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Is renBTC safe? The developer of renBTC warned about the threat of losing investments in tokenized Bitcoin

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is renBTC safe

Is renBTC safe? Holders of the tokenized bitcoin renBTC (RENBTC) should switch to Ren 2.0 network as soon as possible, because of the shutdown of the original version of the project. This was announced by the developers of the Ren Protocol project in a tweet.

Users can check their tokenized bitcoin version at zapper.fi or app.zerion.io, Ren Protocol said. Once the original version of renBTC is shut down, the developers will not be able to guarantee the safety of the assets of those users who refuse to update. It will probably no longer be linked to the original Bitcoin price. Recall, the btc to renBTC exchange rate is 1 to 1. 

The rejection of the original renBTC is due to the connection with the scandalous firm Alameda Research, which traded the assets of customers of the now bankrupt FTX crypto exchange without their knowledge. Recall that Alameda Research bought out Ren Protocol in early 2021. Terms of the deal are still unknown.

Ren Protocol said that Alameda sponsored the development team on a quarterly basis. However, due to the bankruptcy of FTX, the last financial tranche will only cover the costs at the end of 2022.

To continue working on the project, Ren Protocol decided to re-create the architecture of tokenized bitcoin based on Geth (one of the three implementations of the Ethereum protocol). Initially, users will only have access to a test network. It is not clear when exactly the launch of the main network is planned.

Ren Protocol explains the rush by the fact that they want to end cooperation with Alameda as soon as possible and focus on the project. Recall, earlier it was reported that the issuer of stablecoin DAI, MakerDAO, will exclude renBTC from its reserves because of the connection of the developers with Alameda Research.

We previously reported that Genesis customers will not be able to get their money back until 2023.

Cryptocurrency

Grok 3 Tips Forta, Adappter, Solaxy and Best Wallet Token to Explode in Q2 2025

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Forget scouring Twitter or Reddit – the future of crypto investing might be in the hands of AI.

The latest iteration of Grok, Grok 3, is being used by traders to identify under-the-radar cryptos with serious potential.

Among its top picks for Q2 2025 are Forta and Best Wallet – two tokens drawing plenty of attention online.

Forta’s AI-Powered Blockchain Security Catches Grok’s Attention

Let’s dive into one of Grok’s top picks: Forta (FORT).

Think of Forta as a neighborhood watch for the blockchain, but instead of observant neighbors, it’s powered by developers and security experts.

They create “detection bots” that monitor blockchains like Ethereum, Polygon, and BNB Chain for suspicious activity like odd transactions or scams.

Forta’s use of AI to detect threats makes it stand out, and its recent “Forta Firewall” launch has put it more in the spotlight.

Grok 3 thinks this firewall, combined with the growing need for blockchain security as Web3 adoption ramps up, could be a big catalyst for the FORT token.

And since FORT is used for staking and governance, there are even more reasons for increased demand.

FORT has jumped 25% in the past day and now ranks third on CoinMarketCap’s trending cryptos list, hinting it could take off in Q2.

Best Wallet Token Primed for Huge Growth in Q2, According to Grok

Another crypto that Grok 3 has tipped for big gains this year is Best Wallet (BEST).

Unlike Forta, which focuses on security, Best Wallet is all about making it easier to manage your crypto.

It’s like a one-stop shop for all things Web3 – supporting 60+ blockchains, letting you trade across networks, and even offering ways to buy crypto with traditional currency.

The key to everything is the native BEST token.

This token gives holders discounted trading fees, high staking rewards, and a say in how Best Wallet evolves over time.

Holders also get access to the “Upcoming Tokens” tab, which presents high-potential presale projects vetted by Best Wallet’s team.

Grok 3 is eyeing up a few things that could make Q2 huge for BEST.

Upcoming exchange listings, a possible 2025 bull run, and the booming non-custodial wallet market could all work in Best Wallet’s favor.

The rollout of features like the “Best Card” and derivatives trading could also drive more users.

So, although still in presale, the BEST token might be worth keeping an eye on.

Grok Praises Adappter Token’s Efforts in the Digital Advertising Space

Next up is Adappter Token (ADP), a project that’s tackling the digital advertising space.

Adappter’s team wants to create a fairer system where both content creators and viewers get rewarded.

Users earn points for watching content and sharing data (if they choose to), and these Activity Points (AP) can be converted into ADP tokens.

ADP can be traded for regular money or used within the Adappter ecosystem.

Grok 3 is excited about ADP’s future prospects.

First, a potential Q2 crypto bull run could give low-cap tokens like ADP a big boost.

There’s also the planned expansion of the Adappter platform, which will enable real-life payments with ADP.

Plus, with a low market cap, ADP has plenty of room to run if things take off.

Although it may not have the community backing of Forta or Best Wallet, Adappter Token is still in a great spot to keep growing in Q2 and beyond.

