Tag: ethereum news

US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey.

Massive Crypto Bust

The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey.

US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity.

According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

Drug Trafficker’s Ethereum Stash Seized

According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015.

In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents.

However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated.

However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure.

ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

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November 3, 2023
Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console.

According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover.

Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console.

By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

From Gaming To Blockchain

The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit.

After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates.

To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host.

This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process.

The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately.

The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console.

Linux-Based Ethereum Node Hosting

Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment.

Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server.

This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation.

As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

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November 3, 2023
Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com
The Ethereum supply on exchanges has been on a steady decline since the FTX crash happened back in 2022. This was triggered by a growing distrust for centralized exchanges and investors choosing to self-custody their tokens as a result. The constant decline has now seen the Ethereum being held on exchanges fall to the lowest point since its inception.

Available ETH On Exchanges Fall To Genesis Levels

When the Ethereum network was first launched back in 2015, the available ETH on exchanges was very low due to it being a new player. The exchange balances would steadily rise over the next few years as the digital asset gained widespread acceptance and began trading on countless exchanges.

However, there has been a shift in the tide where crypto investors are now choosing to hold their ETH in private wallets rather than leaving them on exchanges. The result of this is now there is only 8.41% of the total ETH circulating supply available on exchanges.
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Source: Santiment on X
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On-chain data tracker Santiment points out that this is the lowest that Ethereum exchange balances have been since Genesis in 2015. “Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” Santiment said in an X post.

The move away from exchanges coincides with a rapid increase in price which suggests that holder accumulation has played a major role in the digital asset’s recovery. And if exchange balances continue to fall, meaning less willingness to sell off ETH and lower sell pressure, the value could continue to soar.
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ETH price gears up to retest $1,800 | Source: ETHUSD on Tradingview.com
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3 Price Targets For Ethereum Bulls

Now that the $1,700 resistance has been cleared by Ethereum bulls, they have begun to turn their attention toward much higher price points. The next significant resistance lies at $1,850 as was demonstrated on Tuesday when the bulls were rejected from that level. So $1,850 is the first price trade foo clear in the bid to establish a stronger bull trend.

Next on the list is the $1,920 level where a major roadblock is expected to happen for the ETH price. This will be one of the last defenses of the bears to prevent a full-blown bull rally and bulls are sure to run into a lot of resistance at this level.

Last but not least is the $2,000 mark which has eluded bulls for the better part of this year. It is arguably the most significant price level for Ethereum right now that could signal an end to the bleed. So ETH bulls will need to reclaim this level from the bears and turn it into support.
Best Owie

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October 25, 2023
Solana Remains Institutional Investor Darling As Inflows Continue
Solana has gained the favor of institutional investors recently which has seen a marked increase in the amount of inflows that the altcoin has recorded. This trend has continued with last week’s numbers which show a significant amount of inflows for Solana compared to the likes of Ethereum.

Solana Inflows Reach $15.5 Million

According to data from the latest CoinShares report, the inflows into Solana for the last week came out to $15.5 million. This came while some altcoins such as Ethereum saw outflows for the week. For context, Ethereum outflows reached $7.4 million in the same time frame.

As a result of the latest round of inflows, the total Solana Asses under Management (AuM) has reached $74 million. This means that the Solana AuM is up 47% year-to-date, compared to Ethereum’s which has dropped continuously this year, climbing to $119 million in outflows year-to-date.

Cardano is another altcoin that saw inflows for the week but to a lesser degree. Its inflows were $0.1 million, bringing its total AuM to $24 million, with a $6 million increase year-to-date. Other investment products saw $0.9 million, leading their AuM to reach $76 million.

Multi-asset products, however, went the way of Ethereum with outflows of $0.6 million. This brings its AuM to $1.17 billion, a $31 million decrease year-to-date.
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SOL price sitting at $29.20 | Source: SOLUSD on Tradingview.com
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Bitcoin Dominates Inflows

For the same week, Bitcoin once again came out ahead in terms of inflows, with numbers topping that of Solana. The leading cryptocurrency saw $55.3 million in inflows, bringing its AuM to $24.205 billion. The asset’s month-to-date inflows are currently sitting at an impressive $111.9 million.

In the same vein, Bitcoin’s year-to-date inflows have also remained on the high side with $315 million in inflows so far. This has further solidified its position as the leading asset with the most interest from institutional investors so far.

Short Bitcoin products were also not left out of the inflow trend. Its weekly inflows sit at $1.6 million, while the month-to-date inflows came out to $4.5 million. Its year-to-date inflows sit at $46 million, bringing its AuM to $99 million. In total, the AuM of crypto investment products is nearly $33 billion.

“Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August,” the CoinShares report said.

CoinShares also notes that the inflows could be linked to the excitement and anticipation of a Spot Bitcoin ETF being approved by the US Securities and Exchange Commission (SEC). However, the numbers are much lower compared to when asset manager BlackRock first announced that it had filed for a Spot Bitcoin ETF.

Featured image from Outlook India, chart from Tradingview.com
Scott Matherson

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October 23, 2023
Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900
Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough.

Ethereum To Hit $1900

In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post.

The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).
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ETH getting ready to breakout | Source: X
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If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600.

Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart.

Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general.
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ETH price holding $1,600 | Source: ETHUSD on Tradingview.com
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Bitcoin’s Dominance Is On The Rise

Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred.

This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token.

Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

Featured image from Analytics Insight, chart from Tradingview.com
Best Owie

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October 21, 2023