Upbit to be probed by the FSC

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South Korea’s Financial Services Commission plans to investigate Upbit over concerns about its market dominance and its close ties with K Bank.

A local media report cited FSC chairman Kim Byoung-hwan, stating that the country’s top financial regulator will thoroughly investigate the concentration of power in South Korea’s crypto market, focusing on Upbit’s market monopoly.

The FSC chairman’s remarks came during an Oct. 10 parliamentary session, during which Democratic Party lawmaker Lee Kang-il raised concerns about the risks associated with a single entity accounting for such a large market share.

Upbit is South Korea’s largest crypto exchange and the fifth largest globally by 24-hour trading volume. As of June 2024, the platform accounted for roughly 80 percent of the country’s cryptocurrency market share and a customer base of over 8 million users, according to data from Statista.

Lee alleges that Upbit’s dominance grew after it partnered with K Bank, a domestic digital bank. He also raised concerns about K Bank’s upcoming IPO, highlighting the risks tied to its heavy reliance on Upbit’s deposits.

According to Lee, the concentration of Upbit’s deposits in K Bank reportedly amounts to 4 trillion won or about 20% of the bank’s total deposits of 22 trillion won. He warned that if Upbit transactions were disrupted, it could lead to a “bank run” at K Bank.

The lawmaker also questioned K Bank’s decision to offer a 2.1% interest rate on Upbit deposits, especially considering the bank’s operating profit margin is under 1%.

Kim Byoung-hwan acknowledged these concerns, adding that the Virtual Assets Committee, which is responsible for monitoring the cryptocurrency market, would conduct a comprehensive review of Upbit’s dominance and K Bank’s role in supporting it.

South Korea has increased its oversight of the crypto sector in recent years with the government implementing strict anti-money laundering measures and investor protection policies. Regulators also introduced the Protection of Virtual Asset Users in June, mandating VASPs to hold at least 80% of users’ digital assets in cold storage with credible financial institutions.

Further, the Financial Supervisory Service, the executive arm of the FSC, has also established a real-time monitoring system in collaboration with cryptocurrency exchanges.

Chairman Kim, meanwhile, has maintained a cautious approach to banks engaging with the crypto sector. Earlier this year, he warned of the risks involved with allowing bank accounts for corporate use in crypto transactions, citing the need to prioritize investor protection measures. 

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Theo Crypto News

DeFi

4.6m EIGEN entered the exchanges, profit-taking could be on the way

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The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high.

EigenLayer (EIGEN) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits.

At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its launch.

According to data provided by IntoTheBlock, over 4.6 million EIGEN tokens entered centralized exchanges on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its ATH.

EIGEN price and exchange net flows – Oct. 9 | Source: IntoTheBlock

Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that EIGEN whales have also started to accumulate the asset and drive the price upwards.

Moreover, EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone.

According to data from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then.

EIGEN’s 1H chart showed a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

86-year-old former attorney to pay $14m for role in crypto Ponzi scheme

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Disbarred California attorney David Kagel has agreed to pay nearly $14 million in restitution as part of his sentencing for operating a multimillion-dollar cryptocurrency Ponzi scheme that defrauded investors over several years.

According to a ruling by Las Vegas federal court judge Gloria Navarro, 86-year-old attorney David Kagel pleaded guilty and was sentenced to five years of probation and ordered to pay a total of $13.94 million as financial penalties for his role in the Ponzi that defrauded victims out of roughly $15 million.

Kagel, currently in hospice care at a senior facility in Las Vegas due to declining health, will serve out his probation under close supervision. Should he leave the facility, he will be required to wear a monitoring device.

Once a respected attorney, Kagel’s fall from grace is marked by his role in orchestrating a crypto Ponzi scheme that was operational between December 2017 and June 2022. Along with his accomplices, he lured victims with false promises of guaranteed high returns with minimal risks and the allure of AI-driven trading bots.

Using his law firm’s letterhead to gain trust, Kagel defrauded investors of millions, painting a picture of legitimacy that masked the fraudulent empire he helped run. Victims were promised returns of up to 100% within just 30 days of investment.

Kagel falsely claimed to hold 1,000 Bitcoin—worth $11 million at the time—in escrow to reassure investors that their funds were secure. Prosecutors further add that he lied about his past experience with cryptocurrency investments.

Kagel was permanently disbarred by the State Bar of California in 2023 after being found guilty of misappropriating client funds and failing to respond to multiple disciplinary actions, according to the State Bar’s official records. This marked the end of a troubled legal career, which had already seen his license suspended twice before—in 1997 and 2012.

His accomplices in the con David Gilbert Saffron, a resident of Australia, and Vincent Anthony Mazzotta Jr. of Los Angeles, were charged in December 2023, but they have pleaded not guilty and are currently awaiting trial.

Surge in crypto fraud

Crypto scams and Ponzi schemes have grown more sophisticated over the years and have become a recurring issue. In 2024 alone, several such schemes siphoned millions from unsuspecting individuals eager to capitalize on the hype surrounding crypto investments.

In June, a U.S. federal court ruled that Sam Ikkurty and his firm, Jafia LLC, operated a Ponzi scheme by soliciting investments from victims with false promises of high, stable returns and misleading claims about their trading expertise. Instead, funds from new investors were used to pay off previous ones, with the remainder misappropriated for personal use.

Similarly, in May, a Canadian crypto influencer Aiden Pleterski was charged with fraud and money laundering for his role in an alleged Ponzi scheme where he amassed $40 million from 160 investors, promising investments in crypto and foreign exchange markets.

Just weeks prior to that, the FBI uncovered a multi-year Ponzi scheme that defrauded victims of $43 million using similar tactics. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News