Solana Layer-2 Solution Solaxy Could Rally After Presale Says Grok

Finally, let’s discuss Solaxy (SOLX), a project that aims to fix some of Solana’s problems.

Think of it as a shortcut that helps ease traffic on the Solana blockchain.

It’s a Layer-2 solution, which means it processes transactions off the main chain to reduce congestion and speed things up.

All of this while ensuring it’s eco-friendly.

The key events that Grok 3 is highlighting for Q2 2025 are the conclusion of Solaxy’s presale and its expected listing on major exchanges.

This one-two combo often leads to a big price bump for new cryptocurrencies.

Beyond that, the launch of Solaxy’s mainnet is also a key catalyst for the project.

The mainnet launch could attract more traders and developers to Solana’s ecosystem and boost demand for Solaxy’s native SOLX token.

So, like the other three projects mentioned above, Solaxy is one to watch in the next few months.

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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These Altcoins Bleed Out as Bitcoin (BTC) Loses $96K Level (Market Watch)

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Bitcoin’s price actions continue with underwhelming dominance as the asset fell below $96,000 after maintaining that level during the weekend.

The altcoins have it worse, though, with massive daily price declines from the likes of SOL, DOGE, ADA, LINK, AVAX, and more.

BTC Below $96K

After the calmness felt during the previous weekend, BTC started that business week with a few consecutive price drops that saw it dump to a multi-week low of under $93,500. However, the bulls were quick to intercept the move and didn’t allow another decline.

In fact, BTC recovered some ground by Wednesday and stood at around $96,000 once again. The asset went on the offensive on Thursday and Friday, especially after this positive news from Coinbase’s CEO, and tapped $99,500 for the first time in about two weeks.

At this point, though, the situation changed once again after Bybit, one of the largest exchanges by volume, was hit with a $1.4 billion hack. BTC reacted immediately with a price drop of over four grand in hours to $95,000.

It bounced off during the weekend and spent most of it at just over $96,000. However, Monday began with another price slip that pushed it to just under that level once again. Consequently, its market cap has declined to $1.9 trillion on CG, but its dominance over the alts in on the rise.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Bleed Out

Most altcoins have turned red over the past 24 hours, as the growing BTC dominance suggests. Ethereum has dropped by 4% on a daily scale to under $2,700. XRP has declined by a similar percentage and now struggles below $2.5.

Even more painful decreases are evident from Solana, Dogecoin, Cardano, Chainlink, Avalanche, Shiba Inu, and Pepe, with losses of up to 8%. HYPE is the other notable loser, with a massive slump of 11.5% to $21.5.

The total crypto market cap has seen over $60 billion gone since yesterday and is down to $3.265 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Crypto Exchange eXch Denies Laundering Bybit Hack Funds for Lazarus Group

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Non-KYC centralized exchange eXch has denied accusations that it’s laundering funds from the Bybit hack on behalf of the Lazarus Group.

This was in response to social media accusations that it had moved over $30 million from the exploit.

eXch’s Response

In a Feb. 23 announcement posted on the Bitcointalk forum, the eXch team said it is “Not laundering money for Lazarus/DPRK.”

Before the statement, blockchain investigator ZachXBT had alleged in a February 22 Telegram post that eXch processed $35 million of the stolen funds and mistakenly sent 34 ETH worth $96,000 to another exchange’s hot wallet.

Other analysts and blockchain security firm SlowMist also reported that eXch received ETH from wallets associated with the Bybit incident.

Nick Bax, a member of the Security Alliance white hat hacker group, estimated that the platform handled about $30 million for North Korea on that day. SlowMist further claimed that a significant amount of ETH had been converted into other cryptocurrencies on eXch.

In response, the exchange dismissed the accusations as a “targeted FUD attack” and clarified that the transaction in question was not linked to them. However, the team acknowledged that a small portion of the stolen funds had entered their platform but maintained that it was an isolated case and the only transaction from the incident processed by eXch.

The team also criticized ZachXBT, labeling his statements as unfounded and advising the community to verify information from credible sources instead of relying on amateur researchers.

CZ’s Solution

The Bybit hack is now the largest crypto theft in history, with attackers stealing more than $1.4 billion after gaining control of the exchange’s Ethereum multisig cold wallet. Meanwhile, Binance founder Changpeng Zhao (CZ) has advocated for withdrawal pauses following the incident.

In a February 21 post on X, the former executive commented:

“Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!”

However, there have been concerns that this solution would cause panic. Addressing the criticism, Zhao clarified that his recommendation was based on experience and intended to ensure system integrity.

The Binance founder shared an example from 2019, when his exchange temporarily suspended withdrawals following a $40 million hack, later observing more deposits than withdrawals once operations resumed.

However, he emphasized that every situation required a judgment call and expressed confidence in Bybit CEO Ben Zhou’s handling of the crisis. He also commended his transparency and calm response, contrasting it with the crisis management approaches of other CEOs, such as those at WazirX and FTX.

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