[ad_1]
Prime Tales This Week
The decentralized finance (DeFi) ecosystem skilled a difficult week after a seismic safety incident led to over $61 million being stolen from Curve Finance’s swimming pools, leaving a number of protocols dealing with broader contagion dangers. This assault uncovered vulnerabilities throughout DeFi tasks and sparked efforts to get better stolen funds over the previous few days, hammering the efficiency of tokens and even stablecoins on account of the dramatic ups and downs on this story. Because the neighborhood navigates the aftermath of this exploit, Cointelegraph compiled the week’s occasions, presenting a timeline of what occurred for the reason that hack on July 30.
US DoJ is worried a couple of run on Binance ought to prosecutors carry fraud expenses
The US Division of Justice is reportedly contemplating charging cryptocurrency trade Binance with fraud, however hesitating based mostly on prices to customers. In keeping with folks aware of the matter, Justice Division officers are involved about an indictment in opposition to Binance inflicting a run just like what occurred with FTX in November 2022. The officers are contemplating fines or non-prosecution agreements for Binance quite than legal expenses in an effort to cut back the hurt to customers. Binance has been focused by a legal probe within the U.S. for allegedly violating the nation’s sanctions on Russia and has additionally confronted lawsuits from U.S. regulators.
Hong Kong debuts retail crypto buying and selling with HashKey and OSL
Digital asset agency HashKey has efficiently obtained all mandatory licensing to broaden its enterprise from serving skilled traders to taking up retail customers, as Hong Kong expands its cryptocurrency buying and selling to particular person traders. The primary license, Kind 1, permits HashKey to function a digital asset buying and selling platform underneath Hong Kong’s securities legal guidelines. The second, Kind 7, formally permits the agency to offer automated buying and selling providers to each institutional and retail customers. OSL, one other native crypto agency, obtained an improve to its current license from Hong Kong’s Securities and Futures Fee, permitting it to supply Bitcoin (BTC) and Ether (ETH) buying and selling to retail traders instantly.
Coinbase denies SEC advised it to delist every part however Bitcoin
Coinbase has denied reviews claiming that its CEO, Brian Armstrong, was as soon as advised by the U.S. Securities and Alternate Fee to delist all cryptocurrencies on its platform apart from Bitcoin. In an interview with the Monetary Instances, Armstrong reportedly acknowledged that the SEC wished Coinbase to delist the almost 250 tokens on its platform. In keeping with a Coinbase spokesperson, nonetheless, the report is lacking context and the SEC didn’t request Coinbase to delist any particular property. SEC Chair Gary Gensler has beforehand claimed that “every part apart from Bitcoin” is a safety underneath the company’s remit.
Ethereum’s eighth birthday: Crypto business shares its high moments
The crypto neighborhood has come collectively to have a good time the birthday of the Ethereum community, marking eight years for the reason that Ethereum Basis first despatched the community dwell.
On July 30, 2015, former Ethereum Basis CCO Stephan Tual penned a weblog put up, formally asserting that the community had been rolled out. “The imaginative and prescient of a censorship-proof ‘world laptop’ that anybody can program, paying completely for what they use and nothing extra, is now a actuality,” he wrote. Eight years later, Ethereum and its native foreign money, Ether (ETH), has grown to develop into the second-largest crypto asset in existence, boasting a market capitalization of $225 billion and greater than 1,900 month-to-month energetic builders.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $28,985, Ether (ETH) at $1,823 and XRP at $0.63. The full market cap is at $1.16 trillion, in keeping with CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Helium (HNT) at 39.79%, XDC Community (XDC) at 20.11% and Bone ShibaSwap (BONE) at 18.04%.
The highest three altcoin losers of the week are Compound (COMP) at -18.41%, Curve DAO Token (CRV) at -15.86% and Stellar (XLM) at -14.36%.
For more information on crypto costs, ensure to learn Cointelegraph’s market evaluation.
Learn additionally
Most Memorable Quotations
“The digital asset services and products that TASE is exploring will little question play foundational roles in the way forward for Israel’s economic system.”
Michael Shaulov, CEO of Fireblocks
“Spot [Bitcoin] ETFs will serve one other set of shoppers in a synergistic style to develop the whole asset class.”
Michael Saylor, CEO of Microstrategy
“Generative AI has monumental financial potential and will increase world labor productiveness by greater than 1 share level a yr within the decade following widespread utilization.”
