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WazirX To Restore Wallet Balances And Trades Amid Fraud Petitions

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5 months ago

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Beleaguered crypto exchange WazirX on Thursday said it has decided to restore wallet balances and cancel all trades executed after the hack. The move comes after the customers expressed dissatisfaction with the earlier plans of the India-based crypto exchange and legal petitions filed against the company and its executives.

WazirX Plans To Reverse To Pre-Withdrawal Halt State

All customers will have their wallet balances on the WazirX platform restored to the state that they were before the stoppage of withdrawals on 18 July 2024 at 1 PM IST. Also, all trades carried out on the exchange following the hack will be canceled, reported the crypto exchange on August 8.

The exchange said the decision was taken after a detailed consideration of the situation and feedback from numerous users to address the concerns. The company plans to resume operations including withdrawals and trading in the upcoming days, while optimizing outcomes for users.

WazirX co-founder Nischal Shetty said “We’re actively listening to all the feedback received from our customers. Resolving the problem one step at a time.”

It also added that the crypto exchange will maintain its integrity and facilitate an appropriate outcome for its users following the impacts of the cyberattack on WazirX on July 18, 2024. Any aspects including fees, referrals, deposits, TDS, etc. impacted will be restored to the earlier state. Moreover, affected users will be notified through email along with a consolidated list of impacted trades.

However, the crypto exchange and executives have not revealed further actions taken to recover stolen funds and when impacted users will receive their funds.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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MicroStrategy Announces Special Shareholders Meeting to Buy More Bitcoin

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9 hours ago

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December 24, 2024

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Business intelligence firm MicroStrategy is doubling down on its Bitcoin strategy by discussing new financing options to fund the BTC purchase. As a result, the firm has announced a special meeting of shareholders to vote on proposals that aim at advancing the 21/21 plan. The goal is to enhance the company’s capital-raising capabilities while aligning director compensation with the Bitcoin-centric approach.

MicroStrategy Holds A Special Meeting With Shareholders

Soon after announcing a $516 million Bitcoin purchase on Monday, MicroStrategy announced its plans to hold a special meeting with shareholders to discuss further financial options and increase its Bitcoin holdings. As part of its 21/21 plan, the company to focus on enhancing its capital-raising capabilities further. Below are some of the firm’s key proposals.

  1. Increase in Class A Shares: The company seeks approval to raise the number of authorized Class A shares from 330 million to 10.33 billion, enabling more flexibility for future capital-raising efforts.
  2. Expansion of Preferred Shares: The authorized preferred shares would increase from 5 million to 1.005 billion. It will help in broadening financing options to support strategic initiatives.
  3. Amendment to Equity Incentive Plan: Proposed changes to the 2023 Equity Incentive Plan include automatic equity awards for newly appointed directors. This will ensure alignment with the company’s Bitcoin-focused vision.

This signifies Michael Saylor’s complete commitment towards MicroStrategy’s Bitcoin-centric strategy. In the last four years, the company has accumulated 439,000 Bitcoins, currently valued at approximately $42 billion. Besides, it has also propelled the company’s valuation to soar to $82 billion, an 80x surge after the company implemented its BTC plan for the first time in 2020.

Source: Bitcoin Treasuries

This massive accumulation makes MicroStrategy the fourth-largest Bitcoin holder behind Bitcoin founder Satoshi Nakamoto, BlackRock Bitcoin ETF (IBIT), and crypto exchange Binance.

MSTR Stock on Downward Trajectory Despite Nasdaq 100 Inclusion

The MicroStrategy stock has been on a downward trajectory despite its inclusion in the Nasdaq 100 Index earlier in December. On Monday, the MSTR stock price corrected 8.78% slipping all the way to $332 levels. With this, it has extended its weekly losses to 19% and monthly losses to 17.65%. From its all-time high of $472 in November, the MSTR stock has corrected 30%. However, it has still been up by a massive 384% since the beginning of 2024.

Michael Saylor also remains hopeful of growth during the Donald Trump administration tenure as he proposing a strategic Bitcoin reserve to help the US pay its $36 trillion national debt. Commenting on the Republican win, Saylor said:

“With the red sweep, Bitcoin is surging up with tail winds, and the rest of the digital assets will also begin to surge. Taxes are coming down. All the rhetoric about unrealized capital gains taxes and wealth taxes is off the table. All of the hostility from the regulators to banks touching Bitcoin”.

