Prizmabet

EigenLayer’s Token Launch Draws Scrutiny Over Supply Concerns

The token has dropped from $4.39 to $3.57 since it went live.

In some ways, the release of EigenLayer’s native EIGEN token this week went as expected.

The price surged moments after it was listed on exchanges, leading to a price discovery period culminating in a 22% slide from its momentary record high.

But there appears to be a more serious issue brewing, with investors and community members complaining about a lack of transparency regarding token supply.

EIGEN’s total supply is fixed at 1.68 billion and its circulating supply is 186 million. These figures give the asset a fully diluted value of $5.8 billion and a market cap, excluding tokens not in circulation, of $650 million. The issue many community members raise stems from a portion of those locked tokens, which belong to early investors that bought during heavily-discounted funding rounds.

Investors that bought in EigenLayer’s $14.4 million seed round, $50 million Series A and most recent $100 million raise in February now can stake their locked tokens to yield rewards. As it stands, there are 130 million EIGEN tokens staked. Many believed these were all a part of the claimed tokens but in fact, 70 million of these tokens belong to this small group of early investors.

Data availability protocol Celestia suffered a similar issue following its token launch, as early investors staked their dominant TIA stacks to receive tradable rewards, which many then traded away. TIA has plunged 75% since February.

EigenLayer investor TardFiWhale.eth wrote on X that the project recently updated its documents to state that “Eigen Labs investors are not restricted from staking” and that rewards are not subject to lock-ups. The X post claims this information wasn’t in an archived document from mid-September.

EigenLayer’s blog post on “token disclosures” was last revised on Sept. 30.

“Transparency will enable us to engage in more honest and open discussions about these issues,” TardFiWhale.eth wrote. “I personally believe that allowing investors with locked EIGEN to stake makes sense from a governance perspective, given the complexity and goals of Eigenlayer. However, I also believe that the rewards earned from staking should be locked until the cliff is reached” at the end of the 12-month vesting period.

EigenLayer allocated 86 million tokens to early adopters including node operators and stakers, but even this has led to criticism as whales were able to receive disproportionate rewards compared to the general population. Tron founder Justin Sun received an airdrop worth $8.75 million, almost all of which was deposited to HTX, the exchange formerly known as Huobi, according to data provider Arkham.

EIGEN recently traded at $3.57, having initially surged as high as $4.39, CoinMarketCap data shows.

An EigenLayer spokesperson offered no comment by press time.

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Indiana Man Pleads Guilty to Stealing $38M in Crypto Via ‘Cyber Intrusion’

Evan Light, 21, faces up to 40 years in prison for his role in the crime.

An Indiana man has pleaded guilty to taking part in the “cyber intrusion” of a Sioux Falls, South Dakota-based financial services company, during which he and unnamed co-conspirators hacked into the company’s servers, stole customers’ personal information, and then stole nearly $38 million in cryptocurrency from 571 victims.

According to his plea agreement, 21-year-old Evan Light, of Lebanon, Indiana, and his unnamed co-conspirators were able to infiltrate the unnamed company’s servers after stealing the identity of one of its clients. They then used that client’s information to illegally gain access to the company’s servers and carry out the theft.

After the theft, Light pleaded guilty to laundering the group’s ill-gotten gains, funneling them through “multiple mixing services and gambling websites” to conceal his identity and the identities of his co-conspirators. He also pleaded guilty to wiring the proceeds and then storing them in a cold wallet under his control.

“These convictions reflect the relentless efforts of the U.S. Attorney’s Office and the FBI in identifying a cybercriminal, holding him accountable, and prioritizing the victims of his crimes,” said U.S. Attorney Alison Ramsdell in a Tuesday press release. “Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team, and today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be.”

The theft took place in February 2022. According to a local news outlet, the FBI raided Light’s residence, which he shared with his mother, in May 2023, approximately two weeks after he was indicted by a grand jury for conspiracy to commit wire fraud and conspiracy to launder monetary instruments.

Both counts carry a maximum sentence of 20 years, meaning Light faces up to 40 years in prison. No date has yet been set for Light’s sentencing.

SEC Enforcement Director Gurbir Grewal Is Leaving the Agency

Deputy Director Sanjay Wadhwa will take over for Grewal as acting enforcement chief.

Gurbir Grewal, the U.S. Securities and Exchange Commission’s (SEC) director of enforcement, is stepping down and departing the agency, according to a Wednesday press release.

Grewal’s last day will be Oct. 11. Sanjay Wadhwa, Grewal’s deputy director of enforcement, will step in as acting director of the SEC’s enforcement division after Grewal’s departure. Sam Waldon, who is currently the chief counsel for the enforcement division, will be named acting deputy director.

“We have been incredibly fortunate that such an accomplished public servant, Gurbir Grewal, came to the SEC to lead the Division of Enforcement for the last three years,” SEC Chairman Gary Gensler said in a press statement. “Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws. He has led a Division that has acted without fear or favor, following the facts and the law wherever they may lead.”

Under Grewal’s three-year tenure as enforcement director, the SEC authorized more than 2,400 enforcement matters, leading to over $20 billion in disgorgement and civil penalties, and handed out over $1 billion in awards to whistleblowers, according to the press release.

In their announcement of Grewal’s departure, the agency lauded his crypto-related enforcement track record in particular, writing:

“Under Mr. Grewal’s leadership, the Division recommended and the Commission authorized more than 100 enforcement actions addressing widespread noncompliance in the quickly growing crypto space, including against the operators of the largest crypto asset trading platforms in the world and the operator of the largest crypto asset trading platform in the United States for depriving investors of crucial investor protections by not complying with the registration provisions of the federal securities laws.”

The SEC has announced a number of enforcement actions and settlements in the crypto space over the past few weeks, ahead of the end of the fiscal year, including eToro, Mango Markets and Galois Capital.

Bitcoin Bounce Above $62K Quickly Fades; Ether, XRP, ADA, LINK Lose as Torrid October Continues

The largest cryptocurrency’s price is currently retesting its “Bull Market Support Band” trend indicator, where prices often rebounded from pullbacks during uptrends.

Bitcoin’s (BTC) modest rebound from the geopolitical turmoil-induced sell-off was arrested at $62,400 during the Wednesday U.S. session, tumbling back below $61,000 in the later hours.

BTC recently changed hands at $61,100, down 1.5% over the past 24 hours, while the broad crypto market benchmark CoinDesk 20 index was 2% lower during the same period. Altcoins fared worse, with ether (ETH), Ripple’s XRP (XRP), Cardano (ADA), Chainlink (LINK) and Near (NEAR) declining 3%-5% during the day.

U.S. stock indexes remained mostly flat after yesterday’s losses on rising conflict between Israel and Iran. Gold pared some of its gains while oil retraced to $70 from its intraday top at $72, perhaps a sign of easing investor concerns over further military escalation.

The Japanese yen tumbled 1.8% against the U.S. dollar on incoming prime minister Shigeru Ishiba ruling out further interest rate hikes in the near term, saying that the country’s economy isn’t ready yet for more restrictive monetary policy. Keeping central bank policy loose would support risk assets, as the Bank of Japan’s surprise rate hike in August triggered a broad-scale market crash as traders were forced to unwound their positions funded by cheap yen-based loans.

Bitcoin’s key test

Crypto’s dismal start of October, which was widely expected to be a bullish month, has left crypto traders worried about further downside as the euphoria from bitcoin’s swift run to $66,000 from $52,000 last month quickly faded.

Whether prices rebound or tumble lower may depend on bitcoin’s ongoing retest of its “Bull Market Support Band,” a key trend indicator defined by the asset’s 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA). The band often served as support for prices during previous uptrends, and currently ranges between $61,100 and $62,900. A bounce from the band would reinvigorate the uptrend from the September lows to target, but a decisive break below could undo all the recovery, with many more weeks chopping below $60,000.

Analysts at crypto hedge fund QCP said that bitcoin could tumble to as low as $55,000 if the Middle East conflict escalates further and investors move risk-off, but the $60,000 level acted as solid support so far.

“Middle East geopolitics will steal the limelight for now, but the shallow sell-off suggests that the market remains well bid for risk assets,” QCP said in a Tuesday update.

“This minor setback shouldn’t distract from the bigger picture,” QCP analysts added. “Asset prices are expected to remain supported heading into 2025, as both the largest (the Federal Reserve) and third-largest (People’s Bank of China) central banks in the world have started their cutting cycles in earnest.”

Blockchain analytics firm CryptoQuant noted signs of BTC demand recovering from the summer slump, driven by U.S.-listed spot ETFs.

If demand picks up and favorable year-end seasonality materializes, BTC could target the $85,000-$100,000 range in the last quarter, according to CryptoQuant.

“These levels align with the upper range of the on-chain trader realized price bands, where short-term traders often take profits following price rallies,” CryptoQuant analysts said.

SEC Files Notice of Appeal in Case Against Ripple

A federal judge ruled last year that the SEC had not made its case that Ripple violated securities law by selling XRP to retail customers through exchanges.

The U.S. Securities and Exchange Commission announced it would appeal a federal judge’s ruling in its case against Ripple on Wednesday.

The federal regulator filed a “notice of appeal” to the Second Circuit Court of Appeals, just under two months after Judge Analisa Torres imposed her final judgement in the regulator’s now four-year-old-case against the crypto company.

In July 2023, the judge ruled that while Ripple violated federal securities law through its institutional sales of XRP, its programmatic sales to retail exchanges did not violate securities rules. The SEC attempted to file an interlocutory appeal against the motion for summary judgement, but was denied by the judge.

This past August, Judge Torres imposed a $125 million fine against Ripple, well below the nearly $2 billion the SEC requested in disgorgement, prejudgment interest and civil penalties.

In a statement, an SEC spokesperson said, “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit.”

Ripple did not immediately return a request for comment.

Earlier Wednesday, Bitwise filed an application to list and trade shares of an exchange-traded fund that would invest in XRP.

XRP’s ‘Bearish Skew’ Persists After 10% Price Slide Amid SEC Appeal and ETF Filing

Just as optimism was about to surge, clouds rolled in, pushing prices lower.

XRP’s (XRP) options market shows a greater risk of an extended price decline than renewed gains as renewed regulatory uncertainty overshadows Bitwise’s ETF filing and weighs over the cryptocurrency’s price.

On Monday, asset manager Bitwise submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC), filing for an exchange-traded fund (ETF) that would invest in XRP. Bitcoin and ether spot ETFs, which debuted in the U.S. early this year, have pulled in billions of dollars in investor money.

However, to the dismay of XRP bulls, Bitwise’s action was quickly followed by the SEC filing a notice of appeal to the Second Circuit Court of Appeals, pushing back against Judge Analisa Torres’s two-month-old ruling that fintech company Ripple Labs did not violate programmatic sales to retail exchanges did not violate securities rules.

Four years ago, the SEC charged Ripple with selling unregistered securities after the platform sold $1.3 billion worth of XRP. While Ripple is a fintech company dedicated to building a global payments network, XRP is an independent digital asset for online payments and currency swaps.

Being categorized as security is widely seen as a bearish development in the crypto market, as securities are more tightly regulated than commodities and demand greater reporting and transparency by companies.

As such, XRP has declined by 11% to 53.7 cents in the past 24 hours, taking the week-to-date loss to over 16%, according to data sources CoinDesk and Coingecko. It’s the third worst-performing cryptocurrency among the top 100 coins by market value. Market leaders bitcoin and ether are down 0.5% and 3.7%, respectively.

Bearish options skew

Options traders on Deribit seem relatively more bearish on XRP than bitcoin and ether, according to the seven-day call-put skew, which measures the difference between call and put volatility (demand).

At press time, XRP’s seven-day skew was -3.2%, a sign of bias for puts offering protection against price slides. BTC and ETH’s seven-day skews were 0% or neutral and 2.8%, according to data source Amberdata.

Meanwhile, funding rates in the XRP perpetual futures market have turned positive, reversing the brief overnight negative flip, which represented a bearish bias.

SEC’s Gensler Won’t Reveal his View on Trump’s Bitcoin Reserve, Reiterates Bitcoin Isn’t a Security

Gensler was responding to CNBC’s question on whether the SEC chair was “warming up to top-tier crypto?”

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his stance that bitcoin (BTC) is “not a security” but doubled down on his stated position that regulatory clarity exists for the crypto space in an interview with CNBC on Thursday.

“As it relates to bitcoin, my predecessor and I have said, that’s not a security,” Gensler said. “You now have a way that you can actually express that view — buy into that through exchange-traded products.” Such products were approved by the SEC in January, marking a monumental shift in the agency’s approach to the crypto space.

Gensler was responding to CNBC’s Joe Kernen asking whether the SEC chair was “warming up to top-tier crypto?”

“Where are you on what’s called altcoins, there’s 15 or 20 thousand of them. Where are you Joe?” Gensler asked.

Gensler refused to reveal a position on what he thought about Donald Trump’s idea “to keep the current government holdings “as the core of the strategic national bitcoin stockpile.”

“I have a view but given my role and also we are in election season so for the listening public I will stick to my chalk lines which are securities markets and chairman Powell and others can speak to that.”

Apart from bitcoin, Gensler has maintained that the vast majority of other tokens fit the legal definition of securities that are rightfully under the SEC’s jurisdiction. This position remains despite industry push back, lawsuits against the SEC and a recent hammering the SEC got for two hours during a congressional hearing titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Asset.”

Asked by CNBC if the SEC had been regulating by litigation, Gensler once again argued that current laws give his agency the power to oversee the crypto space.

“Not liking the rules is not the same as that there aren’t rules.”

Gensler also said that he didn’t know where bitcoin will be in 20 years but that that he felt “the field is going to have a challenge building trust” which it is “already” when “there’s so many fraudsters, scammers.”

“Look at the leading lights in this field, in the crypto field just two years ago. A number of them are in jail right now, and I’m not just talking about SBF… there’s been tens of billions of dollars of losses and bankruptcies and so forth,” Gensler said on Thursday. “What innovative field in America survives without having building trust in that field and protecting investors or consumers?”

Binance founder Chang Peng “CZ” Zhao, who is currently serving a four-month prison sentence, will be a free man by the end of this week.

Binance Founder Changpeng ‘CZ’ Zhao Could be Released on Friday

A Federal Bureau of Prisons rule states that an inmate whose release date falls on a Saturday, Sunday, or legal holiday, may be released on the last preceding weekday.

Binance founder Changpeng “CZ” Zhao, could be released on Friday, two days ahead of his scheduled release date of September 29th (Sunday), according to an interpretation of the law.

The U.S. Department of Justice’s Federal Bureau of Prisons rule states that “The Bureau of Prisons may release an inmate whose release date falls on a Saturday, Sunday, or legal holiday, on the last preceding weekday unless it is necessary to detain the inmate for another jurisdiction seeking custody under a detainer, or for any other reason which might indicate that the inmate should not be released until the inmate’s scheduled release date.”

The decision may depend on the discretionary authority given to Wardens. The Bureau of Prisons did not immediately respond to a request for clarification and comment sent outside of office hours from CoinDesk.

CZ was sentenced to four months in prison in April after pleading guilty to violating the Bank Secrecy Act by failing to set up an adequate know-your-customer (KYC) program at Binance.

If released on Friday, CZ would have spent 116 days in prison. He spent three months at a low-security prison, Lompoc II, on California’s central coast before being moved to a halfway house in San Pedro, California in late August.

“We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next,” a Binance spokesperson said. “Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 230 million users globally.”

Bitcoin’s ‘Outside Day’ Sets Stage for $70K, Altcoins Break Out: Technical Analysis

Thursday’s bullish trading range marks an end of the recent consolidation and a resumption of the rebound from lows under $53,000.

Earlier this week, analysts at the Bitfinex crypto exchange said August’s $65,200 high is the level to beat for bitcoin (BTC) bulls.

The breakout happened Thursday and how. Bitcoin jumped over 3%, the most in nine days, to the highest since July 31 with a wider trading range than Tuesday, according to charting platform TradingView.

In other words, the cryptocurrency formed a bullish “outside day” pattern, signaling an end of the recent consolidation below $65,000 and a resumption of the rally from lows under $53,000.

“The outside day can form midway in a price trend, just like flags and pennants. Since outside days act as continuation patterns, expect the breakout to be in the same direction as the inbound price trend,” investor and technical analysis expert Thomas N. Bulkowski wrote in his book “Encyclopedia of Chart Patterns.”

The breakout flipped the August high into a support level, shifting focus to the next resistance closer to $70,000. The resistance is identified by the trendline connecting highs registered in March and June.

Bitcoin has gained almost 1% so far on Friday, close to $66,000, validating the bullish breakout. The positive bias would be invalidated if prices fell below Thursday’s low of $62,805.

Altcoin breakout

While bitcoin is still stuck in a broad descending channel, the cumulative market capitalization of alternative cryptocurrencies (altcoins), or tokens other than market leaders bitcoin and ether, has broken out of a six-month corrective trend.

The breakout points to a potential “alt season” ahead, a period characterized by smaller tokens outperforming BTC and ETH.

Bitcoin Prices Show Positive 30-Day Correlation With China’s Central Bank Balance Sheet

“The new inflow of cash could indirectly push up the price of bitcoin, particularly in the long term perspective,” one analyst said.

Bitcoin (BTC) prices seem to have tracked the growth in the Chinese central bank’s balance sheet over the past eight years, maintaining a notable positive 30-day correlation.

The People’s Bank of China (PBOC), holds roughly $6.22 trillion worth of U.S. dollars on its balance sheet. At press time, the 30-day correlation coefficient between bitcoin’s price and the PBOC’s balance sheet size was 0.66, according to data source TradingView. Its always been positive except 2016 and from late 2022 to 2023. On the other hand, as of writing, bitcoin had a -0.88 correlation over 30 days with the Federal Reserve’s balance sheet, the lowest on record since 2016.

A strong correlation means a co-efficient of 0.6-0.9, and 0.8-1 is considered a very strong correlation. Correlations are a statistical measure of how two variables are related and can be used in financial markets to predict or track asset prices.

The positive correlation is noteworthy as early this week, the PBOC said it was considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy.

The central bank also cut the reserve requirement ratio for mainland banks by 50 basis points (bps) while lowering the seven-day reverse repo rate – the interest rate at which a central bank borrows funds from commercial banks – by 20 bps to 1.5%.

BTC has gained nearly 3% this week and is up over 10% for the month, according to CoinDesk data. Asian stocks led by China have also surged in the wake of PBOC’s stimulus bazooka. The CSI 300 Index of large-cap shares soared 4.5% on Friday, bringing this week’s gain to 16% in the biggest run since 2008.

Like the U.S., China’s stimulus aims to lower unemployment and spur business growth. The new inflow of cash could indirectly push up the price of Bitcoin, particularly from a long-term perspective, market analyst Nick Ruck told CoinDesk in a Telegram message on Friday.

“The stimulus could lead to increased investment in blockchain companies that may include mining technology and startups,” Ruck said. “Select funds may also be able to increase exposure to crypto-related investments offshore, such as in stock-listed firms and ETFs in Hong Kong.”

The bump won’t be limited to bitcoin, some say, as all riskier assets are expected to get a boost in the coming months.

“It’s all the green light for global risk markets as U.S. equities hit new ATHs for the 3rd time this week, helped by a rapid-fire of furious stimulus to resuscitate the long-struggling Chinese economy,” Augustine Fan, head of insights at SOFA, told CoinDesk. “This has led macro observers to turn explicitly bullish on all risk assets in the interim, with a seemingly globally synchronized easing move that was reminiscent of the easy-money days from the QE era.”

“Naturally, crypto prices are still highly correlated to equity performance. However, investor sentiment seems to have flipped to a ‘buy the dip’ mode, and risk-reward favors a continued rally with no or little downside catalysts in sight,” Fan added.