This comes after the Supreme State Prosecutor’s Office (VDT) submitted a request to protect legality on August 2nd, proposing to delay the execution of the extradition orders issued by the High Court in Podgorica and the Court of Appeal.

Conflicting Rulings Plague Do Kwon Extradition Saga 

According to local media reports, the panel, headed by Judge Seka Piletić, made the ruling in response to a request from the VDT, which raised concerns about whether the court’s previous decisions approving Do Kwon’s extradition to South Korea and rejecting his extradition to the United States were legal under Montenegro’s Law on International Legal Assistance in Criminal Matters.

“At today’s session of the council, a Decision was adopted which determines the postponement of the execution of the decision of the High Court in Podgorica and the Court of Appeal of Montenegro until the decision of the Supreme Court on the Request for the protection of legality, which will be made within the legal deadline,” the Supreme Court’s statement reads.

This latest development in the complex legal saga surrounding Do Kwon’s extradition is the culmination of a series of conflicting court rulings in Montenegro. In March 2023, Do Kwon was arrested at Podgorica airport while attempting to flee to Dubai with his business partner, Chang Jun, using fake passports.

The High Court in Podgorica initially ruled to extradite Do Kwon to the United States, but that decision was later overturned. The court then decided to approve his extradition to South Korea, a ruling subsequently upheld by the Court of Appeal. 

However, the VDT’s request to protect legality has led the Supreme Court to intervene and postpone the extradition process.

Claims Of Abuse of Power

Per the report, Do Kwon’s defense attorney, Goran Radić, has criticized the VDT’s actions, stating that “revision of a final decision, which is in favor of the defendant, is not possible except with abuse of position.” 

Radić also highlighted the “series of inconsistent legal decisions” in the case, accusing the authorities of prioritizing the “minister’s illegal private promise to extradite Kwon” over the proper application of the law and international agreements.

The case of Do Kwon dubbed the “mastermind” behind the collapse of the Terra/LUNA cryptocurrency ecosystem, estimated to have caused over $40 billion in losses to investors, has drawn significant attention and controversy. 

His arrest and the subsequent legal battles in Montenegro over the past year have been intertwined with the political tensions between the former and current prime ministers, Dritan Abazović and Milojko Spajić.

At the time of writing, Luna Classic (LUNC), the blockchain’s native token, is trading at $0.00006896, up 5.4% in the last 24 hours as the broader crypto market has partially recovered from Monday’s crash. 

Featured image from DALL-E, chart from TradingView.com 

The post Montenegro’s Supreme Court Halts Do Kwon’s Homecoming To South Korea Again – Details first appeared on Claimsaviors.

WazirX To Restore All Account Balances

On July 18, WazirX fell victim to a security breach that took approximately $235 million from one of the trading platforms’ multisig wallets. The crypto heist stole millions of ETH, SHIB, PEPE, MATIC, and other tokens, leaving thousands of users empty-handed.

As a result, the platform halted operations and set into motion a plan to recover the stolen funds. The bounty program designated 10% of the stolen funds, around $23 million, to those who assisted WazirX’s team in recovering the tokens from the malicious actors.

In the latest development, the Indian exchange unveiled the steps to address users’ concerns and compensate affected customers following the massive hack. Per the announcement, WazirX will restore the balances of all accounts following the halt of withdrawals on 18 July 2024, 1 PM IST.

Moreover, the trading platform is set to undo all the trades made on it between the stoppage of withdrawals and the pause of trading operations on July 21. WazirX emphasized that the “decisive action” was taken after carefully considering the situation and feedback from the affected customers.

All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July 2024, 1 PM IST. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades.

The crypto exchange clarified that the restoration would only affect the trades executed after July 18 to ensure that “all users are equitably treated following the abnormality arising from the cyberattack.”

As detailed in the announcement, all ongoing and pending transactions will be automatically canceled during the restoration. Additionally, TDS associated with the ineffective trades, as well as fees and referrals coming from them, will be credited back and reversed to the affected users.

