Crypto news

Matter Labs, the developer behind the ZkSync Ethereum Layer 2 network, has decided to abandon its efforts to trademark the term “ZK.” In an update on June 3rd, Matter Labs said its decision to abandon its efforts to trademark the term “ZK” stems from the reasoning that it is “impossible to agree on a group of people perceived as credibly neutral by nearly everyone.” Matter Labs Drops “ZK” Trademark Effort Matter Labs had previously filed to trademark the term zero-knowledge...

Sam Kazemian, founder of Frax Finance, has alleged that an inside job at X was responsible for the hack of the project’s official account. The breach, which occurred on June 1, led to the decentralized stablecoin protocol behind FRAX USD losing access to its X account. Frax Finance Hack In a Telegram post dated June 3, Kazemian mentioned that the Frax Finance team is “reasonably sure” they have identified the perpetrator, described as a “serial scammer” known to blockchain...

Michael Saylor, Founder and Executive Chairman of MicroStrategy and avid bitcoin supporter, and his company have settled with the District of Columbia for $40 million on what is being called the biggest-ever tax fraud recovery in the district. The District of Columbia brought the suit in 2022 – the first-ever lawsuit filed under the False Claims Act, which accused Saylor of evading taxes while he resided in the district. DC officials claimed he evaded paying taxes for the 10-year period he...

Social Capital CEO Chamath Palihapitiya recently predicted that Bitcoin will reach $500,000 per coin by the end of this year, based on he trajectory of previous halving cycles. The billionaire venture capitalist’s prediction blows past those of bank analysts at firms like Standard Chartered and Bernstein, who believe the halving will be a significant but more modest catalyst for price appreciation over the next 18 months. How Bitcoin Performs After The Halving In an episode...

US President Joe Biden signed a veto to stop a resolution from overturning the Staff Accounting Bulletin No. 121 (SAB 121) of the SEC (Securities and Exchanges Commission) on Friday, riling immediate contention from the crypto industry. The resolution to rescind the SEC’s guidelines saw bipartisan support in both the Houses of Congress – the House of Representatives and the Senate, with them voting 228 to 182 and 60 to 38, respectively, to repeal the bulletin. SAB 121 is an accounting...

There are too many scams in the crypto industry, some more serious than others. OneCoin is one such infamous scam that put its founder Ruja Ignatova, on the FBI’s most wanted list. However, the Bulgarian Cryptoqueen has been elusive to law enforcement authorities since 2017, leading to many speculations on whether she is still alive or not. The OneCoin Ponzi scam defrauded investors of over $4.5 billion by projecting it as the next big cryptocurrency after Bitcoin. Introduced in 2014,...

Ethereum is seeing a turnaround in sentiment owing to the SEC approval of a spot Ether ETF that is set to go live sometime next month. According to CoinShares’ latest report, Ethereum-based investment products experienced a second consecutive week of inflows marking a reversal from a 10-week outflow streak amounting to $200 million. Over the past week, Ethereum saw $33.5 million in inflows which pushed its monthly inflows upwards of $21 million. Altcoins Follow Ethereum’s...

Keith Gill, known online as “Roaring Kitty,” posted on Reddit that he is holding $181.4 million worth of GameStop (GME) stock and call options. Following his Reddit post, GME, ROAR, and KITTY meme coins gained 315%, 660%, and 477%, respectively. GameStop Meme Coin Rally Gill’s post, titled “GME YOLO update – June 2, 2024,” marks his first Reddit activity in three years. Under his account “u/DeepFuckingValue,” Gill disclosed $65.7 million in GameStop call options and $115.7...

Ethereum’s price has spiked significantly following its ETF approval. However, the market is yet to break its recent high. Technical Analysis By TradingRage The Daily Chart On the daily timeframe, the price broke above the large descending channel back in May. However, it has been consolidating between the $3,600 and $4,000 levels since, failing to continue its upward trajectory. Yet, with the Relative Strength Index still showing values above 50%, the momentum is seemingly...

The $70,000 level continues to be a major hurdle for bitcoin, but the latest data suggest that the world’s largest digital asset remains stable at the current price level and could initiate another leg up soon. According to the latest analysis by IntoTheBlock, BTC has maintained a stable price of around $69,000, primarily due to a robust demand zone between $66,900 and $68,900. The range in question is particularly noteworthy as it includes over two million addresses that...