Welcome back to Altcoins at a Glance. How is September treating your portfolio? This month is historically the worst month for crypto and we just hope it does not hurt too much. Anyway, we have compiled the latest updates on some of your favorite altcoin projects. We know that being updated takes up a lot of time, so we summarized it for you.
Let us get started.
Aptos Plans $103 Million Token Unlock
- Aptos developers are planning a $103 million token unlock on November 12.
- Some holders are not pleased due to concerns about a sell-off.
- This is the first team and investor token unlock.
- The amount to be unlocked represents 10% of the circulating supply.
- Some traders are already planning to short the project.
- The sentiment of holders and traders is not uncommon, since an unlock is a potential profit-taking event. When a big chunk of the supply hits the market, this could start a chain reaction that might lower the token price.
Vitalik Buterin transferred $3.12 Million of ETH to an Exchange After Hack
- In case you missed the news, Ethereum’s founder’s X (Twitter) account was hacked which led to $700,000 being stolen. His account was used to promote phishing scams.
- ETH’s founder transferred 2,000 ETH worth approximately $3.12 million. The transaction’s destination is a wallet associated with Bitstamp.
- Transferring digital assets to an exchange usually the owner wants to sell.
- While the amount seems large to an ordinary retail investor, it might actually be small compared to how much Vitalik owns.
- However, being arguably the most important person in the Ethereum ecosystem, people would start to question why he is selling.
- We will probably not know the reason, but the person needs some spending money, right? Not all merchants accept crypto after all.
The SEC’s Still Hates Altcoins, Appeals Ripple Court Ruling
- Ripple Labs and altcoins scored a win against the SEC when the court decided that tokes sold in exchanges are not securities. However, the regulatory agency is not ready to give up.
- The US Securities and Exchange Commission has filed an appeal in the hopes of overturning the court’s decision.
- The SEC cites some “knotty legal problems” on how the court applied the Howey Test.
- Ripple Labs’ chief legal officer calls the move hypocritical.
Huobi Rebrands to HTX, Partners with Tron
- Huobi, a major crypto exchange, has rebranded to HTX on its 10th anniversary.
- The rebranding has something to do with the exchange’s partnership with Tron.
- Apparently the initials have meaning to them.
- H – is for Huobi, a well-known digital assets exchange in the industry
- T – stands for Tron. It is Justin Sun’s blockchain which was originally built on of the Ethereum Network, before moving to its chain.
- X – represents “eXchange”. It also means 10 in Roman numerals, which represents the years that Huobi has been operating
- HTX also unveiled its new slogan: “HTX, Just Trade it”, which embodies the platform’s goal of providing a frictionless experience for users.
IOTA Plans New Ecosystem
- IOTA developers are planning to launch a new ecosystem that focuses on decentralized applications (dApps).
- The plan aims to bring life back to the IOTA blockchain.
- Improvements include the introduction of smart contracts, a focus on L2 chains, and DEFI applications.
- The Stardust hard fork is expected to be released on October 4 and will be the technical bedrock for IOTA 2.0.
We hope you enjoyed this week’s edition of Altcoin’s at a Glance. We hope to see you again next week.