🔥 Mystery trader burns $4.5 million

Good morning!

Rumors of Huobi grappling with insolvency have been swirling like wildfire over the weekend after reports emerged from China last week that some members of the management team had been arrested. This situation has triggered significant outflows from the exchange, and these outflows have continued into this morning.

In more positive news, MakerDAO is now providing an 8% yield on DAI, while Bitcoin long-term holders are reaching all-time highs. On Twitter, users are actively engaged in unraveling the mystery behind why a certain address recently burned over 2500 ETH.

Let's delve into it! 👇

Markets

Huobi Crypto Exchange Grapples with Rumors of Insolvency Amidst Hefty Outflows (3 minute read)
Over the weekend, the Huobi cryptocurrency exchange experienced substantial outflows totaling an impressive $64 million, another step in the ongoing decrease of the total value locked on the exchange. The TVL has slid from $3 billion a month ago to its current standing at $2.5 billion, as reported by DeFiLlama. Speculation about the reasons behind Tether's sell-off points to Huobi's potential insolvency, according to insights from Cochran. Interestingly, Cochran also highlighted unusual balance shifts within Huobi over the past month. These observations are interwoven with recent rumors that key figures from Huobi and Tron, a blockchain platform established by crypto entrepreneur Justin Sun, were subject to police inquiries. Cochran even shared a list of detained individuals, including heads of various departments reporting to Tron CTO Marus Zhong. However, the related tweet was subsequently removed, leaving space for ongoing speculation.

MakerDAO's Spark offers 8% yield on Dai, blocks VPN use on front end (3 minute read)
MakerDAO has surged the yield on DAI, the third-largest stablecoin, from 3% to a captivating 8%, positioning it as one of the most alluring rates currently available from a major stablecoin issuer. This strategic shift coincided with an intriguing on-chain development: a solitary crypto enthusiast transferred a substantial 14.32 million DAI into MakerDAO, evidently seizing the opportunity presented by the 8% yield, made accessible through MakerDAO's Spark lending platform. This alteration aligns with Spark's decision to implement an uncommon geo-blocking measure, preventing users from accessing the platform's frontend via virtual private networks (VPNs) in an effort to restrict specific geographical participation, including that of the United States.

Long-Term Bitcoin Holder Metric Hits New All-Time High (3 minute read)
Long-term Bitcoin holders have now amassed a historic 14.599 million BTC, as revealed by blockchain analytics firm Glassnode. Over the last week, the combined balance residing in these wallets saw a boost of 43,949 Bitcoin, equivalent to a whopping $1.274 billion at current prices. These dedicated Bitcoin holders qualify as addresses that have clung to their coins for a minimum of 155 days. According to Glassnode, past studies indicate that such addresses are statistically disinclined to part with their holdings, earning them the playful title of "HODLers" in Bitcoin jargon. Impressively, this stash of Bitcoin held by these steadfast HODLers constitutes a staggering 75% of Bitcoin's circulating supply, strongly implying that investors are relishing the art of holding onto their assets for the long haul.

Tech

Tether unveils mining software to boost efficiency and capacity (1 minute read)
Tether developers are preparing to unveil their cutting-edge JavaScript libraries, designed to streamline the communication between users and Bitcoin mining hardware giants like WhatsMiner, AvalonMiner, and Antminer. Paolo Ardoino, the innovative chief technology officer of Bitfinex and Tether, teased the possibility of parts of this mining software becoming accessible on open-source platforms down the line. The Tether BTC mining software is laser-focused on elevating the management of mining capacity for optimized and efficient operations, promising a smoother ride for miners and crypto enthusiasts alike.

Elon Musk claims X 'never will' launch a crypto token (1 minute read)
Elon Musk took to his very own social media realm to declare that X (formerly Twitter) has no intentions of ever hopping aboard the crypto token train. This proclamation was prompted by a vigilant user, @cb_doge, who wisely cautioned fellow users against being duped by counterfeit tokens or memecoins posing as official X-endorsed crypto endeavors or their corresponding news stories. Addressing the matter directly, Musk echoed, "Elon Musk and X never launched a crypto token," sealing the deal with a firm "And we never will."

Misc

$1.8M Bounty Now Open to Public as Curve Finance Hacker Misses Deadline (3 minute read)
In the aftermath of last week's eyebrow-raising Curve Finance (CRV) exploit, the designated grace period for the miscreant to conscientiously return the funds has gracefully concluded. The spotlight now shifts to the general populace as the bounty for uncovering the mischievous hacker is opened up to the public. The Curve team, making their statement via an Ethereum blockchain-penned note, disclosed that a handsome 10% reward awaits anyone who successfully reveals the identity of the caper and contributes to their legal accountability, with the bounty calculated from the remaining pilfered sum – an impressive current tally of over $18.5 million.

Chinese regulators reaffirm ‘severe crackdown’ on overseas telecoms dealing in crypto, blockchain (2 minute read)
China has issued a heads-up to overseas-based telecom companies, advising against the misuse of "new technologies" like digital assets, blockchain, artificial intelligence (AI), and the metaverse for less-than-ethical endeavors. According to the Global Times, which references a communication from the Chinese Central Political and Legal Committee, entities operating from beyond China's borders have been luring unsuspecting individuals through tactics such as enticing job opportunities. In a nod to the ever-evolving landscape of fraud, the committee underlines the utilization of cutting-edge tools like blockchain, metaverse, virtual currency, and AI by fraudulent groups, resulting in increasingly intricate schemes that necessitate collaborative efforts from public security, finance, telecommunications, internet, and other sectors to exercise vigilance and regulatory responsibilities in tandem with advanced technical solutions.

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