Goldman Sachs
“I personally haven’t seen any audit reviews of USDT. I don’t assume most individuals I spoke to haven’t seen that both. So it’s form of a black field as a result of we simply don’t know.”
Changpeng “CZ” Zhao, CEO of Binance
“As president, on day one, CBDC goes into the trash can — we’re not going to permit it.”
Ron DeSantis, governor of Florida
“A very powerful factor that occurred this yr in Bitcoin is Larry Fink.”
Mike Novogratz, CEO of Galaxy Digital
Prediction of the Week
BTC worth upside ‘but to return’ at $29Ok after Bitcoin RSI reset — Dealer
Bitcoin has not but seen nearly all of its good points this cycle, widespread merchants consider. After over a month of appearing inside a decent buying and selling vary, merchants’ persistence with Bitcoin is sporting skinny, however amid expectations that BTC worth will take a look at ranges nearer to $25,000 and even decrease, pseudonymous analyst Credible Crypto is a kind of arguing the alternative.
Analyzing knowledge, together with Bitcoin market cap dominance and its relative power index (RSI), he concluded that circumstances had been reset. “Greatest upside strikes on BTC are YET TO COME,” he summarized, earlier than including that:
“A month of sideways motion on BTC and dominance has merely made the next low. H12 bullish div confirmed, RSI on increased TF seems reset, sustaining above the ‘magic’ 40 RSI stage, who’s prepared for the subsequent leg up?”
Persevering with, fellow pseudonymous dealer CryptoCon flagged RSI over longer timeframes to ship a equally bullish tackle BTC worth efficiency:
“I see worth going sideways, and I’ve by no means been extra bullish! Simply wait till we break into part 2 on the three Week RSI… Early bull market worth motion, interval.”
FUD of the Week
Is SBF secretly behind BALD? Crypto Twitter debates latest conspiracy
Crypto Twitter has been abuzz with debate after a new conspiracy theory has suggested FTX founder Sam “SBF” Bankman-Fried may be secretly behind one of the most controversial new memecoins on Base. The Bald memecoin was launched on July 30 and witnessed an incredible 289,000% gain within the first 24 hours of trading. After the token’s anonymous developer removed thousands of ETH in liquidity, the price of Bald plummeted more than 85% — sparking allegations of a rug pull, which the developer has denied. The incident led a number of blockchain sleuths to dig into the developer’s on-chain past, prompting some to draw a link to SBF as the Ethereum wallet address responsible for deploying the Bald token, which had received thousands of ETH in funding from wallets associated with FTX and Alameda Research.
Individual charged with money laundering admits to hacking Bitfinex in 2016
Ilya Lichtenstein admitted to a U.S. court that he was the individual behind an exploit of cryptocurrency exchange Bitfinex in 2016 which resulted in the theft of roughly 119,754 Bitcoin. Lichtenstein spoke as part of a plea agreement with prosecutors, who charged him and his wife Heather Morgan with money laundering conspiracy and conspiracy to defraud the United States. The couple allegedly laundered more than 94,643 BTC from the Bitfinex hack — worth roughly $54 million at the time.
Users said CertiK’s warning was a false alarm — then the project rugged
Blockchain security firm Certik tried, in 2022, to warn users of an imminent rug pull surrounding a crypto project, but investors became angry and fired back. The firm rescinded the security alert. Then, the project pulled the plug. This is the story behind the Web3 gaming project “Crypto Cars.” At the time, the project’s native token was rapidly falling in price, its website was temporarily down, and its developers said that it would no longer respond on its Telegram due to the Lunar New Year holiday celebrated in Vietnam. The situation triggered Certik’s alert, but when Cointelegraph attempted to follow up with the project on Aug. 1, 2023, it had long ago shut its doors.
Best Cointelegraph Features
Deposit risk: What do crypto exchanges really do with your money?
While depositing may be easy, what some crypto exchanges do with your money behind the scenes can range from concerning to criminal.
Facebook’s parent company lost over $40 billion in metaverse, text-based Discord RPG uses AI and NFTs, Web3 gets new eSports platform, and more.
Girl Gone Crypto thinks ‘BREAKING’ crypto news tweets are boring: Hall of Flame
Girl Gone Crypto has had a wild ride in the crypto industry, going from posting videos playing her ukulele to getting invited to speak at crypto conferences all over the world.
Subscribe
The most engaging reads in blockchain. Delivered once a
week.
[ad_2]
Source link