Author: Alejandro Escalante

Ripple stands at the epicenter of the fintech universe, commanding attention with its relentless innovation and high-profile endorsements. As CEO Brad Garlinghouse lauds the inclusion of XRP in CME Group’s real-time indices—a move seen as a precursor to institutional crypto dominance—CTO David Schwartz battles the forces of misinformation on X and critiques AI-generated content with his trademark candor. Simultaneously, Ripple basks in the glory of being named among the world’s top 250 fintech companies.

Ripple CTO David Schwartz Criticizes X’s Community Notes and AI Usage on Quora

Ripple’s Chief Technology Officer, David Schwartz, recently took to X (formerly known as Twitter) to express his dissatisfaction with one of the app’s features—Community Notes. This feature, which has garnered full support from X’s owner Elon Musk, aims to correct misinformation by adding context to tweets. Schwartz’s comments sparked an immediate and lively response from the XRP community, revealing an interesting dynamic between the Ripple executive and the broader social media landscape.

In a recent tweet, David Schwartz noted that he has never received a community note from the team responsible for this feature. His tweet, which included a sad smiley, seemed to convey a mix of disappointment and irony.Â

Schwartz’s observation quickly gained traction within the XRP community. Users responded with a variety of suggestions on how he might catch the attention of Community Notes. One user humorously suggested that Schwartz should ”say something wrong about XRP” to get noticed, while another user provided screenshots showing that some of Schwartz’s tweets were close to receiving a community note.

The underlying implication of never having been corrected by Community Notes is that Schwartz’s tweets are accurate and do not contain misinformation. This aligns with the feature’s goal to ensure the spread of reliable information on the platform. Despite this positive interpretation, Schwartz’s tweet indicates a level of dissatisfaction, possibly tied to his frequent critical posts about Elon Musk.

Community Notes, introduced earlier this year, has been a polarizing feature on X. It allows users to add context to potentially misleading tweets, a function that has both supporters and detractors. Musk, the innovative entrepreneur and owner of X, has been a vocal proponent of Community Notes, advocating for its role in combating misinformation. However, not all users share Musk’s enthusiasm, and some, like Schwartz, have voiced their concerns.

Schwartz’s history of critical tweets towards Musk adds another layer to his recent comments. The Ripple CTO has not shied away from expressing his views on Musk’s initiatives, often taking a contrarian stance. This dynamic has likely influenced his experience with Community Notes, as his tweets scrutinizing Musk might not be well-received by the platform’s moderation team.

Earlier this week, Schwartz shifted his critical gaze towards another tech giant—Quora. In a tweet, he took aim at the AI-generated questions produced by Quora’s Prompt Generator. Schwartz sarcastically praised the platform, saying, “High-quality AI-generated questions, as usual. Keep up the good work, @Quora.”Â

Quora’s AI-based question generation has been a topic of debate among users. While some appreciate the innovative approach to content creation, others, like Schwartz, criticize the quality and relevance of the generated questions.Â

The Ripple Effect on Social Media and AI Critiques

As Ripple’s CTO, Schwartz’s opinions carry significant weight. His influence extends beyond the XRP community, reaching a broader audience interested in the intersection of technology, finance, and social media. By voicing his dissatisfaction with Community Notes and AI-generated content, Schwartz sparks important conversations about the future of these technologies and their impact on users.

Ripple CEO Brad Garlinghouse Highlights XRP’s Milestone with CME Group’s New Indices

Meanwhile, Ripple CEO Brad Garlinghouse has also taken to X to announce a significant milestone for XRP. The Chicago-based derivatives exchange CME Group has unveiled its plan to launch real-time indices and reference rates for XRP in collaboration with CF Benchmarks, a move that signals growing institutional interest in the cryptocurrency.

Garlinghouse emphasized the importance of having a ”trusted benchmark reference rate” for XRP, viewing it as a crucial step towards the development of institutional crypto products. ”The market has spoken,” he declared, highlighting the demand for reliable price feeds among institutional investors.Â

In addition to XRP, CME Group has also launched real-time indices and reference rates for Internet Computer (ICP). These indices will be updated every second, based on order book activity from major digital asset trading platforms such as Coinbase, Bitstamp, and Kraken. Daily benchmark prices for these cryptocurrencies will be provided at 4 p.m. UTC, offering a consistent and reliable pricing mechanism for market participants.

CME Group’s initiative to provide real-time indices and reference rates began with Bitcoin back in 2016. Over the years, the exchange has expanded these products to include a range of other cryptocurrencies, including Ethereum, Algorand, Avalanche, Bitcoin Cash, Cardano, Chainlink, Litecoin, Stellar Lumens, Uniswap, and various other altcoins.Â

The launch of these indices has reignited speculation about the potential for an XRP Exchange-Traded Fund (ETF). Garlinghouse has previously expressed his belief that the introduction of an XRP ETF is ”inevitable.” The creation of a trusted benchmark reference rate is a critical step towards this goal, as it provides the necessary infrastructure for institutional-grade investment products.

Last month, VanEck and 21Shares filed applications to launch spot Solana ETFs, indicating a broader trend towards cryptocurrency ETFs. Additionally, spot Ethereum ETFs are expected to begin trading this July, following the recent filing of S-1 forms by multiple prospective issuers.Â

The Significance of Real-Time Indices and Reference Rates

The introduction of real-time indices and reference rates for XRP and ICP is a strong indication of the maturation of the cryptocurrency market. These tools provide a reliable and transparent pricing mechanism, which is essential for the growth and adoption of institutional crypto products. By collaborating with CF Benchmarks, CME Group is leveraging its expertise in derivatives and financial markets to enhance the credibility and stability of cryptocurrency trading.

The recent move by the CME aligns with broader trends in the financial industry, where there is a clear shift towards the integration of digital assets into traditional investment portfolios. As more institutions seek exposure to cryptocurrencies, the demand for reliable and transparent pricing mechanisms will continue to grow, driving further innovation and adoption in the sector.

Ripple Named Among Top 250 Fintech Companies Worldwide

In a related development, Ripple has been recognized as one of the top 250 fintech companies globally. This accolade, bestowed by CNBC and market research firm Statista, highlights Ripple’s sustained growth and innovation within the fintech industry.

Between March and May 2024, CNBC and Statista conducted a comprehensive analysis of key performance indicators (KPIs) for over 2,000 eligible organizations. The evaluation aimed to identify the top 250 fintech companies worldwide.Â

Ripple’s inclusion in the list, particularly in the digital assets category, demonstrates its role in providing platforms and tools for accessing and utilizing digital assets and blockchain-based applications, including cryptocurrencies and non-fungible tokens (NFTs). This marks the second consecutive year Ripple has been recognized for its significant impact in the digital asset sector.

In response to this recognition, Ripple President Monica Long took to X to express her excitement and gratitude. Long tweeted, ”Stoked to make this list for a second year in a row – a testament to Ripple’s momentum amongst a peer set of the world’s most impressive global financial institutions.”Â

Despite this achievement, Ripple is not resting on its laurels. The company is focused on expanding the adoption of its solutions and forming new partnerships globally. Earlier this month, Ripple introduced a new ”Try It” feature in its Ripple Payments API documentation, allowing developers to test API requests in real time without logging in or using real funds. This feature is designed to streamline the development process and encourage more widespread use of Ripple’s payment solutions.

Expanding Partnerships and Innovations

In June, Ripple and Archax, the U.K.’s first Financial Conduct Authority-regulated digital asset exchange, announced an extension of their existing collaboration. This partnership is expected to bring hundreds of millions of dollars worth of tokenized real-world assets (RWAs) into the XRP Ledger (XRPL) over the coming year.Â

Additionally, Ripple is set to launch its stablecoin, RLUSD, later this year. The introduction of RLUSD is anticipated to enhance the utility of the XRP Ledger by providing a stable digital asset for transactions, further solidifying Ripple’s position in the digital finance ecosystem.

Ripple’s recognition as one of the top 250 fintech companies shines the spotlight on its ongoing efforts to revolutionize the financial industry through blockchain technology and digital assets. The company’s innovations in cross-border payments and asset tokenization are setting new standards for efficiency and transparency in the financial sector.

