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🆘 Venus Protocol liquidates $62.5 million in wallet linked to BNB Chain bridge hack
Venus Protocol, a decentralized lending platform operating within the BNB Chain ecosystem, has liquidated a wallet connected to last year’s bridge hack. The protocol liquidated $62.5 million in two transactions, security firm PeckShield first noted. “Following today’s market movement, the BNB Bridge exploiter account was made healthy as promised by BNB Chain using whitelisted liquidation without any resulting shortfall or further impact to BNB,” the protocol clarified in a statement.
The story traces back to a malicious attack last year when a hacker stole large amounts of cryptocurrency assets on the BNB Chain bridge. The attacker then deposited BNB tokens on the Venus lending protocol to borrow $150 million worth of stablecoins. Since last year, the tumbling crypto prices have reduced the health rate of this overcollaterized loan position, bringing it dangerously close to its liquidation point. The Venus team, working with the BNB Chain core team, has carried out manual liquidations to prevent large amounts of BNB from being auto-liquidated and subsequently sold off on the market. The details of last year’s exploit reveal a calculated manipulation of security proofs by the attacker.
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🇬🇧 PayPal Will Pause Crypto Purchases In UK From October 1 Under New Rules
According to a notice to customers, PayPal has announced that due to the UK’s Financial Conduct Authority (FCA) coming up with new rules, it will come into effect on October 1, 2023. Cryptocurrency purchases in the UK are temporarily suspended and will resume in early 2024 (exact date unknown). The company did not specify which rules are involved but said it will require the company to “take additional steps before customers can purchase cryptocurrencies.”
The company is deeply committed to complying with the regulations above. It will therefore suspend the sale of cryptocurrencies in the UK for as long as necessary to make the required changes. While it won’t be possible to buy crypto, PayPal says users can hold and sell their crypto during the outage. The company did not say whether users can transfer crypto to other wallets and exchanges, although the feature is only available to users in the United States. The company assures users that their cryptocurrency remains safe and says there will be no fees for holding it. The FCA also recently introduced new crypto advertising promotion rules that control how cryptocurrencies are promoted or advertised to potential investors, effective October.
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📣 Stablecoin regulation 'good for dollar adoption globally,' says former Binance.US CEO
Valor Capital Group partner Brian Brooks believes clear stablecoin regulations benefit the U.S. dollar — even as some U.S. lawmakers argue it could be harmful to the financial system and economy. Brooks — the former CEO of Binance's U.S. arm and a former acting U.S. Comptroller of the Currency — told CNBC on Friday that the Biden administration's apparent opposition to stablecoins is less than ideal. “If only the U.S. government would create a framework that allows dollars to back stablecoins in a regulated way, that demand would flourish,” Brooks said.
Stablecoins are crypto assets — usually tokens — pegged to a fiat currency, such as the U.S. dollar, or another asset, such as gold. Brooks cited foreign demand for U.S. dollar-pegged stablecoins in countries experiencing high inflation, where it may be difficult to open a U.S. dollar bank account, as a major driver. “Demand for [stablecoins are] a way for us to make the dollar relevant again at a time when governments around the world are looking to decouple from the dollar,” Brooks also explained to CNBC. Brooks' statements come at a time when stablecoins remain one of the hottest topics in the wider industry — particularly from a policy perspective.
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📣 PayPal Stablecoin PYUSD May Be Freeze by Paxos If It Has A Serious Security Threat
Recent information available on GitHub sheds light on PayPal’s stablecoin, PYUSD, revealing robust security protocols. In the event of a significant security threat, Paxos, the underlying technology, has the capability to suspend both the authorization and transfer functions of PYUSD. Additionally, Paxos can lawfully freeze or seize assets linked to criminal activities. AssetProtectionRole permissions enable designated addresses to initiate freezing, unfreezing, or even clearing the balances of specific accounts, as indicated in a report by Wu Blockchain.
