Market
WazirX Recovery, Nvidia Robots, and More
This week, the crypto market saw major developments, including Donald Trump’s Bitcoin plan announced at the Bitcoin 2024 Conference, WazirX’s controversial hack recovery strategy, and Nvidia’s advancements in humanoid robotics.
These events showcase the ever-changing nature of the crypto industry, eliciting diverse responses from global experts and stakeholders.
Donald Trump’s Bitcoin Strategy: A Game-Changer or Economic Gamble?
During the Bitcoin 2024 Conference in Nashville, former President Donald Trump announced his intention to prevent the US government from selling its Bitcoin (BTC) holdings. This policy plan has sparked diverse reactions from industry experts.
For instance, Anthony Scaramucci, founder of SkyBridge Capital, praised Trump for pushing Bitcoin into the political spotlight and emphasized the need for bipartisan support for cryptocurrency. However, Scaramucci also raised concerns about the broader implications of Trump’s approach. He acknowledged the risks associated with Trump’s policies despite his agreement on the crypto front.
Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading
Meanwhile, renowned economist Peter Schiff criticized the ‘never sell your Bitcoin’ ideology. Schiff questioned the practicality of retaining Bitcoin without ever selling it. He argued that such a strategy could be economically flawed.
“If that’s true and no one who buys Bitcoin ever sells any, what’s the point of owning it? What’s the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?” he said.
Trump’s statement also prompted reactions from outside the US. Hong Kong legislator Johnny Ng said he would explore the feasibility of adding Bitcoin to the city’s financial reserves.
Ng noted that integrating Bitcoin into national or regional financial reserves is worth exploring, given BTC’s increasing global acceptance and its perception as “digital gold.” However, he pointed out that such measures needed to comply with regulatory standards.
Crypto Exchange WazirX’s Recovery Plan Faces Backlash
WazirX, one of the prominent Indian crypto exchanges, shared a controversial plan to distribute a $230 million loss among its users following a major security breach. Earlier in July, the Mumbai-based company witnessed a cyberattack that compromised nearly half of its reserves, marking India’s largest crypto heist to date.
To handle the aftermath, WazirX intends to re-establish operations within a week and introduce a “fair and transparent socialized loss strategy.” This strategy involves adjusting customer portfolios, returning 55% of holdings, and locking the remaining 45% in USDT-equivalent tokens. Importantly, this impacts all users, even those whose assets were not directly stolen.
WazirX provides two recovery options. Option A prioritizes trading and holding assets and restricts withdrawals, while Option B allows trading and withdrawals but places users at a lower priority for recovery. Users can switch between these options before making any trades or withdrawals.
The exchange founder, Nishal Shetty, addressed the community, stating the firm did not insure customer funds as viable options were unavailable. He warned that recovery could take years and might only partially restore losses.
Critics, including policy expert Nikhil Pahwa, argue that WazirX’s actions exceed typical exchange responsibilities, essentially redistributing assets among users. Customers have also questioned why the company isn’t using its profit reserves to mitigate losses.
SEC Removes Solana, Cardano, and Filecoin from the Security Tokens List
On July 30, the US Securities and Exchange Commission (SEC) modified its lawsuit against crypto exchange Binance. The revision notably removes Solana (SOL), Cardano (ADA), and Filecoin (FIL) from being classified as securities. These tokens are among the 67 the SEC has previously categorized as securities.
This legal adjustment is part of a case initially filed in June 2023. The recent response to the court’s order, dated July 9, 2024, outlines the SEC’s intention to modify its stance regarding the “Third Party Crypto Asset Securities” in its opposition to Binance’s dismissal motion.
This change in the SEC’s approach eliminates the immediate need for the court to determine if the tokens in question meet the criteria for being classified as securities. This decision could indicate a significant shift in how certain cryptocurrencies are perceived and regulated in the US. It may clarify the regulatory status of many altcoins, which exist in a gray area between utility and security. Additionally, it could pave the way for the approval of the next exchange-traded fund (ETF).
The crypto community members have also reacted positively to the SEC’s revisions, especially regarding optimistic price targets for Solana.
Nvidia’s Robotic Innovations: What’s Next?
Technology company Nvidia announced it provides infrastructure for the next generation of humanoid robotics. It will serve global leaders in robot manufacturing, AI model development, and software-making industries.
The next generation of humanoid robots will redefine human-machine interaction possibilities, paving the way for a future where intelligent machines work alongside humans seamlessly. The American multinational corporation offers services, models, and computing platforms to accelerate global-scale humanoid development, empowering developers to train robots using human demonstration data.
“The next wave of AI is robotics, and one of the most exciting developments is humanoid robots. We’re advancing the entire Nvidia robotics stack, opening access for worldwide humanoid developers and companies to use the platforms, acceleration libraries, and AI models best suited for their needs,” Jensen Huang, CEO of Nvidia, stated.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
Nvidia positions itself to catalyze transformative changes in various sectors as humanoid robots become increasingly prevalent in healthcare, manufacturing, and service industries. The firm will play a pivotal role in shaping the future of AI, introducing a new era of innovation.
Although indirectly related, Nvidia’s innovation and development often catalyze AI-related cryptocurrencies. However, the recent announcement failed to push the broader AI-related tokens, such as NEAR, FET, and RNDR, due to the larger influence of Bitcoin’s price at that time, which caused the wider crypto market to decline.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Legal Drama Fails to Halt CHILLGUY Meme Coin’s 101% Surge
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.
Chill Guy Creator’s Legal Threats Shake Up Viral TikTok Meme Coin
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.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
South Korea Unveils North Korea’s Role in Upbit Hack
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.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Targets Its Next Move: Will It Break Higher Again?
XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone.
- XRP price started a downside correction below the $1.120 level.
- The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $1.150 resistance.
XRP Price Holds Support
XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions.
The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.
A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265.
More Downsides?
If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line.
If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.1000 and $1.0000.
Major Resistance Levels – $1.1680 and $1.2000.
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