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Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks

Banks that use Temenos core software can now easily create crypto wallets and have exposure to any type of digital assets they want

Swiss cryptocurrency custody specialist Taurus is collaborating with Temenos, a firm that provides core banking software to many of the world’s largest financial institutions, allowing those banks to quickly and easily create crypto wallets and transfer a wide range of digital assets.

This collaboration is important as the Geneva-headquartered Temenos is quite big: the firm has 67 offices in 40 countries and serves over 3000 banks and financial institutions. Taurus, whose crypto custody clients include the likes of Deutsche Bank and State Street, says it is the first digital asset custody platform to fully integrate with Temenos.

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The integration means banks using Temenos can avail themselves of one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals, and real-time booking, reconciliation and regulatory reporting for digital assets, according to a press release.

“It means banks using Temenos can have exposure to any type of digital assets they want,” Taurus co-founder Lamine Brahimi told CoinDesk in an interview. “That could be cryptocurrencies, tokenized securities, stablecoins, even memecoins if they wish and their risk department is open to it.”

It’s good timing, Brahimi said, given the imminent arrival of a pro-crypto administration in the U.S., as well as Europe going live with the markets in crypto assets regulation (MiCA).

“Everybody is preparing for regulatory clarity in the U.S.,” Brahimi said. “America is a big market for Temenos and they have a lot of their C suite there. So, we are making ourselves ready, not just in the U.S., but everywhere; hopefully to start in Q1 of next year.”

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Bitcoin Miner Hut 8 Buys $100M BTC Boosting Total Total Stash to $1B

The miner bought about 968 bitcoin for average price of around $104,258 each.

Another bitcoin miner, Hut 8 (HUT), has decided to pull the trigger on buying bitcoin in the open market, following the likes of MicroStrategy (MSTR) and MARA Holdings (MARA).

The Miami, Florida-based company said it bought about 990 bitcoin for an average price of $101,710 each. The latest purchase will bring the amount of bitcoin held in Hut 8’s reserve to 10,096, or about $1 billion in market value, and make it among the top 10 largest corporate owners of bitcoin, the company said in a statement on Thursday.

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The miner is planning to use the reserve through options strategies, pledges, sales or other strategies, according to the statement. Hut 8’s CEO, Asher Genoot, told CoinDesk that his firm will be opportunistic in buying more bitcoin in the open market.

“Today, the market recognizes and values our strategic reserve, which effectively lowers our cost of capital and strengthens our financial position. As long as this market dynamic persists, we will remain opportunistic in expanding our Bitcoin reserve,” Genoot said.

The move follows Hut 8’s announcement earlier this month that it started a new $500 million at-the-market share issuance program. At the time, the firm said some of the proceeds from the fund would be used to buy bitcoin in the open market, among other things.

MicroStrategy, the largest corporate holder of bitcoin on its balance sheet, started the trend of buying bitcoin in the open market. It wasn’t until MARA Holdings’ purchase of bitcoin in the open market this year that this became prominent among the miners. Most recently, peer Riot Platforms (RIOT) bought 667 bitcoin at an average price of $101,135 on Dec. 16.

Buying large amounts of bitcoin in the open market has paid off for miners opening up new avenues of raising funds at a time when the industry is grappling with a profit squeeze after the recent Bitcoin halving event. Last month, MARA was able to raise $1 billion in convertible debts—a financial instrument where investors can convert debt into equity—with zero interest. This means investors are willing to let go of the interest income from the debt for the equities that provide them with exposure to bitcoin.

Hut 8 said holding bitcoin reserve serves as a flexible option for the firm that can help the company grow. “We view our strategic reserve as a dynamic financial asset that can be actively managed to drive returns well beyond simple price appreciation,” Genoot told CoinDesk.

“Together with the significant investments we are making to expand our core operating business—with a clear path to 24 EH/s of self-mining capacity by Q2 2025—strategic Bitcoin purchases in the open market can strengthen our balance sheet and ability to invest thoughtfully in growth,” he said.

Shares of Hut 8 have risen 74% this year, while CoinShares Valkyrie Bitcoin Miners ETF (WGMI) climbed 28%.

El Salvador to Shut or Sell Chivo Crypto Wallet as Part of $3.5B IMF Deal

The country’s concessions include that taxes must be paid in U.S. dollars, not bitcoin, and bitcoin acceptance will be made voluntary in the private sector.

El Salvador is in the process of securing a $3.5 billion deal with the International Monetary Fund, but is making some concessions around bitcoin (BTC) to get the funding.