Ripple’s XRP Ledger, known for its speed and scalability, continues to be a cornerstone of the company’s success. The recent developments, including the expansion of partnerships and the introduction of new features and products, demonstrate Ripple’s commitment to staying at the forefront of the fintech revolution.

Former U.S. President Donald Trump’s chances of winning the 2024 presidential election surged on Polymarket after he survived a shooting at a Pennsylvania rally. The incident also led to the creation of new Trump-themed meme coins and led to a 30% rise in the largest meme coin, MAGA. However, these coins are experiencing a lot of volatility. The dollar also strengthened in the wake of the shooting.

Trump’s Popularity Soars After Shooting

Former U.S. president Donald Trump’s probability of retaking the White House jumped to an all-time high on Polymarket after he was injured from a shooting at a rally in Pennsylvania on Saturday. A Secret Service spokesman said the Republican presidential candidate was ”safe” after the shooting. According to The New York Times, a suspected gunman was killed, and a spectator passed away as well.

Photos and video footage of Trump with blood on his face pumping his fist in the air are circulating on social media, after two weeks of conversations that were focused on the frailty and gaffes of his opponent, President Joe Biden. Binden’s odds of becoming president took a dive after the shooting, and Polymarket traders believe he has only an 18% chance of being reelected.

”Yes” shares in Polymarket’s contract on whether Trump will win the presidency climbed ten cents after the incident, to 70 cents, meaning the market saw a 70% chance that he will win the November presidential election. At press time, this number stood at 71%.  

Presidential election winner odds (Source: Polymarket)

Each share pays out $1 if the prediction comes true, and zero if not. Bets are programmed into a smart contract on the Polygon blockchain and settled in USDC, a stablecoin, or cryptocurrency that trades 1:1 for dollars.

According to writer Noah Kumin, the shooting also inspired the creation of a number of new meme coins, many of them in poor taste, on the Solana token creation site Pump.fun. ”Resurrection of Trump” (ROT) and ”Hero Trump” (HERO) were just two of the many that reared their heads. 

Trump has been very vocal about his wholehearted support for crypto on the campaign trail. He is even set to speak at a Bitcoin conference in Nashville this month. 

Polymarket was founded four years ago by Shayne Coplan, and has seen some very impressive trading volumes in 2024, mostly because of the enthusiasm for political betting ahead of the U.S. election. The U.S. presidential winner contract already has a total of $252 million in bets placed, a record for the company and for all crypto-based prediction markets. 

PredictIt, a more traditional betting site where wagers are settled in fiat, showed a very similar trend. Trump shares ended up climbing from 59 cents prioir to the shooting to 66 cents, before leveling off at 65 cents.

Many people consider prediction markets a more reliable gauge of sentiment and prefer it as a method of forecasting rather than polls or pundits because the people making predictions are putting money on the line. In other words, people believe they are much more reliable because people have some skin in the game by making bets, which means that they are far more likely to do thorough research and express their honest opinions.

MAGA Has a Big Reaction to the Shooting

In addition to Trump’s reelection odds, political meme coins also surged after the shooting. The price of the largest Donald Trump meme coin, MAGA (TRUMP), surged by more than 30% after the assassination attempt on the former United States President while he was speaking on stage at a rally in Butler, Pennsylvania. 

The Ethereum-based MAGA meme coin spiked very quickly from a price of $6.31 to $10.36 immediately after the assassination attempt, seeing its total market capitalization jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data. 

However, MAGA experienced a big drop over the past 24 hours. At press time, MAGA is trading hands at $8.24 after its price fell by more than 13% throughout the past day, according to CoinMarketCap. Zooming out to the longer-term timeframes shows that the meme coin is still in the green by over 41% over the past week. 

MAGA 7d chart (Source: CoinMarketCap)

MAGA’s performance is closely tied to news surrounding Trump. After the assassination attempt, the heightened volatility that was seen could be attributed to several factors, including increased uncertainty and a shift in market sentiments. 

On social media, reactions to the event have been very different but still very intense. Supporters of Trump are outraged and many theories have been making the rounds on platforms like X, suggesting that the attempt was politically motivated. Some high-profile figures like Congresswoman Marjorie Taylor Greene believe that the Biden administration and the FBI were involved, but this theory has been widely debunked by fact-checkers.

Other users are just relieved that Trump actually survived the attempt, and are sharing their well-wishes and hopes for his continued safety. The assassination attempt itself is also shrouded in some controversy. There are many online discussions about the security measures in place and the potential implications for Trump’s political future.

Other Trump Memes See Sharp Gains and Losses

The price of several other Trump-themed meme coins also rallied after the shooting. Solana-based meme coin Tremp (TREMP) jumped more than 63% in the hour after the news, while another meme coin called MAGA Hat (MAGA) briefly spiked 21% in the same timeframe. 

TREMP 1d chart (Source: CoinMarketCap)

As was the case with MAGA, TREMP’s price also took a hit in the past 24 hours. TREMP saw its price decline by about 6% since yesterday to trade hands at $0.4435 at press time.

MAGA Hat suffered a very similar fate to the rest of the Trump meme coins as its price plummeted by almost 30% over the past day to trade at $0.0008583. The token is, however, still up by 31% on its weekly time frame.

Dollar Also Picks up Steam

Interestingly, Reuters reported that the dollar also rose broadly on Monday in the wake of the attempted assassination of the former U.S. President. The euro fell 0.2% against the dollar to $1.0888, while sterling dipped 0.13% to $1.2973. 

Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank, stated that a bias for a supported, possibly even stronger, USD is likely to play out if the U.S. heads into Trump 2.0. This is attributed more to other major currencies being undermined by antagonistic U.S. trade and geopolitical posturing rather than the undisputed allure of USD.

Long-dated U.S. bond yields ticked higher on expectations that a Trump win would lead to policies driving up government debt and stoking inflation. The benchmark 10-year Treasury yield was last up roughly three basis points at 4.2158%. 

Headlines from China also grabbed investors’ attention, as data showed the world’s second largest economy grew way slower than expected in the second quarter, weighed down by a protracted property downturn and job insecurity squeezing domestic demand.

Charles Hoskinson, the founder of IOG, recently unveiled the game-changing Mithril upgrade, aimed at bolstering the network’s scalability and decentralization. Amid this technical leap, Cardano’s market performance has seen a notable uptick, fueled by significant whale transactions that demonstrate the cryptocurrency’s resilience and potential. However, as excitement peaks with the upcoming Chang upgrade, the community faces a crucial warning against rising ADA giveaway scams.

Charles Hoskinson Unveils Game-Changing Mithril Upgrade for Cardano Amidst Criticism

Charles Hoskinson, the visionary founder of Input Output Global (IOG), the driving force behind the Cardano blockchain, has once again captured the attention of the cryptocurrency world. In a recent statement, Hoskinson provided an update on the highly anticipated Mithril upgrade, slated for release later this year. This announcement comes at a time when Cardano faces both enthusiasm from its community and criticism from skeptics.

The Mithril upgrade aims to significantly boost the scalability of the Cardano network, addressing one of the most pressing challenges in the blockchain industry. Hoskinson explained that Mithril would allow applications to operate without the need to run full nodes or validate every single transaction on the Cardano chain. This innovation is expected to streamline processes and enhance user experience, making Cardano more efficient and user-friendly.

Mithril’s primary goal is to create a more decentralized and secure environment, thereby reducing the risks of centralization and ensuring the integrity of the entire network. Hoskinson emphasized the importance of this upgrade, stating, ”You know use light clients everywhere is basically the goal of Mithril.” This approach aims to democratize access to the Cardano network, making it easier for users and developers to interact with the blockchain without compromising on security or decentralization.

Hoskinson also highlighted Cardano’s progress in the competitive landscape, proudly noting, ”We already have a 2-year advantage on certain competition.” This statement signals Cardano’s commitment to innovation and its proactive approach to staying ahead in the rapidly evolving blockchain sector.

Responding to Criticism: Hoskinson’s Calm Retort

In the wake of his announcement, Hoskinson found himself responding to a vocal critic on social media. A user known as @sunnydecree, who boasts a following of over 90,000, disparaged Cardano’s native cryptocurrency, ADA, labeling it an ”s-coin with zero value.” The critic accused Hoskinson of exploiting unsuspecting investors, alleging that he profited substantially from ADA to ”buy a farm and fly private jets.”

