The European Central Bank said stablecoin risks in the euro area are limited, with crypto trading dominating use and retail adoption under 1%, while monitoring continues. Financial stability experts at the European Central Bank (ECB) said stablecoin-related risks in the euro area are limited due to low adoption and preventative regulation. The ECB on Monday published its financial stability review pre-release, devoting it to the growing market of stablecoins, which are digital assets pegged to the value of fiat currencies or commodities. Authored by ECB financial stability experts Senne Aerts, Claudia Lambert and Elisa Reinhold, the report questioned stablecoin use cases beyond crypto trading and highlighted their low financial stability risks in the euro area. Read more
Former Italian Prime Minister Matteo Renzi will join the Enlivex board to support its policy efforts in establishing the first corporate treasury holding a prediction market token. A Nasdaq-listed biotech firm is raising $212 million in a late-cycle pivot into crypto, planning to buy the token of a decentralized prediction market even as other digital-asset treasuries (DATs) struggle to stay afloat. Enlivex Therapeutics (ENLV), a clinical-stage macrophage reprogramming immunotherapy company, said on Monday it plans to raise $212 million through private investment in public equity, selling 212 million shares at $1 each. The price represents an 11.5% discount to Friday’s close, according to the company’s filing with the US Securities and Exchange Commission. The company plans to invest the majority of the $212 million in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network, marking the first corporate strategy centered on a prediction market token, according to ...
A researcher warned that more than 400 NPM libraries, including at least 10 crypto packages mostly tied to ENS, were compromised by Shai Hulud malware. A major JavaScript supply-chain attack has compromised hundreds of software packages, including at least 10 used widely across the crypto ecosystem, according to research from cybersecurity firm Aikido Security. In a Monday post, Charlie Eriksen, a researcher at Aikido Security, shared the names of over 400 packages that showed signs of infection with the “Shai Hulud” self-replicating worm malware used in the ongoing JavaScript NPM library supply chain attack. Eriksen said he validated each detection to avoid false positives. Many of the cryptocurrency-related packages involved receive tens of thousands of downloads per week and have numerous other packages that require them to function. In an X post published earlier Monday, Eriksen also warned the Ethereum Name Service (ENS) team that several of their packages were affected. Read more
Despite a steep drop in its share price, Strategy’s Bitcoin stack is in the green and it continues to outperform top tech equities over time. Update Nov. 24, 1:20 pm UTC: This article has been updated to add comments from Kyle Rodda, senior market analyst at Capital.com. Bitcoin investor Strategy is facing a rough stretch this year, prompting speculation that its high-conviction Bitcoin play is coming undone. A look beyond the one-year chart tells a different story. Google Finance data shows that Strategy (MSTR) stock is down almost 60% over the last year, and has declined by over 40% year-to-date (YTD). The stock traded near $300 in October, before dropping to about $170 at the time of writing. Read more
A decline in speculative crypto investor appetite has seen Pump.fun’s revenue fall by 50% since October, raising concerns about incoming selling pressure. Memecoin launchpad Pump.fun has reportedly cashed out more than $436 million in stablecoins since October’s record crypto market crash throttled trading activity and slashed the platform’s monthly revenue. Since Oct. 15, the Solana-based memecoin launchpad transferred $436 million in USDC (USDC) stablecoins to cryptocurrency exchange Kraken, signaling the platform’s operators were cashing out, according to blockchain data platform Lookonchain. Pump.fun began transferring millions in stablecoins to the exchange a week after the record $19 billion October crypto market crash had cut speculative appetite among memecoin investors. Read more
With Thailand’s markets in turmoil, Bitkub is shifting toward Hong Kong’s thriving equity market for a $200 million IPO raise, Bloomberg reported. Bitkub, Thailand’s biggest cryptocurrency exchange, is considering an initial public offering (IPO) abroad amid a downturn in the local stock market. Bitkub is planning to raise $200 million as part of a potential IPO in Hong Kong, Bloomberg reported on Monday, citing unidentified sources familiar with the matter. Founded in 2018, Bitkub trades about $66 million daily, according to CoinGecko data. Read more