doubled – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Thu, 03 Jul 2025 13:51:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.8 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 doubled – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Crypto Exchange Coinone Wins South Korean Court Battle Over Doubled Bitcoin Withdrawals https://earlybirdsinvest.com/crypto-exchange-coinone-wins-south-korean-court-battle-over-doubled-bitcoin-withdrawals/ https://earlybirdsinvest.com/crypto-exchange-coinone-wins-south-korean-court-battle-over-doubled-bitcoin-withdrawals/#respond Thu, 03 Jul 2025 13:51:17 +0000 https://earlybirdsinvest.com/crypto-exchange-coinone-wins-south-korean-court-battle-over-doubled-bitcoin-withdrawals/

Coinone won an appeal to force five of customers to return bitcoin

they managed to double withdraw from the South Korean crypto exchange over a glitch in 2018.

According to local media, the Seoul Western District Court’s second civil division said the traders benefited from “unjust enrichment” because the exchange had already completed the first withdrawal on-chain before its server restored their balances.

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The mix-up began when Coinone’s software flagged slow confirmations from the Bitcoin network as failed transactions, and automatically topped up users’ accounts even after the withdrawals were properly processed. The traders then withdrew same coins again.

The Bitcoin network experienced significant congestion back around that time as transaction volumes skyrocketed, in the culmination of a years-long scaling debate that had led to the Bitcoin Cash

hard fork a year earlier.

At the time, the average transaction fee on the Bitcoin network reached a then-record $55, while the memory pool, a sort of “waiting room for transactions,” grew to 250,000 unconfirmed transactions.

A lower court initially blamed Coinone’s own servers and ordered the payment of only partial damages. On appeal, judges called the network delay an outside event, said the platform need not shoulder the loss and told the users to repay the funds.

Coinone has faced controversy in the past. In a separate trial in 2023, former employees admitted receiving as much as 2 billion won (around $1.46 million) to list tokens.

]]> https://earlybirdsinvest.com/crypto-exchange-coinone-wins-south-korean-court-battle-over-doubled-bitcoin-withdrawals/feed/ 0 45550 Number of XRP holders almost doubled within six months, overtaking Solana https://earlybirdsinvest.com/number-of-xrp-holders-almost-doubled-within-six-months-overtaking-solana/ https://earlybirdsinvest.com/number-of-xrp-holders-almost-doubled-within-six-months-overtaking-solana/#respond Tue, 24 Jun 2025 19:33:38 +0000 https://earlybirdsinvest.com/number-of-xrp-holders-almost-doubled-within-six-months-overtaking-solana/

The number of XRP holders has nearly doubled between October 2024 and May 2025, expanding from 1.29% to 2.42%, while Solana (SOL) experienced the opposite, falling 35% from 2.72% to 1.76%.

According to Bybit’s “H1 2025 asset allocation report,” the rebalancing stems from a shift in sentiment as both retail and institutional investors have begun to favor XRP over Solana.

XRP has gained momentum in recent months as its years-long legal battle with the SEC comes to a close, setting the stage for a potential spot exchange-traded fund tied to Ripple’s token. 

The sentiment shift has propelled XRP to the third-largest cryptocurrency by market cap after Bitcoin (BTC) and Ethereum (ETH). It overtook Solana in November 2024.

In January, XRP allocations registered the largest percentage of the period, representing 5% of the total. In the same month, the token touched $3.31, its highest price since the all-time high registered on January 7, 2018.

ETF expectations drove the pivot

The report linked the allocation swing to exchange-traded fund (ETF) expectations, noting that Polymarket traders assign a 90% probability of approval by year-end 2025. 

It added that the redirection of SOL exposure to XRP was not a move made only by retail investors, as institutions also made the same decision during the first half of the year. 

The study covered active traders between October 2024 and May 2025. Active traders were those who executed at least 20 transactions per month. 

Additionally, the report classified participants into institutional, VIP, and general retail tiers to track wallet behavior across market segments.

Bitcoin and Ethereum still reign

Stablecoin allocations also declined in May, as users allocated fresh capital to Bitcoin and Ethereum. Yet, XRP maintained its expanded share. 

The report highlighted that Bitcoin controlled nearly 31% of assets, while BTC and ETH combined reached 58.8% of non-stablecoin holdings during the same month. 

XRP’s advancement, coupled with Solana’s retreat, caps a period in which altcoins overall ceded ground to Bitcoin. Altcoin share peaked at 35.22% in November 2024 before easing to 23.46% in May 2025, the same month that Bitcoin registered its latest all-time high.

Lastly, traders pulled stablecoin balances off the sidelines and redeployed them into BTC and ETH in May. 

Institutional accounts cut their stablecoin share by 14% from April, steering roughly 6% each to Bitcoin and Ether and one point to Solana, with smaller flows rounding out the remainder.

This movement reversed the defensive build-up that followed earlier market dips.

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]]> https://earlybirdsinvest.com/number-of-xrp-holders-almost-doubled-within-six-months-overtaking-solana/feed/ 0 43892 How $330M BTC Hacker May Have Doubled Down on Monero Derivatives https://earlybirdsinvest.com/how-330m-btc-hacker-may-have-doubled-down-on-monero-derivatives/ https://earlybirdsinvest.com/how-330m-btc-hacker-may-have-doubled-down-on-monero-derivatives/#respond Tue, 29 Apr 2025 15:29:16 +0000 https://earlybirdsinvest.com/how-330m-btc-hacker-may-have-doubled-down-on-monero-derivatives/

There’s something that stands out about Monday’s suspicious transfer of more than 3,520 BTC ($330.7 million) to privacy coin monero (XMR), a conversion that blockchain sleuth ZachXBT said was probably linked to a hack: coordinated activity in the derivatives market.

Monero, which obscures the sender’s and recipient’s addresses to provide an untraceable currency, has limited liquidity on exchanges, which makes it harder for users to transact without affecting the market and exposes them to slippage, the chance of the price changing for the worse before the deal is finalized.

The decision to go through an illiquid cryptocurrency is unusual. Tether’s USDT or ether (ETH) would have provided an easier, less-slippage-prone way of moving the funds about, and mixers such as Tornado Cash could help obscure the transaction path. Of course, stablecoins like USDT are also easier to intercept and freeze.

Trading data, however, suggests there was more going on than a simple case of someone trying to launder stolen funds.

The possible hacker very likely did encounter slippage during the transaction. Combined market depth, which measures order book liquidity over a given price range, was relatively low at around $1 million per 2% on both sides of the book. XRM surged by 45% due to the limited liquidity on exchanges, meaning they could have lost as much as 20% — $66 million — by purchasing XMR rather than a more-liquid token.

For a more complete picture, take a look at derivative markets. While monero was surging, open interest — the number of outstanding futures and options contracts — in XMR on the main centralized exchanges more than doubled to $35.1 million, according to Coinalyze.

A 45% rise in XMR’s price should have boosted open interest only to $24.2 million instead of the figure it ended up at. Taking into account the $1 million in liquidations, someone, or some people, were already long on XMR to the tune of $11 million.

While the price increase on that holding wouldn’t have compensated for the full amount of slippage, it would help soften the blow. Moreover the figure doesn’t take into account any positions that might have existed in decentralized exchanges, and let’s not forget the funds were probably stolen in the first place, so the (assumed) perpetrators are still a couple of million dollars ahead.

This is not the first time bad actors have flooded spot purchases to move the derivative needle. Last month a trader manipulated JELLY prices on decentralized exchange HyperLiquid. They bought JELLY on illiquid exchanges, tricking the pricing oracle to feed an inaccurate price to HyperLiquid and thus generating profit for holders of long positions.

Both cases draw similarities to the $114 million exploit on Mango Markets in 2022, which involved a trader named Avi Eisenberg manipulating MNGO prices by borrowing assets using ill-gotten gains as collateral. Eisenberg was found guilty by a jury in 2024 and faces 20 years in prison.

]]> https://earlybirdsinvest.com/how-330m-btc-hacker-may-have-doubled-down-on-monero-derivatives/feed/ 0 33461 Public companies doubled Bitcoin holdings in 2024 as accumulation surpassed previous 5 years combined https://earlybirdsinvest.com/public-companies-doubled-bitcoin-holdings-in-2024-as-accumulation-surpassed-previous-5-years-combined/ https://earlybirdsinvest.com/public-companies-doubled-bitcoin-holdings-in-2024-as-accumulation-surpassed-previous-5-years-combined/#respond Wed, 12 Mar 2025 21:47:21 +0000 https://earlybirdsinvest.com/public-companies-doubled-bitcoin-holdings-in-2024-as-accumulation-surpassed-previous-5-years-combined/

The amount of Bitcoin (BTC) held by public corporations reached 592,112 BTC in 2024, according to Bitcoin Treasuries data.

Bitwise head of research Ryan Rasmussen highlighted that the number is twice as much Bitcoin as institutions accumulated in the previous five years combined.

History of accumulation

On Jan. 1, 2024, the amount of Bitcoin held by publicly listed companies was 272,777 BTC.

Two significant accumulation leaps were registered in 2020 and 2021. During the first year of the COVID pandemic, institutions inched close to a 100,000 BTC stash. This increased significantly the following year, as the corporate-held amount surpassed 200,000 BTC.

However, the momentum was temporarily interrupted as publicly listed companies realized part of their Bitcoin stash, almost losing the 200,000 BTC threshold. The accumulation movement resumed in 2023 and sharply increased last year.

Notably, Rasmussen pointed out that the amount would be “significantly smaller” if Strategy’s stash were excluded. The company, led by Michael Saylor, has over 499,000 BTC in its treasury as of March after adding 257,095 BTC last year via 16 buys.

Rasmussen added that public companies held $52 billion worth of Bitcoin as of March 6, equivalent to 3% of the flagship crypto’s total supply. 

An overall leap

The amount of Bitcoin held by various institutional investors also saw significant growth in 2024. 

According to Bitcoin Treasuries, private companies, exchange-traded products (ETP) managers, governments, and publicly listed firms held 2,802,135 BTC as of Dec. 31, 2024, compared to 1,622,439 BTC at the start of last year.

This jump is mainly attributed to governments and ETP managers. Governments started last year with 90,379 BTC in their vaults, with the stash growing to 513,791 BTC by the end of the year.

Meanwhile, Bitcoin held by asset managers climbed to 1,289,031 BTC from 771,013 BTC over the same period, while private companies shed their holdings from 488,270 BTC on Jan. 1, 2024 to 407,201 BTC by the end of last year.

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XRP Turbo
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