Following last week’s all-time high of $108K, the Bitcoin price has witnessed increased selling pressure. In the last 24 hours, BTC has corrected another 2% extending its weekly losses to 11.52% and eyeing a further drop to $90,000. The Coinglass data shows $65 million in BTC liquidation with $45 million in long liquidations.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Touches $94K, VIRTUAL Soars 35%, ZEC Gains 20%

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12 hours ago

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December 24, 2024

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The crypto prices today showed mixed trends, with Bitcoin (BTC) trading below $94,000. BTC has been on a week-long decline after reaching an all-time high of $108,000. Major altcoins like Ethereum (ETH), XRP, and Solana (SOL) gained 3% to 5% in the last 24 hours, showing signs of recovery.

Virtual Protocol (VIRTUAL) became the top gainer, soaring by 35% in the last 24 hours. Zcash (ZEC) followed closely as the second-highest gainer, with a 20% increase during the same period.

The global crypto market cap rose approximately 2% to $3.32 trillion, while trading volume grew by 20% to $170 billion. The Fear and Greed Index stands at 55, indicating neutral sentiment. Here’s a quick snapshot of the top cryptocurrencies by market capitalization and price movements.

Bitcoin price fell below $94K, while Ethereum, XRP, and Solana gained 3% to 5% in the last 24 hours. Meanwhile, the IRS announced that crypto staking rewards are taxable amid an ongoing lawsuit challenging the decision.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $93,984, with a 24-hour low of $92,526 and a high of $96,545. Its market cap stood at $1.86 trillion, with $62 billion in trading volume. Bitcoin’s market dominance dropped to 56.52%, slightly lower than yesterday.

As per SoSo Value, BTC ETFs recorded $276 million in outflows. BlackRock, after a long time, saw an outflow of $72 million. Ark & 21Shares had the largest outflow at $87 million, followed by Fidelity with $71 million and Grayscale at $57 million.

Michael Saylor’s MicroStrategy grabbed attention again, adding more Bitcoin to its reserve. Just last week, the company purchased 15,350 BTC for $1.5 billion, and it has now bought even more, reinforcing its bullish stance on Bitcoin.

Ethereum Price Today

Ethereum (ETH) price was trading at $3,383, marking a 4% increase over the last 24 hours. Its 24-hour low and high were $3,263 and $3,466, respectively. The market cap stood at $407 billion, with $32 billion in trading volume and a market dominance of 12.35%.

ETH ETFs witnessed a mixed trend, with a net outflow of $75 million. BlackRock led the decline with $103 million in outflows, while Grayscale and Fidelity added approximately $15 million and $12 million to their ETFs on Monday.

In other news, Ethereum whales have turned active as the price dipped to $3,100 recently. Large withdrawals from Binance signal growing confidence among big players in ETH’s potential for a future rally despite the recent volatility.

XRP Price Today

XRP price was trading at $2.23, reflecting a 4% increase in the last 24 hours. Its 24-hour low and high were $2.141 and $2.271, respectively. With a market cap of $127 billion and a trading volume of $8.99 billion, XRP remains the 4th largest cryptocurrency by market cap. In the context of crypto prices today, XRP price is gaining attention, with analysts predicting a potential 60% surge driven by strong whale activity, the RLUSD stablecoin launch, and growing optimism around the possible XRP ETF approval.

Solana Price Today

Solana (SOL) price was up by 5%, trading at $188. Its 24-hour low and high were $179 and $193, respectively. With a market cap of $90 billion and a trading volume of $4.63 billion, Solana shows resilience in the market. In the context of crypto prices today, weekly whale inflows for Solana reached $1.7 million amid the broader crypto market dip. Despite hitting a monthly low of $177.21, Solana’s price charts signal an early recovery.