Rather than engaging in a heated exchange, Hoskinson opted for a more composed and humorous response. He used a cartoon extract to deflect the criticism, demonstrating his ability to handle negativity with grace and a touch of wit. 

As Cardano prepares for the Mithril upgrade, the community is abuzz with anticipation. The upgrade promises to enhance the network’s scalability and decentralization, addressing key challenges that have long been a focus for blockchain developers. By enabling light clients and reducing the need for full node operation, Mithril is set to make Cardano more accessible and efficient.

This development is particularly significant given the broader context of the blockchain industry, where scalability and decentralization remain critical areas of innovation. Cardano’s proactive approach in addressing these issues positions it as a leading player in the space.

As the year progresses, all eyes will be on Cardano and its community, eager to witness the impact of the Mithril upgrade and the continued evolution of one of the most promising projects in the blockchain industry.

Cardano (ADA) Surges as Whale Transactions and Developmental Advances Boost Market Confidence

This weekend marked a significant rebound for the cryptocurrency market, with top altcoins, including ADA, experiencing notable price increases. According to data from CoinMarketCap, Cardano’s price surged to $0.4221, reflecting a 5.29% rise in the past 24 hours. This price movement is underpinned by strong support above the $0.4 mark, fueled by substantial on-chain activity and increased whale transactions.

Data from the crypto analytics platform IntoTheBlock (ITB) reveals a significant uptick in whale activity for Cardano. During the weekend, the volume of transactions by Cardano whales—defined as entities making transactions over $100,000—experienced a surge of over 4.5%, reaching $8.87 billion. This positions Cardano second only to Bitcoin in terms of whale transaction volume among top digital currencies, excluding stablecoins.

Specifically, a staggering 21.87 billion ADA was moved by whales in just 24 hours, reinforcing the ongoing price rally. This trend appears to follow a familiar script for Cardano: whale transactions ignite a buying spree, which in turn increases trading volume and positively impacts the coin’s price. Currently, Cardano’s trading volume stands at $333,501,886, up 1.87% overnight, demonstrating a robust market response.

Developmental Milestones and Future Prospects

Despite the high volatility inherent in the cryptocurrency market, Cardano has distinguished itself with a strong developmental focus. The blockchain consistently rolls out updates that address criticism and bolster the fundamental reasons behind ADA’s growth. This developmental ethos ensures that Cardano’s progress is not solely driven by market speculation but also by tangible advancements in its technology and ecosystem.

The next significant milestone for Cardano, following the launch of the Midnight Protocol, is transitioning the ecosystem to a self-governing model. This shift will be facilitated by the forthcoming Chang upgrade, which is set to usher in the Voltaire Era. Scheduled for release this month, the Chang upgrade is expected to further decentralize the network, enhancing its governance structure and potentially driving further interest and investment in ADA.

The resurgence in Cardano’s price, driven by increased whale activity and solid developmental progress, shows the cryptocurrency’s potential for long-term growth. The recent price surge to $0.4221, coupled with robust support above the $0.4 mark, indicates strong market confidence. This confidence is bolstered by the strategic movements of whales, which often serve as leading indicators for broader market trends.

While Cardano continues to roll out significant upgrades and maintain its developmental momentum, it is well-positioned to capitalize on these advancements. The imminent Chang upgrade and the transition to the Voltaire Era are likely to enhance Cardano’s appeal as a secure, decentralized, and self-governing blockchain platform.

Cardano Community Warned of ADA Giveaway Scams as Chang Upgrade Nears

As the buzz around the Chang upgrade intensifies, so does the risk of scams. Pete, a vigilant Cardano community member with the X handle @astroboysoup, has highlighted a troubling trend of fake ADA giveaways. He warns, ”Well, looks like with the hard fork coming, the scammers are coming out in force and people are falling for it again. Please push this far and wide across all socials. There are no ADA giveaways.”

These fraudulent schemes often involve deep fake videos featuring Cardano’s founder, Hoskinson, falsely promoting ADA giveaways. These videos, designed to deceive viewers, are part of a broader scam strategy that includes social media posts, phishing emails, and fake websites mimicking legitimate Cardano platforms.

The modus operandi of these scammers is typically straightforward but highly effective. They promise free ADA to individuals who make an initial transfer of a small amount of cryptocurrency to a specified address. Once the transfer is made, the scammers vanish, leaving the victims empty-handed. The scammers exploit the trust and enthusiasm of the community, making it imperative for members to stay informed and cautious.

The Cardano community and its leadership have made it clear that there are no official ADA giveaways. Any promotion or claim suggesting otherwise is fraudulent and should be treated with extreme skepticism. Community members are urged to spread the word and report any suspicious activities to prevent others from falling victim to these scams.

To safeguard against these scams, the Cardano community is advised to:

1. Verify Information: Always check the official Cardano channels and trusted community members for updates. Avoid trusting unsolicited messages or promotions.

2. Report Scams: Use the available reporting tools on social media platforms and crypto forums to report suspicious activities and warn others.

3. Educate Others: Share information about these scams with fellow community members to raise awareness and protect the broader crypto community.

4. Use Official Channels: Only interact with official Cardano platforms and avoid clicking on links from unknown sources.

While the Cardano network gears up for the Chang upgrade, the excitement within the community is palpable. This significant advancement promises to bring Cardano closer to its vision of a self-sustaining and decentralized blockchain. However, this progress also comes with the responsibility to remain vigilant against malicious actors seeking to exploit the moment.

Bitcoin has jumped back above the $60,000 mark, which inspired MicroStrategy’s Michael Saylor to share a post about its resilience. Whales took advantage of BTC’s recent price dip as well, and ended up accumulating 71,000 BTC, while smaller traders sold off holdings. Dormant Bitcoin wallets have also become much more active, transferring massive amounts of BTC for the first time in years. Meanwhile, former President Donald Trump confirmed that he will still speak at the upcoming Bitcoin Conference in Nashville, despite the recent assassination attempt. 

Bitcoin Bounces Back to $60K

Bitcoin (BTC) has once again touched the $60,000 mark, and this prompted a statement from Michael Saylor, the chairman and co-founder of MicroStrategy. In a tweet, Saylor declared, ”Bitcoin is the bridge from chaos to hope,” sharing a clip from Fox Business showing Bitcoin’s yearly performance compared to major asset classes. From 2013 to 2023, Bitcoin led gains among major asset classes in eight out of eleven instances.

Saylor’s statement comes at a time when global economic uncertainties and market volatility are pushing investors to look for alternative assets. 

Recently, Bitcoin’s decline from its March record accelerated because of concerns about Mt. Gox, the German government’s Bitcoin sales. Bitcoin started last week with a slump that also raised fears of outflows from U.S. exchange-traded funds (ETFs). Instead, dip buyers poured in funds, fueling optimism in the entire cryptocurrency market. A net $737.5 million was added to the 11 ETFs in the four days leading up to Thursday.

At press time, Bitcoin was trading hands at $62,657.95 after its price managed to climb by more than 5% over the past 24 hours of trading. BTCs is up by around 13% on its weekly time frame as well.

Whales Buy BTC During Market Drop

Bitcoin whales took full advantage of the crypto market slump earlier this month. In fact, they ended up accumulating 71,000 Bitcoin, the fastest rate of Bitcoin stacking since April of 2023. This Bitcoin is worth close to $4.3 billion at current prices, and was primarily scooped up when Bitcoin retraced to $54,200 on July 5, according to a chart from cryptocurrency analytics firm IntoTheBlock.

CryptoQuant pointed out that Bitcoin whales have been stacking Bitcoin at the fastest rate on a 30-day moving average since April 2023, a period marked by the collapse of several local banks in the U.S. CryptoQuant analyst Minkyu Woo suggested that this accumulation indicates that the bottoming out of Bitcoin may be almost complete.

In contrast, smaller traders were selling off their holdings during the dip, according to cryptocurrency analytics firm Santiment. Santiment also reported a net increase of 261 Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July, which should provide traders with some confidence in a more long-term bullish outlook.

However, it seems like not all Bitcoin whales are planning to continue accumulating and holding onto their Bitcoin.

Whales Make Big Moves

A dormant Bitcoin wallet address that contains 1,000 BTC transferred funds for the first time in about 12 years on Sunday, according to on-chain data. The wallet received the Bitcoin 11 years and 9 months ago and did not make an outgoing transaction until Sunday when it sent the 1,000 BTC to a new address. 