Stacey Herbert, director of the Bitcoin Office in El Salvador, posted on Thursday that the government-issued Chivo wallet — launched in 2021 in a bid to spread bitcoin adoption across the country — will be “sold off or wound down” as part of the deal. Other bitcoin wallets operated by private companies will “continue serving El Salvador,” Herbert said.

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The IMF stated on Wednesday that, under the agreement, El Salvador will also make bitcoin acceptance by the private sector voluntary, and that taxes will only be paid in U.S. dollars (not bitcoin). “For the public sector, engagement in bitcoin-related economic activities and transactions in and purchases of bitcoin will be confined,” the document also said, without going into further detail.

Herbert, however, wrote in her post that El Salvador will continue to add bitcoin to its reserves — possibly, even, at an “accelerated pace.” The Central American nation is currently buying one bitcoin per day; at press time, it held 5,968.77 bitcoin, worth almost $596 million. Herbert said that many of El Salvador’s bitcoin-related projects, including the development of bitcoin capital markets and the offering of bitcoin educational programs, will continue to occur. The cryptocurrency’s legal tender status will likewise not be impacted.

The IMF has had misgivings about El Salvador’s bitcoin initiatives ever since President Nayib Bukele made bitcoin legal tender in the country in September 2021, giving it the same status as the U.S. dollar, the nation’s official currency. In 2022, the agency warned that El Salvador was incurring “large risks associated with using Bitcoin as legal tender, especially given the high volatility of its price.”

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies,” the IMF stated on Wednesday.

Salvadorans were offered $30 in bitcoin to sign up on Chivo, but national adoption never really took off. By mid-2022, more than 60% of recipients had yet to make a transaction, according to the National Bureau of Economic Research. A survey from the Central American University found in January that 88% of surveyed Salvadorans hadn’t used bitcoin in 2023.

The IMF itself will only provide $1.4 billion as part of the deal with El Salvador. Funds from the World Bank, the Inter-American Development Bank and regional development banks are expected to bring the total amount to $3.5 billion as part of the same program.

Pavel Durov: Free Speech Hero Against the State

The Telegram founder’s short stay in a French prison this summer was a free speech inflection point.

It was not until August 24, 2024 that Pavel Durov burst into the forefront of the public consciousness. Not that the 120th richest person in the world with $15.5 billion (Forbes) isn’t notable just for that. But it’s Durov’s social media accomplishments that truly distinguish him—and his public stand for internet freedom that underscores his dynamic role in that world.

Durov’s first achievements in social media took place in his native Russia, when he cofounded the social networking site VKontakte (VK) in 2006. Disputes surrounding the site and subsequent interference from the Russian government prompted Durov to leave his native country in 2014, just a year after developing the groundbreaking networking site Telegram with his brother, Nikolai. In 2017, it moved the company HQ to the United Arab Emirates.

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In August, Durov told the court that he had come for an arranged meeting with French President Emmanuel Macron, which Macron denied. The charges leveled against him were based on the notion that his Telegram site was insufficiently monitored, and thus allowed for the free flow of criminal activity.

To Durov’s thinking, the internet is free. The exchange of ideas ought to be facilitated, not suppressed. His arrest was in fact the fruit of a long term joint surveillance operation dubbed “Purple Music,” and carried out by the French government in cooperation with the UAE. Both governments wanted the key to Durov’s encryption codes — just as the Russians had.

The French claimed to be concerned with cybercriminals, drug traffickers and Islamic extremists, while the UAE was focused on the possible use of the Telegram app by dissidents and pro-democracy activists, despite having invested $75 million in Telegram in 2021.

Pavel Durov is free on bail while his case is pending, but forbidden to leave France. His case continues to pit internet titans against the state, in a preview of a clash we’re likely to see more of in the coming years.
This profile is part of CoinDesk’s Most Influential 2024 package. For all of this year’s nominees, click here.

Magic Eden’s $5B Token Airdrop Raises Crypto Wallet Security Questions

To claim aidrops, users had to download Magic Eden’s wallet, a highly atypical process that industry insiders said threatened to breach security best practices.

Early traders of NFT marketplace Magic Eden’s new token ME had a lot to be thankful for – if they could access their airdrops, that is.

In the first minutes of trading Tuesday, the token’s fully diluted valuation hit $15 billion. But as more claimants managed to process their airdrops – and in some lucky cases, sell – that valuation began to crater. It eventually settled at an FDV around $5 billion.