Meme Crypto Prices Today

Meme coins have also shown signs of recovery today. Dogecoin (DOGE) was up by approximately 4%, trading at $0.3195, while Shiba Inu (SHIB) also gained 4%, trading at $0.00002219. Other top meme coins like BONK, PEPE, and WIF were up by 2% to 4% in the last 24 hours. BONK is planning to burn 1 trillion tokens as part of its Christmas celebration, with the founder targeting a price of $0.11.

Top Crypto Gainer Prices Today

Virtual Protocol

VIRTUAL price surged by 35% in the last 24 hours, now trading at $3. The crypto prices today show its 24-hour low and high at $2.41 and $3.135, respectively. The market cap stands at $3.08 billion, with a trading volume of $368 million.

Zcash

ZEC price was trading at $64.96, reflecting a 20% increase in the last 24 hours. Crypto prices today show its 24-hour low and high at $57.80 and $68.31, respectively. The market cap stands at $1 billion, with a trading volume of $180 million.

Aave

AAVE price was up by 19%, ranking 3rd among today’s top gainers. It is trading at $377, with a 24-hour low and high of $320 and $388, respectively. The market cap is $5.68 billion, with a trading volume of $1.53 billion.

Top Crypto Loser Prices Today

BitTorrent

BTT price was the lowest performer for today, with a 2% drop in price in the last 24 hours. It was trading at $0.00000114, with a market cap of $1.11 billion and a trading volume of $45 million in the last 24 hours.

Besides this, the hourly chart is showing positive momentum with Bitcoin (BTC), Ethereum (ETH), and major altcoins in the green. Hyperliquid (HYPE) is up by 5% in the last hour. Crypto prices today reflect this shift in momentum, indicating a possible recovery as key coins show positive movement.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk xAI Secures $6B To Boost Generative AI Expansion: Details

Published

15 hours ago

on

December 24, 2024

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Elon Musk xAI has raised $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission. This round adds to the $6 billion raised earlier this year, bringing the company’s total funding to $12 billion. The capital injection positions xAI to expand its generative AI initiatives and enhance its competitive edge.

Elon Musk xAI Achieves $12B Total Funding After Latest $6B Round

According to a recent report, Elon Musk xAI has successfully secured $6 billion from investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia, and others. This latest funding round exclusively involved previous investors, many of whom had supported Musk’s acquisition of X (formerly Twitter).

The funds bring xAI total capital raised to $12 billion. The company plans to use this funding to accelerate the development of its generative AI model, Grok, and expand its ecosystem. This substantial financial backing positions the firm to compete with industry leaders such as OpenAI and Anthropic.

Moreover, the Grok AI model, developed by xAI, powers a range of features on X, including a chatbot available to premium and free users in select regions. Known for its functionality, Grok can generate images through the Flux generator, analyze visuals, and summarize trending news.

In October, xAI launched an API allowing developers to integrate Grok into third-party apps and platforms. The company also introduced a standalone iOS app for testing, further extending its generative Artificial Intelligence capabilities.

Memphis Data Center and Infrastructure Upgrades

To support its ambitious goals, Elon Musk xAI operates a Memphis data center equipped with 100,000 Nvidia GPUs. The facility, constructed in just 122 days, currently relies partly on diesel generators. According to the blog post, the company has plans to double the center’s capacity in 2025, securing approval for additional power.

The upgraded infrastructure will also benefit Tesla, with plans to integrate xAI’s developments into autonomous driving technologies. This expansion reflects Elon Musk’s vision to enhance AI applications across industries.

While Elon Musk’s xAI has made rapid advancements, it continues to face fierce competition. Rivals such as Anthropic and OpenAI have also secured billions in funding.

Following the growing competition, earlier this month, the Tesla CEO filed a lawsuit against OpenAI and Microsoft, accusing them of anti-competitive practices. The lawsuit alleges that OpenAI coerced investors to avoid supporting rivals like Musk’s xAI. Musk’s legal team claims that Microsoft’s $13 billion investment in OpenAI led to conflicts of interest and market manipulation

In addition, Meta CEO Mark Zuckerberg emphasized the need for stricter oversight to prevent nonprofit entities from exploiting their status for financial gain. Joining Elon Musk, Zuckerberg called for a formal investigation into OpenAI’s transition, highlighting potential misuse of tax-exempt donations and resources.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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