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🇸🇬 Terraform Labs, Do Kwon Fail to Have Singapore Class-Action Suit Rejected: Report
Terraform Labs and its founder, Do Kwon, may be hit with a class-action lawsuit in Singapore after the High Court dismissed an attempt to have it thrown out, Business Times reported on Thursday. Terraform lawyers tried to shift the action to an arbitration process, citing the website's terms of use, according to the Business Times. The lawyers claimed users had foregone the right to trial and to join a class-action suit. The court ruled otherwise. "To our knowledge, this is the furthest a class-action suit has progressed in the world," Mahesh Rai, a director of Drew & Napier, which represents the claimants, said in an interview. "Now we are approaching discovery stage." The suit was filed in September 2022 by Julian Moreno Beltran and Douglas Gan on behalf of 375 others, who claim they lost a combined $57 million. The claimants are alleging fraudulent misrepresentation by Terraform Labs, Do Kwon and his co-founders in their promotion of the algorithmic stablecoin terraUSD (UST), which led them to purchase and stake the tokens and hold on to them as UST lost its peg to the U.S. dollar in May 2022 and plunged to less than $0.10.
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🇰🇵 North Korean Hackers Lazarus Group Stolen $3B in Cryptocurrency
North Korea-linked hacker organization Lazarus Group has stolen $3 billion in cryptocurrency over the past six years, according to a report by cybersecurity firm Recorded Future. $1.1 billion was stolen from decentralized finance (DeFi) platforms. A September report published by the U.S. Department of Homeland Security (DHS) as part of its Analytic Exchange Program (AEP) also highlighted Lazarus's exploitation of DeFi protocols. The U.S. Treasury Department introduced new sanctions against North Korea's cyber activities, adding 'Sinbad' to the Office of Foreign Assets Control's specially designated sanctions list. Sinbad has been implicated in laundering the cryptocurrencies stolen by the Lazarus Group. The group is known to have used Sinbad's mixer services to hide the origins of the stolen funds. Such mixers obscure individual transaction trails by blending multiple users' transactions. In 2018, they hacked the Japanese cryptocurrency exchange Coincheck, diverting $530 million, and attacked the Central Bank of Malaysia, stealing $390 million.
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💰 AntPool agrees to refund record $3 million Bitcoin transaction fee
Bitcoin mining pool AntPool has agreed to refund the record-breaking $3 million transaction fee it mined last week, pending owner verification. AntPool wrote in the announcement. “The risk control system of AntPool temporarily froze the fee when packaging the transaction. Please contact us before 00:00 (UTC+8) on December 10, 2023 and verify personal identity. After verification, AntPool will refund the fee.” AntPool requested the original owner of the funds to prepare a signing tool, such as Electrum or Bitcoin Core — the most widely used software implementation of the Bitcoin protocol — using the private key of the address that sent the transaction to sign the message “AntPool”, then send the signed text to its support email address. The transaction was mined by AntPool in block 818,087 but it had not publicly commented on the matter until now. The previous record $500,000 fee paid in September was subsequently identified as a “fat finger” overpayment by the crypto services provider Paxos. F2Pool, the miner facilitating that transaction, agreed to reimburse the fee to Paxos.
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💰 Bitcoin long futures open interest held by asset managers hits all-time high
The open interest in bitcoin long futures held by asset managers on the Chicago Mercantile Exchange (CME), has reached an all-time high. The current value of the contracts held by asset managers eclipsed the former all-time high. When bitcoin's price reached an all-time high in November 2021 of $68,000, the CME bitcoin long futures open interest held by asset managers at the time went only as high as $1.67 billion. The uptick in open futures contracts suggests asset managers are anticipating bitcoin price appreciation by the time the current contracts expire on the last Friday of December. The open interest from hedge funds going long on bitcoin futures on the CME is also at a high point. Currently, there's $680 million of open interest from hedge funds going long, which remains below the all-time high of $960 million. That said, hedge funds are also responsible for the majority of open interest for short positions for bitcoin futures on the CME. Such hedge funds are responsible for more than $2 billion of open interest in this direction.