At the time the wallet received the Bitcoin, its value was only $12,100. After holding for almost twelve years, the wallet has seen a roughly 500,000% increase in value. The exact reason for the transfer and the identity of the wallet’s owner are still unknown. 

Another wallet that has been dormant for over twelve years also recently transferred almost $7 million in funds. Additionally, on May 12, 1,000 BTC worth more than $60 million was moved for the first time in a decade, after a transfer of 687.33 BTC worth over $44 million that had been dormant for ten years, just a week earlier.

In March, the fifth richest address on the Bitcoin blockchain, which was dormant since 2019, moved $6 billion. During the same month, another entity combined $140 million in Bitcoin mined in 2010 into a single wallet. 

Trump Confirms Bitcoin Conference Appearance

Former President Donald Trump seems just as optimistic about Bitcoin’s potential as Saylor is. In fact, Trump still plans to speak at the Bitcoin Conference in Nashville, Tennessee, despite surviving an assassination attempt on July 13 in Pennsylvania. 

David Bailey, one of the event’s organizers and CEO of Bitcoin Magazine, confirmed the news on X.com on Friday. He stated that he spoke with Trump’s team and that the former president was ”in good spirits.” Bailey added that Trump was ”excited to see you all in Nashville and deliver a speech that is heard around the world.”

Trump committed to speaking at the conference earlier in the week, before the assassination attempt. The event runs from July 25 through July 27, with Trump slated to speak on July 27.

SEC Ends Three-Year Inquiry Into Hiro

The sentiment surrounding Bitcoin could also receive a boost because the U.S. Securities and Exchange Commission (SEC) has dropped a three-year-old investigation into Hiro Systems, a blockchain software developer previously known as Blockstack, that raised $70 million in token sales from 2017 to 2019. 

The end of this investigation is another victory for the crypto industry in its ongoing struggle with the regulator. Just last week, the SEC also ended an investigation into stablecoin issuer Paxos.

In a letter attached to a July 12  filing, the SEC’s division of enforcement stated that it does not intend to recommend an enforcement action against Hiro Systems PBC. However, the letter included a standard caveat that the notice should not be interpreted as an exoneration or a guarantee that no future action will result from the investigation.

Hiro Systems develops tools for building applications on Stacks, a layer-2 blockchain that is designed to enhance Bitcoin. Stacks was created by crypto industry veteran Muneeb Ali, who is now the CEO of Trust Machines and a board member at Hiro. Ali tweeted that the SEC’s probe focused on the Stacks protocol in addition to the Hiro entity.

Blockstack launched the first version of the Stacks chain and its token (STX) in 2018, and initially treated the tokens as securities. Some token sales were conducted under the SEC’s Regulation A+, allowing limited public sales without full registration, while others were sold to accredited or international investors. 

In January of 2021, a new version of Stacks with a proof-of-transfer consensus mechanism was launched, and Hiro stated that the network had become fully decentralized, no longer requiring the tokens to be treated as securities. The SEC was still skeptical, and Hiro revealed in September 2021 that it was responding to an inquiry from the enforcement division.

However, Friday’s filing signifies the end of that inquiry, and although the SEC has left a few legal doors open, it still removes a legal threat that has been looming over the firm.

Ripple stands at the epicenter of the fintech universe, commanding attention with its relentless innovation and high-profile endorsements. As CEO Brad Garlinghouse lauds the inclusion of XRP in CME Group’s real-time indices—a move seen as a precursor to institutional crypto dominance—CTO David Schwartz battles the forces of misinformation on X and critiques AI-generated content with his trademark candor. Simultaneously, Ripple basks in the glory of being named among the world’s top 250 fintech companies.

Ripple CTO David Schwartz Criticizes X’s Community Notes and AI Usage on Quora

Ripple’s Chief Technology Officer, David Schwartz, recently took to X (formerly known as Twitter) to express his dissatisfaction with one of the app’s features—Community Notes. This feature, which has garnered full support from X’s owner Elon Musk, aims to correct misinformation by adding context to tweets. Schwartz’s comments sparked an immediate and lively response from the XRP community, revealing an interesting dynamic between the Ripple executive and the broader social media landscape.

In a recent tweet, David Schwartz noted that he has never received a community note from the team responsible for this feature. His tweet, which included a sad smiley, seemed to convey a mix of disappointment and irony. 

Schwartz’s observation quickly gained traction within the XRP community. Users responded with a variety of suggestions on how he might catch the attention of Community Notes. One user humorously suggested that Schwartz should ”say something wrong about XRP” to get noticed, while another user provided screenshots showing that some of Schwartz’s tweets were close to receiving a community note.

The underlying implication of never having been corrected by Community Notes is that Schwartz’s tweets are accurate and do not contain misinformation. This aligns with the feature’s goal to ensure the spread of reliable information on the platform. Despite this positive interpretation, Schwartz’s tweet indicates a level of dissatisfaction, possibly tied to his frequent critical posts about Elon Musk.

Community Notes, introduced earlier this year, has been a polarizing feature on X. It allows users to add context to potentially misleading tweets, a function that has both supporters and detractors. Musk, the innovative entrepreneur and owner of X, has been a vocal proponent of Community Notes, advocating for its role in combating misinformation. However, not all users share Musk’s enthusiasm, and some, like Schwartz, have voiced their concerns.

Schwartz’s history of critical tweets towards Musk adds another layer to his recent comments. The Ripple CTO has not shied away from expressing his views on Musk’s initiatives, often taking a contrarian stance. This dynamic has likely influenced his experience with Community Notes, as his tweets scrutinizing Musk might not be well-received by the platform’s moderation team.

Earlier this week, Schwartz shifted his critical gaze towards another tech giant—Quora. In a tweet, he took aim at the AI-generated questions produced by Quora’s Prompt Generator. Schwartz sarcastically praised the platform, saying, “High-quality AI-generated questions, as usual. Keep up the good work, @Quora.” 

Quora’s AI-based question generation has been a topic of debate among users. While some appreciate the innovative approach to content creation, others, like Schwartz, criticize the quality and relevance of the generated questions. 

The Ripple Effect on Social Media and AI Critiques

As Ripple’s CTO, Schwartz’s opinions carry significant weight. His influence extends beyond the XRP community, reaching a broader audience interested in the intersection of technology, finance, and social media. By voicing his dissatisfaction with Community Notes and AI-generated content, Schwartz sparks important conversations about the future of these technologies and their impact on users.

Ripple CEO Brad Garlinghouse Highlights XRP’s Milestone with CME Group’s New Indices

Meanwhile, Ripple CEO Brad Garlinghouse has also taken to X to announce a significant milestone for XRP. The Chicago-based derivatives exchange CME Group has unveiled its plan to launch real-time indices and reference rates for XRP in collaboration with CF Benchmarks, a move that signals growing institutional interest in the cryptocurrency.

Garlinghouse emphasized the importance of having a ”trusted benchmark reference rate” for XRP, viewing it as a crucial step towards the development of institutional crypto products. ”The market has spoken,” he declared, highlighting the demand for reliable price feeds among institutional investors. 

In addition to XRP, CME Group has also launched real-time indices and reference rates for Internet Computer (ICP). These indices will be updated every second, based on order book activity from major digital asset trading platforms such as Coinbase, Bitstamp, and Kraken. Daily benchmark prices for these cryptocurrencies will be provided at 4 p.m. UTC, offering a consistent and reliable pricing mechanism for market participants.

CME Group’s initiative to provide real-time indices and reference rates began with Bitcoin back in 2016. Over the years, the exchange has expanded these products to include a range of other cryptocurrencies, including Ethereum, Algorand, Avalanche, Bitcoin Cash, Cardano, Chainlink, Litecoin, Stellar Lumens, Uniswap, and various other altcoins. 

The launch of these indices has reignited speculation about the potential for an XRP Exchange-Traded Fund (ETF). Garlinghouse has previously expressed his belief that the introduction of an XRP ETF is ”inevitable.” The creation of a trusted benchmark reference rate is a critical step towards this goal, as it provides the necessary infrastructure for institutional-grade investment products.

