NewsBriefs - Mantra proposes key updates to OM tokenomics
12/20/2024 20:50
Mantra, a Layer1 blockchain specializing in real-world assets (RWA), has introduced a proposal to revise the tokenomics of its OM token on t...
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Mantra proposes key updates to OM tokenomics
Mantra, a Layer1 blockchain specializing in real-world assets (RWA), has introduced a proposal to revise the tokenomics of its OM token on the X platform. The proposed changes, currently under community review through Snapshot, include adjusted reward vesting schedules, unchanged token allocations across activities, and decreased on-chain inflation rates. Voting on these changes will proceed to the mainnet next week.
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Mantra proposes key updates to OM tokenomics
Mantra, a Layer1 blockchain specializing in real-world assets (RWA), has introduced a proposal to revise the tokenomics of its OM token on the X platform. The proposed changes, currently under community review through Snapshot, include adjusted reward vesting schedules, unchanged token allocations across activities, and decreased on-chain inflation rates. Voting on these changes will proceed to the mainnet next week.
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Santiment reports surge in 'buying the dip' discussions as Bitcoin falls below $100,000
Discussions about buying the crypto dip have increased significantly, reaching an 8-month high as Bitcoin's price dropped below the $100,000 mark, according to Santiment. The firm recorded a social dominance score of 0.061 on this topic on December 19, the highest since April. This measure indicates a substantial focus on purchasing crypto during price declines, correlating with recent market behavior where Bitcoin hovered around $100,000 and dipped as low as $95,500.
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Investors sue Hawk Tuah meme coin creators over unregistered securities offering
Investors have filed a lawsuit against the creators and promoters of the Hawk Tuah (HAWK) memecoin, including the Tuah The Moon Foundation and individuals Clinton So and Alex Larson Schultz. The lawsuit claims they engaged in promoting and selling HAWK as an unregistered securities offering, misleadingly framing it as a cultural movement with high growth potential. This contributed to the token's rapid market cap increase to $491 million and subsequent 90% collapse, sparking calls for regulatory scrutiny.
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Craig Wright receives one-year suspended sentence in the UK for contempt of court
Craig Wright, who falsely claimed to be the creator of Bitcoin, Satoshi Nakamoto, has been handed a one-year suspended sentence and a £145,000 fine by a UK court for contempt of court. The suspension is for two years for violating a court order banning him from filing lawsuits against Bitcoin developers. This sentencing followed a legal complaint by the Crypto Open Patent Alliance (COPA) after Wright exceeded 100 lawsuits against various firms under his unfounded claims.
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Crypto hacking in 2024 hits $2.2 billion as DPRK leads in large-scale exploits
In 2024, crypto platforms experienced a significant amount of hacking, with a total of $2.2 billion stolen, marking a 21.07% increase from the previous year. Notably, North Korea-affiliated hackers were responsible for around 61% of the total value stolen, showing a drastic 102.88% increase in thefts compared to 2023. While hacking incidents and associated stolen funds surged in the first half of the year, the activity stagnated post-July following geopolitical developments, including a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un. The focus of attacks also shifted from decentralized finance (DeFi) platforms to centralized services, with private key compromises being a major vulnerability exploited by attackers.
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Ark Invest sells $3.9 million in Coinbase shares amid market volatility
Ark Invest unloaded $3.9 million worth of Coinbase shares from its ARKF ETF following a significant 10% drop in the stock's price, influenced by a hawkish speech from Federal Reserve Chair Jerome Powell. This move aligns with Ark's strategy to prevent any single holding from dominating more than 10% of the ETF's portfolio, ensuring diversification. Despite this, Coinbase remains the second-largest component of the ARKF ETF.
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Crypto market sees major plunge; Bitcoin and other major tokens sharply decline
Crypto prices have plummeted, with Bitcoin dropping dramatically to $97,020 after recently hitting an all-time high above $108,000. Other leading tokens, including Ethereum, XRP, Dogecoin, and Solana also saw significant losses, contributing to a broader market downturn that resulted in $1.17 billion worth of positions being liquidated.
