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Token Unlocks, Devcon, Crypto Index

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Several crypto news and developments are on the lineup this week, ranging from large token unlocks to industry-related conferences and a landmark launch in Hong Kong. Accordingly, volatility is expected around these events, which could affect the portfolios of traders and investors in the space.

With Bitcoin (BTC) hovering around the $82,000 threshold, investors should monitor the following events that could move affected tokens.

Aptos and Arbitrum Token Unlocks

The Aptos and Arbitrum ecosystems feature among top crypto news this week, with the scheduled cliff unlocks for their APT and ARB tokens, respectively. As BeInCrypto reported, Layer-1 (L1) blockchain Aptos will unlock 11.31 million APT tokens worth approximately $123.39 million on Monday. These tokens will be allocated to community members, core contributors, and investors.

Similarly, L1 blockchain Arbitrum will unlock 92.65 million ARB tokens valued at $59.63 million, allocated to the team, advisors, and investors. Noteworthy, token unlocks are considered typically bearish, given they add to a token’s circulating supply, thereby dampening the market.

If recipients cash in on the tokens they receive, particularly the community members and investors, who are more likely to book early profits, APT and ARB tokens could drop. Of note is that Aptos and Arbitrum’s token unlocks event makes a fraction of the total unlocks expected this week.

“With $746 million in token unlocks hitting the market in the next 7 days from APT, ARB, AVAX, and more, we will see a wave of fresh liquidity hunting for or catching up to the next narrative,” one user on X wrote.

Devcon 7 in Thailand

Devcon, the Ethereum conference for developers, thinkers, and makers, is taking place in Bangkok. The four-day conference, an all-in-one venue, will run from Tuesday, November 12, to Friday. According to the website, seasoned Ethereum experts and amateurs alike are invited.

The event promises an “intensive introduction for new Ethereum explorers.” It also advertises a global family reunion for those already a part of the ecosystem and a source of energy, inspiration, and creativity for all.”

Hong Kong’s Crypto Index Launch

On November 15, the Hong Kong Exchanges and Clearing (HKEX) will launch a crypto index. According to the firm’s CEO, Bonnie Y Chan, it will help provide investors with transparent and reliable benchmarks for Bitcoin and Ethereum pricing in the Asian time zone.

“The Index Series, which will go live on 15 November 2024, provides investors with transparent and reliable benchmarks for Bitcoin and Ether pricing in the Asian time zone. It seeks to provide a single reference price for virtual assets, where these assets are often traded at different prices across global exchanges,” an excerpt in the press release read.

The anticipated launch is part of HKEX’s push to explore adjacencies. Specifically, it looks to support Hong Kong’s fintech development while providing investors with essential benchmarking tools and solutions. This is amidst a constantly changing market.

US CPI and PPI

The Consumer Price Index (CPI) and Producer Price Index (PPI) data sum up the list of top crypto news this week. As BeInCrypto reported, they feature among the US economic data crypto market participants will be watching this week.

“This week’s lineup of economic data drops—CPI, jobless claims, PPI, and retail sales—could seriously shake things up in the crypto market. These numbers will give us insights into inflation, consumer spending, and overall economic health,” one user on X said.  

Indeed, the combined impact of these macroeconomic data could bring some volatility to the crypto market this week. Specifically, lower inflation, stronger consumer spending, and a steady jobs market could reinvigorate the current bullish momentum.

Conversely, if the data shows signs of a slowing economy or sticky inflation, investors may step on the brakes. Such an outcome could see a sell-off in high-risk assets like Bitcoin.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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As BNB Remains Above $600, Can the Price Climb Higher?

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Binance Coin (BNB) has stayed above $600 since November 8 but has struggled to retest $700 or near its all-time high.

This stagnation has left many BNB holders disappointed, raising the question: can BNB reach a new peak?

Binance Coin Experiences Low Volatility, Falling Interest

While BNB trades around $612, the volatility around it appears to be the reason why it has remained above $600 but has yet to make another substantial price increase.

When an asset is described as volatile, it means its price experiences significant fluctuations within a short timeframe. High volatility signals greater risk due to unpredictable price swings, but it also offers the potential for higher rewards.

Therefore, if buying pressure increases during high volatility, the asset’s price might increase significantly. If this volatility comes during high selling pressure, the price might tumble significantly.

According to Santiment, BNB’s one-day volatility has declined from its recent peak, suggesting reduced price fluctuations. This drop in volatility could make it difficult for BNB to achieve a notable breakout above the $600 mark, as the market may lack the momentum needed for a significant move.