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ME’s rocky rollout stood in sharp contrast to other recent token launches. Hyperliquid’s HYPE token immediately went parabolic after launching in late November. And Move’s days-old MOVE token had a far more stable rollout – even shooting up at times.

Some observers saw ME’s down-only price action as comeuppance for a crypto project whose airdrop processing procedure was highly atypical, and, according to three industry insiders, threatened to breach security best practices.

The $ME airdrop is a great example of the dangers of trying to do too many things at once

An airdrop is probably the biggest brand and community moment any crypto company will ever have

The key focus should be on rewarding loyal users and transforming them into your biggest…

— Alex (@AlexOnchain) December 10, 2024

Magic Eden did not respond to CoinDesk’s questions.

Traders who managed to claim thousands of dollars-worth of ME publicly shunned anyone badmouthing their “free money.” Others bemoaned apparently getting their wallets drained while wading through Magic Eden’s convoluted process.

It was a mixed day for Solana’s best-known NFT trading platform, which has partly weathered the hollowing-out of crypto’s digital collectibles economy by supporting newer, flashier and more highly-traded NFTs on the Bitcoin blockchain too.

Security concerns

The same wallet issues that complicated ME’s launch also could threaten user privacy, according to one industry source who asked not to be named.

Magic Eden earmarked ME tokens for NFT traders as a reward for their past business. To get their airdrop, those traders had to either import the private keys from their qualifying wallets into Magic Eden’s wallet app or create a new wallet on Magic Eden’s app and link it to their old ones. The latter action potentially creates a privacy-busting link between previously unaffiliated wallets.

Usually, crypto apps are content to let their users claim airdrops within their wallet of preference. Of course, most apps don’t pair their token launch with an in-house wallet. The process doubtless boosted adoption of Magic Eden’s new wallet.

Nevertheless, CoinDesk found a number of atypical security practices within the Magic Eden wallet. It keeps a backup of users’ recovery phrases and private keys on-app with no clear route to delete that information. While this makes the service more user-friendly, it also goes against established norms in wallet design and security.

“It’s a very bad idea to store this stuff” anywhere digitally, be it locally on one’s own device or – even worse – remotely on a company’s servers, said Ogle, a pseudonymous crypto-security sleuth. It’s not clear exactly where Magic Eden is storing the wallet recovery information.

The process also opened up airdrop claimants to attack from bad actors who might pretend to be Magic Eden.

Wallets created within Magic Eden’s app cannot easily be transferred to other wallet applications. CoinDesk attempted to recover a Magic Eden-created wallet on Phantom by using the Magic Eden-provided 12-word recovery phrase. This process resulted in the control of a completely different address.

An industry source said it had to do with Magic Eden’s reliance on a different tech setup than other leading wallets. It can be overcome by importing the private key, which is nestled deeper in Magic Eden’s app settings.

Not-so-savvy users might attempt to move their Magic Eden wallets to a different app using the 12 word recovery phrase alone.

“They are not going to be finding any money in there,” the insider said, predicting such users would panic, and perhaps incorrectly assume their money was gone for good.

Grayscale’s High ETF Fee Keeps the Cash Flowing In Even as Investors Withdraw

Grayscale’s fee revenue from GBTC is nearly five times higher than BlackRock’s from IBIT even after a 50% decline in assets under management.

Grayscale’s bitcoin (BTC) exchange-traded fund (ETF) is reaping higher income than its rivals even as investors flee the vehicle for lower-cost options.

The Grayscale Bitcoin Trust (GBTC), with almost $14 billion in assets under management (AUM), is earning about $205 million a year, CoinDesk calculations show. The figure is roughly five times larger than at rival BlackRock iShares Bitcoin Trust (IBIT), with $17 billion in AUM, which is raking in just $42.5 million.

The discrepancy is mainly down to fees, known as the expense ratio. Before the funds opened for trading on Jan. 11, operators jostling for customers started a price war that saw most settling on an expense ratio below 0.40%. GBTC, which existed as a trust before converting to an ETF, stood out, cutting the ratio just half a percentage point to 1.5%.

That compares with 0.20% at Bitwise Bitcoin ETF (BITB), the lowest among the five biggest issuers by assets under management. Ark 21 Shares Bitcoin ETF (ARKB) went to 0.21% while IBIT and Fidelity Wise Origin Bitcoin Fund (FBTC) set it at 0.25%.

Even as investors have withdrawn funds in search of platforms with lower expense ratios, GBTC’s head start means the cash is still flowing in. In January, it had AUM of $29 billion, according to YCharts, a financial analysis platform, and roughly 600,000 bitcoin.

The figure’s shrunk to $13.65 billion, based on multiplying net assets value (NAV) per share of $49.12 by the 278 million shares outstanding. It now holds about 220,000 bitcoin. IBIT, which holds 366,000 bitcoin, has 642 million shares outstanding and a NAV per share value of $35.13, giving AUM of $17 billion.

Neither Grayscale nor BlackRock responded to an email requesting comment that was sent before U.S. business hours.

Mango Markets Agrees to Destroy MNGO Tokens in SEC Settlement

Mango DAO, Mango Labs and Blockworks Foundation agreed to settle charges with the U.S. Securities and Exchange Commission Friday.

The U.S. Securities and Exchange Commission (SEC) settled charges with Mango DAO, Mango Labs LLC and Blockworks Foundation alleging that the MNGO token was an unregistered security and that the latter entities offered unregistered broker services.

The entities will destroy their MNGO tokens and ask crypto exchanges to stop trading the tokens, as well as pay $700,000 total as part of the settlement, which is still subject to a court’s approval, the SEC announced Friday in a press release. The settlement comes just over a month after Mango DAO held an open vote on whether it should adopt the settlement offer proposal. The DAO voted on a settlement proposal with the Commodity Futures Trading Commission (CFTC) earlier this week as well, which passed unanimously.

Mango DAO members vote on proposals through the MNGO governance token. It’s unclear what the project’s future will look like without the token. The SEC’s press release noted that Mango DAO and Blockworks Foundation (no relation to the news and events business) sold $70 million worth of MNGO tokens starting in August 2021.

As part of the settlement, Mango DAO, Blockworks Foundation and Mango Labs are neither admitting nor denying the charges.

In a statement, SEC Acting Crypto and Cyber Unit Chief Jorge Tenreiro said any entity that offers “securities-intermediary functions” needs to register or otherwise be exempt from registration with the SEC.

“Since the inception of our crypto enforcement program, our view has been that the label ‘DAO’ does not change the reality of who is behind a project, what activities they engage in, or whether their activities need to be registered. Nor does engaging in intermediation of securities with the aid of automated or open source software change the nature of such activities,” he said in the statement.

Last year, Mango Markets – which has struggled to recover since Avraham Eisenberg drained more than $110 million worth of tokens from the exchange in 2022 – tried relaunching the decentralized trading venue. Eisenberg was convicted of fraud and market manipulation tied to his actions around Mango earlier this year, though his sentencing has been pushed to Dec. 12, 2024.

Bitcoin’s Bearish September May Be Its Best Since 2013 Ahead of Bullish October

BTC is close to ending September up 9%, its best since 2013, ahead of a seasonally bullish October.

Bitcoin’s (BTC) historically worst month may have be its best one yet, with the asset on track to gain at least 9% this September, beating a trend that’s seen it end in the red eight times since 2013.

And that’s putting the asset on a stronger footing going into October, the start of a generally bullish period with some traders targeting a run to as much as $70,000 in the coming weeks from the current $64,000 levels. A green September has always resulted in bitcoin closing higher in October, November and December.

In contrast to September, there have just been two October months where bitcoin has ended in the red since 2013 – chalking gains of as high as 60% and an average of 22%.

Seasonality is the tendency of assets to experience regular and predictable changes that recur during the calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish “Santa Claus” rally in December, a sign of increased demand.

September has recorded an average value depletion rate of 6.56% in bitcoin, as previously reported, leading to traders being generally defensive about betting on higher prices.

But it gained amid a slew of global monetary easing policies, a weakening yen, increased institutional investments in bitcoin and both political parties in the U.S. – which influence market movements – showing a favorable sentiment toward the crypto market ahead of November elections.

The trend is widely expected to continue.

“With crypto correlations staying high to macro assets, particularly against the SPX, we consider the friendly macro background to remain a strong tailwind for crypto prices into Q4,” Augustine Fan, head of insights at SOFA, told CoinDesk in a Telegram message.

“Furthermore, with the Kamala camp playing lip service to crypto ‘support’ as part of her campaign rhetoric, we remain bullish on price action in the near term, with targeted put-selling strategies likely to be popular as investors switch into a ‘buy-the-dip’ mode,” he added.

Crypto Hackers Nabbed $409M in Q3: Immunefi

The figure is 40% less than in third-quarter 2023.

