Features Crypto News by Thebittimes.Com

Against the backdrop of a crypto market in freefall, ETH has found itself an unlikely bidder to the tune of $40 million. Crypto positions worth well over a billion dollars have been liquidated in the last 24 hours, per Coinglass’ dashboard, though some suspect the true figure could be much higher. However, one enterprising hacker saw an opportunity in the bloodbath, scooping up ETH shortly before the token bottomed out at around $2,200, according to data from CoinMarketCap. Hack ers bought $ ETH at the bottom after the market dropped! The # Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ ETH an hour ago and is depositing $ ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14 — Lookonchain (@lookonchain) August 5, 2024 Read more: Cross-blockchain bridges keep breaking as crypto startup Nomad hacked for $190M Blockchain monitor Lookonchain noted on X (formerly Twitter) th...

While some celebrated the 25-year sentence handed down to multi-billion dollar fraudster Sam Bankman-Fried, others suggested it was too harsh a punishment for a non-violent first-time offender. Whatever your view, it’s safe to say there was a collective sigh of relief from almost everyone involved when the crypto trial of the century came to a close. However, the sentence comes with some caveats and opportunities and it’s worth diving into exactly what we can expect to happen next. Appeals SBF has already made it clear that he doesn’t only believe the appeals process will grant him his freedom — he’s willing to stake his comfort and safety on it. As pointed out by Protos contributor David Z. Morris on X (formerly Twitter), SBF put forward a request to stay at New York’s infamous Metropolitan Detention Center to be closer to his legal team rather than being transferred to a prison to be nearer to his parents in California. The strategy is a bold one: less than 9% of ap...

Electricity demand worldwide could double over the next three years, mainly due to cryptocurrency mining and artificial intelligence. How will crypto keep up? AI and cryptocurrencies accounted for almost 2% of global electricity demand in 2022, which illustrates the scale of their energy impact. This increase is mainly due to the growing complexity and volume of computing operations for artificial intelligence and the ever-increasing number of cryptographic transactions. According to a recent report from Bloomberg, which cites the International Energy Agency, global demand for electricity from data centers, cryptocurrencies, and artificial intelligence could more than double over the next three years , amounting to the equivalent of Germany’s entire electricity demand . Source: International Energy Agency AI’s appetite to grow Artificial intelligence (AI) has become an integral part of modern life, streamlining various aspects. However, its extensive integration ...

Turkish crypto exchange Thodex’s found er and his two siblings face over 11,000 years in jail each after being convicted of fraud, money laundering, and running a criminal organization. A Turkish court sentenced Faruk Fatih Ozer — the man behind Thodex, a crypto exchange that went bankrupt in 2021 — to 11,196 years and 10 months in prison for crimes including fraud alongside his two siblings. According to a Sept. 7 report by state-run Turkish news agency Anadolu, the Istanbul court delivered its verdict to Ozer and his two siblings — who received similar sentences — on Sept. 7. The men in question were found guilty of aggravated fraud, leading a criminal organization, and money laundering. Bloomberg describes Ozer as a “high-school dropout” who founded the exchange in 2017, at the height of the crypto craze. Later, he fled to Albania when the platform collapsed. He also reportedly appeared unrepentant during his final hearing. “I am smart enough to manag...

The entire crypto market came crumbling down amidst the downfall of the FTX empire. Most assets in the market turned red and encountered significant losses. Ethereum [ ETH ] was certainly one among them. However, the asset managed to stay above $1000. Meanwhile, a dormant wallet was activated after 7 long years . In a recent tweet, Whale Alert revealed that a “dormant pre-mine address” that entailed a whopping 500 ETH was activated after 7.3 years. About 499.99 ETH worth $631,727 was transferred to another wallet. It should be noted that the fee for this transaction was 0.002830624553484 ETH or $3.57. Source Following this, a plethora of speculations about the individual behind the wallet began pouring in. While several noted that 500 was a dainty number that wouldn’t really move the market, a few others suggested that this wasn’t a whale alert. A majority of them predicted that this was Ethereum co-founder Vitalik Buterin’s latest move. One Twi...