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TL;DR Cardano’s ADA dropped by double digits in a week, with whales offloading over 170 million tokens, potentially signaling more downward pressure. Hopes for a rebound rest on the potential approval of a spot ADA ETF filed by Grayscale, which could attract traditional investors and boost demand. More Pain Ahead? Cardano’s ADA was trading well above $0.80 towards the end of last week. However, the start of the new business week offered a lot of pain for the bulls, with the asset plunging to as low as $0.63 (per CoinGecko’s data). ADA slightly rebounded over the past several hours to the current $0.67. Still, this represents a 15% decline on a seven-day scale. ADA Price, Source: CoinGecko According to some factors, the negative trend could be far from over. The popular analyst, going on X as Ali Martinez, estimated that whales dumped more than 170 million ADA in the span of 96 hours. The stash equals almost $115 million (going at current rates). Continued efforts of that type would create an influx of tokens on the open market, potentially overwhelming demand and having a negative effect on the price. Additionally, the whales’ actions are closely monitored by some smaller players who could follow suit and intensify the selling spree. Earlier this month, Martinez maintained that ADA’s most critical support stands between $0.67 and $0.70. “As long as this level holds, the bull run remains intact,” he claimed at the time. As mentioned above, though, the valuation briefly tanked below the depicted level. The Potential Price Catalyst While the overall environment looks quite grim, one important factor might bring back the green candles. This is the possible launch of a spot ADA exchange-traded fund (ETF) in the United States, whose chances of approval before the end of 2025 have risen to 67% lately. The improved odds result from the SEC’s acknowledgment of Grayscale’s application to introduce such an investment vehicle. The product will allow investors to gain exposure to ADA without needing to directly purchase, store, or manage the cryptocurrency. This simplifies the process, especially for traditional investors unfamiliar with crypto wallets and exchanges. Additionally, the world’s largest digital asset manager – Grayscale – operates under regulatory frameworks, providing a layer of security and transparency. That might be particularly attractive to risk-averse investors who might be hesitant to enter the volatile crypto market. The post Millions of ADA Sold by Cardano Whales During Market Crash – Will the Decline Continue? appeared first on CryptoPotato.

The Senate Committee in Texas voted by an unprecedented vote of 9-0 to forward Senate Bill 21 (SB-21) to the Senate floor, where debate can continue. Senate Bill 21 is sponsored by Senator Charles Schwertner to put in place the Texas Strategic Bitcoin Reserve to invest in Bitcoin in the economic policy of the state. A Satoshi Club tweet brought attention to the passage of the bill and its significance in solidifying Texas’ status as a Bitcoin hotspot. Considering Texas’ presence in the sector of crypto-mining, this bill is in accordance with the state’s continued push to incorporate Bitcoin into its economic system. Texas Senate Bill 21 (SB-21) passed the Senate Banking Committee in a 9-0 vote and now heads to the Senate floor. The bill would allow the state to acquire, sell & trade $BTC as part of a strategic reserve. pic.twitter.com/Y12VAzeOpZ SB-21 offers permission to the Comptroller of Public Accounts in Texas to purchase, sell, and exchange cryptocurrencies , including Bitcoin. Under this act, these cryptocurrencies can be used to hedge inflation and economic uncertainty. This bill offers an additional guarantee in that in case the state does acquire Bitcoin, this is to be done in cold storage to protect against cyber attacks and unauthorized access. In making a reserve in Bitcoin to be maintained by the state, Texas can diversify beyond traditional cash and bond holdings. Bitcoin is regarded by lawmakers as offering additional reserve-holding potential because of its decentralized status. Enactment of this bill can encourage additional states to follow this type of action. The legislation also raises considerations to take into account, such as price movements in Bitcoin that can influence the value of the state’s holdings. Additionally, regulatory policy by the federal authorities can influence the state’s management of its reserve in Bitcoin. Steps in the act to secure digital assets against threats include cold storage. The passage in Texas of SB-21 would have that jurisdiction join among the top US jurisdictions to have Bitcoin in reserve. Whereas El Salvador has adopted Bitcoin as its official currency, this action by Texas has the potential to ignite debate in other US jurisdictions regarding integrating cryptocurrencies. Passage is an indicator of ongoing legislative momentum to address digital assets in public finance. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

