The How and Why of TUSD’s Influence on BTC’s Rally

Audy Castañeda
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<strong>The How and Why of TUSD’s Influence on BTC’s Rally</strong>

Significant TUSD supply increases have coincided with Bitcoin rallies on multiple occasions. TUSD’s dominance in BTC trading volume has surpassed that of USDT. TUSD Web Stream Maintains Regular Activity as Users Show Concerns.

The recent rise of Bitcoin’s [BTC] price has sparked curiosity and debate within the crypto community. While some have attributed the rally to factors such as the Blackrock ETF or a short tightening, emerging data suggests that the stablecoin TUSD may have played a role in contributing to Bitcoin’s bullish momentum.

True USD [TUSD] emerged as a prominent player on the cryptocurrency scene, attracting increased attention earlier in the year. This rise in prominence was heightened when Binance generated an impressive 130 million TUSD in a single week.

Impact of Thousands of Dollars

Data from CryptoViz revealed that the circulating supply of TUSD has experienced substantial increases of over $1 billion on just three separate occasions since 2018. These events took place in May 2021, February 2023, and June 2023.

Interestingly, after each rise, Bitcoin embarked on a rally in a relatively short period.

Currently, Tron accounts for 76.45% of the total TUSD supply, followed by Ethereum with a 22.5% share. A closer look at the distribution of TUSD supply among different exchanges highlights the overwhelming dominance of Binance.

When analyzing the trading volumes of the three major BTC spot trading pairs, an intriguing trend emerged. The trading volume of BTC/TUSD surpassed that of BTC/USDT, showing the increasing dominance of TUSD as a trading pair.

Crypto Quant CEO, Ki Young Ju, suggested that TUSD is following a similar trajectory to USDT. TUSD no longer seems to function as a direct on-ramp for converting cryptocurrency to fiat. However, it is still possible to divert TUSD to other cryptocurrencies on various exchanges.

Traders Turn Bullish

Traders are currently facing the imminent expiration of 31,000 BTC options, characterized by a Put Call ratio of 0.73, a maximum pain point set at $27,000, and a substantial notional value of $930 million, as reported by GreeksLive. These data suggest relatively higher demand for calls, indicating bullish sentiment among traders.

The maximum pain point serves as an area of ​​interest for market participants, which can influence their trading decisions. With such significant notional value involved, the expiration of these BTC could result in increased market volatility and possible price fluctuations.

TUSD Packed with Doubts and Skepticism

In a recent update shared on June 22, TUSD assured its users that the stablecoin was not affected by the recent developments surrounding Prime Trust. According to a report from the Nevada Department of Business and Industry, Prime Trust faced a shortfall in client funds.

Amid the ongoing drama, an examination of TUSD’s net flow on CryptoQuant revealed encouraging signs of normality. The netflow showed a positive flow without notable peaks. This indicated regular activity within the stablecoin ecosystem.

Contrary to the statements made by TUSD, though, some users had a different perspective on the current state of affairs surrounding the stablecoin, considering recent developments. According to a tweet by Mike Burger, the team allegedly sent emails to their clients, informing them that the TUSD redemption was temporarily put on hold due to the Prime Trust event.

Additionally, another Twitter user, @etheraltog, provided evidence indicating that when a redemption request was submitted, the stablecoin was remitted instead. These cases raised doubts and skepticism among some users regarding the stability and transparency of TUSD in light of the current situation.

By Audy Castaneda

Geolocation Calculation via SMS, Telegram Fines, and Other Cybersecurity Events

Audy Castañeda
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Geolocation Calculation via SMS, Telegram Fines, and Other Cybersecurity Events

The five most outstanding news of the week regarding the world of cybersecurity.

Here are the five top cybersecurity news this week:

  • US scientists were able to calculate geolocation by manipulating SMS.
  • The FBI has offered a $10 million reward for information on the Cl0p hackers.
  • The BreachForums darknet forum database has been leaked online.
  • US Mobile Accessories Manufacturer Discovers Hack Two Months Later.
  • In the Russian Federation legalized fines for “illegal use of foreign couriers.”

US Scientists Managed to Calculate Geolocation by Manipulating SMS

American scientists from Cornell University, as part of the Freaky Leaky SMS attack, were able to calculate the location of the recipient with great precision, focusing on the time of sending the message delivery reports.