It’s important to note that Paxos clarified its stance, stating that it would not execute freeze operations directly, and such instances are expected to be exceedingly rare. Similar to PYUSD, stablecoins USDT and USDC incorporate a comparable blacklist-freezing mechanism. On-chain data highlights the issuance of 26.9 million coins held by 8 owners, with 175 transactions recorded since its launch. Earlier this week, PayPal made headlines by unveiling its U.S. dollar stablecoin, marking a pioneering step among major financial technology firms in adopting digital currencies for payments and transfers. Despite stablecoins’ existence for years as crypto tokens tethered to stable assets to mitigate volatility, their integration into mainstream consumer payment ecosystems has remained limited.
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💰 Bitcoin Holdings on OTC Desks Decline 33%: Glassnode
The amount of bitcoin held in addresses tied to over-the-counter (OTC) desks, a proxy for institutional activity, has declined to the lowest level since June 15. The tally surged by 156% in the first half as bitcoin's market value rose 84%, with some observers at the time referring to the climb as a bullish development. "In our view, increased balances on OTC desks suggest that institutions and other large capital allocators are focused increasingly on bitcoin," Ark Investment Management's June report said.
Crypto investors, like their traditional market counterparts, can transact on an exchange or through an over-the-counter desk. The exchange acts as an intermediary between trading parties, matching orders. On an OTC desk, trades happen directly between the two parties, with one of them typically being the desk itself. High-volume traders and institutions typically deal with OTC desks to avoid affecting the market price of the asset. For that reason, activity on OTC desks is said to reflect the behavior of large, sophisticated traders. In the past, some analysts have associated upticks and downticks in OTC desk balances with miners' intention to build/run down their coin stash.
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🟠 CyberConnect (CYBER) Now Available On Binance Launchpool
According to the main announcement from Binance, the social network Web3 CyberConnect (CYBER) has officially launched as the 37th project on Binance Launchpool. According to the announcement, the CyberConnect Protocol Native Utility and Governance Token, CYBER is now live on Binance Launchpool, and it will be available for trading on Binance starting August 15, 2023, at 12 noon UTC . Users can start staking BNB, TUSD, and FDUSD into separate pools to farm CYBER for the next 30 days.
CyberConnect is one of Web3’s major decentralized social networks, allowing developers to create social applications that help users own their digital identities, content, connections, and currency channels. The project was created to address this shortcoming by establishing a community-owned social network that gives users complete control over their digital identity, completely free of the control of third parties. Not only receiving positive signals from Binance but on May 18, the project announced that they would open token sales on the Coinlist platform. This interests the community because Coinlist is a “big man” in the token sale segment, and the projects listed above are all quality.
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🇺🇸 SEC Chair Gary Gensler Says Crypto Is a Highly Speculative Field 'Rife With Fraud'
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday. “In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned.
“The platforms often are co-mingling and trading against you and have market makers that are on the other side of your trades. And we don’t allow that in the rest of our securities markets,” he continued. The securities regulator recently requested a budget increase to address the risks posed by the crypto market. Gensler said in March that the SEC needs new tools, expertise, and resources to regulate the crypto industry. Many people have criticized the SEC chairman for regulating the crypto industry by enforcement. U.S. Congressman Warren Davidson (R-OH) even introduced legislation to remove Gensler as the chairman of the SEC “to correct a long series of abuses.” The lawmaker said: “U.S. capital markets must be protected from a tyrannical chairman, including the current one.”
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4. @TradingNews ⚫️ - Never miss out on any trading information again! Receive regular updates on charts, analyses, exchange news, and much more.
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🇳🇬 Nigerian Social Payments Platform Bundle Ceases Crypto Exchange Operations
The Nigerian social payments platform, Bundle, said on July 20 that it was ceasing operations of its crypto exchange services and will now focus on the peer-to-peer platform known as Cashlink. In a statement, Bundle said the decision to shut down exchange services follows “shareholders’ decision to restructure the business to focus on Cashlink.” Founded by Yele Bademosi, Bundle started operations in 2020 and at the time of the announcement the platform had 50,000 monthly active users.
