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Is 400 Trillion SHIB Tokens Burned Enough For a Bull Run?

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On April 23rd, the Shiba Inu Ecosystem announced the establishment of a “burning gateway,” through which it will begin the process of burning SHIB tokens. According to a blog post that was written by the people in charge of developing the Shiba Inu project, the purpose of burning SHIB is to lower the number of tokens that are currently in circulation. As a result, the developers hope to create a scarcity that would cause the price to increase.

The developers mentioned that in order to incentivize the participants of its ecosystem,

“This portal has been built to reward $SHIB burners, with a passive income acknowledgment, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.”

However, 65 days after the beginning of the burning process and after 410,370,460,561,720 SHIB tokens have been removed from circulation, the memecoin creators have found that things have not gone according to their plans. The price of SHIB has significantly decreased as a direct result of the general bear market that has been going on in the cryptocurrency market. Here is what we know about the alternative’s performance since the debut of the burn portal, which comes at a time when the team is getting set to start compensating customers who burned their SHIB tokens.

Over the course of the past 65 days, there has been a consistent drop in the price of SHIB. When it started on the 23rd of April, the burning process, the price of a single SHIB token was $0.000024. At the time of this writing, the cryptocurrency was trading at $0.00001148, representing a drop of 109 percent from its previous value.

In addition to that, the market capitalization was estimated to be $13.36 billion sixty-five days ago. This figure was down to $6.28 billion at the time the article was published.

Since the beginning of the fire, SHIB has had a difficult time keeping the bears off of its back. The relative strength index (RSI) for the token has spent the previous 65 trading days below the 50-point level that represents neutrality. On the other hand, the cryptocurrency had some reprieve on June 21 and sought to pass over.

This provoked a response from the bear, one that drove it further to the south. Despite this, the bulls were able to force one more correction, which resulted in the RSI moving in the opposite way. The RSI showed a reading of 56.16 at the time of publication.

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In spite of the coin burning taking place for 65 days, on-chain data demonstrated that the performance of SHIB was not significantly affected in any way.

Since May 12th, for instance, the number of different addresses used in SHIB transactions on a daily basis has been steadily decreasing. By the time this article was published, the number of daily active users on the network had dropped by 90 percent.

In addition, during the time period under consideration, the Shiba Inu network did not experience a significant amount of expansion. Since the 12th of May, the amount of newly established addresses on the network each day has decreased by more than 200 percent, according to the data provided by Santiment.

On the social front, the volume of social activity experienced a decrease of 87 percent during the same time period. Despite this, there was a consistent increase in social dominance, leading to a 10% increase in total, despite the fact that there were some dips along the way.

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North Korean Hacks Target Crypto’s DeFi Platforms

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Hacks made off with around $1.9 billion worth of cryptocurrency: Chainalysis
The DeFi protocols standard is still the industry’s primary Achilles’ heel.
According to a research published by a company that specializes in blockchain analysis, the value of assets that have been stolen from cryptocurrency exchanges has skyrocketed this year. This is due to the fact that decentralized finance protocols have become an easy target for attackers.

According to Chainalysis, hackers have made off with digital tokens worth approximately $1.9 billion up until July of this year. This is a 58% increase from the same time period in 2021.
According to the article, “This trend does not appear set to change any time soon,” as there was already a $5 million attack of numerous Solana wallets and a $190 million hack of the cross-chain bridge Nomad in the first week of August.

After a number of high-profile hacks this year, the DeFi protocols, and particularly the cross-chain bridges used to transfer tokens between different blockchains, have emerged as one of the crypto industry’s most vulnerable linkages. According to Chainalysis, since such protocols rely on open-source code, it is simple for criminals to uncover faults or other weaknesses that can be exploited.

According to the findings of the study, “it’s probable that protocols’ motivations to reach the market and grow swiftly contribute to gaps in security best practices.” [Citation needed]

Criminal cryptocurrency activity, on the other hand, appears to be more resistant to falling values of cryptocurrencies than the general market for digital assets as a whole. This is a worrisome indicator. According to the analysis, the number of transactions Chainalysis classified as illegal reduced by 15% from July 2017 to July 2018, but the number of lawful transactions plummeted at a rate that was more than double that of the illicit transactions. In the month of March, hackers stole around $600 million from Axie Infinity’s Ronin bridge, while in the month of June, hackers stole $100 million from Harmony’s Horizon bridge.

Additionally, DeFi protocols have turned into a common target for hacker groups who are sponsored by the state. According to estimations provided by Chainalysis, entities with ties to North Korea have been responsible for the theft of nearly one billion dollars’ worth of cryptocurrency using DeFi protocols so far in 2018.

In spite of the fact that hacks are still a huge concern, Chainalysis found that illegal behavior in other facets of cryptocurrency has decreased significantly. According to the report, fraudulent activities using cryptocurrencies have generated $1.6 billion so far in 2022, which is 65% less than what they generated in 2021. The so-called darknet marketplaces have seen a 43% decrease in revenue this year, primarily as a direct result of the raid that took place in April on the Hydra marketplace.

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The Latest Court Ruling In The Ripple Case Gives The SEC Another Shock.

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Ripple

This week, the fight against Ripple got more interesting, and the American watchdog SEC took a hit.

With several losses in a row, the SEC has good reason to be worried right now. In their most recent fight, Judge Netburn agreed with Ripple’s request to verify the public statements made by SEC officials.