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📣 PayPal Unveils Revolutionary Cryptocurrencies Hub
PayPal, the payment giant, recently unveiled its USD-backed stablecoin, PayPal USD (PYUSD), and simultaneously introduced a “Cryptocurrencies Hub” for Bitcoin interaction. To access the cryptocurrency center, users need a personal account in good standing and verified identity details like name, address, date of birth, and taxpayer ID. The center will link directly to users’ accounts and can be accessed using existing credentials. PYUSD is supported by US dollar deposits and short-term Treasuries, ensuring its full backing. This stablecoin pegged to the dollar, will soon be available to US-based customers, offering a gateway for digital payments and token adoption. The service will facilitate cryptocurrency buying and selling, enable purchase payments through the platform using proceeds from crypto sales, and act as a conversion hub between PYUSD and other crypto assets. PYUSD is designed for instant redemption into dollars and can also be exchanged for various cryptocurrencies within its network. It’s set to become usable for purchases and will soon integrate with PayPal’s Venmo app.
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🇯🇵 Binance Japan to Use KYC Services From Liquid
Binance, the largest crypto exchange in terms of trading volume and users, will employ Japanese company Liquid for identity verification of customers on its new domestic platform in Japan. As a first step in this partnership, Liquid said it will provide Binance with its eKYC service. “Liquid eKYC offers top-in-class facial authentication through its unique AI-based image processing capability, enabling smooth identity verification in accordance with the respective legal and security framework in each country,”. Binance’s General Manager for Japan, Takeshi Chino, pointed out that the exchange’s “robust KYC framework plays a critical role in protecting the platform, users and community, and the entire ecosystem from potential threats.”Binance has been dealing with heightened regulatory pressure around the world in the past months. Following warnings from Japanese regulators that it was operating without the necessary authorization, the crypto behemoth acquired the Japan-registered Sakura Exchange Bitcoin (SEBC) in November 2022. In May 2023, the company announced that Binance Japan will fully comply with local regulations and said that Japanese users of its global exchange will be able to migrate to the new domestic platform after passing identity verification.
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🟠 Nigerian Association of Money Changers Calls for Banning of Binance
The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has reportedly asked the Nigerian government to consider banning the crypto giant Binance. Gwadabe insisted that the crypto exchange platform is partly to blame for Nigeria’s persistent currency woes which have now seen the naira fall to a record low versus the U.S. dollar. The remarks by Gwadabe suggest that both the Bola Ahmed Tinubu government and some key players in Nigeria’s foreign exchange market. To illustrate, sometime in early June it was widely reported that the Nigerian Securities and Exchange Commission had banned Binance Nigeria Limited, the crypto exchange’s supposed affiliate. Meanwhile, in remarks published by the People’s Gazette, Gwadabe highlighted Binance’s perceived dominance and how this poses a threat to the Nigerian economy. “If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate. So, we have to do something that can stop Binance. It’s a competition. We need to ban Binance and the only way to do so is if you have liquidity,” explained Gwadabe.
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⚪️ Curve Finance Completes $50 Million Recovered From Recent Hack Attack
Curve Finance has made significant strides in its recovery efforts after a recent hacking incident that resulted in the loss of around $73 million across various projects within its factory pools, including prominent names like JPEG’d, Metronome, and Alchemix. The platform has successfully reclaimed 70% of the stolen funds, which amounted to approximately $50 million, easing concerns for both users and stakeholders. The remaining missing funds are subject to an ongoing investigation. The retrieved funds were either returned directly by multiple hackers or safeguarded with the assistance of ethical operators of MEV bots. This recovery brings hope that the majority of the pilfered assets will be returned to the victims, marking one of the most notable crypto exploits of the year. The attack on Curve Finance, which exploited a critical reentrancy vulnerability in its smart contract logic, prompted the platform to offer a $1.85 million bounty for accurate identification of the attackers behind the outstanding funds. Crypto analytical resource Santiment recently conducted an in-depth analysis of Curve Finance’s on-chain metrics, revealing the project’s efforts to recuperate from the bearish sentiment that followed the hack.
