Bitcoin eclipses $35K as SOL leads the altcoin charge, SafeMoon execs entangled in fraud, SEC investigates PayPal, and Multichain trade fuels insider whispers.
Bitcoin Hits $35K post-FOMC and SOL Leads Altcoin Rally

Bitcoin Hits $35K post-FOMC and SOL Leads Altcoin Rally

Bitcoin eclipses $35K as SOL leads the altcoin charge, SafeMoon execs entangled in fraud, SEC investigates PayPal, and Multichain trade fuels insider whispers.

Nov 3, 2023
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Hey there, welcome back to Datawallet Daily! Let's dive into the major stories that have been shaping the digital asset space over the last 24 hours:

Bitcoin hits $35K post-FOMC, SOL leads altcoin rally

With the Fed hitting pause on interest rate hikes, Bitcoin easily soared past the $35K mark, and altcoins followed suit, celebrating with a rally. Solana was the standout, posting a 16% gain and hitting a year-plus high. Ether and other layer 1 tokens also got in on the action with solid upticks. 

It's looking like the market's reading the Fed's move as a sign to get bullish on crypto. Lower odds of more hikes mean investors might be eyeing digital currencies as a smart play especially if traditional financial markets start to lose steam. This in conjunction with the upcoming Bitcoin ETF by BlackRock is setting up for a strong end to Q4.

SafeMoon Leadership Charged With Fraud, Arrests Follow

SafeMoon and its executives are facing major legal trouble. The SEC and Justice Department, are hitting them with fraud charges, accusing them of dipping into $200 million of investor money for personal luxury expenses. 

The SafeMoon team had promised their investors that their money would be locked in the liquidity pool and not accessible to anyone, but it looks like that wasn't totally true. Now, two executives are in custody, and one remains at large.

This isn't the first time SafeMoon has been in the spotlight for the wrong reasons. They have faced similar accusations before, not to mention a hacking incident that ended with the hacker returning most of the stolen money.

A bit of background: SafeMoon, sometimes dubbed the "TikTok meme coin," skyrocketed by 55,000% in just over a month in 2021, briefly boasting a market cap of over $5 billion.

SEC subpoenas PayPal over its stablecoin 

In its recent quarterly report, PayPal acknowledged the receipt of an SEC subpoena probing its stablecoin project. The SEC is specifically inquiring about the PYUSD, a proposed stablecoin developed in collaboration with Paxos, which would be pegged to the U.S. dollar and utilize the Ethereum blockchain. 

PayPal has confirmed its compliance with the SEC's document request. At this point, both PayPal and Paxos have yet to offer public comments regarding the SEC's investigative actions.

Trader turns $280K to $1.9M on Multichain, sparks insider talk

A singular wallet address exploited a fleeting opportunity when the previously compromised Multichain Bridge unexpectedly reopened, converting $280,000 into $1.9 million. The crypto bridge, which had been frozen since a substantial exploit in July 2023, briefly resumed service today. 

Utilizing this window, the wallet exchanged Fantom (FTM) tokens for discounted Multichain tokens (WBTC, ETH, and USDT) on the Fantom network and then transferred them to Ethereum, leveraging their full value. 

This precise timing and exclusive benefit have led to murmurs of an insider job within the community, considering no one else snagged this chance. Observers note that while Multichain has been mostly dormant, some activity suggests they might be gearing up for a comeback, adding another layer to the community's suspicions.

Other breaking news

Wrapping up

Alright, folks, that is a wrap for today's update. Bitcoin maintains its robust rally, and the altcoins are catching the wave, with Solana notching a high we haven't seen in over a year. The SEC remains vigilant in market oversight, recently charging Safemoon executives with fraud and serving a subpoena to PayPal. And about the Multichain drama — there's a bit of progress; their bridge might be sort of back in business. Stay tuned — don't miss the next update!