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This newsletter is sponsored by Lithium Stock Company SCVFF, a $14.87 million market cap miner (as of Nov 8, 2021) that has a potential to quickly skyrocket to well over a $100 million market cap.
Here is an update for the weekly MarketWatch, equities are back in green, time for crypto to follow:-
BTC Market analysis
Looking to exchange Net Flow Volumes (on a 7D EMA basis), we can see that the current market is firmly in a regime of net outflows, with 3k to 5k BTC in daily outflows common. Overall, whilst significant losses are most certainly being realized on-chain, they are being met with a significant, and arguably overwhelming demand.
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
AscendEX Exchange Loses $77.7M in Latest Crypto Hack
AscendEX has promised that impacted users will be fully refunded.
Singapore-based AscendEX was hacked.
On Saturday, centralized crypto exchange AscendEX reported that a significant sum of crypto tokens was illegitimately transferred from its platform. The exchange revealed in a Twitter thread that, on December 11 at about 22:00 UTC, “a number of unauthorized transfers” were made by an unknown entity from its hot wallet.
It further informed that while its hot wallet was compromised, its cold storage or offline wallets remained unaffected. The platform did not officially disclose the total sum of money stolen during the attack.
PeckShield, a renowned smart contracts auditing firm, estimated that $77.7 million in various assets were stolen during the hack. Per its on-chain analysis, the hacker transferred funds to three blockchains: $60 million worth of tokens were sent to Ethereum, $9.2 million to Binance Smart Chain, and $8.5 million to Polygon.
The AscendEX incident is the third major attack targeting centralized exchanges in the last six months.
Crypto Fans Rejoice, Gamers Revolt as Ubisoft Announces NFT Plans
The first major game maker to roll out in-game NFTs was met with backlash Tuesday from a crypto-wary public.
Gaming giant Ubisoft is building non-fungible tokens (NFT) into its latest “Tom Clancy” title, the company announced Tuesday.
And some gamers are peeved.
On one side of the argument are crypto investors and observers heralding the move as a bellwether of things to come: The integration marks the first time a mainstream video game is adding NFTs to its in-game economy. The ability to own and sell digital goods outside the walled garden of a given title has long been a Holy Grail for crypto-minded gamers.
The NFTs will live on the Tezos blockchain, which – seemingly in a bid to stave off the worst of the online commentariat – Ubisoft touted as using “exceedingly less energy to operate than proof-of-work blockchains such as Bitcoin or Ethereum.”
The company is releasing three collections of Digits for free to reward the platform’s early adopters.
Digits include “in-game vehicles, weapons, and pieces of equipment,” with each player being limited to owning one item of each edition, according to a press release.
90% of All Bitcoin is Now Mined: The Remaining 10% Will Take Approximately 120 Years to Mine
18.89M bitcoins have already been mined, representing 90% of the total supply. The remaining 10%, however, will take 120 years to mine.
Less than 13 years after seeing the light of day, the Bitcoin network has reached a significant milestone as 90% of all BTC ever to exist has been mined. However, the remaining 10% will take a lot more time – more than 100 years, according to some estimation.
While the total supply of 21 million BTCs is expected to be mined next century, not all can even reach the open market because more than 3.5 million bitcoins have been “lost” due to misplacing private keys or even death events.
There’re multiple examples of investors, typically early adopters, who had mined or received substantial quantities of BTC years ago but failed to keep them safe.
One such person is the German-born programmer Stefan Thomas. In 2011, he produced an educational video called “What is Bitcoin?” for another BTC fan, who sent him 7,002 bitcoins in return.
In the beginning, Thomas didn’t pay much attention to his new holdings as they had a little-to-no value at the time, and he lost the digital keys to the wallet. However, the coins are now worth over $340 million, and the man is desperate to find out his password.
Switzerland’s largest online bank plans to launch crypto exchange
Switzerland’s largest online bank has announced intentions to develop its own digital currency trading platform by the end of the first half of 2022.
Sales Manager at Swissquote, Jan De Schepper, disclosed that the online bank’s aspirations include setting up its own cryptocurrency trading platform, in a recent interview with finews.asia.
“We want to enable more trading in various cryptocurrencies on the platform,” he said.
Other cryptocurrency aspirations include being “the leading Swiss provider of digital assets.” In order to do this, the broker intends to expand its cryptocurrency offering, in addition to stablecoins and staking services, which are now in great demand in the cryptocurrency market.
Binance Withdraws Application for License in Singapore
Binance has withdrawn its application for a Singapore license after announcing a “refocus” of its plans in the country.
Crypto exchange Binance has withdrawn its application for a license in Singapore. The news comes amid an announcement from the exchange that it will “refocus” its operations in Singapore into a “blockchain innovation hub.”
The exchange's CEO, Changpeng Zhao (CZ), weighed in on Twitter.
“Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant,” he said.
CZ may have said their application for a license became redundant, but the exchange’s decision to withdraw its license marks the end of yet another unsuccessful attempt to gain the appropriate operating licenses—much like what has happened in the UK.
In the midst of Binance’s nightmare regulatory summer, the exchange also ran into issues with the Monetary Authority of Singapore (MAS).
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice