2023-08-07

⚓ Huobi Sinking? $2.5B TVL Shocker!

August 07, 2023

Hey hey hey, DailyCoiners,

The markets seem to be in a holding pattern recently...

Regardless, let's jump in.

🌊 Stormy Crypto Seas
🚓 Crypto Crime Wave
📺 Dogecoin's TV Debut

🚢 Huobi's Sinking Ship? TVL Dips Amid Controversy

In a financial game of 'whisper down the lane,' rumors of insolvency and investigations have pummeled the crypto exchange Huobi.

Over a two-day period (Aug. 5-6), Huobi saw a startling outflow of $64 million, causing its Total Value Locked (TVL) to tumble to $2.5 billion, down from a lofty $3.09 billion in early July.

Talk of leadership arrests began to brew late last week concerning Huobi's rumored links to gambling platforms.Like a bitter cup of tea 🫖Although Huobi's spokesperson dismissed these claims as baseless, the rumor mill continues to churn, fueled by the reported departure of a top executive and tightened regulations on crypto exchanges in mainland China.

Questions over Huobi's solvency also surfaced, as fintech executive Adam Cochran pointed out inconsistencies in Huobi's Tether holdings. 🫵According to Cochran, Huobi's coffers, with less than $90 million in Tether and USD Coin combined, tell a different tale from its claimed $630 million wallet balance, leading Cochran to suggest Huobi is "deeply insolvent."

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TradeStation is seeking Client Services Representatives to provide end-to-end client support. Responsibilities include assisting with live orders, troubleshooting, product support, and customer request resolution. A college degree, 4-6 years of financial services experience, and Series 7, 63, and 3 licenses are required. The job offers a competitive pay, a yearly bonus, generous 401K and PTO plans, and comprehensive benefits starting Day 1.

🔦 Senators Spotlight North Korea's Cryptocurrency Racket

North Korea's alleged cryptocurrency pilfering has caught the eye of U.S. Senators Elizabeth Warren, Tim Kaine, and Chris Van Hollen.

Reports suggest North Korean hackers have spirited away over $3 billion in cryptocurrencies since 2018, bankrolling their nation's nuclear program.

The senatorial trio penned a letter to the White House and Treasury Department, calling for a detailed account of actions taken against the Democratic People’s Republic of Korea's misuse of digital assets.

Their concern lies in the nation's increasing expertise in handling digital assets, and skillfully using cryptocurrencies for illicit endeavors.The ill-gotten gains, they argue, are pumped into the country's missile program, turning a cybercrime into a major security threat.Propaganda or a real problem...we will never know! 🙃

North Korean hackers employ mixing services to obscure funds' origins, thereby slipping under the radar.The Treasury Department has previously added Tornado Cash, a digital asset service, to its list of sanctioned entities due to these concerns.

This inquiry underlines the urgency of curbing North Korea's exploitation of cryptocurrencies, a crucial step in shaping future policies to protect against the misuse of digital currencies.

🐕 Dogecoin Dives into Futurama: Creator Barks Back

When the worlds of cryptocurrency and animated satire collide, you get Dogecoin featuring in Hulu's recently revived Futurama series.

Dogecoin's creator took to social media to humorously remark on this strange crossover, tweeting, "The silly thing I made ten years ago made it to a Futurama episode."Dogecoin, originally born as a lighthearted jest, has since gained enormous popularity, barking its way into unexpected corners of pop culture, including the beloved Futurama.Known for its satirical takes on future possibilities and sharp social commentary, the show now includes Dogecoin in its repertoire of contemporary references.

Interestingly, despite Dogecoin's star turn, the meme coin remained stoic, with its price barely flinching at the news.When it comes to Doge, fans must be desensitized to seeing it everywhere! 🙄Currently trading at $0.07, Dogecoin's steady climb continues, seemingly unfazed by its TV debut.

Cryptocurrencies are now as familiar as TV dinners, popping up in animated classics like Family Guy and The Simpsons, and even in hit series like Succession.There was a time when such a cameo could shake the crypto market, but these days, it's as routine as a couch gag.