Connect with us

Cryptocurrency

Tether Recovers All $20 Billion Lost in 2022, Market Capitalization Hits A New Record High

Tether has recovered all of the $20 billion it lost in 2022 after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

Published

4 months ago

on

Largest stablecoin issuer in the market Tether has recovered all of the $20 billion it lost in 2022, after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

Tether’s proven resilience and unwavering commitment to industry-leading transparency practices, and its ability to weather market volatility have solidified its reputation as a trustworthy platform.

Speaking on its recovery and record-high market capitalization, CTO of Tether Paolo Ardoino said,

“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind.

“Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued”.

Analysts at digital asset research Conor Ryder said that Tether’s rise suggests peg stability is far more important for most stablecoin holders than issuer transparency.

The company’s recent surge in market capitalization and its successful recovery from last year’s setback signify a pivotal moment for stablecoins and the overall crypto landscape. It also reinforces Tether’s position as a trusted and resilient player, instilling confidence in investors and further solidifying stablecoins as a crucial component of the cryptocurrency ecosystem.

Tether’s judicious management of its assets has been instrumental in this recovery. With approximately 85% of its holdings in cash, cash equivalents, and short-term deposits, it exhibits a robust asset base.

Recall that the instability that shook the crypto market last year saw Tether as well as other stable coins lose a huge part of their market cap which saw investors exit the market in drove.

Meanwhile, Investors King understands that while Tether has managed to recover its market value other stablecoins such as USD Coin (USDC), have struggled to regain their previous market capitalization levels.  Analysts suggest that it implies that investors’ confidence may not be fully restored in the stablecoin sector yet.

Continue Reading
Comments

Cryptocurrency

Mixin Network Halts Services After $200 Million Security Breach; Recovery Plan in Progress

Published

3 days ago

on

September 25, 2023

By

cybercrime - Investors King

Mixin Network, a prominent decentralized wallet service provider, has been rocked by a massive security breach resulting in a loss of $200 million.

The breach, attributed to vulnerabilities in its cloud service provider’s database, has raised questions about the platform’s dependence on centralized infrastructure.

Mixin Network, known for its support of 48 public blockchains and an impressive total network asset value exceeding $1 billion, halted deposit and withdrawal services following the breach.

This incident has prompted discussions within the crypto community regarding the risks associated with centralization in decentralized platforms.

In response to the breach, Mixin Network has taken swift action, enlisting the expertise of blockchain security specialists from SlowMist.

The company has pledged to resume services only after thoroughly addressing identified vulnerabilities, a decision reached through consensus among all network nodes.

The plan for asset recovery will be announced in due course, and Mixin founder Feng Xiaodong will provide a detailed explanation in a public livestream.

The Mixin incident follows closely on the heels of the JPEX cryptocurrency exchange scandal in Hong Kong, which has left countless individuals reeling from financial losses totaling $178 million.

Experts now speculate that these recent setbacks may lead the Hong Kong government to reconsider its enthusiastic promotion of Web3 technologies, as concerns over security and public sentiment cast a shadow on the region’s cryptocurrency ambitions.

Carlton Lai, head of blockchain and cryptocurrency research at Daiwa Capital Markets, said, “I think this scandal will have a pretty sizeable negative impact on retail sentiment, given its significant local presence and the various celebrities involved.”

As Hong Kong grapples with the fallout from these high-profile incidents, the future of cryptocurrency in the region remains uncertain, with questions of regulation and security taking center stage.

Continue Reading

Cryptocurrency

Dallas Mavericks Owner and Billionaire Tech Investor, Mark Cuban, Falls Victim to Phishing Attack, Losing $870,000 in Crypto Assets

Published

1 week ago

on

September 18, 2023

By

cybercrime - Investors King

Mark Cuban, owner of the Dallas Mavericks and a prominent billionaire technology investor, recently fell prey to a phishing attack, resulting in a loss of approximately $870,000 worth of tokens.

The incident occurred over the weekend after months of inactivity on Cuban’s crypto wallet.

Phishing attacks, a prevalent threat in the crypto industry, deceive users into revealing sensitive information, downloading malicious software, and exposing their private data.

These attacks exploit users’ trust, often causing them to overlook the authenticity of incoming requests on their crypto wallets or unwittingly download counterfeit applications designed solely to pilfer their assets.

Cuban’s crypto wallet was emptied of various assets, including U.S.-pegged stablecoins, staked ETH (stETH), SuperRare (RARE) tokens, and some Ethereum Name Service (ENS) domains, according to blockchain data.

The initial discovery of these suspicious transactions was made by the vigilant on-chain investigator @wazzcrypto.

Fortunately, Cuban was alerted to these transactions, and he managed to safeguard over $2.5 million worth of Polygon’s MATIC tokens.

He accomplished this by promptly logging into his wallet and transferring the tokens to a secure Coinbase exchange address.

Cuban revealed that the phishing attack was apparently initiated through a fraudulent MetaMask wallet application that he had unwittingly downloaded.

This incident marks the second high-profile phishing attack in as many weeks, following Ethereum co-founder Vitalik Buterin’s experience in early September. Buterin’s X account was compromised in a phishing attack, although he did not appear to lose any of his own funds.

Nevertheless, unsuspecting users collectively suffered losses of up to $700,000 by sending tokens to a malicious link that falsely appeared to have Buterin’s endorsement.

As the crypto industry continues to thrive, it is crucial for users to exercise caution and remain vigilant to safeguard their digital assets from the ever-present threat of phishing attacks.

Continue Reading

Ethereum

RxR Analysis Reveals: Ether’s True Worth 27% Higher than Market Price

Published

1 week ago

on

September 18, 2023

By

Ethereum- Investorsking

RxR, a research-driven partnership between Republic Crypto and Re7 Capital, has revealed that Ether (ETH), the native token of the Ethereum blockchain, is currently trading at a 27% discount to its actual fair value.

This revelation comes as a result of RxR’s innovative approach to evaluating the worth of cryptocurrencies. Instead of relying solely on traditional metrics, RxR’s methodology incorporates a blended version of the Metcalfe law that takes into account both the active user base on the continuously expanding Ethereum scaling networks and the users on the Ethereum mainnet.

Ether, as a fundamental component of the Ethereum ecosystem, facilitates a wide range of activities, from simple transactions to participating in network security through staking, earning interest, and even storing non-fungible tokens. As such, the value of Ether has long been intertwined with Ethereum’s network usage.

Lewis Harland, an analyst at RxR, explained the significance of this approach, stating, “Ethereum’s network valuation exhibits a closer alignment with the updated Metcalfe law index when the active user base of Ethereum’s scaling networks is included in the model, in contrast to when it is omitted.”

Harland continued, “The updated model, which factors in these networks, places ETH’s valuation at $275 billion, indicating that the current market capitalization is trading at a substantial 27% discount.”

Ether’s market capitalization consistently tracks the blended Metcalfe law model more accurately than the traditional model, which fails to consider the growing activity on layer 2 networks or offchain solutions built atop the Ethereum mainnet.

In essence, this analysis challenges the perception that Ether might be overvalued, as suggested by the traditional Metcalfe law Model.

The emergence of Layer 2 technology has undoubtedly become one of the most dynamic and exciting developments in the crypto market. Key protocols, such as Coinbase’s BASE, Arbitrum, and Optimism, have found their unique niches within this landscape.

According to data from L2Beat, the total value locked in layer 2 protocols has surged more than threefold in just two years, reaching an impressive milestone of over $9 billion.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending