Cryptocurrency News Today TheBitTimes.com

A cryptocurrency scammer behind the fraudulent blockchain-based gambling project ZkCasino has recorded massive losses of over $27 million through liquidation. The individual, who had previously swindled millions from unsuspecting investors, opened a highly leveraged 20x long position on Ethereum (ETH) via Hyperliquid, a decentralized perpetual futures exchange. However, the market turned against the position, leading to a full liquidation with losses totaling $27.1 million, according to the latest on-chain data retrieved by Finbold from Onchain Lens on April 7. Ethereum liquidation chart. Source: Hyper Dash  ZkCasino scam  Before this downfall, the scammer reportedly stole over $40 million through the ZkCasino scheme, a fake gambling platform and blockchain casino that lured investors with false promises of quick returns. ZkCasino marketed itself as a legitimate operation, claiming investors could recover their funds within 30 days. It’s worth...

The Ethereum Foundation has denied that a wallet under its control was nearly liquidated. Earlier today, crypto traders spotted an unusual transfer of 30,098 ether (ETH) from a suspected Ethereum Foundation address into Maker, a stablecoin-focused crypto lender. Speculators guessed the reason for the $56 million deposit was an emergency collateralization to prevent an embarassing, expensive liquidation. However, Protos reached out to the Ethereum Foundation for comment and was told by a spokesperson that the wallet involved in this transaction was not controlled by the organization. ETH has halved in the past year and declined 27% in the past 30 days, dipping 4% in the last 24 hours alone. As its price continues to crash, the likelihood of liquidating ETH as a depreciating unit of collateral increases. Last month, in response to widespread criticism of the Ethereum Foundation’s governance, Vitalik Buterin replaced its leadership and approved its first-ever deposits...

Over $20 million worth of CRV-collateralised positions were liquidated this morning, as the price of the Curve Finance’s governance token dropped by more than 30% in an hour. Curve founder Michael Egorov was hit hard, with 20 million CRV collateral liquidated on UwU Lend, a decentralized finance (DeFi) platform created by the infamous 0xSifu, a.k.a Michael Patryn. Egorov’s loans on Inverse Finance (worth $6.5 million) and Silo Finance (worth $14.3 million) were also liquidated. CRV liquidations coming in hot pic.twitter.com/ldalvYXQpF — parsec (@parsec_finance) June 13, 2024 Read more: Sifu’s UwU Lend reportedly hacked for $20M, Curve’s Egorov among affected A dashboard by Parsec Finance user @kez shows a total of $22 million worth of CRV liquidations which accompanied a dip in price from around $0.36 to a low of $0.23. CRV is currently worth $0.27, according to data from CoinMarketCap. In what is known as a ‘ liquidation cascade ,’ CRV collateral was sold off by...