BNB low volatility
Binance Coin Volatility. Source: Santiment

In addition, Open Interest (OI), a metric that tracks the level of speculative activity around a cryptocurrency, has declined. High OI usually signals increased capital inflows into contracts, often indicating strong buying pressure capable of driving prices upward. 

Conversely, a drop in OI reflects reduced liquidity in the market, often associated with selling pressure and a potential price decline. For BNB, the OI has remained relatively stagnant since November 19, indicating that traders are hesitant to inject additional liquidity or take on new contracts. 

Further, the OI is notably lower at $532.08 million than on November 14. This lack of speculative activity indicates reduced market momentum, reinforcing the likelihood that BNB’s price will struggle to break above the $600 threshold.

BNB open interest drops
Binance Coin Open Interest. Source: Santiment

BNB Price Prediction: Drop to $551 Likely

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

Currently, with BNB trading near the same resistance level, a decline is possible. Historical patterns suggest that if the coin fails to break through, it could retrace to $551, as it did previously.

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

BNB price analysis
Binance Coin Daily Analysis. Source: TradingView

However, a surge in volatility paired with strong buying pressure could challenge this outlook. In such a scenario, BNB might not stop at holding above $600 but also climb toward $660—or even retest the $724 high.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Legal Drama Fails to Halt CHILLGUY Meme Coin’s 101% Surge

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Crypto markets went into disarray after Phillip Banks, the creator of the viral “Chill Guy” meme, announced plans to issue legal takedown notices for unauthorized for-profit uses of his copyrighted character.

This move sent ripples through the community and triggered a sharp decline in the market value of the Chill Guy (CHILLGUY) meme coin before a quick recovery.

In a post on X (Twitter), Banks shared his intentions to pursue copyright infringement legal actions for the unauthorized use of his artwork to make a profit.

“Just putting it out there, chill guy has been copyrighted. Like, legally. I will be issuing takedowns on for-profit-related things over the next few days. Not like brand accounts using him as a trend, that is kind of something I do not really care about (I just ask for credit. or Xboxes.). Mainly unauthorized merchandise and shitcoins,” Banks expressed.

The Chill Guy meme gained traction on TikTok, where its relatable depiction of a laid-back character resonated with millions. The parody meme coin quickly became a sensation on Crypto Twitter and TikTok, with influencers, presidents, sports brands like UFC, LA Clippers, Paris Saint-Germain (PSG), and everyday users alike using it on social media. The coin’s rapid growth is seen as a sign of the increasing influence of social media platforms like TikTok in shaping crypto trends.

At its peak, the Solana-based coin had over 100,000 holders, breaking records for one of the fastest-growing meme coins by user adoption. However, as is characteristic of meme coins, the hype proved fleeting. Banks’ legal threats and the natural volatility of the meme coin market triggered a nearly 67% drop in market cap, plunging it to around $187 million after a peak of $579 million on Wednesday.

CHILLGUY Market Cap
CHILLGUY Market Cap. Source: GeckoTerminal

Banks’ lawsuit declaration displays the growing tension within the meme coin sector. While memes like Chill Guy can spark viral trends and generate immense economic activity, their creators often find themselves sidelined, with little to no financial benefit from the frenzy.

Banks clarified that his legal actions would not target non-commercial uses of Chill Guy. For instance, he showed leniency towards brands using the meme, such as when the gaming brand Halo used the artwork in a tweet saying:

“When Master Chief trades you his plasma pistol for your rocket launcher but you’re just a chill marine,” Halo wrote.

Banks humorously responded by asking Halo for an Xbox in return. He said, “Hello, Halo. Since you used my art, can I have an Xbox? Thanks.”

Crypto Community Reacts to Banks’ Demands

Banks’ legal stance was met with humor and advice from the crypto community. Notable figures on Crypto Twitter suggested he monetize the situation rather than litigate.

“Brother, just ask for a 2% token supply as is tradition and be happy,” user Thelema quipped.

Meanwhile, some crypto executives like Solana Legend, the co-founder and managing partner at Frictionless Capital and MonkeDAO, noted the cultural significance of the Chill Guy meme. The prominent figure in the Solana ecosystem noted that the platform offers a unique way for people to discover crypto through relatable memes.

“Chill guy is becoming the Bored Ape Yacht Club / OpenSea moment for normies to be onboarded onto crypto. 5 minutes on TikTok and you can see people discovering memes,” the analyst wrote.