Hackers stole $409 million worth of cryptocurrency in the third quarter, and an additional $3 million was lost to fraud, according to a report by Immunefi.

The figure is 40% less than in third-quarter 2023, the bug bounty platform said.

The amount of capital locked on decentralized finance (DeFi) protocols represents an “unparalleled and attractive opportunity for blackhat hackers,” Immunefi said. There is currently $87.2 billion in total value locked (TVL) across DeFi, according to DefiLlama.

Most the quarter’s losses came from hacks of crypto exchanges, with India’s WazirX losing $235 million and Singapore’s BingX $52 million. The report said 32 other hacks accounted for 32% of total losses.

“We’re seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit,” said Mitchell Amador, founder and CEO of ImmuneFi.

“In CeFi, the biggest infrastructural issue is private key management, which is essential to maintaining the self-custody of crypto assets but is not typically subject to security audits. It requires rigorous key management policies, practices, and emergency plans.”

WazirX lost funds after hackers compromised the exchange’s private keys. The exchange halted withdrawals and froze trading on July 18, and is now seeking a moratorium from Singapore’s courts to give it time to restructure.

The Ethereum blockchain was the most common target for hackers, with 15 incidents of theft reported compared with eight on BNB Chain and two on Base.

There were also two incidents of funds being recovered after being stolen. Ronin Network recouped $10 million from a $12 million hack and ShezmuTech clawed back all $4.9 million that was taken.

The Fed Pivot is Finally Here

Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which could have strong implications for the crypto community, says Andre Dragosh, head of research Europe, CoinShares.

“The time has come,” stated Fed chairman Jerome Powell back in August at the Jackson Hole central bank symposium. Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which was slightly more than markets had priced in before the FOMC meeting. In other words, the Fed positively surprised markets with this rate cut.

It is quite likely that the Fed is just getting started with rate cuts. At the time of writing, the market already expects 3 additional cuts (75 bps) by year-end and another 5 cuts (125 bps) next year through December 2025. The Fed has also telegraphed additional cuts via its latest Summary of Economic Projections (SEP) (aka “dot plot”).

Nonetheless, despite this more-than-expected interest rate reduction of 50 bps, it is quite likely that the Fed still remains “behind the curve.”

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For instance, a standard Taylor rule based on the unemployment rate and core PCE inflation implies that a fed funds target rate of around 3.6% p.a. is already warranted based on the underlying economic and inflationary momentum.

In addition, the latest fund manager survey by Bank of America indicates that monetary policy was still “too restrictive” in September 2024 – in fact, the most restrictive since October 2008 according to this survey.

There still remains an increased risk of a recession as several reliable indicators such as the prominent “Sahm rule” remain triggered.

That being said, our quantitative analyses imply that global growth has become less relevant for the performance of bitcoin while other factors like monetary policy or the US dollar have become more important.

In other words, a US recession might not be as negative as widely anticipated for bitcoin and other cryptoassets. To the contrary, it may lead to even more Fed rate cut expectations and US Dollar weakness which could provide even more tailwind.

With the latest move by the Fed and other major central banks, the global liquidity tide is clearly turning; global money supply has already reached new all-time highs and is accelerating. Expansionary money supply growth periods are usually associated with bitcoin bull runs.

The re-steepening of the US yield curve which tends to be a recessionary indicator is also an indicator for increasing liquidity and therefore bullish for scarce assets like bitcoin.

What is more is that the increase in global liquidity is coinciding with the increasing supply scarcity of bitcoin which has been intensifying since the latest halving in April 2024.

Our analyses have shown that there tends to be a significant lag between the halving event itself and the moment the supply shock starts to become significant, as the supply deficit only tends to accumulate gradually over time.

So, it appears as if there is a perfect confluence between an increase in potential demand via global money supply and a simultaneous reduction in available supply via the halving.

The market has been mired in “chopsolidation” – a choppy consolidating range-bound market – since the latest all-time high in March 2024. This was due to several factors such as government sales of bitcoin, Mt. Gox trustee’s distribution of bitcoins, or the macro capitulation in early August 2024.

In this context, the summer months have generally been one of the worst performing months for bitcoin historically with September being the worst month of the year.

However, Q4 tends to be the best month for bitcoin from a pure performance seasonality perspective and we also expect bitcoin to break out of this chopsolidation in Q4.

It seems as if the wait for a new break-out to the upside is finally over. The Fed pivot may have just delivered the perfect catalyst for that.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.