Here are the updates from the crypto world.
As a mysterious whale continues to bet on his victory in the upcoming presidential election on Nov. 5, Trump’s lead on the leading blockchain-based betting market is nearing 67%. According to Polymarket data, Trump’s odds of winning the upcoming presidential elections have surpassed 66.3% on the leading decentralized predictions market on Oct. 28.
Trump’s odds increased after a Polymarket whale, or large holder, invested another $2 million worth of USD Coin USDC tickers down $1.00 tokens into pro-Trump bets.
On an X post on Oct 28, the onchain intelligence firm Lookonchain wrote that the mysterious whale has spent a total of $7.22 million on “Yes” shares.
“Since Oct 11, the whale has spent 7.22 million $USDC to buy 11.28 million ‘Yes' shares on Donald Trump winning the US election, with an unrealized profit of $256,000.”
Ethereum-based synthetic dollar protocol Ethena Labs has been accused of participating in one of its recent crypto-farming events using 180 million Ethena tokens.
On October 27, crypto investigator Nomad claimed that the Ethena team holds 25% of the total staked ENA (SENA) in its Season 3 farming event, which is actively used for earning Sats as rewards for participating in various actions within the Ethena ecosystem.
While raising concerns about the team's ethics, Nomad cautioned that this move could significantly reduce the rewards for legitimate participants, particularly affecting Ethena USDe (USDE) holders, with ENA tickers dropping to $0.345.
The forthcoming regulatory framework of Europe will introduce banking concerns for stablecoin issuers that could threaten the stability of the broader crypto space, according to Paulo Ardoino.
The Markets in Crypto-Assets Regulation (MiCA), the initial detailed regulatory framework for the cryptocurrency sector, will be fully implemented on December 30. According to MiCA, stablecoin issuers must maintain at least 60% of their reserve assets in European banks.
According to Ardoino, CEO of Tether, considering that banks can loan up to 90% of their reserves, this may introduce “systemic risks” for stablecoin issuers.
During an interview at Plan B Lugano in Switzerland, Ardoino shared his concerns with Cointelegraph;
“If you have 10 billion euros under management, you have to put 6 billion euros in cash deposits. That is 60% of 10 billion euros. We know that banks can lend out 90% of their balance sheet. So of the 6 billion euros, they lend out 5.4 billion euros to people […] 600 million euros will remain in the bank balance sheet.”