Crypto Community Criticizes Next Step

WazirX’s customers shared mixed opinions about the measure. Some users expressed their content with the restoration, calling it a “step in the right direction.” Meanwhile, others criticized the decision to undo the trades carried out after the hack.

Some users considered that the exchange made a mistake by not pausing all operations on the day of the hack. By only stopping withdrawals, customers continued to use the platform for three days before the trading halt was announced.

As a result, these customers could be affected by the restoration. Moreover, some community members claimed the measure was “not a good steep after 3 weeks, only a correction of your mistake.”

Similarly, WazirX also faced backlash for not resuming operations yet. Users not affected by the hack consider that the inability to withdraw their funds is “creating unnecessary issues.”

The announcement stated that operations are set to remain paused while the restoration is being processed. To some, the crypto exchange is “creating a pool of unclaimed funds” by not reopening withdrawals for the unaffected funds.

The post Crypto Exchange WazirX To Restore User Balances Following $230 Million Hack first appeared on Claimsaviors.

According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly targeted a syndicate accused of laundering about $1.5 billion through shell companies and cryptocurrencies.

Details Of The Crypto-Backed Laundering Operation

The successful crackdown of the aforementioned money laundering scheme occurred on August 7 when the Customs officials in Hong Kong executed an extensive operation, apprehending four individuals linked to crypto-backed laundering activities.

As disclosed in the press release, these suspects aged 31 to 66 are believed to be “key players” in the syndicate, orchestrating complex transactions across Asia-Pacific.

The investigation revealed that from August 2020 to August 2022, the group managed suspicious funds amounting to roughly $1.5 billion, funneling them through various trading companies.

According to the press release, Hong Kong’s legal framework under the Organized and Serious Crimes Ordinance (OSCO) played a crucial role in the operation, with the suspects facing severe penalties if convicted. This includes a fine of up to $5 million and up to 14 years in prison.

The report read:

 Under the OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property, in whole or in part, directly or indirectly represents any person’s proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.

Furthermore, assets linked to the crime, totaling around $2.2 million, have been frozen in the legal proceedings. The operation also involved searches across multiple properties, where officials confiscated evidence, including mobile phones, computers, and cryptocurrency wallets.

Just as in any investigation, such items can be quite useful for the authorities in piecing together the syndicate’s operations and precisely tracing the broader network potentially involved in these illegal activities.

Hong Kong Continous Crackdown

Notably, this latest bust is just one of the many crackdowns the Hong Kong authorities have initiated over the past months. With the global crypto market growing rapidly in adoption, scammers have continued to prey on this finance sector in any way possible.

Just last month, the Hong Kong police four people were arrested due to their involvement in defrauding unsuspecting victims with fake cash.

Before that, the Hong Kong Securities and Futures Commission (SFC) warned investors to stay away from three entities suspected of engaging in fraudulent activities related to virtual assets or operating without a license.

Featured image created with DALL-E, Chart from TradingView

The post Hong Kong Authorities Bust $1.5 Billion Crypto-Backed Money Laundering Ring—Here’s How first appeared on Claimsaviors.

Bitcoin Long-Term Holder Net Position Change Has Been Positive Recently

As explained by analyst Ali Martinez in a new post on X, the supply held by the BTC long-term holders has increased during the latest downturn in the cryptocurrency.

The “long-term holders” (LTHs) here refer to the Bitcoin investors who have held onto their coins for more than 155 days. This group is one of the two main divisions of the BTC market based on holding time, with the other cohort being known as the “short-term holders” (STHs).

Statistically, the longer an investor holds onto their coins, the less likely they become to sell or transfer them at any point, so the LTHs represent the stubborn side of the sector.

Whereas the STHs easily react to happenings in the market, the LTHs tend to hold tight, regardless of whether there is a rally or a crash. As Bitcoin has witnessed a plunge recently, the former cohort could be expected to have panicked once more, while the LTHs would have remained stalwart.