Last month, VanEck and 21Shares filed applications to launch spot Solana ETFs, indicating a broader trend towards cryptocurrency ETFs. Additionally, spot Ethereum ETFs are expected to begin trading this July, following the recent filing of S-1 forms by multiple prospective issuers. 

The Significance of Real-Time Indices and Reference Rates

The introduction of real-time indices and reference rates for XRP and ICP is a strong indication of the maturation of the cryptocurrency market. These tools provide a reliable and transparent pricing mechanism, which is essential for the growth and adoption of institutional crypto products. By collaborating with CF Benchmarks, CME Group is leveraging its expertise in derivatives and financial markets to enhance the credibility and stability of cryptocurrency trading.

The recent move by the CME aligns with broader trends in the financial industry, where there is a clear shift towards the integration of digital assets into traditional investment portfolios. As more institutions seek exposure to cryptocurrencies, the demand for reliable and transparent pricing mechanisms will continue to grow, driving further innovation and adoption in the sector.

Ripple Named Among Top 250 Fintech Companies Worldwide

In a related development, Ripple has been recognized as one of the top 250 fintech companies globally. This accolade, bestowed by CNBC and market research firm Statista, highlights Ripple’s sustained growth and innovation within the fintech industry.

Between March and May 2024, CNBC and Statista conducted a comprehensive analysis of key performance indicators (KPIs) for over 2,000 eligible organizations. The evaluation aimed to identify the top 250 fintech companies worldwide. 

Ripple’s inclusion in the list, particularly in the digital assets category, demonstrates its role in providing platforms and tools for accessing and utilizing digital assets and blockchain-based applications, including cryptocurrencies and non-fungible tokens (NFTs). This marks the second consecutive year Ripple has been recognized for its significant impact in the digital asset sector.

In response to this recognition, Ripple President Monica Long took to X to express her excitement and gratitude. Long tweeted, ”Stoked to make this list for a second year in a row – a testament to Ripple’s momentum amongst a peer set of the world’s most impressive global financial institutions.” 

Despite this achievement, Ripple is not resting on its laurels. The company is focused on expanding the adoption of its solutions and forming new partnerships globally. Earlier this month, Ripple introduced a new ”Try It” feature in its Ripple Payments API documentation, allowing developers to test API requests in real time without logging in or using real funds. This feature is designed to streamline the development process and encourage more widespread use of Ripple’s payment solutions.

Expanding Partnerships and Innovations

In June, Ripple and Archax, the U.K.’s first Financial Conduct Authority-regulated digital asset exchange, announced an extension of their existing collaboration. This partnership is expected to bring hundreds of millions of dollars worth of tokenized real-world assets (RWAs) into the XRP Ledger (XRPL) over the coming year. 

Additionally, Ripple is set to launch its stablecoin, RLUSD, later this year. The introduction of RLUSD is anticipated to enhance the utility of the XRP Ledger by providing a stable digital asset for transactions, further solidifying Ripple’s position in the digital finance ecosystem.

Ripple’s recognition as one of the top 250 fintech companies shines the spotlight on its ongoing efforts to revolutionize the financial industry through blockchain technology and digital assets. The company’s innovations in cross-border payments and asset tokenization are setting new standards for efficiency and transparency in the financial sector.

Ripple’s XRP Ledger, known for its speed and scalability, continues to be a cornerstone of the company’s success. The recent developments, including the expansion of partnerships and the introduction of new features and products, demonstrate Ripple’s commitment to staying at the forefront of the fintech revolution.

COCA, a crypto wallet provider, has just announced the rollout of its physical debit cards, bringing us one step closer to widespread crypto adoption. The cards, issued in partnership with Wirex, will be available in over 50 countries, allowing users to conveniently pay for everyday shopping with crypto, all in an ultra-secure way.

The company, founded and headed by Pavel Matveev, a UK-based blockchain entrepreneur with long-term experience in finance and trading, spearheads the new approach to real-life crypto transactions by implementing the multi-party computation (MPC) mechanism into physical crypto debit cards.

What is multi-party computation, and how is it related to crypto wallets?

MPC is a robust cryptographic technique that allows multiple parties to compute a function together without revealing their inputs to each other. In crypto, it’s used alongside public-key cryptography to collaboratively sign transactions.

Unlike traditional single-key wallets, MPC wallets distribute key management among multiple participants. As a result, transactions require collective approval, enhancing security by eliminating single points of failure. This approach aligns perfectly with the general blockchain idea of decentralization, preventing any single entity from taking control of user assets.

What’s the difference between MPC and multisig wallets?

Security concerns in crypto wallets have already been addressed by multisig wallets. The concept emerged in the early days of Bitcoin and relies on two or more users signing transactions as a group. In other words, a multisig wallet uses multiple private keys to manage cryptocurrencies.

The rules for accessing the crypto wallet in this model are determined by smart contracts. Multisig wallets enable multi-factor authentication and provide extra security when multiple parties in a company, DAO, or elsewhere manage one wallet.

MPC is a relatively new invention that deals away with the classical approach to a single private key – a basic and potentially insufficient security measure. Instead, MPC relies on splitting a private key – required for accessing and managing crypto assets – into multiple parts called ”shares,” which are then distributed among several parties involved in the MPC protocol. In the MPC setting, no single party has complete control over the wallet.

To make things simpler but still super secure, transactions are authorized by attaining a required threshold of shares, rather than all of them. This eliminates single points of failure, enhances wallet security and availability, while keeping the process convenient for the user.

COCA’s physical debit cards’ key features

COCA is the first company combining a wallet platform with a non-custodial debit card to leverage multi-party computation cryptography. In February this year, the firm launched COCA Virtual Cards in the APAC region, allowing crypto users from Asia and Pacific areas to make online purchases and in-app payments at any vendor accepting MasterCard without having to convert crypto to fiat first.

With the launch of the physical card, the company is stepping up the game, offering even more convenience and hard-to-match security. Key features of COCA physical debit cards include:

– non-custodial security based on multi-party computation and anonymous biometrics,

– global accessibility,

– usability anywhere traditional Visa/Mastercard debit cards are accepted both online and in-store,

– compatibility with mobile wallets, including Apple Pay and Google Pay,

– cashback rewards, simplified transitions between fiat and crypto, and versatile off-ramping options to transfer funds to bank accounts or other cards.

You can use COCA cards like a regular debit card in your wallet – for everyday shopping, bill payments, apartment bookings, and even withdrawing cash without incurring excessive foreign transaction costs. COCA offers card users up to $200 in feeless ATM withdrawals globally, similar to multi-currency card providers, such as Revolut.

No KYC crypto exchange

A great benefit for privacy lovers – COCA card offers freedom from the KYC hassle. You can set up a non-custodial COCA wallet and connect it to the virtual or physical card without undergoing privacy-revealing procedures. Then, you can pay with crypto converted in real time to fiat money appropriate for your residence. However, if you truly want to stay anonymous in the crypto space you need to take more precautions.

The COCA cards and their features are provided in cooperation with the company’s licensed e-money institutions in the UK and EU, which are most likely subject to KYC and AML regulations. As a result, your KYC immunity during crypto conversion and the use of COCA cards may be limited. Some crypto cards allow users to sign up with minimal KYC requirements, especially for lower spending limits. However, higher spending limits or certain features might require more extensive identity verification. If you’re keen on maintaining privacy, always double-check the fine print.

Learn more about crypto debit cards: https://coinpaper.com/4627/crypto-debit-cards-the-future-of-digital-payments and no KYC crypto exchanges: https://coinpaper.com/3756/crypto-exchanges-without-kyc-how-to-find-a-privacy-friendly-cryptocurrency-exchange.

Retik Finance, a significant player in the DeFi space, offers a comprehensive suite of financial solutions including debit cards, payment gateways, P2P lending, and trading services. Powered by the native RETIK token, the platform enables seamless transactions and rewards users, promoting a robust and user-friendly ecosystem. By leveraging ERC20 technology on Ethereum, Retik Finance ensures security and transparency in all transactions.

The native token, RETIK, serves as the backbone of the Retik Finance ecosystem. With a total supply of 1 billion, RETIK is vital for various use cases within the platform, including staking, rewards, and transaction fees. As of today, the live RETIK price is $0.015092 USD, reflecting its active engagement and growing adoption in the DeFi market.