As part of the experiment, the authors of the article sent packets of 20 messages every hour for three days to various test devices in the United States, the United Arab Emirates, and several European countries, covering a dozen operators with various communication technologies.

As a result, they determined the recipient’s location with an accuracy of up to 96% across different countries and up to 86% for two locations within the same country.

Despite the complexity of the attack and a number of practical limitations, experts suggest that it potentially threatens user privacy.

FBI Offers $10 Million Reward for Information on Cl0p Hackers

The announcement follows a massive attack in May that affected 85 organizations, including PwC, Ernst & Young, Medibank, and the Metro Vancouver Transit Police.

Using sql-Vulnerability in the MOVEit Transfer managed file transfer solution, hackers infected devices with malware and stole information from databases. Under the threat of a drain, attackers demand multi-million dollar ransoms.

Law enforcement officials are gathering information about the connection of Cl0p and other attackers targeting critical US infrastructure with foreign governments.

Darknet Forum Database Leaked Online BreachForos

On June 19, a table of registered users of the closed darknet BreachForums forum appeared in the public domain. The partial dump contains 4,202 entries with logins, hashed passwords, emails, and registration IP addresses. According to experts, the hack was organized by competing groups.

In parallel, a court in Amsterdam sentenced hacker Erkan Sezgin, 25, to three years in prison for selling hacked data on another closed darknet forum, RaidForums, phishing, and laundering more than €700,000 in cryptocurrency.

US Mobile Accessories Manufacturer Discovers Hack Two Months Later

The popular American manufacturer of mobile device accessories, iOttie, has reported that its website has been hacked. The incident occurred on April 12, but the company only discovered it on June 13.

During this time, the site collected customer credit card information, as well as their personal information, including names, access codes, and account PINs. iOttie reported 241 casualties.

Russia Legalizes Fines for “Illegal Use of Foreign Couriers”

The State Duma in the third reading approved a law on the introduction of administrative liability for “illegal use of foreign couriers” when sending personal and financial information.

The normative act applies only to departments and officials; therefore, it will not affect ordinary users.

For their use, officials face a fine from 30,000 to 50,000 rubles, legal entities – from 100,000 to 700,000 rubles. The law will enter into force from the moment of its official publication.

By Audy Castaneda

Cryptocurrencies on the Rise: New Coinbase Report

Marina Meza
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Cryptocurrencies on the Rise: <strong>New Coinbase Report</strong>

The cryptocurrency industry in the United States seems poised for continued expansion despite growing regulatory pressures in the country.

A new Coinbase cryptocurrency exchange report describes several leading US companies embarking on blockchain initiatives to remain competitive in the global market.

Recent Adoption of Blockchain by Companies in the United States

Coinbase’s report, entitled “The Status of Cryptocurrencies: Corporate Adoption”, shows that 52% of Fortune 100 companies have adopted cryptocurrency, blockchain, or Web3 initiatives since early 2020.

Approximately 60% of Fortune 100 initiatives were reported since early 2022. are in the pre-launch phase or have already begun.

Meanwhile, 83% of Fortune 500 executives surveyed who are familiar with cryptocurrencies or blockchain say their companies have ongoing or planned initiatives.

These figures demonstrate the growing adoption of cryptocurrencies and blockchain technology in American companies.

The 14-page report shows that technology, financial services, and retail industries account for approximately 75% of Fortune 100 initiatives as of the first quarter of 2020.

Four of the biggest tech companies, four of the biggest banks, a retail giant and a beverage company are among the ten companies with the most initiatives.

The study, conducted in collaboration with an external research firm, indicates that blockchain is fundamental to the development and innovation of the corporate world.

Data collection and management is currently an important use case for technology and is at the heart of most Fortune 500 initiatives.

Fortune 500 Executives Want Clarity in Cryptocurrency Sector

A significant percentage (77%) of Fortune 500 executives surveyed agree that blockchain could help make the financial system more efficient.

However, a larger percentage (87%) emphasized the importance of clear rules and regulations to support technology.

A clear majority (92%) of Fortune 500 executives want politicians to create new regulations on cryptography, blockchain, and Web3.

This is due to the belief that older rules designed for older technologies only prevent adoption and investment in cryptocurrencies.

The lack of clear regulations poses a challenge to ” U.S. leadership in the global financial system,” according to the report.

Data analyzed in the report shows that the United States will have 1 million Web3 jobs by 2030. Therefore, it is obvious that developers and three million related non-technical jobs are losing to crypto-friendly countries.

The largest exchange of cryptocurrencies based in the U.S. has always called for clarity on cryptocurrency regulations.

Meanwhile, the Securities and Exchange Commission (SEC), the US financial regulator, recently asked for more time to respond to such requests.

By Marina Meza

ChatGPT: 100,000 Credentials Landed on the Dark Web

Audy Castañeda
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<strong>ChatGPT: 100,000 Credentials Landed on the Dark Web</strong>

The access data of ChatGPT users is used more and more frequently.

From June 2022 to May 2023, more than 101,000 login credentials for the popular AI-powered chatbot ChatGPT were sold in various darknet markets. This is reported by the cybersecurity company Group-IB.

On June 20, Group-IB tweeted that, based on their findings, “the Asia-Pacific region has experienced the highest concentration of ChatGPT credentials being offered for sale.”

Regarding European countries, France had the largest amount of intervened data, around 3,000, while in Germany there are about 1,500.

Group-IB identified the countries and regions with the highest concentration of stealer-infected devices with saved #ChatGPT credentials. The top three countries are India, Pakistan, and Brazil.

Group-IB’s Insights

Group-IB recalled that ChatGPT accounts can be created directly through OpenAI or the use of existing Google, Microsoft, or Apple logins. In this case, requests and chat history are saved by default.

The experts warned that sensitive information available to third parties could be used to launch attacks against companies or individuals. In this regard, users have been advised to update passwords regularly and use two-factor authentication to protect accounts.

Chat GPT Dark Web

It appears that the ChatGPT account credentials were stolen via “infostealers” (a generic name for Trojan-type malicious software). As with sites, exchanges, and other objects and sites in the interconnected virtual space, accounts in artificial intelligence (AI) systems are also targets for attacks.

Infostealers are a type of malware designed to collect and steal sensitive information from infected systems. Hence, exactly 101,143 attacked ChatGPT accounts are at risk.

 These malicious programs infect computers to steal access credentials and, thus, have access to highly sensitive information, such as banking, credit cards, and even browsing histories. They can work for a relatively long period of time, collecting sensitive user information without the user noticing it.

Infostealers infect as many computers as possible through phishing or other means in order to collect as much data as possible, which is then offered to cybercriminals on the so-called dark web.

The security firm Group-IB has detected all the accounts that have been “put up for sale” in such a dark market.

The observation, as pointed out above, has covered a year, from June 2022 to May 2023. In this last month, the largest number of accounts have been affected, which seems to correspond with the greatest use of ChatGPT.

Further analysis has revealed that most of the records containing ChatGPT accounts have been obtained through malware that steals valuable information and credentials, such as Raccoon (78,348), followed by Vidar (12,984) and RedLine (6,773).

By Audy Castaneda

Fed Chairman Confirms Interest Rates Will Go Through Two More Hikes in 2023

Audy Castañeda
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<strong>Fed Chairman Confirms Interest Rates Will Go Through Two More Hikes in 2023</strong>

The president of the Fed assured that the agency remains firmly committed to reducing inflation in the United States to a target of 2%. According to Powell, almost all participants in the Federal Open Market Committee see raising interest rates by the end of 2023 as appropriate. Interest rate increases will start again by the end of 2023 when they would peak at 5.6%.

Jerome Powell, president of the Federal Reserve of the United States (Fed), assured in the last hours that interest rates will rise with the objective of fighting inflation.

The president of the Fed shared the measures against inflation in the US. For Jerome Powell, it is necessary to reduce the growth of this trend in the country, which is why additional increases in interest rates must be made.

“We are determined to control inflation and a large majority of the Monetary Policy Committee believes that we are close to achieving it, but rates must be increased a little more,” he said.

In his words, “My colleagues and I understand the difficulties high inflation is causing, and we remain firmly committed to bringing inflation down to our 2% target.”

“A large majority of Fed officials believe that it will again be appropriate, assuming the economy performs as expected, to raise rates twice before the end of the year,” Powell said.