One way to keep track of the behavior of any cohort is through the “Net Position Change” indicator, which tells us about the net amount of BTC entering into or exiting the combined balance of the group.

Below is the chart that shows the trend in this metric for the Bitcoin LTHs over the last few months.

As is visible in the graph, the Bitcoin LTH Net Position Change has maintained notable positive levels through the recent bearish price action. This means that the total holdings of the group have been increasing in value.

In this latest inflows, the LTHs have seen their supply go up by 184,500 BTC, worth more than $10.8 billion at the current exchange rate. Something to keep in mind is that this recent increase doesn’t indicate that these HODLers have been buying in the present.

This is because the indicator has a 155-day delay attached since coins are only included in the cohort after they have aged up for this period. Thus, the recent increase would mean these coins were bought five months ago, and now they have matured enough to become a part of the group.

The same rule doesn’t apply to selling, though, as coins see their age instantly reset back to zero as soon as they are transferred across the blockchain, thus kicking them out of the cohort.

While the recent LTH positive Net Position Change doesn’t imply that accumulation is happening right now, it’s still naturally a bullish sign as it means HODLing crash hasn’t broken the conviction.

BTC Price

At the time of writing, Bitcoin is floating around $58,900, down almost 7% over the past week.

The post Bitcoin Crash? HODLers Still Unfazed As They Add $10 Billion To Holdings first appeared on Claimsaviors.

In an interview with Bloomberg Television, Chief Executive Officer Vlad Tenev revealed that the company has filed a response to the SEC’s Wells Notice regarding its cryptocurrency operations, hinting at possible regulatory enforcement action.

Robinhood CEO Emphasizes Robust Response

A Wells notice is a letter from the SEC informing a company that the regulator is considering recommending civil or administrative action against it. 

Robinhood has since submitted a response, with Tenev emphasizing that the firm has “spent a lot of time making sure that the response is as high-quality as possible.” The Wells notice reportedly relates to Robinhood’s cryptocurrency business as the company navigates the regulation by-enforcement environment in the US. 

Tenev emphasized the efforts invested in crafting a “robust and meticulous” response, underscoring the company’s commitment to addressing regulatory inquiries with “utmost diligence.” 

While refraining from disclosing further details, Tenev reiterated the firm’s dedication to upholding transparency and compliance standards in navigating the regulatory landscape.

Tenev Sees Healthy Retail Buying

Since the surge in retail trading activity amid the 2020 pandemic-induced market frenzy, Robinhood diversified its business portfolio, branching out into areas such as retirement products, credit cards, and international crypto ventures. 

In contrast, according to Bloomberg, industry competitors like Charles Schwab Corp. and Fidelity Investments encountered operational challenges, including service disruptions during the recent global stock-market downturn. 

Tenev reassured stakeholders of Robinhood’s “resilient” technological infrastructure, citing the absence of significant disruptions during the recent periods of market volatility that affected rival platforms.

“Now, when we see high volumes, we’re ready for it,” Tenev said. “Customers tend to be buying the dip–there are more buyers than sellers, which we think is a good sign for the health of the retail market.”

However, the company did encounter some challenges with its execution venue, Blue Ocean ATS, which was forced to suspend overnight trading due to its inability to handle the scale of the market activity. 

Tenev acknowledged that the “infrastructure basically fell over” and said the company is working to ensure Blue Ocean can enable overnight trading for all its customers as soon as possible.

As the crypto industry recovers from Monday’s market crash, the total crypto market capitalization has surged back above the $2 trillion mark after a brief dip towards $1.69. 

Bitcoin (BTC), on the other hand, has led the rally with its price inching closer to the $60,000 milestone, which is key to the cryptocurrency’s prospects, after trading as low as $49,000 on Monday. 