For those interested in digital asset management and trading, the Retik Finance platform represents a reliable and innovative solution. CoinGecko tracks RETIK’s market performance, offering detailed insights into its price, market cap, and trading volume, which helps users make informed decisions.

Overview of Retik Finance

Retik Finance operates as a decentralized finance (DeFi) ecosystem, launched in 2024. It offers an array of financial services and technologies, including peer-to-peer lending, intelligent payment gateways, DeFi debit cards, and secure wallets.

The cryptocurrency associated with Retik Finance is known as RETIK and runs on the Ethereum platform. The current supply is 1,000,000,000 RETIK, with 0 in circulation. As of the latest update, the live price of RETIK is $0.015092 USD.

Key Features:

• Peer-to-Peer (P2P) Lending: AI-powered lending services to enhance transaction efficiency.

• DeFi Debit Cards: Facilitates easy crypto transactions in daily life.

• Payment Gateway: Smart crypto payment solutions for seamless trades.

• Secure Wallets: Multi-chain non-custodial wallets ensuring high security.

Retik Finance is making strides by debuting on platforms like Uniswap and listing on multiple exchanges, marking a significant growth phase.

History and Evolution of Retik Finance

Founded as Retik LLC, Retik Finance emerged as a notable player within the decentralized finance (DeFi) ecosystem. The company began focusing on providing various financial services and technologies.

In its initial phases, Retik Finance concentrated on peer-to-peer lending and intelligent payment gateways. Their innovative approach soon extended to DeFi debit cards and secure wallets, enhancing accessibility and security for users.

A significant milestone was the success of the Stage 4 presale. 45,000,000 tokens were sold at $0.06 per token, reaching a hard cap of $2,700,000.

Retik Finance’s debut on Uniswap marked the beginning of a new growth phase. Listing on multiple exchanges expanded their reach and accessibility.

Retik Finance continued evolving, incorporating features like cross-chain compatibility. This expanded functionality allowed seamless transactions across different blockchain platforms.

The company also placed emphasis on real-world asset integration. By doing so, Retik Finance aimed to bridge the gap between traditional finance and DeFi.

Contact Email: [email protected]

Core Financial Products of Retik Finance

Retik Finance offers a diverse array of financial products designed to enhance the decentralized finance (DeFi) ecosystem. These products aim to improve accessibility, efficiency, and innovation within the financial sector.

1. Decentralized Transactions: Retik enables secure and transparent transactions via the Ethereum mainnet, utilizing the ERC20 standard. This ensures compatibility and interoperability with other DeFi protocols.

2. Peer-to-Peer Lending: The platform facilitates peer-to-peer lending, allowing users to lend and borrow assets directly from one another. This bypasses traditional financial institutions and provides better interest rates for participants.

3. Intelligent Payment Gateways: Retik incorporates intelligent payment gateways that streamline digital transactions. These gateways support multiple cryptocurrencies and enhance the user experience by providing seamless and fast transactions.

4. Initial Coin Offerings (ICOs): Retik Finance supports ICOs, providing a platform for new projects to raise funds. This supports innovation within the DeFi space and offers investors opportunities to participate in emerging projects.

5. Marketplaces for Digital Assets: Users can trade a variety of digital assets, including NFTs and cryptocurrencies. This marketplace is integral to Retik’s ecosystem, supporting liquidity and asset exchange.

6. Financial Management Tools: Retik offers a suite of tools for financial management, including portfolio tracking and investment analytics. These tools help users make informed decisions and optimize their portfolios.

7. Staking and Yield Farming: The platform includes staking mechanisms and yield farming opportunities. Users can lock up their tokens to earn rewards, supporting network security and liquidity.

Technological Infrastructure of Retik Finance

Retik Finance leverages Decentralized Finance (DeFi) and blockchain technology to provide its suite of financial services. This setup enables peer-to-peer transactions without intermediaries.

The system employs smart contracts to automate and secure processes. These contracts are designed to be transparent and tamper-proof, ensuring that transactions occur as intended.

AI technology enhances their lending platform. This allows for more efficient and secure loan processing, accommodating a broader range of user requirements.

Retik Finance incorporates intelligent payment gateways to facilitate smooth and fast transactions. These gateways integrate seamlessly with various digital assets, promoting wider accessibility.

Their DeFi debit cards offer users an innovative way to utilize their digital assets. These cards can be used for everyday transactions, bridging the gap between digital and traditional finance.

The platform also features secure wallets to store assets safely. These wallets use advanced encryption to protect user funds and data, maintaining user trust.

Regulatory and Compliance Framework

Domestic Regulations

Retik Finance (RETIK) places a strong emphasis on adhering to both local and international regulatory requirements. This ensures that the platform operates within the legal frameworks of multiple jurisdictions while maintaining a high level of trust and transparency among its users.

In its home country, Retik Finance collaborates closely with regulatory bodies to navigate the complex landscape of financial regulations. Compliance efforts include regular audits, transparent reporting, and alignment with national financial laws.

To stay compliant, Retik Finance implements robust anti-money laundering (AML) mechanisms and know-your-customer (KYC) protocols. This reduces the risk of illicit activities and enhances security for users. Additionally, the platform commits to continuous improvement by staying updated with changes in domestic financial regulations.

International Compliance Standards

Retik Finance extends its regulatory commitment to the global stage by adhering to international compliance standards. This involves meeting guidelines set by organizations like the Financial Action Task Force (FATF) and International Organization of Securities Commissions (IOSCO). These standards help in safeguarding against financial crimes and ensure a consistent level of compliance across all operating regions.

The platform undergoes periodic third-party audits to verify adherence to these standards, further establishing its credibility. Retik Finance also actively engages with international regulators to contribute to the development of cohesive and comprehensive DeFi regulations, aiming to foster a secure and stable environment for global users.

Retik Finance’s Business Model

Retik Finance operates within the decentralized finance (DeFi) sector, offering a range of innovative financial services. They provide futuristic DeFi debit cards, a smart crypto payment gateway, and an AI-powered peer-to-peer (P2P) lending platform.

Their multi-chain non-custodial highly secured DeFi wallet enables secure and decentralized storage of digital assets. This wallet is designed to support multiple blockchain networks, offering users flexibility and security.

They leverage AI to enhance their P2P lending service, providing automated and efficient lending processes. Borrowers and lenders can interact directly, with AI algorithms assessing creditworthiness and managing loans.

The introduction of DeFi debit cards and the crypto payment gateway aims to make crypto transactions more accessible in everyday life. Users can make seamless payments, bridging the gap between traditional finance and digital assets.

Their business model emphasizes security and innovation, aiming to redefine global financial transactions with a decentralized approach.

Strategic Partnerships and Collaborations

Retik Finance has solidified its position through strategic partnerships and collaborations in the decentralized finance (DeFi) landscape.

By aligning with key industry players and ecosystem partners, Retik expands its reach and capabilities. They work closely with various organizations to enhance their services. These partnerships open up new opportunities for Retik.

Collaborations with leading payment processors enable new functionalities for Retik’s debit cards.

Key Collaborations:

1. Industry Players: Strategic alliances with major names in the DeFi space.

2. Ecosystem Partners: Joint efforts to foster innovation and long-term sustainability.

3. Payment Processors: Enabling seamless transactions and enhanced debit card features.

Retik’s commitment to fostering relationships within the DeFi community drives its growth and solidifies its stature in the market.

In conclusion, these collaborative efforts provide substantial support to Retik’s mission of creating a robust and versatile financial ecosystem.

Future Outlook of Retik Finance

Retik Finance (RETIK) is poised for significant growth with its innovative financial services and strategic expansion plans. The company’s trajectory indicates substantial opportunities for both investors and users.

Innovation in Financial Services

Retik Finance aims to revolutionize the decentralized finance (DeFi) space with its unique product offerings. These products focus on transparency, security, and user accessibility.

The platform integrates advanced blockchain technology to enhance transaction efficiency. It also includes a suite of decentralized applications (dApps) that cater to various financial needs, such as lending, borrowing, and yield farming.

To maintain a competitive edge, the team continually updates its technology stack. This commitment to innovation ensures that Retik Finance remains at the forefront of the DeFi sector.

Expansion Plans

Retik Finance has a detailed roadmap for growth. This includes broadening its market reach and forming strategic partnerships. The recent listing on Uniswap and other major exchanges reflects their strategy to attract a larger user base.

