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Hackers Stole 5 Trillion SHIB, What Will Happen When They Dump Their Loot?
Jul 18, 2024
Shiba Inu's price took a nosedive. It dropped 11% in 24 hours. The cause? A massive hack of Indian exchange WazirX. Criminals made off with 5.4 trillion SHIB. That's part of a $234 million heist. SHIB now sits at $0.00001707. It's down 2% in an hour. But it's not all doom and gloom. The meme coin is still up 2% for the week. And it's gained 11% in a fortnight. The big question: Will the hackers dump their loot? If they do, SHIB could take another hit. But so far, they're playing it cool. They've been selling bit by bit. The damage might not be as bad as feared. SHIB's chart looks like a rollercoaster. There's been a mad rush to sell. The hackers have already shifted about $20 million worth. Ouch. More pain could be on the horizon. But here's the thing: SHIB looks oversold. A comeback could be on the cards. The relative strength index has plummeted to 20. That's screaming "rebound" in technical analysis speak. But hold your horses. We might need to wait for the 30-day moving average to dip below the 200-day. That's usually when coins hit rock bottom. Some folks are freaking out. They think the hackers will dump everything at once. But crypto watchers aren't so sure. One observer, VIKTOR, tweeted: "If the hacker really wants to optimize his execution, he would have to sell VERY slowly. I don't think he will be that patient." Here's the kicker: The hackers might struggle to sell at all. Security analysts and the law are watching the Ethereum blockchain like hawks. SHIB operates on this very public ledger. So, maybe it's not game over for SHIB. The worst might already be behind us. Looking ahead, SHIB could bounce back strong. Ethereum ETFs are set to launch next week. That could boost the whole crypto scene. And rate cuts in the fall? That's more good news. SHIB's still a top dog in the meme token world. It could hit $0.00002 and then $0.00003 in Q4. Woof! But SHIB isn't the only game in town. New tokens are popping up, looking to beat the market. Take Shiba Shootout (SHIBASHOOT). It's raised $700,000 in its presale. Not too shabby. Why are investors biting? SHIBASHOOT mixes Shiba Inu memes with Wild West vibes. It's all about community. They're planning mini-games, poker tournaments, and treasure hunts. Sounds like a hoot. SHIBASHOOT has a max supply of 2.2 billion tokens. 35% goes to the presale, 20% to staking. Holders get to vote on stuff too. That could keep people hodling, pushing the price up. Want in? Head to their website. One SHIBASHOOT token costs $0.0196 right now. But that'll go up as the sale progresses. When it lists later this year, who knows how high it could go?
Lumia's L2 Network: A Game-Changer for Real-World Assets?
Jul 18, 2024
Lumia has rolled out its Layer 2 (L2) network for Real-World Assets (RWAs). The move aims to boost on-chain liquidity. It also seeks to broaden the user base for tokenized assets. The network is modular. It offers higher capital efficiency. Lumia claims it's one of the first rollups designed for RWAs. The network can tokenize real estate, commodities, art, equities, and financial indexes. Lumia's L2 integrates Polygon AggLayer. This supports rapid cross-chain transfers via ZK proofs. The result? Faster loading times for users. Nice one, Lumia. Lumia Stream, the platform's liquidity module, is a key feature. It aims to maximize trade value on Lumia L2. The goal is to tackle liquidity fragmentation by offering deep liquidity. Lumia Stream connects major CEXs and DEXs. It creates a decentralized source for DeFi protocols to tap into large liquidity pools. Liquidity providers can expect high capital productivity. The 1-inch RFQ showcases this efficiency. It processed $8M in volume using just $30K in capital for 28 assets. That's pretty impressive stuff. The current DeFi market is fragmented. Ethereum holds $59 billion in DeFi Total Value Locked (TVL). The next eight top EVM chains add another $22 billion. Lumia wants to consolidate this liquidity. With the mainnet launch, Lumia is rebranding. It's swapping the existing $ORN token for $LUMIA. The new token will cover transaction fees and node operations. Lumia has lined up a strong list of partners and service providers. It's also offering grants to builders. The aim? To encourage exploration of economic opportunities in the Lumia ecosystem. The partnership with Polygon AggLayer shows Lumia's focus on performance. ZK proofs enable near-instant cross-chain transactions. This sets a new benchmark for L2 solutions. Lumia recently rebranded from Orion. The company has been a leader in liquidity aggregation. It's now aiming for a full-fledged solution for retail consumers to access DEX and CEX liquidity. In a nutshell, Lumia's L2 network is making waves in the RWA space. With its focus on liquidity and user experience, it's definitely one to watch. But will it live up to the hype? Only time will tell.
