Former Mt. Gox CEO to launch EllipX crypto exchange. Solana price falls 12% as Pump.fun sells $41M Worth of SOL

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Over the past seven days, we’ve seen some significant crypto news shaping the entire Web3 industry. Let’s recap them in this weekly digest by GoodCrypto. If you’d like to stay updated on the crypto market, follow us on Twitter.

quick weekly news

Former Mt. Gox CEO to launch EllipX crypto exchange in Europe

Mark Karpeles, the former CEO of the defunct crypto exchange Mt. Gox, announced the upcoming launch of a new crypto exchange, EllipX, in Europe. It aims to align with the European Union’s Markets in Crypto-Assets Regulation and set a standard of transparency among other crypto exchanges in the EU.

In an interview with Cointelegraph, Mark stated that security and technology surrounding crypto exchanges haven’t changed much since the creation of Mt. Gox. He believes the best approach is to lead by example and demonstrate that “connections can be built in a fully transparent way.”

Karpeles also stated that to regain trust among former Mt. Gox users, he will offer “at least a 50%” discount on trading fees in addition to the refunds already being issued. These former users will be identified by the non-fungible tokens (NFTs) Mark released a few years ago for those affected by the Mt. Gox hack. However, only a few hundred thousand users have minted them so far.

His hopes are based on the claim that the former community of the exchange has softened its stance toward him over the years, with inbox messages shifting from death threats to invitations to Bitcoin conferences.

Solana price falls 12% as Pump.fun sells $41M Worth of SOL tokens    

Over the past week, the largest memecoin launchpad, Pump.fun, built on Solana, has sold over 264,380 $SOL, leading to a 12% decline in Solana’s price, according to the CoinTelegraph post. Overall, within the last seven days, Pump.fun has sold over $41.1M worth of $SOL at an average price of $157.5, while the platform still holds at least half of the generated revenue unsold, as the total revenue of Pump.fun exceeds 693K $SOL, according to Dune.

On September 4th, renowned crypto trader Luke Martin, in a post on X, stated that massive memecoin launches on Solana are putting pressure on the $SOL token price. In the same post, he shared a chart comparing Solana’s price with Pump.fun token launches, showing a correlation between the stall in $SOL’s growth and the rising number of Pump.fun memecoins.

Source: Luke Martin

“When you overlay Pump.fun launches on top of the Solana price chart, $SOL stopped going up almost exactly when people started launching tons of memecoins,” Martin noted.

Source: TradingView

However, this topic is debatable, as Solana, like most cryptocurrencies, tends to follow Bitcoin’s price trends, which also stagnated during the same period. According to the TradingView BTC vs. SOL chart, Bitcoin’s performance was -18% over the past three months, while $SOL had a -15% performance, showing similar results when accounting for short-term price fluctuations.

Sui blockchain taps radio waves to bank the unbanked offline

In a recent interview with CoinTelegraph, one of the co-founders of Mysten Labs, which developed the Sui blockchain, said that they are trying to bring “Internet-less” crypto transactions to the world. Their idea involves implementing mobile networks or even radio waves to send crypto transactions without relying on the internet. He stated that his team has already finished researching this topic and even tested this feature within the crypto space..

Currently, Mysten Labs is focusing on integrating this technology into the IT space. This will significantly boost the growth of the DePIN (Decentralized Physical Infrastructure) industry, a direction which Sui is also closely researching. Abiodun says that decentralized infrastructure is a great “way to fund public infrastructure without a huge economic outlay” while benefiting the general public through fee compensation. Sui aims to utilize mesh networks in scenarios where there’s no cellular or internet activity and only GSM technology is available.

Offline transactions will enable users to transmit transactions using just waves under water or long-distance radio and even compress the transactions to the size of a single message.

“If I open up a radio channel between two relayers, and I can encrypt a message that can go over the radio from one end to the other, it’ll be delivered to your phone directly. I think these are the kind of things we’re looking at because it gives you new ways to do payments.”

Penpie hacker launders 26% of $27M stolen funds in 12 hours

On September 4th, blockchain security firm Cyvers warned in a post that the Penpie hacker deposited over 26% of the $27M stolen funds into Tornado Cash within 12 hours after the Penpie exploit. Security firm PeckShield also confirmed the hacker’s deposit into Tornado Cash and stated that the funds were intended to be laundered further.

To recap, on September 3rd, the prominent Ethereum DeFi dApp Penpie, built on Pendle—one of the largest Ethereum yield protocols with over $2.226B in TVL – was hacked. Following the attack, Penpie suspended all deposits and withdrawals, while Pendle claimed it had contacted security experts Seal 911 to prevent any further attacks on the platform. To ensure there wouldn’t be subsequent hacks, all Pendle contracts were suspended, safeguarding an additional $105M that the attacker might have been able to drain from Penpie.

So far in 2024, more than $1.2B in funds have been stolen through hacks and exploits of dApps, according to the Immunefi report from August 2024. This represents a 15.5% increase compared to the same period in 2023.

Trailing Stop Order Usecase Scenarios

A Trailing Stop Order is an advanced trading tool that automatically follows the crypto market price as long as it moves in your favor. It trails the market price at a predefined distance when it moves in the chosen direction and remains in place if the price moves in the opposite direction. Once the price reaches the stop level, a Market or Limit order is sent to the exchange, allowing you to enter positions at the best possible prices and take advantage of market reversals.

Trailing Stop Order usecase scenarios:

🔸 Entering a Long: Utilize a Trailing Buy order in scenarios where you see a sharp price decline but expect a recovery soon, though you may worry it could drop further before rebounding. If the price continues to fall, your trailing order will follow the price until the recovery begins. 

🔸 Exiting a Long: Use a Trailing Sell order as a Take Profit strategy when you expect the price to rise but are unsure of the exact level it will reach. If the market continues to grow, you’ll secure extra profit as the order follows the price. Otherwise, the trailing order will be triggered, allowing you to exit the market with a profit.

Want to learn more about the Trailing Stop Order? Read the definitive guide by GoodCrypto and discover how you can fully implement this indispensable tool in your trading strategy!

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