According to a Technext report which quotes the CEO Emmanuel Babalola, the payments platform has adequately planned for a transition phase expected to last 60 days. “Irrespective of this early exit, Bundle Africa has made its mark on the African continent, providing our users with a best-in-class experience for crypto, making it easier and safer to access crypto services. Our users can withdraw their funds into any wallet. Over the next 60 days, we will provide our users and stakeholders with unparalleled support as we transition to Cashlink and other services,” Babalola said. As a result of this move, Bundle asked users of the platform to withdraw their digital assets to crypto exchanges of their choice.
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🇺🇸 SEC lawyers preview likely Ripple appeal in case against Do Kwon
On Friday, lawyers for the Securities and Exchange Commission used a separate ongoing enforcement case to preview a likely appeal of portions of the split decision last week in the agency’s case against Ripple Labs. “Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” SEC lawyers argued in a Friday filing to Judge Jed Rakoff of the U.S. District Court for the Southern District of New York. The comments came in the agency’s case against Terraform Labs and its former CEO Do Kwon.
“SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review,” the lawyers continued. The part of the Ripple decision that went against the SEC’s stance that XRP sales were illegal securities offerings was brought into the already-ongoing civil enforcement case by lawyers for Terraform and Kwon, who argued in a filing on Tuesday that the case against them should be dismissed as a result of the Ripple decision, which they describe as “fatal” to the SEC’s argument against them. The SEC has made similar arguments that the sales of those tokens were illegal, though they also accuse Terraform and Kwon of $40 billion worth of outright fraud, an allegation not made in the Ripple case.
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📣 Nasdaq halts plans to custody crypto citing regulatory concerns
Nasdaq is no longer pursuing plans for a crypto custody service, citing business and regulatory concerns, CEO Adena Friedman said in an earnings call on Wednesday. The exchange operator had been awaiting approval from the New York Department of Financial Services by the end of June to begin offering custody services to clients. Nasdaq announced its intention to move into the space following the collapse of Three Arrows last July and had forged forward, despite a slump in the crypto market.
“This quarter, considering the shifting business and regulatory environment in the U.S., we have made the decision to halt our launch of the U.S. digital assets custodian business and our related efforts to pursue relevant license,” Friedman said. Nasdaq partnered with BlackRock for a spot bitcoin ETF that's currently awaiting approval from the Securities and Exchange Commission. The SEC has yet to greenlight such a product, previously citing concerns of fraud and manipulation. “More broadly, we remain committed to supporting the evolution of the digital assets ecosystem in a variety of ways, among them, through our ongoing engagement with regulators, the delivery of comprehensive technology solutions across the trade life cycle, and through our partnerships with potential ETF issuers to support tradable exchange listed products,” Friedman said.
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🟠 Binance Introduces New Feature For Enhanced Fund Management
Leading cryptocurrency exchange Binance has responded to user feedback by launching a new feature that allows users to obtain multiple deposit addresses for a single network. The introduction of multiple deposit addresses on the exchange is particularly beneficial for “airdrop hunters,” a term referring to users who actively seek out and participate in token airdrops. This feature has been previously launched on other centralized exchanges (CEXs), and its implementation on Binance is the platform’s competition and user experience.
Originally, this feature supported multiple deposit addresses for tokens on the Ethereum network (ERC-20) and Ethereum alternative networks like Arbitrum One and BNB Smart Chain. Binance plans to expand this functionality to include more blockchains in the future, providing users with a wider range of options. Each user can generate up to 20 deposit addresses for each supported network, and Binance will regularly review this limit to determine if adjustments are necessary. This periodic evaluation ensures that Binance maintains an optimal balance between user convenience and platform stability. To get started with the multiple deposit addresses features, users can follow a simple process.