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📣 Voyager Withdrawing Final Tokens To Switch To Fiat Compensation
The bankrupt cryptocurrency company Voyager Digital is starting to collect leftover tokens for sale and compensate users in USD once the complaint process is over. Voyager is collecting all remaining tokens in its wallet address to the main address. This action begins after crypto claims for its users have been closed, and the final fiat payment process will begin. This means paying users who the platform in US dollars will compensate after selling the remaining cryptocurrency. Previously, Voyager users could withdraw 35.72% of tokens between June 20 and July 5 or choose to receive USD compensation after this lending platform sells tokens 30 days later. According to Arkham data, there is currently about $81.63 million in crypto in Voyager addresses. All these tokens will be sold in the next period. Voyager is a lending project that went bankrupt after the 3AC fund collapsed. The main reason behind this was that the project needed more money because the 3AC fund refused to pay the debt of $650 million. This means paying users who the platform in US dollars will compensate after selling the remaining cryptocurrency. According to Arkham data, there is currently about $81.63 million in crypto in Voyager addresses. All these tokens will be sold in the next period.
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🇹🇼 Binance Seeks Regulatory Ground In Taiwan Amidst Industry Challenge
According to The Block, Binance, the world’s largest cryptocurrency exchange, has initiated the process of registering under Taiwan’s Money Laundering Control Act, the sole cryptocurrency-related regulation enforced by the local government. This development was disclosed during a closed-door meeting held by Taiwan’s Financial Supervisory Commission (FSC) on Tuesday. The FSC informed numerous domestic cryptocurrency service providers in attendance about Binance’s efforts to secure anti-money laundering. Taiwan’s anti-money laundering laws for virtual asset service providers (VASPs) were introduced in July 2021, requiring adherence to regulations. Although this sector largely lacks comprehensive regulation within the country, the move underscores Taiwan’s commitment to establishing a structured framework. Despite its registration pursuit in Taiwan, Binance remains unregulated in the region. The company had formed a local entity named “Binance International Limited Taiwan Branch (Seychelles),” approved by the government on May 12, 2023. The FSC, which took charge of overseeing the cryptocurrency industry in March, is working on broader transaction and payment guidelines related to VASP cryptocurrencies.
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🪙 Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet. This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337. In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May. The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH. Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards. Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet. Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
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🟠 Justin Sun Deposits 77.8 Million DAI For 8% APY, DSR Deposit Of DAI Exceeded 1 Billion
Justin Sun exchanged 90254 wstETH for 77.8 million DAI and deposited it into Maker for 8% APY. DAI deposit exceeded $1 billion. Recently, several notable transactions have taken place in the cryptocurrency community, drawing attention from investors and experts alike. One such transaction involved blockchain entrepreneur Justin Sun, who exchanged 90254 wstETH for 77.8 million DAI and then deposited the DAI into Maker to earn the current 8% APY. As of now, the DSR deposit of DAI has exceeded 1 billion US dollars. This significant transfer has sparked speculation about the motivations behind Sun’s movement of funds from JustLend to Huobi, particularly as Huobi’s USDT reserves have concurrently surged. Records indicate that Huobi’s USDT reserves have witnessed an impressive upswing, rising from approximately $85 million to an impressive $285 million. In addition, the community has recently questioned the decline of Huobi’s asset reserves and the use of stUSDT’s funds. Huobi responded by showing bank statements for purchasing bonds, stating that as of August 6, they had purchased 432m + 72m of liquid assets. The purchase path involved staking USDT in exchange for stUSDT.
