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March 2006

Litecoin (LTC) Slumps Over 60% from This Year’s High

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Litecoin

Litecoin

The rally in the cryptocurrency space over the course of the first six months of the year was nothing short of staggering and although Litecoin did not gain as much as many thought it would, it did not drop alarmingly either. That being said, LTC has dropped in value dramatically from its highs this year.

Why the Sudden Fall?

Things have become particularly chaotic over the past few days as LTC kept dropping in price at almost all exchanges worldwide. However, the most important thing to point out in this regard is that there is no clear explanation yet about the sudden nosedive.

The scale of the drop has been quite significant, and hence, it is no wonder that investors in LTC are also not quite sure about the immediate future of the altcoin. The token has peaked this year at $146.43, but since then, it has suffered a massive drop and only last month it had been trading at only $57. That reflects a drop of as much as 61%, and there is still no indication whether the selloff in Litecoin is going to end any time soon.

>> Ethereum (ETH) Drops 2% in Broader Crypto Market Sell-Off

Over the past few days, the price has recovered somewhat, and it has remained largely range-bound. However, the bounce-back of sorts is not significant in any way, considering the fact that it has been trading between $70 and $80 for much of the past two weeks.

While no clear explanation has yet been put forward, analysts have professed their own ideas with regards to the drop. One of the most popular theories is that many of the investors have decided to book their profits in LTC and decided to cash out. The sudden departure of so many investors has resulted in the sharp decrease in price in such a short span of time. However, it remains to be seen how Litecoin behaves over the course of the next few days.

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Tether Grows as Algorand Finally Adds USDT Tokens

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Tether

Tether

The crypto sphere has developed at a remarkable rate over the course of the past half a decade, and one of the biggest developments has been the emergence of stablecoins like Tether (USDT). Despite skepticism from many in the crypto space, the stablecoin has continued to grow, and in a new development, it has been added by Algorand.

Major Details

This is a significant development for USDT, but it remains to be seen whether there is any rally in the stablecoin in the coming days. Algorand is one of the most innovative projects and operates a proof of stake blockchain that is totally permissionless.

This is a major development for the simple reason that it will result in greater use of USDT and also grow Tether’s supply considerably in the crypto space. In addition to that, Tether will also be available over a wider range of networks, and that is something that almost all tokens aspire to.

The supply of USDT has grown exponentially in recent years, and at this point in time, it has a total supply of 4.7 billion. It is trying to make use of a range of networks in order to further boost its supply.

The Chief Technology Officer of Tether spoke about the collaboration with Algorand and said how it is going to be mutually beneficial, explaining, “Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions.”

>> Bitcoin (BTC) Soars to 4-Month High, Crosses $10K Mark

Over the past few years, USDT has become an integral part of many exchanges and is often used by traders as a trading pair. However, it is now looking at ways to further boost the supply and use cases of USDT. In that regard, the latest collaboration agreed by Tether is a significant development.

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Blockstack Raises $23 Million USD in First Regulated Token Offering

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Blockstack

Blockstack

Blockstack has raised $23 million USD in the first-ever token offering approved by the US Securities and Exchange Commission.

Blocskstack PBC, which is a decentralized computing network aiming to antiquate data breaches and trust violations, first announced the token sale in July, having received SEC approval to raise up to $28 million USD in a Reg A+ compliant offering. The breakdown of the token offering consisted of $15.5 million USD raised through the sale of  74.3 million Stacks tokens through its Reg A+ sale in the US, and an additional $7.6 million USD through the sale of 30.6 million tokens through its Reg S offering in Asia.

In a blog post released by Blockstack today, CEO Muneeb Ali said, “Our goals for working with regulators in the States were twofold. Primarily, we wanted to reach more retail investors who can be users of our network, and have a financial stake in the success of our ecosystem. Secondly, we identified Asia as a priority market, and our SEC qualification added weight to our strategic move toward Asia.”

Over 4,500 entities participated in the token offering, including Arrington Capital, Recruit Holdings, and Hashkey Group, who led the Asian offering round. Blockstack also secured a strategic investment from Recruit Holdings, a Japanese HR firm with a market cap of $50 billion USD. As part of this agreement, Recruit will purchase some of Blocksrack’s STACK tokens with a view to advancing decentralized technologies in Japan.

>> Bitcoin Volatility Eases: Is This Good or Bad for Crypto Traders?

Ali was keen to emphasize the importance of Asia as a market by saying “Asia is arguably the largest market for crypto […] Japan is a very interesting market for crypto because it has clarity around regulations. It is legal to own and trade crypto assets, but only those whitelisted by the regulators.” Given its advancements in the Asian market, being the first company to conduct an SEC-approved token offering, and even receiving investment from Harvard University, Blockstack is somewhat of a trailblazer in terms of engaging in regulated crypto trading.

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$6.4 Milllion USD Worth of FSN Tokens Stolen in Fusion Network Hack

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FSN Tokens

FSN Tokens

Fusion Network, a blockchain-based stablecoin exchange, has announced that $6.4 million USD worth of FSN tokens have been taken from a compromised wallet.

The foundation in charge of the network revealed the theft in a blog post on Saturday, September 28. The post stated that one of the network’s wallets, containing 10 million of the Fusion Network’s native FSN tokens and 3.5 million ERC-20 FSN tokens had been emptied. The blog post went on to suggest that the theft may have been an inside job: “There is uncertain evidence showing that theft may have been caused by personnel related to the Fusion Foundation.”

“The Foundation deeply regrets this incident and its impact on the path of Fusion’s innovation,” said the firm. “While private key theft is an industry-wide risk and occurrence, we clearly must strengthen the protection around our private keys.” The theft represents nearly 25% of FSN token total market capitalization.

The Fusion Network was launched last summer with the intention of providing legacy institutions with access to blockchain by facilitating the transfer of stablecoins, coins backed against a fiat currency, and other digital coins. The Fusion Foundation, which oversees the network, is a non-profit organization based in New York headed by CEO DJ Qian, who revealed details of the FSN tokens theft via a Telegram group.

>> Bitcoin Fraud: Two New Cases Circulating the Media

Speaking to CoinDesk, Fusion’s Chief Product Officer John Liu said that the foundation is aware of the thief’s identity and has plans in place to demonetize the stolen FSN tokens. “This is not a newbie hacker. This criminal has been preparing this in advance. He was well prepared to implement this.” Liu added that the foundation’s method for isolating the stolen funds cannot yet be disclosed. The value of FSN tokens immediately halved following the breach, dropping from around $0.50 to $0.25 in a seven-hour period.

The news comes just a month after McAfee released its Threat Report, which pointed out that crypto-jacking was on the rise.

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