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💰 Ripple’s XRP Ruling a ‘Milestone Win’ for Crypto Industry, Says J.P. Morgan
The U.S. Southern District Court’s ruling in partial favor of payments network Ripple represents a landmark win for the crypto industry and provides clarity as to what does and doesn’t represent a security, banking giant J.P. Morgan wrote in a research note Friday. “Large capital pools have been reticent to engage in the industry with unclear rules of the road, while the related overhang has also slowed innovation, adoption, and just overall crypto ecosystem valuation, in our opinion.
“This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,” they continued. Crypto prices rallied on the news, underpinning the importance this ruling has for the industry. Bitcoin (BTC) gained 3.6% on Thursday before retreating about 1.4% on Friday. While Ripple’s win is certainly positive, J.P. Morgan also noted that this isn’t the end of the regulatory fight for the crypto industry, as the SEC can appeal the ruling and will also likely continue to pursue similar cases in the future.
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📣 Kava 14 Launched To Cross-Chain Internally Connecting Cosmos To Ethereum dApps
Kava 14 has officially been launched and put into operation. It will become an internal cross-chain bridge connecting Cosmos with the Ethereum dApp. Kava, a Layer 1 blockchain that combines the power of Ethereum developers with the speed and interoperability of Cosmos, has launched the Kava 14 upgrade. This upgrade implements ‘internal bridge’ technology to seamlessly migrate native Cosmos assets to and from Ethereum’s ERC-20 token standard.
In July of Tether, Kucoin now supports Kava’s Cosmos network and EVM, providing reliable CEX for user transactions in the Cosmos ecosystem. Meanwhile, Curve Finance’s launch of the USDt liquidity pool offers a decentralized alternative for experienced users. At the same time, Stargate, the top liquidity layer of the multi-chain, is set to launch on Kava, anticipating increased usage and liquidity. This expansion follows a governance proposal that plans to expand the reach of the Kava Rise incentive fund. Unlike third-party external bridging solutions that create fragmented pools of wrapped assets, with the launch of Kava 14, USDt issued natively on Kava is portable between chains blocks IBC and EVM through an ‘internal bridge’.
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🔵 Aave set to vote on launching GHO stablecoin on Ethereum mainnet
Aave Companies, a key contributor to the Aave DeFi lending protocol, has proposed launching the decentralized stablecoin GHO as an ERC-20 token on the Ethereum mainnet. The proposal seeks to introduce GHO through Facilitators, allowing users of Aave version 3 (V3) to mint GHO against their collateral, according to the Aave Improvement Proposal. Stablecoin borrowing on Aave would become more competitive and generate additional revenue for the DAO.
The Aave DAO will also have the ability to adjust GHO's interest rate through decentralized governance. The proposal is currently pending, with voting set to commence later today until July 14. The proposed launch follows extensive community discussions through multiple phases of governance and months of testing on Ethereum's Goerli testnet. The Aave V3 Ethereum Pool Facilitator will allow users to borrow GHO using collateral deposited in the V3 Ethereum mainnet pool. The FlashMinter Facilitator enables users to flash mint GHO without collateral, providing it is repaid in a single transaction, enhancing GHO's ability to maintain its peg through efficient arbitrage.
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📣 Animoca Brands Joins Forces With AWS Activate To Boost Web3 Development
Animoca Brands, a prominent web3 investment company, has entered a strategic partnership with Amazon Web Services’ (AWS) Activate program to propel web3 development. This collaboration positions Animoca Brands as an AWS Activate provider, granting its portfolio companies access to valuable resources, including up to $25,000 in Activate credits per startup for building on AWS infrastructure. Animoca Brands empowers startups within its extensive portfolio, comprising over 450 web3 companies spanning blockchain gaming.