Future plans involve entering new geographical markets and possibly integrating with traditional financial institutions. Collaborations with other blockchain projects are also in the pipeline. These efforts aim to enhance liquidity and usability of the RETIK token across various platforms.

The goal is to solidify Retik Finance’s position as a leading player in the decentralized finance ecosystem.

Frequently Asked Questions

How can investors determine the legitimacy of Retik Finance?

Researching the project’s background, such as its whitepaper, team, and community feedback, can provide insights into its legitimacy. Additionally, verifying its presence on Ethereum’s mainnet and adherence to the ERC20 standard adds credibility.

When was Retik Finance officially launched?

Retik Finance was launched on May 21, 2024. This date marked the beginning of its token vesting schedule and other key milestones.

What is the recent news regarding Retik Finance developments?

Recent updates include the beginning of the token vesting schedule, with 5% of allocated tokens unlocking every week for 20 weeks. This started on May 29, 2024, and aims to ensure a controlled release of tokens.

Where can investors purchase Retik Finance tokens?

Investors can purchase Retik Finance tokens through various cryptocurrency exchanges that list RETIK. Ensuring the chosen exchange is reputable and secure is crucial for safe transactions.

How does Retik Finance’s market performance compare to similar financial platforms?

Retik Finance’s market performance is similar to other DeFi tokens, encountering volatility typical of the crypto market. Factors influencing performance include overall market trends, specific project developments, and broader economic conditions.

President Joe Biden’s odds of securing the Democratic nomination for the 2024 presidential election surged to 45% on Polymarket, surpassing Vice President Kamala Harris’s odds. Despite Biden’s increased nomination odds, his chances of winning the general election is still lower than Harris’ and is way behind former President Donald Trump. Meanwhile, U.S. senators renewed efforts to ban congressional stock trading, and FDIC nominee Christy Goldsmith Romero stated that banks should be allowed to custody crypto during a congressional hearing. 

Biden’s Nomination Odds Surge on Polymarket

After his first press conference in months, President Joe Biden’s odds of becoming the Democratic nominee for president surpassed those of Vice President Kamala Harris on the crypto-based prediction market platform Polymarket. At one point, traders gave Biden a 51% chance of securing the nomination, up from 33% earlier in the day. 

At press time, Biden’s odds stood at 45%. Harris’ probability dipped to 37% before recovering to 40%.

Democratic nominee 2024 odds (Source: Polymarket)

Despite Biden’s nomination odds increasing, his chances of actually winning the general election in November stand at 14%, slightly lower than Harris’ 16%. Former President Donald Trump, the likely Republican nominee, is still the favorite to win the White House, with Polymarket’s contract giving him a 60% chance of victory.

During the press conference, Biden made a few verbal slips, including mistakenly referring to Harris as ”Vice President Trump.” However, he also addressed foreign policy issues and passionately spoke about gun violence, almost yelling at one point. Biden also talked about his plan to stay in the race but acknowledged that he needs to address concerns about his condition.

The president’s age and cognitive health have sparked calls from many well known Democrats, donors, and even actor George Clooney, for him to step aside despite his insistence on staying in the race. 

Polymarket has seen huge amounts of activity in recent months with hundreds of millions of dollars at stake. The platform was able to gain popularity despite having to restrict U.S. users because of regulatory settlement. 

Senators Push to Ban Congressional Stock Trading

While the crypto community is free to make bets on politicians, a bipartisan group of U.S. senators renewed efforts to ban members of Congress from trading stocks. In a Jul. 9 letter to House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries, 20 senators proposed an amendment to the Stop Trading on Congressional Knowledge Act of 2012 to prevent lawmakers from engaging in stock trading. 

Senator Josh Hawley passionately spoke about the need to eliminate profiteering based on exclusive information during a press conference. According to Hawley, “Congress should not be here to make a buck.”

The senators pointed out that 97 members traded stocks in areas where their committees had a direct impact and also revealed that members of Congress outperformed the S&P 500 by an average of 17.5%. Shockingly, a recent investigation revealed that one in seven sitting members of Congress violated the STOCK Act between 2021 and 2023.

The proposed amendment will ban sitting congresspeople from trading stocks within 90 days of the bill’s enactment and will also prohibit the sitting president, vice president, and the spouses and dependent children of all sitting Congress members from trading stocks starting in March of 2027. Violations will result in a penalty of 10% of the asset’s value. This is a big increase from the current $250 fine per transgression.

The senators’ letter also stressed the need for stricter measures to prevent unethical behavior and restore public trust in democratic institutions. Senator Golden believes that members of Congress should serve their constituents rather than exploit their positions for personal gain.

Attempts to amend the STOCK Act started back in January of 2022 with a letter to then-Speaker Nancy Pelosi and Minority Leader Kevin McCarthy. The push was fueled by public disclosures of profitable trades by top lawmakers during the early days of the COVID-19 pandemic.

Congresswoman Pelosi specifically raised a few red flags as her successful trading activity ended up increasing her net worth to over $250 million, despite an annual congressional salary of only $193,000.

FDIC Nominee Backs Crypto Custody for Banks

The rules of investment for banks are also changing. During a Jul. 11 hearing, Christy Goldsmith Romero, the nominee for the head of the Federal Deposit Insurance Corporation (FDIC), testified to Congress that banks should be allowed to custody crypto assets. 

In response to Senator Cynthia Lummis, Romero stated that crypto is “another business just like any other business” and pointed out that it is not the FDIC’s role to direct banks on which assets to custody. The Digital Chamber, a crypto advocacy group in Washington, DC, has shown support for Romero’s nomination because of her more progressive stance on the crypto industry. 

Senator Lummis’ question was the only mention of crypto during the hearing for candidates for positions at the FDIC, Securities and Exchange Commission, the United States Treasury, and the Financial Stability Oversight Council.

On the same day, Congress failed to overturn President Joe Biden’s veto of the Staff Accounting Bulletin-121 (SAB-121) repeal. The final vote was 60 votes short of a two-thirds majority. SAB-121, an SEC rule, mandates that banks custodying crypto assets have to hold these assets as liabilities on their balance sheets. This effectively discourages banks from holding digital assets for customers.

The regulatory battle over cryptocurrencies continues to be an issue in the US. The elections have also pushed crypto into the spotlight, especially after former President Donald Trump declared himself “the crypto President.” The 2024 election and the SEC’s ongoing hostility toward the crypto industry have caused industry executives to engage with DC lawmakers and initiate political efforts, like The Bitcoin Voter Project and the Stand With Crypto political action committee.

Additionally, the Supreme Court’s recent decision to overturn Chevron USA Inc. vs. Natural Resources Defense Council had serious implications. This ruling reverses a 40-year precedent that allowed federal regulatory agencies to create rules without Congressional approval.

Firms Navigate Around SEC Crypto Accounting Rule

Some companies and financial institutions have proposed business practices that the U.S. Securities and Exchange Commission (SEC) staff have agreed would allow them to avoid controversial crypto accounting guidance, according to an SEC source. Since the release of Staff Accounting Bulletin No. 121 (SAB 121) in March of 2022 and after numerous crypto industry bankruptcies, firms have asked for SEC advice on developing new cryptocurrency-related policies. Despite these consultations, SAB 121 itself has not changed.

Starting in 2022, several crypto firms, including Terraform Labs, Celsius, Genesis, and FTX, filed for bankruptcy. Naturally, these cases raised some serious questions about customer treatment. However, some firms have demonstrated that their procedures and technology allow customers to reclaim their crypto assets in bankruptcy situations, similar to traditional assets like dollars, thus avoiding SAB 121 obligations. 

Firms have made multiple changes to protect assets, including policies and procedures on accounting, asset protection, and access control, according to the SEC source. The SEC did not confirm if crypto firms had been assured removal from SAB 121’s scope. However, the source mentioned that any entity with the appropriate technology, practices, and procedures could receive no-objection guidance from the SEC’s accounting staff.

Reps. Mike Flood and Wiley Nickel introduced a resolution to overturn SAB 121 in February. In May, the House voted 228-182 to overturn the bulletin, with support from mostly Republicans and 21 Democrats. The Senate later voted 60 to 38 in favor, with support from some Democrats, including Senate Majority Leader Chuck Schumer. However, President Joe Biden vetoed the resolution, and an attempt by the House to override the veto failed earlier this week.