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Fed Chair Powell states the Federal Reserve cannot own Bitcoin
Federal Reserve Chair Jerome Powell clarified that the Federal Reserve is legally prohibited from owning Bitcoin, aligning with the Federal Reserve Act. This statement was made in response to questions regarding President-elect Donald Trump's proposal for a strategic Bitcoin reserve. Powell indicated no intention to seek changes to this legislation, highlighting the role of Congress in considering such changes.
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Solana sets new transaction record with 66.9M in a day following PENGU token debut
The Solana blockchain registered a new record of 66.9 million transactions in a single day, coinciding with the launch of the PENGU token by the Pudgy Penguins NFT project. This milestone, the highest since Solana's launch in 2020, surpassed the combined transactions of all other major blockchains. Solana also led in daily decentralized exchange trading volume and daily active addresses, though it lagged behind others like Base, Ethereum, and Tron in stablecoin transfer volume. Despite some fluctuations in the market value of PENGU and the SOL token, Solana remains a popular choice among retail investors for trading memecoins, NFTs, and other smaller tokens.
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Binance sparks unintended gains and losses with false alpha watchlist tokens
Binance inadvertently triggered market volatility by posting a misleading list of crypto tokens on its Telegram channel, leading to quick gains and subsequent losses for traders. The tokens such as Wise Monkey (MONKY) and Happy Cat (HAPPY) surged in value following the initial announcement, only to plummet after Binance declared the posted information false. The fluctuations resulted in substantial financial impacts, including a significant loss for one trader.
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Arthur Hayes foresees major crypto sell-off at Trump's inauguration
Arthur Hayes, former CEO of BitMEX and current CIO of Maelstrom, predicts that the gap between high market expectations for Donald Trump's administration and the political reality will cause a significant crypto sell-off around Trump's inauguration on January 20, 2025. Despite a steep rise in Bitcoin prices following Trump's electoral win and promises of favorable crypto regulations, Hayes highlights the limited time Trump has to enact major policy changes, expecting a market realization and subsequent sell-off. Hayes plans to reduce his firm's crypto holdings in anticipation of the market downturn.
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Coinbase counters BiT Global lawsuit challenging delisting of wBTC
Coinbase responded to a lawsuit from Justin Sun-affiliated BiT Global seeking to prevent the delisting of wBTC from the exchange. The response highlights lack of merit in BiT Global's claims and insists that concerns about Sun's involvement justify the delisting decision. This lawsuit follows the transition in custody of the wBTC tokens to BiT Global and its implications for the token's regulatory standing and operational stability. Meanwhile, Coinbase has cited compliance and risks related to Sun's alleged financial misconduct as reasons for the wBTC delisting, planned for December 19.
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Bitwise launches Solana staking ETP in Europe with Marinade as provider
Bitwise has introduced a Solana staking ETP in Europe, under the ticker BSOL, partnering with Marinade as its staking provider. This development follows Bitwise's recent indication of their intention to launch a Solana ETF in the US, which could potentially include staking rewards pending regulatory changes. Unlike the current US solana ETF applications, the European BSOL ETP includes staking rewards, offering an annual staking return rate significantly higher than Ethereum's average. The expectation is that this move could be a precursor to similar offerings in the US market if regulatory perspectives shift.
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Hyperliquid's HYPE token sets record with largest crypto airdrop by value
Hyperliquid's HYPE token has become the largest airdrop in crypto history by paper value, surpassing Uniswap's UNI airdrop. Initially, 310 million tokens were allocated, with 270.94 million claimed so far. The value of tokens distributed reached approximately $7.6 billion, overtaking UNI's peak value of $6.4 billion. HYPE's market cap is now $9 billion with a fully diluted value of $27 billion. Recent price increases have seen HYPE trippling from $3.81 to $28.
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Bybit to cease crypto services in France by January 2025 due to regulatory pressures
Bybit, a leading global crypto exchange, announced it is halting withdrawal and custody services for French users effective January 8, 2025, due to increased regulatory scrutiny from French authorities. Users are urged to withdraw their assets before the deadline. Those with assets above 10 USD Coin will have their holdings transferred to Coinhouse, a licensed crypto custodian in France, after completing a verification process. Bybit will deduct a termination fee equivalent to 10 USDC from accounts with balances under this amount. The initiatives reflect broader legislative moves to tighten control over crypto services.
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