Crypto News Digest: Shiba Inu Growth, Binance's Tax Contribution, Vitalik Buterin's Hack, and Ripple's Acquisition

Stay updated with the latest crypto news: Shiba Inu's growth potential, Binance's tax contribution, Vitalik Buterin's security breach, and Ripple's new acquisition. Read the full article for more details.

Posted 8 months ago in Blockchain

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Crypto News Digest: Shiba Inu Growth, Binance's Tax Contribution, Vitalik Buterin's Hack, and Ripple's Acquisition

Find out what happened in the world of crypto over the weekend with U.Today's news digest. U.Today has prepared a summary of the top four news stories over the weekend. Don't miss anything important in the crypto industry!

Shiba Inu (SHIB) growth might accelerate after this 5.5 trillion resistance is broken

Shiba Inu (SHIB) is currently lingering around a price cluster containing 5.5 trillion SHIB tokens. This SHIB cluster serves as an indication that there will be little resistance ahead. With fewer holders around this price level, SHIB might have an easier time breaking through and moving higher. At the moment of writing, SHIB is changing hands at $0.00000712. Considering the low resistance ahead, it is possible that the token's price will increase. Meanwhile, according to IntoTheBlock data, SHIB whale activity has surged by an impressive 500%. Both of these aspects, the 5.5 trillion SHIB cluster and the uptick in whale activity, may signal a substantial price shift.

Binance (BNB) becomes second largest private taxpayer in EU country

According to a recent X post by @DefiIgnas blockchain researcher, Bifinity, Binance's crypto-to-fiat processing unit, launched in 2022, has entered into the top five taxpayers in Lithuania. In 2022, Bifinity UAB paid over $45 million in taxes, excluding VAT (value added tax), becoming the second largest corporate and fourth largest taxpayer overall. Binance's affiliate was only surpassed by Thermo Fisher Scientific Baltics (also known as Fermentas), a well-known producer of restriction enzymes and DNA ladders and molecular weight markers. Per @DefiIgnas' post, Bifinity paid more taxes than Lithuania's four largest banks.

Ethereum price remains steady as Vitalik Buterin falls victim to hackers

As reported by Chinese journalist Colin Wu on Sunday, Sept. 10, Ethereum cofounder Vitalik Buterin's X account was allegedly hacked; some of Buterin's followers spotted suspicious phishing links luring people into purchasing a 'commemorative' NFT on his page. Several NFTs were reportedly stolen following the incident, per social media reports. Buterin himself has not commented on the incident yet. The hack has generated a wave of speculation and security concerns among the community, as everyone was baffled by the fact that such an expert as Buterin could fall victim to an attack. It was rumored that the incident was caused by a SIM swap attack. The price of ETH remained steady, at $1,626, shortly after the incident. However, today, ETH is down almost 3%, trading at $1,578, per CoinMarketCap.

Ripple unveils new mega deal

On Friday, Sept. 8, Ripple took to social media to announce its intent to acquire Fortress Trust, a financial institution that provides Web3 financial, regulatory and technological infrastructure. As stated in the announcement, the acquisition will expand Ripple's 'comprehensive portfolio of blockchain solutions for finance,' as Fortress Trust holds a Nevada Trust license. Notably, back in 2022, Ripple became a minority investor in Fortress Blockchain Technologies, the parent company of Fortress Trust. Ripple CEO Brad Garlinghouse commented on the deal, saying that as an early investor in Fortress Trust, they got to know its team and business model. He added that the acquisition is aimed at accelerating the company's business in key areas of crypto infrastructure.

Last updated 9/11/2023, 3:53:36 PM


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