The viral success of CHILLGUY highlights TikTok’s growing role in driving crypto adoption among non-crypto natives (normies). Nevertheless, the latest debacle reflects the volatile nature of meme coins, where hype often outweighs fundamentals. Early investors in CHILLGUY rode a wave of speculation fueled by TikTok, only to see gains evaporate when the momentum shifted.

While Banks’ legal threats have shaken the meme coin’s momentum, they also highlight the challenges of monetizing intellectual property in the digital age. His attempt to protect his creation may set a precedent for other meme creators grappling with the commercialization of their work.

Phillip Banks did not immediately respond to BeInCrypto’s request for comment.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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South Korea Unveils North Korea’s Role in Upbit Hack

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According to local media, South Korea confirmed that North Korea was behind the theft of 342,000 Ethereum (ETH) tokens. The 2019 loot, worth approximately 58 billion Won or $41.5 million, was stolen from the Upbit crypto exchange.

The stolen tokens, now valued at 1.47 trillion Won, represent one of the largest cryptocurrency heists attributed to North Korea.

North Korea’s Involvement Uncovered

Per the report, the National Investigation Headquarters of South Korea’s National Police Agency announced on November 21 that two North Korean hacking groups, Lazarus and Andariel, orchestrated the attack. Both groups are known affiliates of North Korea’s Reconnaissance General Bureau, a state agency linked to cyber espionage and financial crimes.

Investigators relied on a combination of digital forensics, including tracking IP addresses and analyzing the flow of stolen cryptocurrencies. The probe also identified linguistic traces of North Korean vocabulary.

“It was revealed that traces of the North Korean term ‘Heulhan Il’ (a word meaning ‘unimportant matter’) were found on the computer used in the attack at the time,” another local Korean media corroborated.

This linguistic fingerprint, alongside other technical evidence, strengthened the case against North Korea. According to the report, the US Federal Bureau of Investigation (FBI) police also aided the investigation. They provided additional evidence linking the attack to North Korea.

Following the theft, the perpetrators exchanged 57% of the stolen Ethereum for Bitcoin on three cryptocurrency exchanges believed to be operated by North Korea. These transactions happened at prices 2.5% below market value, presumably to expedite the sale. They then distributed the remaining Ethereum across 51 overseas exchanges and laundered them to obscure its origins.

Ethereum Price Performance. Source: BeinCrypto

In 2020, some of the stolen cryptocurrency was identified at a Swiss crypto exchange. After a four-year effort to prove its source to Swiss prosecutors, South Korean authorities recovered 4.8 Bitcoin (BTC), worth around 600 million won. The recovered funds were later returned to Upbit in October 2024.

Concerns Over North Korea and Upbit Woes

Meanwhile, North Korea’s involvement in cryptocurrency crimes is not new. After a series of reports, authorities have noted a shift in tactics. As BeInCrypto reported recently, hackers linked to the regime are increasingly targeting crypto firms with sophisticated methods. Among the most prevalent techniques are phishing campaigns and supply chain attacks.

“The campaign, which we dubbed ‘Hidden Risk’, uses emails propagating fake news about cryptocurrency trends to infect targets via a malicious application disguised as a PDF file,” a recent report read.

This change of tact highlights the urgency for heightened cybersecurity measures across the industry. Notwithstanding, the confirmation of North Korea’s involvement in the 2019 Upbit hack marks a significant development.

While the United Nations (UN) and foreign governments have previously accused North Korea of funding its weapons programs through crypto theft, this is the first time South Korean authorities have officially linked the regime to a major cryptocurrency heist. The incident highlights the dual vulnerabilities facing the cryptocurrency industry.

First, external threats from state-sponsored hackers and, second, internal risks tied to inadequate regulatory compliance. Against the latter, and as BeInCrypto reported, South Korea’s Financial Intelligence Unit recently cited concerns about inadequate user verification systems. Specifically, the unit flagged over 600,000 potential KYC violations at Upbit, South Korea’s largest cryptocurrency exchange.

The discovery of mass KYC violations at Upbit raises questions about whether exchanges are doing enough to prevent illicit activities. Improved oversight, combined with stricter enforcement of anti-money laundering (AML) measures, could help deter future attacks and ensure a safer trading environment for investors.

The exchange is also facing an antitrust investigation by South Korea’s Fair Trade Commission, which is examining potential abuses of market dominance.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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