The collaboration not only facilitates financial support but also equips startups with an array of tools, resources, and expert guidance. Entrepreneurs can harness secure AWS cloud services, spanning computing power, storage, databases, analytics, IoT, and machine learning, as they develop innovative solutions within both Web2 and Web3 realms. This announcement arrives on the heels of Animoca Brands’ recent collaboration with CyberConnect to construct a decentralized social layer for Mocaverse, an NFT collection tailored for its portfolio firms. As Animoca Brands forges ahead with its mission to empower web3 innovation, this strategic partnership with AWS Activate amplifies its capacity to propel the growth and evolution of web3 startups worldwide.
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🟠 Binance asks for protective order over claims SEC is conducting ‘fishing expedition’
Binance, the world’s largest cryptocurrency exchange, filed a motion on Monday to seek a protective order against the U.S. Securities and Exchange Commission, claiming it had provided sufficient information to the regulator. BAM Trading, the holding company of Binance.US, and BAM Management submitted a motion for a protective order concerning deposition notices and discovery requests made by the SEC. “The SEC has declined BAM’s proposals or to meaningfully limit its requests.
The SEC’s position is unreasonable and part of a broader pattern of the SEC abusing the discovery provision of the Consent Order,” BAM wrote in the court filing. BAM added that it has offered four witnesses for depositions, including “the two best positioned to address questions about the custody and security of customer assets.” BAM urged the court to issue a protective order limiting the SEC to four depositions of BAM employees, precluding the regulator from questioning witnesses during depositions on matters outside the scope of the consent order and preventing depositions of BAM’s chief executive officer and chief financial officer.
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❕ 80.52 Million SAND Tokens Worth About $32.44M Moved To CEX
A large number of The Sandbox’s SAND tokens have been put on the exchange ahead of unlocking more than 16% of the supply taking place on August 14. According to the monitoring of on-chain data analyst Ember, 6 hours ago, address 0x73b transferred 80.52 million SAND (about $32.44 million) to CEX. Of those, 70 million SAND was transferred to Binance, 10 million SAND was transferred to OKX, and 529,000 SAND was transferred to Gemini. It last received 60 million SAND from Genesis 7 days ago.
The activity took place before the big unlock event of the project. On August 14, The Sandbox will unlock 332.55 million SAND – equivalent to 16.1% of the SAND supply. A large amount of unlocked tokens could lead to a sharp decline in the price this month. Because in the middle of T2 of this year, SAND unlocked 18.1% of the supply, and the price dropped sharply in the days after that. Besides, Trading Volumes of the top Play-to-Earn (P2E) tokens fell 98% in June and July, compared to the bull market peak in November 2021, according to data from Kaiko on the trading volume of Play To Earn (P2E) tokens on CEXs. Therefore, under pressure from these news and until the token unlock.
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💰 America’s Credit Rating Helps Make Case for Bitcoin
U.S. credit rating comes into view – as it did with Fitch’s surprise downgrade this week – it’s an opportunity to discuss the connection between money, debt and power and to explore how Bitcoin and crypto could upend those relationships. To start with, let’s note that while a downgrade does reflect a moderately poorer outlook for the U.S. government’s finances, an actual default by the U.S. is highly unlikely.
Doing so depreciates the exchange rate and reduces the currency’s purchasing power via inflation, thus imposing a form of tax on both the domestic population and foreign creditors. That undermines confidence among foreign investors and beads mistrust among taxpayers as a self-perpetuating cycle of collapsing exchange rates and higher prices arises. But that assumes there’s democratic accountability, and international debt markets suggest that creditors judge different governments differently on that score. Many emerging-market governments across Latin America, Asia, Africa and Eastern Europe can’t issue debt in their own currencies because foreign lending institutions demand higher-than-affordable interest rates, leaving them with no option but to issue bonds in foreign currency – primarily in dollars.
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📣 Developer LeetSwap Recovered About 220 ETH Hacked
As shared by DEX developer LeetSwap of layer 2 platform BASE, 200 ETH was recovered in yesterday’s hack, but transactions have not yet been reopened. In response to yesterday’s attack, Gilgameš, the largest LeetSwap DEX developer on the Base chain, tweeted that he is withdrawing more funds trapped in the DEX liquidity pool, around 220 ETH, and working Working with white hat developers and security researchers trying to recover as much money as possible.
Gilgameš said that hackers also carried out a DDoS attack on the site and will do their best to restore it, reminding users to beware of scammers and impersonators. Additionally, Gilgameš also stated that LeetSwap is a one-person development team, currently working and not leaving. On August 1st that security risk monitoring, early warning, and blocking of the Beosin EagleEye platform by blockchain security audit firm Beosin showed that axlUSD/WETH in LeetSwap on the BASE chain was subjected to a price manipulation attack, and damage amounted to about 620,000 US dollars. According to Beosin’s analysis, the main reason for the attack is: the attack mainly uses functionality.
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⚪️ Curve Crash Triggers Historic MEV Windfall on Ethereum Network
Eric.eth, a prominent Ethereum core developer and co-author of EIP-1559, revealed that the Ethereum network had witnessed the creation of some of the largest Miner Extractable Value (MEV) reward blocks in its history. Among the standout MEV reward blocks, Eric.eth highlighted several noteworthy transactions. Slot 6,992,273 stood out with an impressive reward of 584 ETH, making it a substantial windfall for the participants involved.
Another notable block was Slot 6,993,342, which garnered a bonus of 345 ETH, further illustrating the immense potential for profitable transactions on the Ethereum network. Additionally, Slot 6,992,050 saw a handsome bonus of 247 ETH, while Slot 6,993,346 received a respectable reward of 51 ETH. Eric.eth delved into the circumstances behind these eye-catching Miner Extractable Value rewards, attributing them to a recent Curve hack. According to the developer, a robot had detected the hack within the MEV group, promptly copied the transaction, and then fled the scene. As part of this clever strategy, the perpetrators offered block producers sizeable amounts of ETH to gain an advantage in the MEV race.
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📊 Sequoia cuts back size of crypto fund, WSJ says
Sequoia Capital has cut back the size of its crypto investment fund to $200 million from $585 million, the Wall Street Journal reported on Thursday, citing people familiar. The venture capital firm also cut back an ecosystem fund that invests in other venture funds to $450 million from $900 million, according to the report. Sequoia told investors about the cuts in March, saying they were being made to reflect market conditions that have been typified by a prolonged downturn.
Sequoia Capital has cut back the size of its crypto investment fund to $200 million from $585 million. The company plans on focusing on backing young startups with the pared down crypto fund as opposed to larger companies that have faced challenges given current conditions, according to the report. The two funds affected by the cuts were first announced in 2022. Its first-ever crypto-focused fund had planned to set aside up to $600 million for investments in "liquid tokens." The firm recently parted ways with two crypto investors amid a VC team reshuffle, Bloomberg News reported earlier this month. Last year, it was forced to write down its investment in the failed crypto exchange FTX to zero.
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📣 Arkham Intel Exchange goes after Do Kwon crypto wallets with first bounty
The controversial Arkham Intel Exchange approved its first ever bounty hunt on Monday, after two crypto sleuths found evidence of crypto wallets belonging to Do Kwon. The platform had posted a bounty requesting more information on the former Terraform Labs CEO and now international fugitive. An anonymous blockchain sleuth and a pseudonymous one who goes by ErgoBTC won a payout of 9,519.26 ARKHM, worth about $4,950, for successfully completing the bounty and gaining approval from the platform.
Terraform Labs saw its stablecoin TerraUSD and cryptocurrency Luna collapse in May of 2022 in one of the largest collapses ever in the industry. The Securities and Exchange Commission charged Do Kwon with securities violations for allegedly selling unregistered transactions of crypto asset securities, failing to provide full and truthful disclosures and repeating misleading information to investors. Launched on July 10, Arkham Intel Exchange incentivizes users to find on-chain data via a bounty system. Anyone can seek information by posting a bounty, though the submissions must be approved by the platform. The platform has stoked controversy in the crypto community.