Bitcoin's Ascent Might Face Stablecoin Stumbling Block - Analyst
Jul 18, 2024
Bitcoin's recent rally might hit a snag. The culprit? Stablecoin liquidity. CryptoQuant, a market intelligence firm, points to a potential roadblock. They reckon Bitcoin's price surge could stall without more stablecoin action. Bitcoin ETFs are still raking in cash. But that might not be enough. CryptoQuant told Decrypt that "stablecoin liquidity [has] yet to fully pick up." They're particularly eyeing Tether's USDT. It's the big fish in the stablecoin pond. Its market cap growth is "still near zero," says CryptoQuant. Stablecoins are crypto's workhorses. They're pegged to stable assets, usually the US dollar. Traders use them to hop in and out of positions. Without enough stablecoin flow, Bitcoin trading could slow down. That's CryptoQuant's take. It could put a damper on Bitcoin's price, they reckon. Right now, Bitcoin's trading at $64,360. That's according to CoinGecko. It's below its March all-time high of $73,737. It's even under its 2021 peak of $69,044. Bitcoin had been on a tear. The SEC gave the nod to spot Bitcoin ETFs in January. Money poured in. The price shot up. Then things cooled off. Investors got spooked by geopolitics and Fed worries. The Mt. Gox payout also raised eyebrows. But now, appetite for Bitcoin is back. Tuesday saw $422 million flow into ETFs. That's the biggest single-day inflow since early June. The million-dollar question remains. Can Bitcoin keep climbing without more stablecoin juice? CryptoQuant's got us all scratching our heads on that one.
These Three Memecoins Set for Massive Rally, Claims Crypto Analyst
Jul 18, 2024
A leading crypto strategist reckons dogwifhat (WIF) is on the brink of a 350% surge. Bluntz, a pseudonymous analyst, shared this bold prediction with his 265,200 Twitter followers. Bluntz bases his forecast on the Elliott Wave theory. This theory suggests bullish assets typically experience a five-wave rally after an ABC corrective move. WIF currently trades at $2.21. Bluntz believes its ABC correction is done and dusted. He's betting on a massive upswing. "$10 WIF is coded by law," Bluntz declared. He added, "Once it starts properly going, do you think all those people who missed the last run from cents to $5 are going to miss round two? Not a chance." But WIF isn't the only memecoin on Bluntz's radar. He's also got his eye on Floki (FLOKI). Bluntz reckons FLOKI has wrapped up its ABC correction. He predicts a rally to a new all-time high around $0.00045. The analyst spotted a bullish divergence on FLOKI's daily chart. This could signal a trend reversal. "Floki is right up there as one of my favorite memes at the moment," Bluntz stated. He added, "Clear as day macro ABC structure done, five waves clearly visible within the C and high time frame [bullish divergence] at the lows. All-time high en route, in my opinion." FLOKI currently trades at $0.00019. Bluntz's third pick is Popcat (POPCAT), a Solana-based altcoin. He's bullish on POPCAT after it broke through its last resistance level at $0.72. These predictions might seem far-fetched. But in the wild world of crypto, stranger things have happened. Only time will tell if Bluntz's crystal ball is on the money or if these memecoins will end up in the doghouse.
Tether and Bitfinex Accused of Pumping Unbacked USDT Into the Market, Case Filed in NYC
Jul 18, 2024
Tether and Bitfinex are in hot water again. The stablecoin issuer and crypto exchange are targets of a fresh class action lawsuit. The suit alleges market manipulation and antitrust violations. The case was filed in New York. It's a slimmed-down version of an ongoing legal battle. The plaintiffs are five individuals. They claim Tether and Bitfinex broke the law. The lawsuit is no joke. It accuses the firms of violating the Commodities Exchange Act. The allegations are serious. Market manipulation, monopolization, and trade restraint are on the list. Tether's alleged scheme was clever. The company supposedly pumped unbacked USDT into the market. This created fake demand for crypto. It's a bit like printing money out of thin air. The result? Crypto prices went through the roof. Tether allegedly facilitated trading on credit and loaned funds. It's a recipe for a market bubble. This isn't the first rodeo for Tether and Bitfinex. Previous complaints were filed in 2019 and 2020. The current suit is a trimmed-down version. It's got fewer causes of action. The case has had its share of drama. The original law firm, Roche Freedman, got the boot. Their founder, Kyle Roche, was caught on tape. He admitted to filing bogus lawsuits. Not a good look for a lawyer. The new complaint has some juicy details. It claims to have chat logs and deposition records. These allegedly show the companies' operators admitting to manipulation. If true, it's a smoking gun. Tether isn't taking this lying down. A spokesperson dismissed the claims. They say the lawsuit has no merit. It's a classic "he said, she said" situation. The stakes are high. Tether's USDT is a $83 billion behemoth. But what's even more important, stablecoins are gaining momentum, and - led by Tether - are now the lifeblood of the crypto market. That's to sat the least. If these allegations stick, it could shake the entire industry to its core. This case is far from over. It's a slow-moving train wreck that the crypto world can't look away from. Grab your popcorn, folks. This legal drama is just getting started.
