Data from Cointelegraph Markets Pro and TradingView confirmed that the BTC price barely changed from the day prior, acting in a narrow corridor.Continue Reading on Coin Telegraph More
According to data from EigenPhi, the Ethereum Foundation’s transaction was targeted by an MEV Bot (0x00…6B40). This bot, capitalizing on the opportunity, managed to make a neat profit of U.S. $4,060 after covering its costs.The foundation’s sale took place at 16:18 UTC+8, where they exchanged 1.7K ETH for a hefty 2.738 million USDC. A peek into the foundation’s wallet reveals a balance of 240.68 ETH, 3.238 million USDC, 49,700 DAI and 10,000 ARB, bringing their total assets to a cool $3.687 million.But what exactly is a sandwich attack? For the uninitiated, a sandwich attack is a form of front-running tactic used in the world of decentralized exchanges. In this strategy, a malicious actor spots a pending transaction on the network and quickly places their own transaction with a higher gas fee, ensuring it gets processed first. They then place another transaction right after the target transaction, effectively “sandwiching” the original transaction. This allows the attacker to manipulate the price in a way that they can profit from the victim’s trade.The fact that the Ethereum Foundation, a central entity in the space, fell victim to such an attack raises eyebrows. It brings forth questions about the security measures in place and the vulnerabilities that exist even for seasoned players in the crypto arena.Interestingly, there is a pattern observed on Ethereum Foundation’s sales. It often liquidates Ethereum just before significant sell-offs occur. While it is speculative to draw conclusions, the timing of its sales in relation to market movements has not gone unnoticed by keen market observers.This article was originally published on U.Today More
The interest in XRP was significantly spurred by Ripple’s victory over the SEC in July. This interest remains high, even though the altcoin has since lost most of its gains from that period. Currently standing as the fifth-largest cryptocurrency with a market cap of $25.7 billion, XRP’s sustained popularity is apparent from its daily trading volume of $806 million, which exceeds that of Binance coin (BNB).Notably, XRP has established a strong foothold in South Korea where it is currently the most popular altcoin. The digital currency has also attracted considerable interest in Japan. This international attention further underscores XRP’s enduring appeal within the highly competitive cryptocurrency market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The panel included Jorge Carrasco, the managing director of FTI Consulting (NYSE:FCN); Nikita Sachdev, the founder of Luna Media Corp; Jagadeshwaran Kothandapani, the head for Middle East and Africa for Citibank; and Eetu Kuneinen, the co-founder of the gold-backed stablecoin project DGC.Continue Reading on Coin Telegraph More
The Bitcoin network’s computational power is largely hosted by the U.S., China, and Kazakhstan, accounting for about 75% of its total. These countries derive 22.5%, 30.2%, and 11.3%, respectively, of their electricity from renewables. Despite this, coal remains a key energy source in Kazakhstan and China, although China also heavily invests in wind and solar power.Following China’s crackdown on cryptocurrency mining in 2021, many miners relocated to Kazakhstan due to its affordable electricity, lax regulations, and political stability. Other significant contributions come from Ireland, Singapore, Thailand, and Germany, which collectively host a substantial portion of the network.Miners often operate from mobile units known as ‘Bitcoin mining shipping containers’, choosing their locations based on regulatory regimes, electricity costs, and average temperatures. Interestingly, Canada has seen a rise in its network share to 6.5% due to its abundant hydroelectric resources.However, countries rich in renewable energy like Iceland, Paraguay, and Norway have a minimal presence in the global Bitcoin network. This highlights the complexity of the transition to renewable energy within the Bitcoin mining industry and underscores the need for further efforts to address climate change concerns.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
Il 12 Ottobre, testimoniando nel processo penale a carico di Sam “SBF” Bankman-Fried, Ellison avrebbe attribuito parte della colpa per il fallimento di FTX all’attività di CZ sui social media. Nell’ormai famoso tweet su X (ex Twitter) del 6 Novembre 2022, CZ ha annunciato che Binance avrebbe liquidato le sue partecipazioni in FTX Token (FTT) “a causa delle recenti rivelazioni che sono venute alla luce”. More
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK chancellor has warned of “difficult decisions” on the public finances in his forthcoming Autumn Statement, with no scope for immediate tax cuts as the country faces higher interest payments on its national debt and confronts myriad geopolitical risks.Jeremy Hunt said on Friday the UK faced a worse financial outlook than in the spring, as rising interest rates lead to a “repricing” of long-term debt. Underscoring the challenges, Andrew Bailey, the Bank of England governor, also said on Friday the last mile in getting inflation back to target would be the “hardest” and require monetary policy staying restrictive.Both officials were speaking on the sidelines of IMF and World Bank meetings in Morocco.Hunt’s warning points to a tough Autumn Statement on November 22 that will focus on finding efficiencies in the public sector while seeking to bolster growth. He was speaking days after the IMF set out a gloomy forecast for the UK, predicting higher inflation than other G7 countries and economic growth of 0.5 per cent this year and 0.6 per cent next. The fund has implored big economies to bear down on their deficits amid higher inflation and interest rates, warning that government debts around the world will grow “considerably faster” than pre-pandemic projections as interest payment costs rise. “Interest rate projections for all economies have gone up,” Hunt told reporters on Friday morning. “The UK is not immune to those changes.”The UK, he added, is likely to see an increase in its debt payments for this fiscal year of between £20bn and £30bn compared with previous forecasts, describing this as a “huge change”. The chancellor reiterated his warnings earlier this month at the Conservative party conference that there were “no shortcuts” to lower taxes, despite calls from the right of his party for reductions.The Autumn Statement, the chancellor said, would set out a “credible path” to more efficient public services, as he vowed to boost public sector productivity. It would also lay out a plan for escaping the low-growth trap that all western economies have become stuck in, the chancellor added, saying this was about “supply side reforms”. He signalled the UK would not change its fiscal rules, which require the public debt ratio to be falling by the fifth year of the government forecast. “Any chancellor has to give the markets confidence that we will follow the disciplines necessary to contain and bring down national debt over the medium to longer term,” he said. Speaking separately Bailey warned that future monetary policy decisions would remain “tight” after the Bank of England held rates unchanged at its latest meeting. The governor acknowledged there had been “solid progress” in recent months in terms of price pressures easing as monetary policy had begun to curtail demand. But he made clear that it was too soon to declare victory in the fight against inflation.“Let’s not get carried away, there is an awful lot still to do”, he said. Getting inflation down to the 2 per cent target “really does lean heavily on that restrictive policy”. As of August, it hovered at an annual rate of 6.7 per cent.Bailey’s comments offer the latest signal that the BoE’s policy rate is at or near its peak after the monetary committee opted to forgo further tightening in September and keep its benchmark rate at 5.25 per cent. Last month, policymakers were split 5-4, with the minority in favour of an interest rate increase. Bailey described the decision as a “tight one”.BoE chief economist Huw Pill suggested on Thursday in Marrakech that future decisions on interest rates will be “more finely balanced” amid evidence that the central bank’s aggressive campaign to tame inflation was beginning to affect the economy more notably and further dampen already-subdued growth.Gross domestic product rose 0.2 per cent between July and August following a 0.6 contraction the previous month, data from the Office for National Statistics showed on Thursday. Bailey on Friday said he expects the growth outlook to be “very subdued” and could deteriorate further if the BoE does not get a firm grip on inflation. More
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