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➡️Stay ahead in the world of cryptocurrencies with just a single click!
By following the link
➡️ /channel/addlist/kp0pSP98Hzg2NzM8 , you will automatically join five highly informative crypto news channels on Telegram.
🏆These channels include:
1. @BitcoinNews 🥇 - Stay updated with all the relevant news about Bitcoin, the number 1 cryptocurrency.
2. @EthereumNews 🔵 - Get access to all the important updates and news about Ethereum.
3. @Altcoinnews 🍰 - Stay informed about all altcoins, the alternative coins besides Bitcoin, with timely information and insights.
4. @TradingNews ⚫️ - Never miss out on any trading information again! Receive regular updates on charts, analyses, exchange news, and much more.
5. @MetaverseNews ⚫️ - For all things related to the metaverse, this channel provides you with comprehensive information to keep you in the loop.
Don't miss out on any crucial developments in the crypto world!
⚠️Join all five channels immediately by clicking on this link: ⚠️
/channel/addlist/kp0pSP98Hzg2NzM8.
Stay up to date and make informed decisions with these invaluable sources of crypto news.
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🔵 Arbitrum Foundation Grants Phase 1 Targets Apps and Infrastructure
Arbitrum has recently revealed its ambitious plans for the first phase of its foundation funding. The primary focus of the first phase is to bolster the growth and potential of DApps running on Arbitrum, while also enhancing the underlying infrastructure to ensure a seamless and efficient experience for users. With the backing of the foundation grants, developers and innovators within the crypto community can expect to access resources and support to create more powerful and user-friendly technologies.
The grants also carry the objective of fostering sustainable and thriving communities within the ecosystem. By providing financial backing to projects that contribute to the growth of the ARB network, the foundation aims to nurture a vibrant and dynamic community that collaborates to push the boundaries of blockchain scalability and usability. Crucially, the foundation has clarified that the grant program will progress in different phases, with each phase having specific goals and objectives. However, unlike traditional grant programs, there is no fixed “end date” for these stages. Instead, the program will continue until the Arbitrum Foundation determines that the phase objectives have been adequately met.
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🪙 Uniswap recently announced the launch of a new blockchain protocol called “UniswapX”.
Uniswap recently announced the launch of a new blockchain protocol called “UniswapX”. According to DefiLlama, Uniswap currently has around $3.8 billion of collateral or “total value locked”. Uniswap has stated that UniswapX addresses many of the problems that are faced by on-chain trading and self-custody swapping. The features of UniswapX include “better prices” through the aggregation of liquidity sources. The press release also claims that UniswapX offers gas-free swapping, protection against maximal extractive value (MEV), and no cost for failed transactions.
Uniswap has announced that in the coming months, UniswapX will expand to gas-free cross-chain swaps. UniswapX will initially be launched in “opt-in beta” on the Uniswap Labs interface for the main Ethereum network, with plans to expand to other chains and the Uniswap wallet “in the near future”. However, the company has not yet announced when a final version of UniswapX will be available. Liquidity pools are a lifeline for swappers looking to execute trades on DEXs, but these pools can sometimes dry up. UniswapX aims to solve this problem by engaging with third-party fillers that can fill swaps directly or route users to appropriate AMM pools. These third-party fillers will have to compete with Uniswap itself, which will help to drive down prices for traders.
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💰 Bankman-Fried Requests Court's Approval for a Mystery List of Visitors to Drop by Without Security
In a legal document lodged on July 13, 2023, Sam Bankman-Fried, the former chief executive officer and founder of FTX, expressed his desire for his “close friends” to drop by his parents’ residence “without the need for a security guard to be present.” The plea from Bankman-Fried petitioned the court to maintain confidentiality regarding the list of “friends and colleagues,” a move that Inner City Press has contested.
