Whale Makes Whopping $3.7 Million on TRUMP Token Before It Crashes

Hinkal Protocol has launched its Shared Privacy Protocol. The new system enables confidential transactions across multiple blockchains. The announcement came at EthCC 7. Hinkal outlined several key features of the protocol. Stakers can deploy native and staked assets. This generates additional yield. Yield tokens remain tradable on other decentralized applications. Traders benefit from an expanded Shielded pool. This obscures trading strategies. It also maximizes capital deployment across chains. Decentralized exchanges and applications can integrate the protocol. This grants users new privacy capabilities. Georgi Koreli, Hinkal's co-founder and CEO, stressed the importance of on-chain privacy. "It's critical for full crypto adoption in the institutional financial sector," he said. Koreli noted rapid adoption among institutional clients. He called the launch "a key milestone in unleashing community power and breaking privacy barriers." Hinkal claims institutional investors seek DeFi privacy comparable to traditional markets. However, achieving this requires substantial "Shielded TVL" on each blockchain, which is not an easy task. First of all, the crypto landscape's fragmentation poses challenges that need to be ovecome. Over 200 Layer-1 and Layer-2 blockchains exist. That translates into liquidity lacking incentives and privacy in DeFi is not scalable until now. Evgeny Gokhberg, founder of Re7 Capital and Hinkal investor, commented on the protocol. "It's the solution we've been searching for," he said. Gokhberg emphasized the need for compliant, discrete liquidations without disclosing transaction data.

Charles Hoskinson, Cardano's founder, provided an update on the blockchain's progress and the upcoming Chang hard fork. He spoke from his Wyoming ranch during a live Ask Me Anything session. Hoskinson reflected on recent challenges. "It's been a very long last few years," he said. The ecosystem faced obstacles, particularly in governance. However, these were overcome. A key achievement was completing CIP 1694. This took about two years. It's crucial for Cardano's infrastructure advancement. The Chang hard fork is nearly ready. Node 9.0, essential for the fork, is almost complete. "What's exciting about node 9.0 is, it's the Chang Hard Fork. It's basically there," Hoskinson stated. The new node follows version 8.2.2. It's been refined for compatibility and stability. Release is expected next week. Hoskinson cautiously added, "Monday or Tuesday the signal for the upgrade will come if nothing gets discovered – knock wood." The Chang hard fork is pivotal for Cardano. It marks the transition to the Voltaire phase. This phase focuses on governance. A network node density of 70% will trigger the fork. Hoskinson discussed future complexities. The Basho era concerns network scalability and optimization. It requires substantial community input. Decisions involve balancing on-chain and off-chain data handling. "Basho is a very multi-dimensional thing," Hoskinson explained. It involves trade-offs between various technical aspects. These include on-chain sharding and transaction processing adjustments. Future milestones were outlined. These include Plutus V3, Hydra, Leios, and Mithil. They're candidates for the next governance vote. This vote will shape Basho's final state and resource allocation. Hoskinson celebrated Cardano's progress. "It's been almost 10 years," he reflected. The platform has evolved significantly. It's moved from a static, federated system to a dynamic, decentralized one. The community now has increasing control over the roadmap. Despite technical difficulties, Hoskinson promised to continue discussions. He plans to address unresolved questions from his office on Monday.

A new multichain Play-to-Earn (P2E) meme coin, PlayDoge ($PLAY), has raised $5.4 million in its first month of presale. Rumor has it, it might become 'the new meme coin king'. Not everybody believes it, though. Several YouTube crypto analysts have highlighted the token as a promising presale opportunity. PlayDoge powers a Web3 remake of the 90s Tamagotchi game. Players care for a virtual Doge, earning $PLAY tokens for their efforts. The iconic Doge meme has inspired six of the top ten meme coins by market capitalization. Presale investors can currently purchase tokens for just over half a cent. Early buyers may secure the lowest price for the year. Some speculate the token could surpass Dogecoin's $0.14 level or even reach $1 after launch. The game incentivizes players to become attentive virtual pet owners. Users accumulate XP by tending to their Shiba Inu and participating in mini-games. Top performers on the leaderboard receive bonus tokens and exclusive rewards. PlayDoge offers a more forgiving experience than the original Tamagotchi. Players can also earn $PLAY passively through staking. Early stakers enjoy APYs of 104% on Ethereum and 74% on BNB Chain. The project allocates 50% of its 9.4 billion token supply to the presale. Another 12% is reserved for staking rewards. PlayDoge's home chain is BNB Chain, formerly Binance Smart Chain. This connection could hint at a potential Binance listing, and that is huge. We all remember that Binance currently holds a 49% market share on the global crypto market. SolidProof has fully audited PlayDoge's smart contract, addressing security concerns. Investors can join the presale using BNB, ETH, USDT, or credit cards.

Interoperability protocol ZKM has announced plans for a new Bitcoin Layer 2 solution named GOAT Network. It aims to be the first decentralized Bitcoin Layer 2 with shared network ownership. You've probably never heard of Layer 2 solutions of this kind, and yet it is set to launch in Q3 this year Kevin Liu, GOAT Network Core Contributor and ZKM co-founder, stated, "GOAT Network's launch of a Bitcoin L2 is a powerful first step in ZKM's quest to unite the fragmented Web3 universe." Liu emphasized their commitment to decentralization and shared ownership. GOAT Network will employ a decentralized sequencer model. This approach differs from other Bitcoin Layer 2s. Sequencer node operators will secure the network. They will earn yield on their bitcoin and fees for various activities. The project claims to be unique in its approach. "GOAT Network is the first Bitcoin L2 to share network ownership and fees, by decentralizing its sequencer," the team told The Block. They added that small holders can also participate in earning sustainable yield. ZKM's proving service will handle the ZK prover side. The team acknowledged that the decentralization of the Proof Network depends on ZKM's progress. GOAT Network boasts Ethereum Virtual Machine compatibility. This feature enables smart contract functionality. It sets the project apart from Bitcoin's existing Layer 2, the Lightning Network. The network has secured commitments of 5,000 BTC from five institutional node operators. It plans to launch with seven operators, expanding over time. The authors claim that yield will come from various sources, including gas fees and mining rewards. So it's going to be a kind of a mixed bag, if you will. The project will utilize ZKM's Entangled Rollup technology. This provides native security from Bitcoin's Layer 1. GOAT Network aims to become a "Universal Layer 2," integrating with multiple ecosystems. GOAT Network has outlined its tokenomics. 42% of the GOAT token supply is reserved for mining activities. 6% is allocated for airdrops and 1% for influencers. The total supply will be 1 billion tokens.

Stuart Alderoty, Chief Legal Officer of Ripple, has lambasted the United States for its inadequate crypto regulation. As the rest of the industry, he wants clarity and predictable future, which is clearly not something the authorities is preparing for us all. Alderoty expressed his views at the Point Zero Forum in Zurich. The event focused on implementing global digital asset regulations and included many well-established speakers. And Alderoty's speech was among the most prominent there. Ripple's CLO emphasized the need for "good" crypto regulations and highlighted growing frustration with the lack of a clear regulatory framework for digital assets. "Good regulation, when consistently applied, leads to predictable results," Alderoty stated on X. "Unfortunately, the US fails that test miserably compared to its global counterparts." His remarks echo sentiments among American crypto users and institutions. Many are calling for clear regulations to manage the digital asset industry's complexities because the future of crypto clearly depends on that. The Securities and Exchange Commission (SEC) has been cracking down on crypto entities. It accuses many of offering unregistered securities. The SEC is currently in legal battles with Ripple, Binance, and Coinbase. Crypto regulation has become a political issue as the US presidential election approaches. Some view the US as lagging in crypto adoption. Republican candidate Donald Trump has expressed support for the virtual asset ecosystem. Meanwhile, other regions are moving forward with crypto regulations. The European Union is preparing to implement its Markets in Crypto Assets (MiCA) regulations. The United Kingdom is expected to release proposed digital regulations in July. In related news, the US House of Representatives is preparing to overturn President Biden's veto. The veto concerns the SEC's Staff Accounting Bulletin (SAB) No.121. This policy requires financial institutions to document digital assets on their balance sheets. The House and Senate previously voted to repeal SAB 121. However, Biden rejected this resolution. Bipartisan legislators are now seeking to override the veto. House Majority Leader Steven Scalise announced the vetoed resolution may be reconsidered next week. A successful override requires a two-thirds majority in both legislative chambers Stuart Alderoty, Chief Legal Officer of Ripple, has lambasted the United States for its inadequate crypto regulation. His comments highlight growing frustration with the lack of a clear regulatory framework for digital assets. Alderoty expressed his views at the Point Zero Forum in Zurich. The event focused on implementing global digital asset regulations. He emphasized the need for "good" crypto regulations. "Good regulation, when consistently applied, leads to predictable results," Alderoty stated on X. "Unfortunately, the US fails that test miserably compared to its global counterparts." His remarks echo sentiments among American crypto users and institutions. Many are calling for clear regulations to manage the digital asset industry's complexities. The Securities and Exchange Commission (SEC) has been cracking down on crypto entities. It accuses many of offering unregistered securities. The SEC is currently in legal battles with Ripple, Binance, and Coinbase. Crypto regulation has become a political issue as the US presidential election approaches. Some view the US as lagging in crypto adoption. Republican candidate Donald Trump has expressed support for the virtual asset ecosystem. Meanwhile, other regions are moving forward with crypto regulations. The European Union is preparing to implement its Markets in Crypto Assets (MiCA) regulations. The United Kingdom is expected to release proposed digital regulations in July.

