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It’s been a tumultuous week that saw a handful of multi-million dollar hacks and one of Bitcoin’s biggest evangelists step down. Also, cryptocurrency regulations in the US have gone up another notch. Let’s take a look.
Bitcoin
Michael Saylor, who served as CEO of business intelligence firm MicroStrategy, has shifted to the role of President after 30 years at the wheel.
Ethereum
As ethereum’s inspired rally continues, its image long dream of overthrow is starting to be discussed again. The eth merger is also on the horizon, and if it goes well and the news sale event is completed, why shouldn’t a new high-powered ethereum overtake bitcoin in market cap?
Coinbase announced in a blog post published Monday that Coinbase Prime was add Ethereum to the growing list of staking options for US domestic institutional clients.
DeFi
The iconic Nomad cross-chain bridge was exploited on Monday August 1st, with attackers depleting the protocol of almost all of its funds. The total value of cryptocurrencies lost in the attack totaled nearly $200 million. Nomad announced that it has recouped $22 million. Data from the Etherscan showed that the Nomad had recovered about $22.4 million (11.4%) of the $190 million which was drained during the hack after the team announced a reward.
After the attacks on Solana, the Near Protocol issued official disclosure of details on a similar issue, which he claimed was addressed and resolved earlier in June.
Altcoins
News has surfaced that several hackers have done it targeted the Solana ecosystem, and losses are approaching the billion dollar mark. The multi-million dollar Solana Wallet attack is done be reduced in a private key holding associated with the Slope mobile wallet app.
Technology
Web3 platform Alchemy has marked its entry into the Polkadot ecosystem, announcing a critical partnership with the Astar Network, a parachain of the Polkadot network. Once the deal is finalized and implemented, Astar can use Alchemy’s hub infrastructure.
Business
ZB cryptocurrency exchange is advertised as one of the most secure exchanges in the cryptocurrency space. However, despite strong security measures in place, the exchange has become the latest entity in the crypto space to fall victim to the ongoing hacking wave. According to the latest details available from PeckShield, the exchange has lost about $4.8 million in a coordinated attack.
Fashion brand Gucci has announced that it is adding ApeCoin in the list of accepted cryptocurrencies.
Beleaguered crypto lender Voyager Digital was cleared to return some of the customers’ money has been closed to Metropolitan Commercial Bank (MCB) by the judge presiding over the company’s ongoing bankruptcy proceedings in New York. The decision clears the way for Voyager Digital to return about $270 million in frozen customer funds.
Regulations
According to a staffer from the office of United States Senator Cynthia Lummis, every exchange in the country, like Binance, is reportedly investigated by the US Securities and Exchange Commission (SEC).
The central bank of Japan has put the CBDC pilot on holdarguing that it requires further exploration and understanding of the market.
NFT
CEO Zuckerberg announced that Meta is extending NFT support so that Instagram across international borders reaches users in more than 100 countries.
The jewelry brand Tiffany & Co. revealed her diamond collection and CryptoPunk locket with NFT support.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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