Blockchain for Dummies: New Tool Promises No-Code Deployment
Jul 18, 2024
BVM Studio has unveiled a no-code blockchain deployment tool. It's supposed to make blockchain tech more accessible. The new tool offers a visual interface. Users can deploy blockchains using drag-and-drop blocks. It's like building with LEGOs, but for blockchain. BVM Studio claims anyone can create a zero-knowledge rollup blockchain. No coding skills required. No fancy hardware needed either. The BVM team admitted it has some drawbacks. "It may not offer the same depth of customization as fully custom-coded solutions," they said. But they're not sitting still. They're "constantly adding new modules and options to enhance flexibility." Traditionally, deploying a blockchain was a pain. You needed tech know-how, cash, and a solid grasp of coding and security. BVM's new self-service tool changes the game. The team boasts it "requires no technical setup or coding skills." They reckon "anyone can deploy a blockchain in less than 2 minutes." Users can tweak various aspects of their blockchain. This includes the base layer, hardware, and even pre-installed DApps. Security is a big deal in blockchain. BVM's tool uses ZK-rollup tech to keep things safe. It's got "three key components": ZK-proofs on Bitcoin, ZK Provers, and ZK Light Nodes. The team's pretty chuffed about their Light Nodes. "Anyone can run a ZK Light Node on an old laptop," they claim. What about the regulators? BVM's not sweating it. They say "creating a blockchain doesn't conflict with any regulatory standards." Their tool just makes it easier to build one. The tool lets users deploy layer-2 and layer-3 blockchains. They can do this on either Bitcoin or Ethereum. Is this the future of blockchain deployment? It's too early to tell. But BVM's certainly shaking things up with their no-code approach.
Grayscale Launches Decentralized AI Fund, Targeting Blockchain-AI Crossover
Jul 17, 2024
Grayscale Investments is rolling out a new fund. It's called the Grayscale Decentralized AI Fund and it aims to give accredited investors exposure to blockchain-AI protocols. For now, only eligible accredited investors can access the fund. Grayscale announced this in a press release. The fund focuses on decentralized AI crypto protocols. As of July 16, it includes five assets. Near (NEAR) makes up 32.99%. Filecoin (FIL) accounts for 30.59%. Render (RNDR) takes 24.86%. Livepeer (LPT) has 8.64%. Bittensor (TAO) rounds it out with 2.92%. The fund will rebalance quarterly. This is to keep up with the fast-moving crypto market. Grayscale is targeting three main categories with this fund. These include protocols building decentralized AI services. Also, those addressing centralized AI problems. Lastly, infrastructure crucial for AI tech development. Rayhaneh Sharif-Askary, Grayscale's Head of Product & Research, chimed in. "The blockchain-based AI protocols embody the principles of decentralization, accessibility, and transparency," she said. "The Grayscale team feels strongly that these protocols can help mitigate the fundamental risks emerging alongside the proliferation of AI technology." This launch comes as interest in decentralized AI alternatives grows. Last month, Nvidia's better-than-expected earnings gave decentralized AI projects a boost. Venture capital is still flowing into these projects, albeit slower than last year's AI boom. Earlier this month, Sentient raised $85 million. Peter Thiel's Founders Fund led the round. Polygon co-founder Sandeep Nailwal is a core contributor to Sentient. Nailwal had some thoughts on AI's future. "The rapid advancement of AI has the potential to transform every aspect of our lives," he said. "But the concentration of power in the hands of a few centralized entities poses significant risks." He added, "By building an open platform for AGI development, we aim to ensure that the benefits of AI are distributed equitably and that its development aligns with the interests of humanity as a whole."
Craig Wright Finally Admits What We Long Knew: He Is Not Satoshi Nakamoto, Bitcoin's Creator
Jul 17, 2024
The hunt for Bitcoin's creator continues. Craig Wright, the Aussie tech whiz who claimed to be Satoshi Nakamoto, has come clean. He's not the guy. Wright admitted his lies on his website. It's a big deal. For years, he insisted he was Nakamoto. Now, he's eating humble pie. On May 20, 2024, the High Court of England and Wales dropped the hammer. They found Wright guilty of dishonesty. He'd been fibbing about being Nakamoto. The court didn't mince words. They said Wright lied "extensively and repeatedly". He cooked up false stories to back his claims. It's not a good look. But wait, there's more. Wright forged documents. He presented these fakes as evidence. The court called it "a most serious abuse". It's a slap in the face to courts in the UK, Norway, and the US. The High Court laid down the law. Wright didn't write the Bitcoin white paper. He doesn't own its copyright. He didn't create the initial Bitcoin software. They went further. Wright wasn't "Satoshi Nakamoto" from 2008 to 2011. That's when Bitcoin was born. The court shot down all of Wright's claims. He's not the Bitcoin mastermind. The court's not messing around. They've slapped Wright with strict conditions. He can't start legal proceedings based on his debunked claims. He can't get others to do it either. Threats are off the table too. Wright can't threaten legal action over his fake Bitcoin creator status. He can't get others to make threats either. The court's drawn a line in the sand. This ruling is a big deal. It's the end of Wright's long-running Bitcoin creator charade. It's also a warning to others in the crypto world. Don't mess with the truth, or you'll get burned.

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