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🇫🇷 France Revamps Crypto Firm Rules To Embrace MiCA Standards
France’s financial regulator, the Autorité des marchés financiers (AMF), revealed its amendments to crypto firm registration guidelines on Thursday in a move to comply with the European Union’s new regulations. These changes are in response to the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation within the next 12 – 18 months, aimed at regulating digital assets and firms operating in a single market. The AMF’s adjustments are geared toward embracing the “enhanced” registration structure introduced by the DDADUE Law. Integration of “enhanced” registration requirements for Digital Asset Service Providers (DASPs) into the AMF General Regulation and its policies. This new regime will be obligatory for fresh entrants wanting to provide the four mandatory registration services. This move is expected to foster greater transparency, security, and compliance among crypto firms operating in France’s market. Notably, the AMF recently granted its first crypto license to Societe Generale’s crypto division, while other prominent entities like Binance are already registered with the regulator. The modifications also focus on aligning the provisions applicable to licensed DASPs with Title V of the MiCA Regulation, aimed at service providers for crypto-assets. The AMF anticipates that these changes will indirectly affect enhanced registered DASPs as well.
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🏴 Microsoft partners with Aptos, will explore digital payments and tokenization
Aptos Labs, the Layer 1 blockchain created by former Meta employees, has announced a new partnership with tech giant Microsoft. Aside from the two companies exploring “innovative solutions” related to asset tokenization, digital payments and central bank digital currencies, Aptos will also utilize Microsoft’s Azure OpenAI Service. It appears, in the beginning, much of the partnership will be centered around using Microsoft’s artificial intelligence capabilities to both ease the process of onboarding users to web3. Earlier this year, Microsoft made a big splash in AI when it invested $10 billion in OpenAI, the creator of ChatGPT. “The intersection of AI and blockchain is one of the most interesting combinations of emerging technologies,” said Rashmi Misra, Microsoft’s general manager of AI & emerging technologies. “By fusing Aptos Labs' technology with the Microsoft Azure Open AI Service capabilities, we aim to democratize the use of blockchain enabling users to seamlessly onboard to web3 and innovators to develop new exciting decentralized applications using AI.”. Microsoft grabbed headlines again a few months ago with reports the company was working on a non-custodial crypto wallet for its Edge browser. So far, big tech companies like Microsoft have tread with relative caution concerning partnerships and ventures related to advancing blockchain technology.
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🪙 Elon Musk Again Asks To Stop The Class Action Lawsuit Over Dogecoin Insider Trading
According to Decrypt, a document filed in New York Federal Court, attorney Alex Shapiro of Tesla CEO Elon Musk has requested the dismissal of the class action lawsuit over Dogecoin insider trading. Shapiro lashed out at the latest complaint from Dogecoin investors, calling the action another example of lawyers abusing their power and litigation tactics. In the latest motion, Shapiro said there is nothing illegal about tweeting pro-crypto statements or humorous images, and he mocked the plaintiff’s revised complaint as “weird” clumsy, tortuous, and difficult to understand”. Reportedly, Evan Spencer, the lead attorney for the class action lawsuit against Musk, revised the lawsuit for the third time in June and made more allegations. The lawsuit, originally filed last June, seeking $258 billion in damages, accuses Musk of “deliberate marketing, market manipulation, and insider trading” when discussing Dogecoin. But Elon Musk really downplays the Dogecoin-related lawsuits because since the lawsuit appeared, this billionaire still has shares related to memecoin. The most recent is a tweet on July 19 with a meme with the views of the philosopher Socrates, Immanuel Kant and an image of the famous cartoon character Scooby-Doo. Dogecoin has been well-documented for years since his first Tweet that Dogecoin could be his favorite cryptocurrency in April 2019
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🇧🇷 Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report
The Brazilian Senate approved new income-tax regulations that could mean citizens will face paying up to 15% on earnings from cryptocurrencies held on international exchanges, Yahoo Finance reported Thursday. The regulation, if sanctioned by President Luiz Inacio Lula da Silva, could be effective as of Jan. 1. The bill has been approved by the Chamber of Deputies. The bill is awaiting presidential approval. Those affected will be Brazilians earning more than $1,200 from foreign exchanges and investment funds with a single shareholder. According to Yahoo Finance, the government set a revenue target of $4 billion for these taxes in the new year. Brazilian Senator Rogerio Marinho criticized the law, stating that the government introduced a tax due to poor management, according to the report. Cryptocurrencies have become increasingly popular in Brazil with the country ranking ninth in terms of crypto adoption according to a Chainalysis report. CoinDesk recently reported that the nation also has around $100 million in assets under management for spot bitcoin exchange-traded funds (ETFs).