Christian Everdell, legal counsel for Sam Bankman-Fried, presented a letter to the court advocating that “close friends and colleagues” as well as “household help” be permitted to call on his client without undergoing a security screening. This request arises from the bail stipulations determined on March 28, 2023, which mandate a security guard to vet every visitor to Bankman-Fried’s parents’ dwelling, further requiring them to sign into an electronic log book. The letter further asserts that this collective will “abide by Mr. Bankman-Fried’s bail conditions.” One such condition restricts guests from carrying items like smartphones, tablets, and any internet-connected apparatus during their visits to Bankman-Fried.
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📣 Nexo And Co-Founder Clash In Court Over Missing $12 Million In Crypto Assets
In a recent court document, it has come to light that Nexo, a troubled cryptocurrency trading platform, is currently embroiled in a legal dispute with its co-founder, Georgi Shulev, over the whereabouts of $12 million worth of missing assets. The details revealed in the court judgment shed new light on the previously undisclosed interactions between Nexo’s founders, CoinDesk first reported the event. According to the document issued by the High Court of London on June 27, Nexo and Georgi Shulev are contesting the ownership of a Ledger hardware wallet.
Previously, the parties were locked in a battle for control over a BitMEX account, initially opened by Shulev in his name but on behalf of the company. Since Shulev’s termination in 2019 and subsequent loss of access to his corporate email, both Shulev and Nexo have been vying for control of the account. After a court ruling in August of the previous year, BitMEX froze the funds and eventually released them to the company. However, due to the significant decline in cryptocurrency prices since September 2019, when the account was frozen, Nexo suffered a loss of approximately $7.9 million in the value of its crypto assets. The conflict between Shulev and Nexo dates back to September 2019.
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📣 Crypto Criminals Stealing Much Less Money in 2023: Chainalysis Report
Crypto crimes are raking in far less revenue this year due to a dry-up among hacks and scams, according to a mid-year report from Chainalysis, which tracks illicit wallet addresses. Through the end of June, the industry’s total losses to illicit actors ranged near $2.5 billion and had fallen 65% relative to mid-2022, whereas legitimate actors were experiencing a “much less severe” drop in inflows during the sluggish bear market, Chainalysis said.
Scammers in particular are pulling in billions of dollars less this year. Chainalysis said two of the biggest operations – VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management, both of which exit scammed investors to whom they promised lofty returns – disappeared. They haven’t been replaced in spite of bitcoin’s 83% rally year to date, a price surge that usually emboldens opportunistic schemers. Impersonation scams are, however, bucking the trend: they’re duping nearly 50% more people this year than last. As a result, scammers who pose as authority figures are seeing only a 23% drop-off in overall inflows, whereas all other scams are down 70%.
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📣 Bitget Issues 8th Asset Reserve Certificate With Total Reserve Of 223%
According to information from Bitget has released the eighth asset reserve certificate (snapshot June 7). The reserve categories include BTC, ETH, USDT, and USDC, with a total reserve ratio of 223%. The snapshot shows that it holds 2311.23 BTC, marking a 7% gain, 11,200 ETH, reflecting a 9% increase, and 346 million USDT, with a 4% increase over May. These tools will allow you to independently test Bitget’s Proof of Reserve and verify that Bitget’s reserves have exceeded known exchange liabilities for all users to confirm viability Bitget payments.
Proof of Reserve is a concept created to make centralized cryptocurrency exchanges more transparent by sharing the money and assets they have in their reserves. It helps the user determine the exchange’s true state to prevent the spread of information. The crash of the FTX exchange is one of the most important reasons behind this idea. This process involves the use of cryptographic proofs, public wallet ownership checks, and periodic audits. Using the Merkle Tree system, an exchange like Bitget stores the details of a user’s account on the system online, allowing the user to verify the report at any time and from anywhere.
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