#SEC posts Staff Statement on MEME Coins. States they are not securities. A “meme coin” is a type of crypto asset[2] inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading. Although individual meme coins may have unique features, meme coins typically share certain characteristics. Meme coins typically are purchased for entertainment, social interaction, and cultural purposes, and their value is driven primarily by market demand and speculation. In this regard, meme coins are akin to collectibles. Meme coins also typically have limited or no use or functionality. Given the speculative nature of meme coins, they tend to experience significant market price volatility, and often are accompanied by statements regarding their risks and lack of utility, other than for entertainment or other non-functional purposes. The offer and sale of meme coins does not involve an investment in an enterprise nor is it undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others. First, meme coin purchasers are not making an investment in an enterprise. That is, their funds are not pooled together to be deployed by promoters or other third parties for developing the coin or a related enterprise. Second, any expectation of profits that meme coin purchasers have is not derived from the efforts of others. That is, the value of meme coins is derived from speculative trading and the collective sentiment of the market, like a collectible. Moreover, the promoters of meme coins are not undertaking (or indicating an intention to undertake) managerial and entrepreneurial efforts from which purchasers could reasonably expect profit.[9] Notwithstanding the foregoing, this statement does not extend to the offer and sale of meme coins that are inconsistent with the descriptions set forth above, or products that are labeled “meme coins” in an effort to evade the application of the federal securities laws by disguising a product that otherwise would constitute a security.  As noted above, the Division will evaluate the economic realities of the particular transaction. Further, although the offer and sale of meme coins may not be subject to the federal securities laws, fraudulent conduct related to the offer and sale of meme coins may be subject to enforcement action or prosecution by other federal or state agencies under other federal and state laws.

Account Number: 0715582819 Account Name: PRINCE CHUKWUNAE GREGORY Account Type: PREMIER SAVINGS Bank: Access Bank Nigeria

With not all information public, Arkham Intelligence, a blockchain analysis firm, has concluded that North Korea’s Lazarus group was responsible for the $1.46 billion hack on the Bybit exchange. On platform X, Arkham offered a bounty of 50,000 ARKM tokens, worth around $30,000, for anyone who could identify the attackers responsible for Friday’s hack. Not long after, Arkham announced that freelancer ZachXBT had provided “definite proof” that the North Korean hacking group was behind the hack. According to current information, Lazarus, North Korea’s elite state-sponsored hacking group, pulled off the largest hack in history on a centralized crypto exchange. The hack resulted in the withdrawal of Ethereum tokens amounting to around $1.5 billion. Ethereum security researchers are scrambling to investigate the incident to understand how the attack happened and whether the hack may spread to other exchanges. Within days, crypto enthusiast ZachXBT identified the Lazarus group as the likely culprit. Lazarus has been responsible for many of the top attacks on digital assets. Blockchain firm Nansen revealed that the attackers first withdrew the funds into a single wallet and then distributed them to multiple wallets. “Initially, the stolen funds were transferred to a primary wallet, which then distributed them across more than 40 wallets”, Nansen said. “The attackers converted all stETH, cmETH, and mETH to ETH before systematically transferring ETH in $27 million increments to over 10 additional wallets”. Ben Zhou, Bybit CEO, urged customers to remain calm and assured them that 80% of funds were recovered by using bridge loans to replace the stolen money. Despite the current bank run on Bybit, Zhou assured users that withdrawals would not be blocked and that customers would have access to their funds. Leveraging bridge loans allows Zhou to honour withdrawal requests. At this stage, the return of stolen tokens is highly unlikely. ZachXBT has yet to release all data pointing to the Lazarus group. He says his analysis involved tracking online connections between wallet addresses until, with the assistance of a colleague, he was able to narrow down the suspects to the North Korean hacking group. ZachXBT found a connection between the wallets used in the Bybit hack and the wallets used in the $85 million hack of Singapore-based exchange Phemex. At this stage, at least, the attack appears to be caused by Blind Signing, in which the smart contact is approved without complete knowledge of its contents. “This attack vector is quickly becoming the favorite form of cyber attack used by advanced threat actors, including North Korea”, said Blockaid’s CEO Ido Ben Natan. “It’s the same type of attack that was used in the Radiant Capital breach and the WazirX incident.” “The problem is that even with the best key management solutions, today most of the signing process is delegated to software interfaces that interact with dApps.” “This creates a critical vulnerability- it opens the door for malicious manipulation of the signing process, which is exactly what happened in this attack,” he said. The stolen funds are unlikely to be returned because North Korea does not have an extradition agreement with the United States. The North Korean hacking group was able to attain more money in this single hack than in all of its hacks last year. This hack contrasts with other previous large-scale attacks, such as the 2016 Bitfinex hack, in that the people behind this attack will likely get away with it and will most likely keep the stolen money. This shows that the American justice system is limited to countries with extradition agreements. Although America focuses on retrieving lost funds through tax, there’s not much they can do about large-scale hacks. Tom Robinson, Elliptic’s chief scientist, described the attack as the “largest crypto theft of all time.” “The next largest crypto theft would be the $611 million stolen from Poly Network in 2021. In fact it may even be the largest single theft of all time”. Bybit appears to be processing withdrawals just fine after their hack,” wrote Coinbase executive Conor Grogan. They have $20B+ in assets on the platform, and their cold wallets are untouched. “Given the isolated nature of the signing hack and how well capitalized Bybit is, I don’t expect there to be contagion.” “A minute into the FTX bankrun it was clear they had no funds to withdraw. I know everyone has PTSD but Bybit is not an FTX situation, if it was I would be screaming it out. They will be fine”. The Lazarus group’s history can be traced back to 2017 when they hacked South Korean exchanges and stole over $200 million in Bitcoin. Crypto bank robberies seem to be here to stay and will need to be a major focus within the crypto industry.