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🟠 Binance's 'VIP' traders were forewarned of $4 billion settlement penalty: Bloomberg
Binance's biggest traders, attending a conference in Singapore this September, were privy to the crypto exchange's forthcoming settlement with U.S. authorities during a luxurious private dinner.The exclusive gathering, held in the sophisticated 1880 members-only club, saw a select group of market makers and traders, referred to as VIPs, gain insight into Binance's impending legal turmoil amidst a setting of American Angus beef and Australian truffles, according to several attendees, Bloomberg reported. The attendees broke off into smaller groups and reportedly quizzed Binance executives on the company’s legal troubles, raising the likelihood of a $4 billion fine and leaving convinced the firm could afford and would pay it. Binance’s now-former CEO Changpeng “CZ” Zhao was notably absent, while Richard Teng — who replaced Zhao as CEO last week — was there but asked not to be identified discussing the private gathering, according to Bloomberg. However, the bottom line was that Binance would survive. A Binance spokesperson told Bloomberg the depiction of the event was inaccurate but declined to identify which aspects were wrong. Binance did not respond to a request for comment from The Block.
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💰 Trust Wallet reports Bitcoin node issue behind failed user transactions
Binance-owned Trust Wallet has reported experiencing a Bitcoin node issue, leading to users experiencing failed or delayed transactions and missing transactional history in the wallet app. The non-custodial wallet provider attributed the issue to a recent surge in Bitcoin transactions. “Increased transactions per block in the Bitcoin network are putting pressure on nodes, causing instability across providers,” the team posted on X. Trust Wallet said it was closely monitoring the situation, but “users may experience missing transaction history for the Bitcoin-blockbook chain, up to six hours, and failed transactions.” Bitcoin Blockbook, initially developed to support Trezor wallets, is a blockchain indexer and backend solution for cryptocurrency wallets, enabling efficient queries for specific information, like transaction history or wallet balances. In response to the post, some users complained the issue had already been ongoing for several hours. Trust Wallet said it was working diligently to address the issue. However, there has been no update since yesterday.
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🟠 Binance Will Support Trading For CyberConnect (CYBER) And Sei (SEI) On Aug 15
According to the official announcement of Binance, the exchange will list CyberConnect (CYBER) and Sei (SEI) and open trades for trading pairs CYBER/BNB, CYBER/BTC, CYBER/FDUSD, CYBER/TRY, CYBER /USDT, SEI/BNB, SEI/BTC, SEI/FDUSD, SEI/TRY and SEI/USDT at 15:00 on 08/15/2023 (UTC). Additionally, Binance Spot Grid will be enabled for CYBER/BTC, CYBER/USDT, SEI/BTC, and SEI/USDT trading pairs within 48 hours of the start of trading. CyberConnect (CYBER) is described as a Web3 social network that allows developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of total token supply) allocated to Launchpool Token Rewards. Sei (SEI) is defined as a layer 1 blockchain optimized for digital asset exchange. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of total token supply) assigned to Launchpool Token Rewards. As mentioned, on August 1, 2023, Binance rocked the crypto community with the news that both SEI and CYBER will launch on Binance Launchpool. This excited everyone, especially the community members of both projects.