Interest Rates Will Raise to 5.6% by the End of 2023

Last week, for the first time in 15 months, the Federal Open Market Committee (FOMC) stopped raising interest rates, leaving them from 5% to 5.25%. However, the president of the Fed pointed out that the increases will take place again by the end of 2023 when they would reach a maximum of 5.6%.

Powell said that almost all FOMC participants see raising interest rates a bit more by the end of the year as appropriate:

“Reducing inflation is likely to require a period of below-trend growth and some easing of labor market conditions (…) The economy is facing headwinds due to tighter credit conditions for households and businesses, that are likely to affect economic activity, hiring, and inflation.”

How Have Cryptocurrencies Been Affected by This Announcement?

In general terms, the Fed’s announcement of the need to counteract inflation with more interest rate hikes. This represented a drop in US stocks. This also had a slight impact on the world of cryptocurrencies.

Even after said announcement, the cryptocurrency market has experienced a slight downward reaction. According to data from CoinGecko, the global market capitalization of cryptocurrencies is $1.21 trillion. This would mean a change of -0.4% in the last 24 hours.

Upcoming Fed Meetings

The abovementioned highlights the need to continue monitoring what may happen in the coming months. In this regard, it should be noted that the Fed meets eight times a year spaced out, approximately 40 days apart. Following up on their discussions and conclusions seems to be pertinent. Here are the dates of the upcoming 2023 meetings published by the Federal Reserve:

July 25 and 26, 2023.

September 19 and 20, 2023.

October 31 and November 1, 2023.

December 12 and 13, 2023.

By Audy Castaneda

Progressive Crypto Politics Will Be Championed by US Presidential Candidate

Marina Meza
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<strong>Progressive Crypto Politics Will Be Championed by US Presidential Candidate</strong>

Robert Kennedy Jr. defends the decentralized nature of cryptocurrencies, considering them an embodiment of democracy, as well as a defense against control and oppression within the financial realm.

Cryptocurrency enthusiast Robert F. Kennedy Jr., a Democrat US presidential candidate, has generated significant interest with his passionate advocacy of digital currency. He is determined to enact policies that prioritize the well-being of cryptocurrencies and protect the freedom of individuals to transact.

In a remarkable interview with The New York Post, Kennedy Jr. not only talked about vaccination and technology but also outlined his vision of a future where people have control over their digital assets.

Robert F. Kennedy Jr Supports Financial Freedom

In his conversation with The New York Post, Kennedy Jr. left no room for ambiguity regarding his stance on Bitcoin. He declared his commitment to making policies that promote the use of Bitcoin and safeguard the right of people to freely transact.

The presidential hopeful stressed the importance of granting people the ability to manage their Bitcoin wallets, nodes, and passwords, viewing these rights as essential components of financial autonomy.

While advocating for the limited controls necessary to prevent money laundering, Kennedy Jr. took a strong stance against central bank digital currencies, denouncing them as instruments of control and oppression that are meant to be abused.

Pioneering Bitcoin Acceptance

By becoming the first presidential candidate to accept Bitcoin campaign donations, Kennedy Jr. cements his position as a strong supporter of the cryptocurrency industry. He said that he perceives Bitcoin as more than just an investment opportunity, but accepts it as an exercise in democracy.

In an era dominated by centralized financial systems, Kennedy Jr. also said that he recognizes the potential of cryptocurrencies to empower people and challenge traditional notions of economic control.

By openly embracing Bitcoin, he has set a precedent for future political figures to engage with the rapidly evolving landscape of digital assets and has demonstrated his dedication to defending financial freedom on behalf of the American people.

Presentation of the Cryptographic Agenda

The politician’s appearance at the Bitcoin conference in Miami in May underscores his commitment to the world of digital currencies and the opportunities they present.

By publicly endorsing BTC and other cryptocurrencies, not only is he aligning with a rapidly growing community, but also recognizing the importance of addressing the impact and implications of cryptocurrencies in national policy frameworks.

Kennedy Jr. said his support for Bitcoin resonates with those who see cryptocurrencies as a catalyst for financial empowerment, and a shield against oppressive systems.

Meanwhile, as his presidential campaign gathers momentum, Kennedy Jr.’s pro-Bitcoin stance positions him as a candidate committed to navigating the complexities of a digital future while prioritizing the principles of individual sovereignty and economic inclusion.

By Audy Castaneda

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