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Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba

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3 years ago

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shiba inu - Investors King

Traders and investors are disturbed and feeling apprehensive following the transfer of $2.3 billion worth of Shiba Inu coins to four different wallets by a whale on Tuesday.

At press time, the price of the meme coin tagged “doge killer” was trading at $0.00005444, however, the coin has dropped by 14.55 percent in the last 24 trading hours.

On Tuesday, the whale made a transaction of 10,000,000,100,000 SHIB coins to four different wallets, each transaction worth $586 million — summing up to a total of $2.3 billion.

Shiba community had assumed the owner of the inactive wallet might have lost its key or forgotten the wallet when it was first identified.

On Wednesday, a social media handle @devchart tweeted, “2021 Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet? Turns out he didn’t and just started moving some of his $SHIB”.

However, the whole situation has led to fear in the Shiba Inu community, holders are speculating a potential sell-off by the whale, a move that could have an adverse effect on the price level of SHIB. The liquidation of such volume could lead to massive price fall.

“If he decided to sell these bags, SHIB would plummet -99.99% to zero,” tweeted financial analyst Jacob Oracle.

According to CoinMarketCap, the price of Shiba has plunged by 32.94 percent in the last seven days to $29.89 billion or to the 11th spot on the ranking.

Another Twitter handle @unusual_whales said, “He is awake. The best trader of all time is alive. This wallet bought $8,000 of $SHIB last August. It’s now worth $5.7 billion. I repeat – $5.7 billion in 400 days. He owns 16% of the marketcap. He has sent $2.2 billion to four different wallets yesterday.”

Data has shown that the top 10 wallets in the Shiba community hold almost 72 percent of the entire Shiba Inu coins in circulation. Meaning, the ownership of the meme coin is concentrated among top holders.

The whale that moved $2.3 billion of Shiba Inu currently holds over $1.8 million worth of SHIB in its old wallet.

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Cryptocurrency

Dogecoin, Shiba Inu, NEAR Protocol Soar 5%-10% in Cryptocurrency Rebound

Published

2 days ago

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May 4, 2024

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Dogecoin- Investors King

Dogecoin, Shiba Inu, and NEAR Protocol have seen impressive gains ranging from 5% to 10%, igniting optimism among investors after a period of volatility.

Dogecoin, the meme-inspired digital currency, surged by 5% to add to its recent momentum while Shiba Inu, another popular meme coin, followed suit with a 10% jump.

NEAR Protocol, a blockchain platform focusing on decentralized applications, also joined the rally with a solid 5% increase.

This surge comes on the heels of Bitcoin’s resurgence, which saw a nearly 5% gain to briefly break the $62,000 price level.

Ethereum, the second-largest cryptocurrency by market capitalization, reclaimed the $3,000 level, further bolstering confidence in the market.

The rally was spurred by the release of the U.S. April jobs report, which showed the addition of 175,000 jobs, falling short of the expected 245,000.

This unexpected development eased concerns about higher interest rates, prompting a positive response from cryptocurrency investors.

Market analysts pointed out that the softer-than-expected jobs data led to an increase in the likelihood of at least one rate cut by September, according to CME FedWatch data.

This dovish sentiment, coupled with the Federal Reserve’s indication of no immediate interest in cutting rates, contributed to a more favorable environment for cryptocurrencies.

Moreover, Coinbase analysts highlighted the recent Federal Open Market Committee (FOMC) meeting, where policymakers tapered the pace of the central bank’s balance sheet runoff, signaling a more dovish stance.

This move was interpreted as a positive signal for both fiat and cryptocurrency markets.

Arthur Hayes, former CEO of BitMEX, expressed confidence in Bitcoin’s recent performance, suggesting that it may have bottomed out at $56,000.

However, he cautioned investors to expect a gradual recovery rather than a swift ascent to previous highs.

Hayes forecasted a period of range-bound price action between $60,000 and $70,000 until August.

As the cryptocurrency market continues to navigate through fluctuations, the recent rebound in Dogecoin, Shiba Inu, and NEAR Protocol reflects a renewed sense of optimism among traders, fueled by positive developments in the broader financial landscape.

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Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

5 days ago

on

May 1, 2024

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Binance CEO

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

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U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

2 weeks ago

on

April 24, 2024

By

Binance CEO

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

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