Featured image from DALL-E, chart from TradingView.com

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Solana Facing New Transaction Processing Challenges

Taking to X, one user said the network has alarmingly high transaction failure rates. This performance problem, the analyst added, tends to significantly impact user experience, watering down the network’s benefits, mostly centered on low gas fees and high scalability.

Sharing transaction data from Jupiter, a DEX aggregator on Solana, paints a worrying reality. For every 24 hours, the analyst noted, only 35% of all transactions posted go through. This means that a majority, roughly 65%, are not processed.

The analyst further expounded that the situation is even more severe, as analyzed over the last month. Some days, the analyst observed that the transaction failure rate could exceed 80%. At this rate, and on those days, only two are confirmed out of ten transactions posted on Solana.

The low transaction success rate comes even though Solana supporters point to the high transaction processing speed, which is way better than Ethereum and Bitcoin. If the success rate is anything to go by, the analyst said this statistic could be misleading since it considers all the failed transactions.

For this reason, the higher TPS is false and only inflates Solana’s on-chain performance. This position is because Solana, in light of the high failure rate, considers failed transactions as successes, creating a false image of the platform’s capabilities.  

Whenever transactions fail to go through, user experience is negatively impacted since users must pay fees for every posted transaction. In essence, this means Solana penalizes users for using the network.

Will Interested Financial Institutions Like Visa Back Off?

The situation worsens because Solana attracts bots that flood the network with low-fee transactions. This translates to a high failure rate for regular users who fail to optimize their gas fees accordingly by paying more.

The analyst added that Solana’s high transaction failure rate may even see major financial institutions, like Visa, re-assess their decision. If they choose to deploy in Solana, users accustomed to traditional payment rails’ reliability and high processing speeds may be hesitant to adopt the technology.

Though the high failure rate indicates high demand, Solana is plagued by other problems. Recently, the Solana Foundation banned over 30 validators from their subsidy program, accusing them of enabling Miner Extractable Value (MEV) bot activity.

The post Solana Processes Only 3 Out Of 10 Transactions Posted: Is This High Failure Rate A Concern? first appeared on Claimsaviors.

Crypto ETF Expansion Faces Headwinds In Japan

Hideki Ito, commissioner of Japan’s Financial Services Agency (FSA), emphasized the need for “cautious consideration” when greenlighting crypto-linked ETFs in the country. Ito expressed concerns that crypto assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner.”

Hideki Ito’s comments come from global regulators who have softened their stance on ETFs that invest directly in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). 

For instance, the US Securities and Exchange Commission approved the first spot-Bitcoin ETFs earlier this year after a long-running legal battle with asset manager Grayscale. 

Similar crypto ETFs have recently been launched in markets such as Hong Kong, Australia, and the UK following the successful trading of these products in the US. These exchange-traded funds have attracted substantial net inflows amounting to $19.2 billion. 

However, Japan appears intent on taking a more measured approach. Ito, a career bureaucrat who assumed the FSA commissioner role in July, said the agency wants to maintain a “pro-technology stance” but has reservations about encouraging broad retail investment in crypto assets.

Scars Of Past Exchanges Failures 

Bloomberg notes that the FSA’s caution is rooted in Japan’s checkered history with cryptocurrency exchanges and hacks. Customers of the now-defunct Mt. Gox exchange are still working to recoup tokens lost in a major breach over a decade ago. 

In addition, in June this year, the DMM Bitcoin exchange, one of the largest in the Asian country, lost $305 million in what security firm Chainalysis said was the seventh-largest digital asset heist on record.

Against that backdrop, the FSA appears intent on proceeding slowly and cautiously when it comes to approving crypto-linked ETFs that would open the door to broader mainstream investment. Ito acknowledged the regulator won’t rule out the possibility entirely but insisted more deliberation is needed.

At the time of writing, the largest cryptocurrency on the market, Bitcoin, has managed to regain the $58,330 level after hitting a 7-month low on Monday amid global economic uncertainties. 

This comes as US-based ETFs linked to BTC have significantly supported the price, with fresh inflows recorded on Wednesday’s trading session. According to Bloomberg ETF expert Eric Balchunas, after a few days of “mild outflows,” these ETFs saw net inflows of $45 million on August 7.

However, the most important aspect related to the recorded inflows is that these index funds, except Grayscale’s Bitcoin Trust (GBTC), did not record any outflows, which shows the confidence of institutions in the long-term prospects of cryptocurrency. 

Featured image from DALL-E, chart from TradingView.com 

The post Crypto-ETFs In Japan Require ‘Cautious Consideration,’ Warns Regulator first appeared on Claimsaviors.

However, the crypto industry is like a cycle of ups and downs, and many expert investors are aware of this. Seasoned investors understand that such price declines often present buying opportunities, especially for assets with strong community support and long-term potential. As such, many have taken the opportunity to accumulate tokens at low prices. One such interesting accumulation has come from a SHIB whale, with on-chain data showing the acquisition of hundreds of billions of tokens from a centralized exchange.

Whale Buys Millions Worth Of Shiba Inu

The whale accumulation in question was noted through on-chain data on the Arkham Intelligence platform. This data reveals that a specific whale address, identified as “0x4B5C,” made the substantial acquisition of 220.34 billion SHIB tokens over the past 48 hours. The accumulation unfolded through a series of transactions, with the first and largest being the acquisition of 216.397 billion SHIB tokens. This was followed by 3.55 billion tokens and another 400 million tokens. At the time of the acquisitions, the tokens were collectively worth approximately $3 million. 

A deeper analysis of the transaction data traces the origin of the tokens back to Coinbase Prime Custody, which is Coinbase’s solution for secure storage and management of digital assets for institutional investors. Coinbase Prime Custody’s involvement indicates that this whale is likely an institutional player or a high-net-worth individual using institutional-grade services to manage their crypto holdings. Such a significant move reflects confidence in the token’s future despite the recent price downturn. 

Speaking of the price downturn, the recent decline underscores the inherently speculative nature of meme coins. SHIB’s sharp decline was triggered by a dip in Bitcoin’s price, which was sufficient to push it below several key support levels it had successfully held for the past six months.

SHIB has since recovered some of its losses since it bottomed at $0.000011. As of the time of writing, SHIB is trading at $0.00001333, which is a recovery of 22.5% from its recent low of $0.000011. This upward movement suggests that some investors have taken advantage of the lower prices to re-enter the market or increase their holdings, as in the case of address “0x4B5C.” However, SHIB has not yet fully recovered from the recent downturn, as it is still down by 16.2% in a seven-day timeframe. 

The post Smart Whale Buys Hundreds Of Billions Of SHIB Following Crash first appeared on Claimsaviors.

Michael Saylor Flags Bitcoin’s Volatility As A Feature, Not A Bug

The MicroStrategy co-founder, Michael Saylor offered his insights on Bitcoin’s volatility in a recent interview on Bloomberg Open Interest. His insights are intended to comfort investors about the feasibility of using Bitcoin as a hedge against economic volatility and a store of value.

In the interview, Saylor well recognized as a supporter of the crypto asset reiterated his strong confidence in the long-term potential of BTC in spite of current volatility. Addressing the subject, Saylor noted that the first thing the industry needs to understand is that Bitcoin’s volatility is a feature, not a bug.

According to the co-founder, BTC’s volatility tends to trigger massive global credit and liquidation in the short term. However, in the long term, it is a superior asset in terms of performance and durability. Saylor believes the asset is volatile due to its functionality, as the physics and politics of BTC have closed and crippled all other markets.

Discussing its potential to serve as a store of value, Saylor emphasized the asset’s superiority over physical capital or financial capital. The MicroStrategy executive considers BTC a better store of value since it offers financial freedom from counterparties.

He stated:

The reason it moves is because it’s functional. It’s digital capital and it’s superior to physical capital or financial capital. Bitcoin is a capital investment you can hold for decades that a corporation, competitor, counterparty, or country can’t take away from you.

As a result, he believes the digital asset could act as generational wealth within the retail and institutional level while offering personal management funds. Given the decentralized nature of the coin, Saylor contends that Bitcoin is paramount to any other long-term capital management in the world despite its volatility.

Anytime Is Right To Invest In BTC

When asked about the right time to purchase BTC, Michael Saylor stated that there is never a bad time to acquire the asset, comparing it to a real estate investment in Manhattan. He further emphasized MicroStrategy’s BTC investment strategy, noting that the firm generally purchases Bitcoin whenever there is an opportunity and enough capital has been raised.

Related Reading: In German, Michael Saylor Issues A Strong Bitcoin Statement – Here’s What He Said

While Saylor believes there is no perfect time to buy BTC, he has stressed the importance of understanding seasons and market trends in order the navigate the crypto asset’s price fluctuations. As investors navigate these volatile times, Saylor statements offer a key viewpoint on the long-term value of Bitcoin.

The post Bitcoin Bull Michael Saylor Reveals Shocking Facts About The BTC Price Volatility first appeared on Claimsaviors.

The update includes several important changes, notably several fixes that have been backported from Bitcoin Core’s upstream. DOGE contributor junior developer (@chromatic_x) announced via X: “Dogecoin Core 1.14.8 has been released. This minor release includes important network code updates. We strongly recommend all users on every platform update soon.”

Why Dogecoin Core V1.14.8 Matters

One of the key enhancements in the new release is the major reduction in the peer INV (inventory) object counts. Previously, Dogecoin Core nodes maintained a large and often excessive list of inventory items for each peer. The latest update has streamlined this to a more reasonable number, thus optimizing the resource allocation on nodes and reducing unnecessary network traffic.

Further refining the network’s efficiency, the update has overhauled the transaction request tracking system. The new system enhances how Dogecoin Core communicates with other peers by prioritizing outbound peers over inbound ones. This prioritization is critical as it makes CPU and memory usage more predictable and scalable, particularly important as the number of peers increases.

Moreover, orphan transactions are now processed in a better manner. Previously managed in a complex and resource-intensive manner, orphan transactions are now processed similarly to regular “getdata” messages. This change not only speeds up the processing of these transactions but also simplifies the underlying code, making it easier to maintain and less prone to errors.

Another notable change is the reduction of getheaders traffic for INV messages. In the past, Dogecoin Core would send multiple getheaders messages per INV message, which increased bandwidth usage and complicated the codebase. The update modifies this approach by sending a single “getheaders” message for one block when announced in an INV message, thereby reducing traffic and simplifying the interaction logic.

The release also includes a better approach to reporting difficulty adjustment errors. Prior to this update, difficulty adjustment violations were not reported for chains that branched off before the last checkpoint. This issue has been rectified by rearranging the sequence of checks, moving the checkpoint check to follow the difficulty check, which enhances the accuracy of the network’s self-monitoring capabilities.

Security has been a paramount concern in this update, highlighted by the detailed documentation in the SECURITY.md file, which describes procedures for reporting potential vulnerabilities. This proactive approach is crucial for maintaining trust and integrity within the Dogecoin network.

On the technical side, the update includes several dependency upgrades such as fontconfig to version 2.12.6, freetype to version 2.11.0, and expat to version 2.6.2. These upgrades ensure that Dogecoin Core is running on secure and efficient libraries. Additionally, the update allows for compilation with Boost 1.80 and newer, and supports compilation with updated C++ standards, enhancing the code’s robustness and future-proofing the development environment.

At press time, DOGE traded at $0.10134.

The post Dogecoin Core 1.14.8 Is Here: What’s New And Why It Matters first appeared on Claimsaviors.