Tag: crypto investments

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Shiba Inu Burn Rate Increases 13,000% Amid Whales Moving 11 Trillion SHIB

Shiba Inu, the self-proclaimed Dogecoin killer, is creating quite a stir in the cryptocurrency space following its colossal surge in token burning.

Furthermore, according to recent data revealed by Whale Alert, one of the world’s leading crypto tracking platforms, a series of colossal whale transactions has caught the attention of investors and traders as it recently transferred more than 10 trillion tokens from today, November 7th. , 2023.

Subsequently, amidst the constant burning and reallocation of SHIB tokens, the price of Shiba Inu has seen a marginal increase over the past seven days and today’s price has seen a slight jump.

Shiba Community Burns Tokens Amid Price Rise

According to recent data from Shibburn, 173 million SHIB tokens were burned in the last 24 hours. The burn rate of SHIB has seen a phenomenal increase and has increased by 12,840.60% at the time of writing.

The aforementioned token burn reflects the positive sentiment surrounding the SHIB token economy. The Shiba Inu crypto community appears to be improving the SHIB tokenomics by reducing the total tokens available for supply.

Shiba Inu (SHIB) price, at the time of writing, has seen a marginal increase and is up 3.91% in the last twenty-four hours, reaching $0.000008367. Furthermore, the token has seen a marginal increase of 5.12% in the last seven days.

The rise in the meme coin’s price appears to be in line with recent strides made by the community to improve the SHIB tokenomics.

Also Read: Cathie Woods’ Ark Invest Buys Block Inc. Shares, But Drops Grayscale’s GBTC

Whales Transferring Billions of SHIB Tokens

According to the data revealed, as of today, November 7th, a staggering 2.4 trillion SHIB tokens have been transferred from an address, 0x9acbb72c…9c6a9c3311, called Paribhu, to an unknown wallet, 0xa23cbcdf…65885be3f5.

Furthermore, in a series of whale transactions around Shiba Inu, more than 10 billion tokens have been transferred to date, following the Shib community’s efforts to improve the SHIB tokenomics.

To date, a staggering 4.4 billion SHIB tokens have been transferred from Bitvavo, a cryptocurrency exchange, to an unknown wallet, 0x5c21d705…d05d59f201.

Furthermore, another whale movement caught the attention of cryptocurrency enthusiasts, transferring 4.4 billion SHIB tokens from one unknown wallet to another. The unknown wallet, 0x3ba943c7…225e6dabee, transferred SHIB tokens to another unknown wallet, 0x0259ca48…52d2b3064f, on Bitvavo.

The total number of SHIB tokens transferred in the last twenty-four hours reaches over 10 trillion, reflecting the positive sentiment across the broader crypto market.

The aforementioned transactions involving mass movements of SHIB whales appear to arise as a result of the Shiba Inu community’s support for its token. Furthermore, the Shiba crypto community has also been constantly burning SHIB tokens in hopes of improving the SHIB tokenomics.

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Thailand’s Bank Kasikorn Acquires Majority Stake in Satang Crypto Exchange

Kasikorn Bank, Thailand’s second-largest bank, has reportedly acquired a 97% stake in cryptocurrency exchange Satang. The deal was completed through Unita Capital, a subsidiary of Kasikorn Bank, and involved 3.705 million Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted cryptocurrency news in a post on X on Monday, citing CoinDesk.

   Thailand's second-largest bank, Kasikorn Bank, has acquired a 97% stake in the parent company of cryptocurrency exchange Satang. The deal is valued at 3.705 million Thai baht ($102.8 million). K-Bank recently obtained a crypto exchange license and launched a $100 million fund targeted...

Satang Corporation, founded in 2017 and one of Thailand’s leading digital asset exchanges, offers trading in over 45 cryptocurrencies. Details show that the platform’s customer base exceeds one million.

According to a local media report published on Monday, the completion of the deal will see Satang renamed as Orbix, with three subsidiaries, namely: Orbix Custodian, Orbix and Orbix Technology.

Kasikorn, also known as K-Bank, recently received a cryptocurrency exchange operator license and launched a $100 million fund for Web3, fintech and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in foraying into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy giant that recently partnered with Binance to expand global crypto exchange services in the country.

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Bitcoin cryptocurrency exchange Cryptocurrency news

Kraken will share data from 42,000 users with the IRS

US-based exchange Kraken says it will share the data of 42,000 users with the US Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.

On its support page, Kraken specifies that the subpoena to produce “a broad range of records and data” about its US customers and pass them to the IRS came from a court order from the Northern District of California in May 2021. The company opposed this. IRS demands and fought the subpoena in court, convincing it to “substantially reduce” the number of affected customers and the amount of customer data.

The court ordered Kraken to submit profile and transaction data of customers who exceeded $20,000 in transactions during any year between 2016 and 2020. This also includes those who made no transactions but deposits and withdrawals.

Kraken will share data such as name, date of birth, tax identification, address, contact information and transaction history of these customers. There will be about 42,000 accounts whose information will be sent to the IRS.

The US Court of Appeals for the First Circuit is reviewing another case in which the IRS subpoenaed user data from a crypto exchange. In 2018, Coinbase told the 13,000 affected customers that it would provide the IRS with their taxpayer ID, name, date of birth, address, and historical transaction records from 2013-2015.

One such user, James Harper, appealed against the IRS to prevent the US government from having unlimited access to a user’s transaction history. In October 2023, cryptocurrency advocacy group DeFi Education Fund (DEF) filed an amicus brief supporting Harper’s appeal.

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Taiwan proposes new bill requiring crypto companies to apply for licenses

Amid the ongoing global revolution in cryptocurrency regulation, Taiwan has proposed a special law to regulate digital assets. The proposed law will require all cryptocurrency platforms in Taiwan to apply for a license.

According to the official announcement, the Crypto Bill had its first reading today, October 27, in Taiwan’s parliament, the Legislative Yuan.

Taiwan takes steps to establish cryptoasset regulatory framework

Although the new law has already passed its first reading, legislators have not yet set a date for the second. According to Yung-Change Chiang, member of parliament and contributor to the proposed Special Law, the first reading of the bill catalyzed discussions on the regulatory framework for the digital asset industry.

Chiang asked Taiwan’s Financial Supervisory Commission (FSC) to present his version of a crypto bill to the legislature. According to him, the presentation of the project will allow various sectors to unite even more and be on the same page during the legislative process.

In the meantime, remember that the FSC published guidelines for self-monitoring of the crypto industry in September. The guidelines would ensure that local businesses separate customer assets from company assets. This would protect consumers from losses associated with the arrival of assets.

Additionally, the new guidelines establish standards for the inclusion and exclusion of virtual assets on various cryptocurrency trading platforms.

Additionally, the FSC plans to implement and enforce the guidelines through a potential crypto industry association, a move that Chaing condemned. In his latest statement, the legislator noted that such regulatory measures are legally inapplicable.

The special encryption law is the product of a joint effort by Chaing and 16 other lawmakers. This law will force all digital asset platforms in Taiwan to apply for operating licenses. Failure to comply with this obligation will result in sanctions, including a cease and desist order from regulators.

Parliament has not set a specific timetable for the second reading of the bill. However, according to information from Chaing’s office, this could happen before the end of January 2024. The reason for this speculation is that the term of the current Taiwanese legislators ends in January 2024.