2023-11-05 14:09

Monero's Community Crowdfunding System (CCS) wallet, funded by donations, has been confirmed to have lost all its funds, according to developer Luigi in November. The loss, amounting to 2,675.73 XMR or approximately $460,000, was initially reported on September 1, 2023, by Colin Wu on Wu Blockchain. The incident involved nine transactions that exploited a potential vulnerability in the privacy model of the wallet. Moonstone Research traced the attack back to a user of the Monerujo Android non-custodial Monero wallet. The user utilized the PocketChange feature to split a larger coin into multiple pockets for immediate spending without the standard 20-minute delay. This process resulted in the creation of 11 output enotes, an anomaly that suggested the use of either version 3.3.7 or 3.3.8 of Monerujo. The hypothesis of a privacy model loophole as the potential vulnerability was proposed by SlowMist and referenced by Wu Blockchain in their initial report. This was further substantiated by Moonstone's analysis of four Crescent Discovery (NASDAQ:WBD) Reports and Monerujo's statement about the feature ensuring coins won't merge again. The loss of funds from the CCS wallet marks a significant setback for Monero and raises concerns about potential vulnerabilities in other cryptocurrency wallets. As investigations continue into this incident, it underscores the importance of robust security measures within digital currency systems. https://www.investing.com/news/cryptocurrency-news/moneros-community-wallet-loses-460000-due-to-privacy-model-loophole-93CH-3222453

2023-11-05 13:51

Copyrighted Image by: Reuters. The crypto market witnessed a significant transfer of 50 million XRP tokens, equivalent to $15.42 million, to the Bitstamp and Bitso platforms from an unknown wallet, according to data from Whale Alert. This event potentially hints at a forthcoming sell-off. Despite experiencing a minor 1.25% price dip on Saturday, XRP has shown an overall 11.5% weekly increase, achieving a local peak of $0.62 on Friday and closing at $0.611399, marking a monthly gain of 17.3%. On-chain indicators have been suggesting an increased demand for XRP. Daily active addresses have consistently remained above the 19,500 mark, trading volumes have surged by 72.84%, and the presence of about 277.62K wallets holding at least 10K XRP has been noted. Data from Santiment reveals that transactions over $100,000 by whales have seen a significant increase in November, implying possible price volatility for XRP in the near term. Nonetheless, bullish catalysts such as Ripple Labs' community initiatives and an upcoming partnership with the National Bank of Georgia could offset potential price corrections. In related news, the Bitcoin market saw substantial activity as well. Three wallets moved a total of 6,500 BTC, worth approximately $230 million, for the first time in six years following a favorable Federal Reserve interest rate announcement. This movement propelled Bitcoin's price to $36,000, its highest level since May 2022. https://www.investing.com/news/cryptocurrency-news/xrp-sees-heightened-demand-amid-potential-selloff-bitcoin-reaches-sixmonth-high-93CH-3222449

2023-11-05 13:10

Copyrighted Image by: Reuters. Charlie Munger, vice chairman of Berkshire Hathaway (NYSE:BRKa) and long-time collaborator with Warren Buffett, has voiced his criticism of Bitcoin and other cryptocurrencies during a Wall Street Journal interview today, Sunday. The billionaire investor, who has a net worth close to $3 billion, compared the rise of Bitcoin to launching a "stink ball" into the traditional financial system. Munger believes that the financial system is crucial in the transition from primitive societies to advanced civilizations, and views Bitcoin as a disruptive factor. In recent times, Munger's critique of cryptocurrencies has intensified, leading him to call for an outright ban on these digital assets. He dismisses them as "gambling contracts" rather than legitimate investments. In terms of investment guidance, Munger suggested that average investors would benefit more from investing in index funds rather than attempting to choose individual stocks without any clear advantage. This advice aligns with his long-standing approach to promoting simple and effective investment strategies over complex and risky ones. https://www.investing.com/news/cryptocurrency-news/berkshire-hathaways-munger-criticizes-bitcoin-promotes-index-funds-investing-93CH-3222434

2023-11-05 13:05

Copyrighted Image by: Reuters. Crypto asset XRP closed at $0.6155 on Saturday, marking a gain of 0.51% following a previous rise of 1.09%. This positive trend for cryptocurrency is associated with the global adoption of XRP and the successes of Ripple, particularly influenced by the Programmatic Sales court ruling. The ongoing SEC v Ripple case remains a pivotal factor, with both parties expected to propose a briefing schedule related to the remaining charges on institutional sales of XRP by November 9. Despite the lack of new developments on Saturday, demand for XRP was bolstered by the decision of the Dubai Financial Services Authority (DFSA) to permit Dubai International Financial Centre (DIFC) firms to utilize XRP in virtual asset services. Brad Garlinghouse, CEO of Ripple, lauded Dubai's pro-innovation regulators following the DFSA approval. He reaffirmed Ripple's commitment to regions with clear crypto regulations, underlining this stance with the decision to host RippleSwell in Dubai. In related news, Japan's SBI has announced plans to adopt XRP and Ripple's remittance product in Indonesia, the Philippines, and Vietnam. This move further highlights the growing acceptance and integration of XRP into global financial systems. John E. Deaton, founder of CryptoLaw US, clarified that there are currently no ongoing settlement talks between Ripple and the SEC. He also confirmed that Ripple has no plans for an IPO before June 2024. Deaton warned that any delay in progressing toward a briefing schedule could negatively impact investor sentiment. He also pointed out potential discussion points for the case including documents related to former SEC official William Hinman's speech and the absence of legislation assigning SEC authoritative powers over cryptocurrencies. While acknowledging the recent gains in XRP price, Deaton criticized the SEC for its focus on legitimate companies like LBRY, Ripple, and Dragonchains instead of fraudulent crypto players. The 14-day RSI reading showed XRP in overbought territory, suggesting potential selling pressure in the absence of an XRP-related catalyst. However, the 4-hourly RSI reading hinted at a possible visit to the resistance level of $0.6354 before entering overbought territory. https://www.investing.com/news/cryptocurrency-news/xrp-sees-steady-growth-amid-ripples-global-successes-and-regulatory-advancements-93CH-3222433

2023-11-04 14:04

Ripple's XRP has received approval for use within the Dubai International Financial Centre (DIFC) from the Dubai Financial Services Authority (DFSA). This decision allows over 4,300 DIFC companies to integrate XRP into their operations, expanding Ripple's influence in the Middle East, Africa, and South Asia region. Ripple CEO Brad Garlinghouse applauded Dubai’s pro-innovation regulators and emphasized Ripple's dedication to jurisdictions with clear crypto regulations. XRP now aligns with Bitcoin, Ethereum, and Litecoin as DFSA-endorsed digital assets, demonstrating Dubai's commitment to cryptocurrency and blockchain technology. The endorsement could enhance XRP's reputation, which was tarnished during a lengthy SEC lawsuit. Despite a slight increase in XRP's market value to $0.604621 per coin, it remains below its July peak of $0.82 following a ruling by Judge Analisa Torres that partially favored Ripple in the SEC lawsuit. In another significant development, Ripple has also been incorporated into the Digital Lari pilot project on the XRP Ledger by the National Bank of Georgia. These positive developments within Ripple's ecosystem, combined with its legal victories, are expected to stimulate XRP's market value growth. The upcoming Ripple Swell event in Dubai, scheduled for November 8-9, 2023, may reveal important updates including those on the XRP lawsuit presided over by Judge Analisa Torres. The cryptocurrency community is eagerly awaiting next week's Ripple IPO announcement, predicted with a 98% certainty by Wall Street analysts using Pitchbook algorithms. Ripple has also received in-principle approval for its Major Payments Institution license in Singapore. These recent approvals and advancements highlight Ripple's commitment to expanding its presence globally and further solidify its position within the cryptocurrency sphere. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-greenlighted-by-dubai-financial-services-authority-ahead-of-anticipated-ipo-93CH-3222200

2023-11-04 12:51

Copyrighted Image by: Reuters. The surge in Bitcoin's value, with an over 100% increase this year, has fueled Bitcoin mining stocks such as Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) Holdings, which have seen annual gains exceed 180%. Amidst this bullish trend, a less obvious industry shift is taking place. Bitcoin miners, including Bit Digital and Hive Digital Technologies, are beginning to repurpose their existing infrastructure for artificial intelligence (AI) applications, indicating a significant change in the industry's direction. Hive Digital is transforming 38,000 Nvidia (NASDAQ:NVDA) data center GPUs, previously used for crypto mining, into a cloud service for AI clients. Similarly, Bit Digital is committing $35 million towards new GPUs to serve AI clients, aiming to support its primary mining operation. While the current profitability of Bitcoin mining might make this shift seem questionable, the cyclical nature of the Bitcoin mining industry and its high dependence on Bitcoin's price necessitates this strategic transformation. To mitigate risk during periods when Bitcoin's value drops, miners are diversifying by offering IT services to third-party clients. The upcoming Bitcoin halving event in April 2024, which will reduce the reward for mining Bitcoin by half, further accelerates this strategic shift. Selling AI computing power can be highly profitable; Bit Digital anticipates that a new AI computing contract could generate up to $250 million over three years. Hive Digital Technologies claims its new computing venture generates 15 times more revenue per megawatt than Bitcoin. Investors are advised to exercise caution when investing in companies undergoing transformations to tap into emerging technologies. Detailed due diligence is essential, scrutinizing the revenue from noncore businesses and evaluating the feasibility of future growth projections. https://www.investing.com/news/cryptocurrency-news/bitcoin-miners-shift-focus-to-ai-amid-soaring-crypto-value-93CH-3222170