The SRA revealed that the scammers falsely claim to have personal data and threaten to release damaging videos. The emails use the address ”joyti.henchie@attwaters.co” and the name ”Patrice Joyce.” Meanwhile, the Compound Finance website is compromised, and is redirecting users to a phishing site, while the Cambodian marketplace Huione Guarantee has been linked to major crypto scams. CoinStats hack wallets were seen moving close to $1 million in ETH, but Railgun successfully blocked Inferno Drainer’s attempt to launder stolen crypto.

New Bitcoin Scam Resurfaces

The Solicitors Regulation Authority (SRA) in the United Kingdom has issued a warning about a new scam involving emails from fake lawyers demanding Bitcoin (BTC) payments. According to an update on its website, an email from the address “joyti.henchie@attwaters.co” claims to have copied all of the recipient’s personal data and threatens to release damaging videos unless a Bitcoin payment is made. 

The scam email includes a link to a Bitcoin wallet, which may also contain malware. It falsely uses the name “Patrice Joyce” and claims to be associated with the legitimate firms Attwaters Solicitors and Attwaters Jameson Hill Solicitors. 

However, the SRA confirmed that it does not authorize or regulate a lawyer named Patrice Joyce. According to the SRA, any business or transaction through the email domain “@attwaters.co” is not associated with the genuine firms or people it regulates. The genuine firm’s email domains end in “@attwaters.co.uk” or “@attwatersjamesonhill.co.uk.”

Manjot Kaur Henchie, known as Joyti, is the bearer of the name used in the email address, and is a genuine solicitor working at the legitimate firm Attwaters Jameson Hill Solicitors. Both the firm and Henchie have confirmed they have no connection to the scam email at all. 

The alert by the UK regulator is another case that proves just how important it is to be vigilant against email scams and making sure any demands for payment, particularly in cryptocurrencies like BTC, are thoroughly investigated before any action is taken. 

A very similar email extortion scam emerged in 2019, and it targeted website owners using Google’s AdSense program. Scammers demanded Bitcoin in exchange for supposedly protecting against an attack that would allegedly result in AdSense account suspension. In 2020, New Zealand law enforcement warned people about a crypto scam where fraudsters blackmail victims by claiming to possess information about their online pornographic activities. The scammers then demand a Bitcoin ransom and threaten to expose the victims’ alleged porn use if they don’t pay up.

Users Urged to Avoid Compound Finance Site

Crypto security investigator ZachXBT has issued a warning to users to avoid the Compound Finance website because it appears to have been compromised. On July 11, ZachXBT advised the community on Telegram to stay away from the site, as it redirects to a newly registered phishing site.

A member of the Compound Finance team confirmed the breach and urged users not to interact with the website to avoid the potential loss of personal data and funds. Michael Lewellen, security adviser at the Compound Finance DAO, also alerted users that the URL has been compromised and is now hosting a phishing site. Despite this breach, Lewellen assured users that the protocol and smart contract funds are still secure.

This is not Compound Finance’s first security issue as it suffered a breach in 2023 as well. The DeFi protocol’s official X account was hacked, and attackers used it to promote a phishing website. 

The compromised account advertised free crypto tokens and directed users to a fake site. Luckily, the incident was quickly flagged as a scam by cybersecurity blogger Officer’s Notes and blockchain security platform Scam Sniffer. Compound Labs managed to recover the account within four hours and removed the spam messages.

Phishing attacks have become a big problem in the crypto space. On July 3, CertiK reported that crypto security incidents resulted in $1.19 billion in losses in the first half of 2024, with almost $498 million attributed to phishing attacks alone. 

Cambodian Marketplace Linked to Major Crypto Scams

Huione Guarantee, an online marketplace that is operated by the Cambodian conglomerate Huione Group, has been implicated in facilitating online scams across Southeast Asia. According to a recent Elliptic Research report, the platform was involved in transactions of more than $11 billion, and a large portion of this is linked to money laundering and cyber scams. 

Tom Robinson, co-founder and chief scientist at Elliptic, explained that the transparency of the blockchain allowed them to quantify these crypto transactions, making it possible for them to track trans and block transactions in ways not possible with other payment methods.

Huione Guarantee operates mainly in Chinese and uses thousands of instant messaging app channels, and each is managed by separate merchants. These merchants provide services essential to cyber scams, including selling personal data, money laundering, and developing software and websites for scams. 

Ads on Huione Guarantee for electric shock shackles and electric batons (Source: Elliptic)

Shockingly, the platform also offers tools and equipment for imprisoning and torturing workers in scam compounds. While the platform uses bank transfers and payment apps, it mainly relies on Tether (USDT), which is easier to track than traditional fiat currency. Elliptic’s investigation led to hundreds of crypto addresses being labeled as associated with Huione Guarantee and its merchants. 

Robinson pointed out that businesses can use blockchain analytics to avoid transacting and interacting with entities like Huione Guarantee. The now labeled addresses in Elliptic’s tools enable transaction and wallet screening to prevent further laundering of illicit funds. 

Elliptic’s 2024 report also revealed the growing use of artificial intelligence in illicit activities, including state-sponsored cyberattacks and deepfake scams. Schemes involving deepfake videos of well known people like Elon Musk and former Singaporean Prime Minister Lee Hsien Loong are increasing. Discussions on dark web forums also reveal that criminals are using AI to reverse-engineer crypto wallet seed phrases and bypass authentication systems.

CoinStats Hack Wallets Moving ETH

Meanwhile, wallets linked to the CoinStats exploiter were seen moving almost $1 million in Ether (ETH) into the crypto mixing protocol Tornado Cash. Blockchain security firm CertiK reported that two wallets associated with the June CoinStats exploit transferred 311 ETH, which is valued at $959,000, to Tornado Cash. One wallet moved 211 Ether, while the other sent 100 ETH to the crypto mixer. 

The CoinStats security breach happened on June 22, and affected 1,590 crypto wallets. In response to the breach, CoinStats suspended user activity and isolated the security incident.

The company announced that none of the connected wallets and exchanges were impacted and advised the affected users to move their funds using their exported private keys. By June 30, CoinStats was working on its transaction database and migrating to a different platform to improve its efficiency and reliability. It also implemented system upgrades and audits. Functionality on the CoinStats platform was fully restored by July 3.

On June 26, CoinStats CEO Narek Gevorgyan revealed that the hack involved their AWS infrastructure, and evidence pointed to a socially engineered attack where an employee was tricked into downloading malicious software. Community members reported millions in losses, and one wallet allegedly lost almost $9 million in MKR.

Railgun Blocks Inferno Drainer’s Laundering Attempt

Luckily, not all crypto criminals are this lucky when it comes to laundering their stolen funds. Crypto privacy protocol Railgun’s built-in tool to filter out bad actors successfully thwarted Inferno Drainer’s recent attempt to launder stolen crypto. 

On July 10, MistTrack reported that an attempt to launder more than 174 ETH was blocked by Railgun, forcing the stolen ETH back to Inferno’s original wallet address. Alan Scott Jr, a Railgun contributor, explained that the Ethereum-based privacy protocol rejected Inferno’s malicious attempt through its automated Private Proofs of Innocence (Private POI) system. The system makes sure that tokens can only return to the attacker’s address if deemed unwelcome in Railgun.

Railgun was launched in January of 2021, and uses zero-knowledge (ZK) cryptography to protect wallet balances, transaction history, and transaction details. The Private POI system was introduced in January 2023, and uses cryptographic assurance to prevent tokens from known undesirable transactions or actors from entering the Railgun smart contract. 

Users have to create a ZK-proof that their funds are not part of a pre-set list of transactions and wallets. Scott stated that the Private POI system detects and blocks transactions linked to nefarious actors, leaving the sender with no option but to withdraw the tokens back to the original address.

Inferno Drainer has stolen over $180 million in crypto from more than 189,000 victims since its inception in August of 2023, according to Dune Analytics. Interestingly, in April, Railgun denied allegations that the North Korean hacking consortium Lazarus Group used the protocol. Despite being labeled a ”prime alternative to Tornado Cash” by Elliptic, Ethereum co-founder Vitalik Buterin defended Railgun.