At first, the SEC didn’t agree with this motion. They said that Ripple was trying to reopen fact discovery.

The crypto community is still interested in the SEC vs. Ripple case even though it has been going on for another month.
The case has been going on for a long time and doesn’t look like it will end any time soon.

The SEC had put a condition in the above motion, which was filed on August 4, if Ripple were to go through with the motion.

“The Defendants agree to reopen discovery” was a condition of the agreement.

This could make it possible for the SEC to send its own subpoenas to get copies of recordings that haven’t been named yet.

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James Filan, a well-known lawyer, keeps writing about this case on his blog. He has been very angry about how the SEC has handled the situation. In this case, he pointed out,

“The SEC’s response is just an abuse of the court system and a waste of the Court’s time, as shown by the fact that it took the SEC five days to file a one-sentence response in which it misunderstood Ripple’s original request.”

The behavior of the SEC has also been called into question recently by the crypto community.

One fan with the Twitter handle Ashley PROSPER said, “The case could be thrown out if the SEC acts badly.”

Don’t forget that judge Netburn has already called the SEC’s actions “bad faith” and “unfaithful allegiance to the law.”

This week, the fight against Ripple got more interesting, and the American watchdog SEC took a hit.

With several losses in a row, the SEC has good reason to be worried right now. In their most recent fight, Judge Netburn agreed with Ripple’s request to verify the public statements made by SEC officials.

At first, the SEC didn’t agree with this motion. They said that Ripple was trying to reopen fact discovery.

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The crypto community is still interested in the SEC vs. Ripple case even though it has been going on for another month.

The case has been going on for a long time and doesn’t look like it will end any time soon.

The SEC had put a condition in the above motion, which was filed on August 4, if Ripple were to go through with the motion.

“The Defendants agree to reopen discovery” was a condition of the agreement.

This could make it possible for the SEC to send its own subpoenas to get copies of recordings that haven’t been named yet.

James Filan, a well-known lawyer, keeps writing about this case on his blog. He has been very angry about how the SEC has handled the situation. In this case, he pointed out,

“The SEC’s response is just an abuse of the court system and a waste of the Court’s time, as shown by the fact that it took the SEC five days to file a one-sentence response in which it misunderstood Ripple’s original request.”

The behavior of the SEC has also been called into question recently by the crypto community.

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One fan with the Twitter handle Ashley PROSPER said, “The case could be thrown out if the SEC acts badly.”

Don’t forget that judge Netburn has already called the SEC’s actions “bad faith” and “unfaithful allegiance to the law.”

At the same time, it has been said that both sides are responding to the motions to exclude expert testimony.

Right now, these answers are under wraps. But the crypto community is still interested in what will happen next in this legal battle that seems to never end.

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India is Investigating Ten Cryptocurrency Exchanges For Money Laundering.

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India

The Enforcement Directorate of India is now pursuing an investigation against ten cryptocurrency exchanges that are suspected of being involved in the laundering of over 1 billion rupees, which is the equivalent of over $125 million in digital currency.

According to The Economics Times, the cryptocurrency exchanges, which have not yet been named, were used by several companies that have been accused of money laundering to make purchases of more than 100 million rupees worth of cryptocurrency, which were then transferred to other international wallets, the majority of which were linked to mainland China.
The exchanges had a poor control on the activities of their users.

In addition, the sources mentioned that the exchanges acquired KYC data of questionable provenance, as the accounts that were followed belonged to individuals who lived in faraway places “with no relation to the transactions.”

However, the exchanges asserted that they were in conformity with KYC laws, despite the fact that they did not provide any suspicious transaction reports (STRs) that could have led to the discovery of information regarding alleged instances of money laundering.
Therefore, the failure to comply with the measures required by regulators made it more difficult to trace the account, which, upon learning of the investigation, reportedly proceeded to withdraw their funds and log off, according to sources close to the investigation. This made it more difficult to track down the account.
“As soon as these companies discovered that they were being investigated, they shut down their operations and utilized the crypto way to transfer the money overseas. The unregulated nature of the cryptocurrency business combined with the opaque nature of the ecosystem for cryptocurrencies offered the necessary cover for these companies to park their funds offshore.

The cryptocurrency exchanges Binance and WazirX are currently under investigation in India.

Following a series of Twitter spats between the CEOs of both firms about ownership and regulatory non-compliance by WazirX, the ED has decided to focus its attention on Binance and WazirX, as was recently published on CryptoPotato.com.

After the argument between the two companies, the ED blocked WazirX’s bank accounts, which together held more than $8 million, on the grounds that the exchange had “actively” assisted in the laundering of illicit funds for more than 15 different fintech companies.

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In reaction, Binance stated that it expects WazirX to “take full responsibility for its operations and users’ funds,” while emphasizing that the global cryptocurrency exchanges has nothing to do with WazirX’s operations. Binance also emphasized that it has nothing to do with WazirX’s operations.

Although the ED is investigating several cryptocurrency exchanges for money laundering, an industry executive who spoke to the Economic Times stated that the exchanges are the second point of failure in these crimes. This executive stated that the money comes in and out of these crimes primarily from traditional banks, which did very little or nothing to trace the funds, which is why “it wasn’t caught at the banking level.” Despite the fact that the ED is investigating several cryptocurrency exchanges for money laundering, the executive stated that the exchanges are the second point of failure.

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