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🇺🇸 Former President Donald Trump Holds $250,000 In ETH, Financial Report Discloses
According to Forbes, former President Donald Trump’s foray into the world of cryptocurrency has recently come to light through a financial disclosure unveiled last month. The disclosure reveals that Trump holds assets ranging from $250,000 to $500,000 in cryptocurrency wallets, specifically linked to a collection of non-fungible tokens (NFTs). These NFTs depict a range of cartoon-style trading cards featuring Trump in diverse outfits, from hunter’s camouflage to a superhero costume. The NFTs were initially introduced in December 2022 as a “limited edition collection” of 44,000 cards, priced at $99 each, which promptly sold out within a day. A subsequent batch in April enjoyed similar success. Earnings from the NFT venture appear to have exceeded $8.9 million, with Trump reportedly amassing $298,000 in licensing fees. The disclosed wallet, held under the Trump entity CIC Digital, showcases an intriguing dichotomy in Trump’s relationship with cryptocurrency. This revelation has sparked speculation about Trump’s potential interest in decentralized finance (DeFi) and cryptocurrency’s role in funding his potential 2024 presidential campaign. Such platforms offer anonymity, allowing funds to be amassed discreetly.
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🇺🇸 Former SEC Official Warns 'Crypto Regulatory Onslaught Will Never End'
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark warned in a lengthy tweet on Saturday that “the SEC’s crypto-regulatory onslaught will never end (ever).” Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Referring to the recent regulatory action taken by the SEC against cryptocurrency exchange Bittrex. The former SEC official stressed that “by calling themselves ‘exchanges,’ ‘brokers,’ and ‘market-makers,’ crypto trading platforms like Bittrex, Beaxy, Coinbase, Binance, and others co-opt historically powerful nomenclature that implies trust, oversight and consumer protection, etc.” He cautioned: “This powerful grift can quickly evolve into dangerous and unlawful marketing theater.” He explained that “Congress enacted the Securities and Exchange Act of 1934 to prevent and police investment schemes orchestrated by large financial conglomerates of any ilk.” Emphasized that “a Walking Dead-like post-apocalyptic marketplace quickly evolves” without SEC registration, the former SEC official asserted.
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🪙 Cosmos Hub Set To Undergo v11 Upgrade On August 16
Cosmos Hub, a prominent blockchain network, is gearing up for its upcoming v11 upgrade, scheduled to occur at block 16596000, tentatively on August 16. The upgrade has been set in motion following the successful passage of Proposition 804. The v11 upgrade brings a range of enhancements, including vital updates and fixes for core dependencies. Notably, the upgrade will involve the removal of the liquidity module. While the upgrade is anticipated to result in a brief downtime. During the upgrade process, some interruptions may occur, potentially causing temporary delays in transactions and transfers. However, the Cosmos Hub team is optimistic about maintaining the efficiency of the system, ensuring that any disruptions are managed efficiently. The announcement of the forthcoming v11 upgrade has generated anticipation within the Cosmos community. As the blockchain ecosystem continually evolves, upgrades like v11 demonstrate a commitment to improving functionality and addressing potential vulnerabilities. Blockchain enthusiasts, users, and stakeholders are encouraged to stay tuned for further updates and information regarding the v11 upgrade as the Cosmos Hub.
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✖️ dYdX Enhances Public Testnet Launch With New Features And Markets
On August 11, dYdX announced that the launch of its public testnet 2 is rescheduled to August 14, as the platform continues refining its functions. The upcoming testnet will introduce significant upgrades, including the addition of over 30 markets, expanding beyond BTC/ETH trading. Users will also earn testnet governance tokens through trading, with further user interface enhancements planned for this feature. Upcoming testnet introduces new markets, rewards, trading fees transparency, and dynamic margin requirements. The new testnet will allow users to manage and view trading fees, as well as access the protocol fee schedule. Moreover, dynamic margin requirements will be implemented, introducing varying margin requirements based on liquidity tiers. This innovation aims to enhance the trading experience and align it with real-world market dynamics. dYdX‘s commitment to refining its public testnet demonstrates the platform’s dedication to creating a robust and user-friendly trading environment. The upcoming features not only broaden the range of available markets but also offer rewards and improved transparency, reflecting the platform’s continuous efforts to improve its services.
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🏦 Coinbase’s Base Network Surpasses 100,000 Daily Users Milestone Shortly After Launch
Coinbase’s Base network, a Layer 2 (L2) solution, has made a remarkable entrance into the public sphere shortly after its official launch. After an initial period of being open exclusively for builders, the Base network, designed to enhance scalability, transitioned to an accessible stage. Coinciding with this, Chainlink, a prominent decentralized oracle network, introduced price feed integration into the network. This integration streamlines the adoption of DeFi protocols, including lending and borrowing platforms, as well as derivatives markets. The journey to this achievement began when Base was introduced in beta on February 23. Anticipation was high within the crypto community, speculating that the platform could play a pivotal role in onboarding users to Web3 protocols, thanks to Coinbase’s extensive user base. Following a period catering solely to builders, the mainnet version of Base launched on July 13, with a cautionary note about its user-readiness. Impressively, several decentralized cryptocurrency exchanges (DEXs) have already announced their operations on the Base network, with Uniswap, a pioneer DEX on Ethereum, unveiling its Base version on August 7. Coinbase’s Base network rapidly gains traction and garners substantial user engagement.
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📣 Worldcoin Distributed 90 Million WLD Token To 10 New Addresses
Worldcoin’s team and investor address 0x0D4…CcE7 distributed 90 million WLD token to 10 new addresses today. In the past 5 days, this address has distributed about 248m WLDs to 26 investor addresses, including 75m WLDs to 3AC address (0xC7…3741) on August 6. Today, the Worldcoin team and investor address, identified as 0x0D4…CcE7, has distributed a total of more than 90 million WLD tokens to ten newly-created addresses. In the past five days, this particular address has distributed a grand total of around 248 million WLDs to a total of 26 investor addresses. A particular investor address, 0xC7…3741, was the recipient of a substantial sum of 75 million WLDs on August 6. Currently, the aforementioned address 0x0D4…CcE7 still retains an impressive total of 1.252 billion WLDs. On 8 August, CoinCu reported that Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT. Worldcoin has until September to respond to authorities’ inquiries.
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🟠 Binance Labs Invests $5M in Curve DAO Token (CRV) and Supports Curve Deployment to BNB Chain
Binance Labs, the venture capital and incubation arm of Binance, has made a $5M investment in Curve DAO Token (CRV), an Ethereum-based token that powers the Curve ecosystem. This investment underscores Binance Labs’ commitment to collaborating with Curve and shaping the future of the DeFi sector. Curve is the largest stableswap and second-largest DEX (decentralized exchange), with approximately $2.4B in total value locked (TVL). Yi He, Co-Founder of Binance and Head of Binance Labs, commented: "Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.". Curve currently operates across several chains, offering the advantages of speed and cost. As part of the collaboration, Curve plans to deploy to BNB Chain. Curve serves as a foundational layer of DeFi, and the move will further propel the growth of the BNB Chain DeFi ecosystem.
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💀 ApeCoin DAO Now Uniforms Minimum 1 APE For Holders To Vote
On August 10, the ApeCoin DAO community made a decisive move by endorsing the AIP-295 proposal through a Snapshot vote. This development stipulates that holders must possess at least 1 ApeCoin to participate in voting procedures. The primary objective of this proposal is to curtail the influence of bots and individuals aiming to exploit future gains by manipulating the voting system with minimal ApeCoin holdings. Overseeing the AIP’s implementation is the Ape Foundation, which retains the prerogative to make adjustments. Any significant deviations from the initially sanctioned AIP will be promptly communicated to the APE holder community. However, ApeCoin is currently grappling with challenges. Its valuation plummeted to a staggering low of $1.77 on August 1, marking a stark 92% depreciation from its peak value. The journey of ApeCoin has been a rollercoaster ride. Debuting in March 2022 at $8.54, its value skyrocketed to $26.70 the subsequent month. Notably, the Bored Apes NFT commanded remarkable prices, reaching a staggering minimum of 152 ETH, or $429,000, in April 2022. APE is closely linked with the renowned Bored Ape Yacht Club‘s (BAYC) non-fungible token collection. It’s worth noting that, while associated with BAYC, APE is not the official cryptocurrency of the club.