On-chain data reveals significant selling activity by Bitcoin whales. This movement potentially contributed to BTC's recent bearish trend, at least that seem to be the most plausible explanation. Analyst Ali highlighted the trend on social media platform X. He referenced Santiment's "Supply Distribution" metric. This indicator tracks Bitcoin holdings across various wallet groups, focusing on wallets holding between 1,000 and 10,000 BTC. That's the guys we usually call the whales. At current rates, these holdings range from $55.4 million to $554 million. Such large positions can significantly influence market dynamics. The data shows a downward trend in whale holdings over the past month. These investors reduced their positions by 30,000 BTC. A whopping amount of money to say the least, because it equates to over $1.65 billion at current prices. The sell-off intensified in recent days. And this accelerated selling coincides with Bitcoin's recent price drop. It suggests whale activity may be partially responsible for the market downturn. Simply put, whales sell because they suddenly turned bearish, and thus the market is getting a strong bearish sentiment. Whether this selling trend will continue remains uncertain. More whales could potentially sell if market sentiment remains negative. Conversely, a reversal in whale behavior could signal a potential market bottom. This would indicate whales view current prices as attractive entry points. Bitcoin's price has fallen over 10% in the past week. It now trades around $55,000, a level not seen since late February.

Rob Cunningham, host of the Kuwl Show, claims XRP's utility remains unaffected by financial pressures. He states even $1 trillion couldn't diminish XRP's value proposition. That is absolutely stunning. Cunningham likens XRP's advantages to immutable principles. "Truth, law, and mathematics remain constant regardless of financial influence," he says. XRP reduces global payment friction, fraud, fees, and foreign exchange costs. It addresses nostro/vostro account inefficiencies with 3-5 second settlement times. These features highlight XRP's potential to transform global finance. External resistance has limited impact on its utility, Cunningham argues. He asserts no other system matches XRP's utility. "XRP's true value lies in its protocol and technology," Cunningham predicts. XRP trades at $0.4311, down 0.33% over 24 hours. Market pressure pushed it down 10% over the week. Financial institutions use XRP for instant, low-cost global transactions. JPMorgan acknowledges its potential to unlock $120 billion in cross-border payments. Commentators foresee significant price increases. Conservative estimates place XRP between $5 and $10. Some speculate $10,000, though this remains highly optimistic. The SEC's $2 billion penalty on Ripple Labs remains a focal point. Ripple recently argued against strict liability violations, drawing parallels to a favorable Binance ruling. Ripple contends this ruling could impact the Howey Test application in their case. This may influence the court's penalty determination.

Cryptocurrency scams on Ethereum Virtual Machine (EVM) chains caused whopping $314 million in losses during the first half of 2024. This is a substantial and pretty worrying 6.44% increase from the same period last year. This data comes from a new report by blockchain research firm Scam Sniffer and it is truly scary. For example, the report reveals that $58 million was lost by just 20 victims, with the largest single attack resulted in an $11 million loss for one unlucky individual. Researchers noted that scammers used common phishing techniques to gain control of victims' funds, and these methods are very old and still efficient despite the fact that security researchers keep telling people about them for ages. These techniques included Permit, IncreaseAllowance, and Uniswap Permit2 signatures. They allowed scammers to access funds without additional permissions. The most significant thefts targeted assets in staking, restaking, Aave collateral, and Pendle tokens. Social media played a role in these scams. Phishing comments from fake accounts on platforms like X led victims to fraudulent websites. These sites tricked users into making seemingly legitimate transactions from non-custodial wallets. SlowMist, Scam Sniffer's parent company, reported some success in combating these crimes. They froze approximately $20.66 million in stolen funds across 13 platforms during Q2 2024. Bitget, a cryptocurrency exchange, highlighted another growing threat. They reported a surge in deepfake-related crypto fraud. Losses from these scams have exceeded $79.1 billion since 2022. There has been a 245% increase in deepfake scams in 2024 alone. Bitget warns that quarterly losses from deepfake use could reach $10 billion by 2025. The rise in crypto scams highlights the need for increased security measures and underscores the importance of user education in the crypto space. The more advanced technologies still require us, mere mortals, to use caution, especially when it comes to saving and transferring huge funds with those new tech. Ethereum Virtual Machine (EVM) is a crucial component of the Ethereum blockchain. It executes smart contracts and processes transactions. The EVM also allows developers to create decentralized applications (dApps) on the Ethereum network, and thus is has become a substantial driving force for web3. Its compatibility across multiple blockchains has made it a target for scammers seeking to exploit vulnerabilities across various platforms.