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🇺🇸 Bitstamp to halt trading in Polygon, Solana and other tokens in the US
Bitstamp, the longest-running crypto exchange, is set to halt trading of seven tokens in the United States that were all recently called unregistered securities by the U.S. Securities and Exchange Commission. The tokens are Polygon (MATIC), Solana (SOL), Near Protocol (NEAR), Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA) and The Sandbox (SAND). Bitstamp said Tuesday that the trading of these tokens will halt on Aug. 29, but users will still be able to hold these assets and withdraw them at any time. While the exchange did not specify the reason for delisting the tokens, the fact that the tokens have been called unregistered securities by the SEC in lawsuits against various firms, including other top exchanges like Coinbase and Binance, casts a shadow over the trading of the assets. "At Bitstamp, we have a comprehensive framework in place to continuously evaluate the cryptocurrencies we provide, taking into account the dynamic regulatory environment," the exchange said. Bitstamp counts as one of several trading platforms which have recently halted trading tokens in the U.S. Others include Revolut, eToro and Robinhood. Revolut's case, the company has said it will fully close its U.S.-based crypto platform in October.
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🏦 ByBit Introduces 4.5% APR Wealth Management Service
ByBit has taken a significant step forward by introducing its latest offering, ByBit Wealth Management. This new service is designed to provide users with a unique opportunity to grow their assets in the realm of digital finance. ByBit has announced that it will offer a compelling Annual Percentage Rate (APR) of 4.5% on deposits made in Tether (USDT), a popular stablecoin. With the introduction of BB Wealth Management, the exchange aims to cater to the growing demand for investment options within the cryptocurrency space. ByBit ensures that user funds deposited into its Wealth Management service are held securely within its platform. The company has taken measures to collaborate with a “trusted third party” to oversee the management of these funds. This approach is intended to provide users with peace of mind regarding the safety and integrity of their investments. This strategic move by ByBit not only broadens its service offerings but also aligns with the changing dynamics of the cryptocurrency market. As the industry matures, there is a growing emphasis on introducing financial instruments that cater to a wider range of users, from traders to long-term investors. Users can potentially earn a stable return on their USDT holdings.
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📣 Over 60 Fake PayPal Stablecoins Trading On Blockchains
In the wake of PayPal’s recent debut of its dollar-pegged PYUSD stablecoin, fraudulent actors are attempting to take advantage of the situation by circulating counterfeit tokens across various networks. The influx of opportunists, speculators, and potential scammers has given rise to a surge in look-alike tokens, each sporting the “PYUSD” ticker. Decentralized exchange scanner DEX Screener has identified more than 60 newly spawned token pairs under the “PYUSD” label since the announcement. These counterfeit tokens have proliferated on diverse blockchain networks such as BNB Smart Chain, Ethereum, and Coinbase’s latest layer 2 platform, Base. It is imperative to note that the authentic PYUSD was introduced in November 2022, with its legitimacy verifiable via the designated contract address. PayPal’s stipulation that PYUSD can only be transacted between verified PayPal and compatible wallets underscores the improbability of any similarly titled tokens on decentralized exchanges like UniSwap being genuine. The most prominent imitation, a PYUSD token minted on Ethereum, has amassed an astonishing $2.9 million in trading volume merely a day following the PYUSD revelation.
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