74191
◾️Important Crypto news 📰 ◾️Charts 📈 ◾️On chain Analytics 🔗 ◾️Interviews / Podcasts Contact: @CNBE_Admin
📣 Curve, Metronome, And Alchemix Issue Ultimatum To Hacker With 10% Bounty
Curve Finance, together with Metronome and Alchemix, has taken an unconventional approach to dealing with the recent attack on their platform that sent shockwaves through the DeFi community. In an unprecedented move, they sent an on-chain ultimatum to the attacker responsible for the breach. Through a Twitter announcement, Curve offered the attacker a deal – they would reward the hacker with 10% of the lost assets if they agreed to return the remaining 90% of the hacked funds to the project. The proposal came with a deadline, set for August 6 at 08:00 UTC, giving the hacker a limited window to respond and return the funds. In the event that the hacker fails to comply with the ultimatum, Curve, Metronome, and Alchemix made it clear that they would take legal action to pursue the culprit and retrieve the stolen money. Additionally, they pledged to publicly offer a reward to anyone who can provide information leading to the hacker’s arrest and conviction. To assure the attacker, the trio promised no further legal actions or involvement of law enforcement if the funds were returned as per their offer. The goal is to recover the majority of the funds and hold the hacker accountable without resorting to traditional legal channels.
📌 Best Crypto News
💰 Sui Network Introduces Liquid Staking To Enhance Decentralized Web3 Ecosystem
The Sui Network, a revolutionary Layer 1 blockchain that utilizes an object-centric data model to enhance Web3’s infrastructure layer, has unveiled a significant update that enables liquid staking as part of its latest network upgrade. The latest network upgrade by Mysten Labs‘ Layer 1 blockchain introduces support for liquid staking of its native token. This development comes as a crucial step for the Sui community, as it opens up new possibilities within the network’s expanding DeFi ecosystem. With the implementation of liquid staking on Sui Network, developers can now offer fully non-custodial solutions, allowing token holders to receive derivative tokens in proportion to the value of their staked SUI tokens. One notable advantage of the Sui network’s unique architecture is that third-party liquid staking apps on Sui will provide the benefits of liquid staking without centralizing staking power in one or a few validators. The process involves two aspects: a third-party Move package issuing a derivative token equivalent to the staked token and the original token remaining staked to secure the network through the consensus process. Liquid staking is a process where stakers are rewarded with derivative tokens that reflect the value of their staked tokens.
📌 Best Crypto News
🏦 KuCoin Halts BTC And LTC Mining Pools To Pursuit Futuristic Business Strategy
KuCoin, a well-known cryptocurrency exchange, recently disclosed its decision to suspend mining pools supporting Bitcoin (BTC) and Litecoin (LTC) mining, effective August 15, 2023. In light of the forthcoming suspension, the platform’s users have been urged to back up and maintain their mining records before August 27, 2023. The exchange clarified that this move is aligned with its evolving business strategy, aimed at redirecting resources to core business operations, enhancing user experience, and ensuring the platform’s long-term sustainability. KuCoin mining pool users are advised to transition their miners to alternative pools before the suspension date. It’s essential to note that while the mining pool operations are set to be temporarily halted, other services offered by KuCoin, including its exchange operations, remain unaffected. The exchange has assured its community that users’ assets will continue to be safe and secure on the platform throughout the suspension period. KuCoin’s BTC and LTC mining pools have been acknowledged as top-performing pools, contributing significantly to the respective networks. As of press time, the exchange’s BTC and LTC pools account for 7.7 EH/s and 3.33 TH/s of the total network hash rate, respectively. This decision comes shortly after KuCoin refuted rumors about possible layoff plans.
📌 Best Crypto News
🇨🇳 Binance Defies China’s Ban, Facilitating $90 Billion in Trades: Report
Binance, the world’s largest cryptocurrency exchange, has reportedly facilitated cryptocurrency-related asset trades worth a staggering $90 billion in China over a single month. The Wall Street Journal revealed this information, citing internal figures and accounts from both current and former employees of the exchange. Notably, cryptocurrency trading has been illegal in China since 2021, making this revelation all the more astonishing. According to the report, the transactions in China accounted for a significant 20% of Binance’s global trading volume. Binance has deep roots in China, where it was founded in 2017. The exchange represented mainland China until regulatory restrictions forced it to relocate its operations. Despite this move, China has remained the largest market for the exchange, followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, as per documents examined by the Wall Street Journal. The exchange’s activities in China have not gone unnoticed by regulators, both in the United States and China. The Commodity Futures Trading Commission (CFTC) sued Binance, alleging it operated an “illegal” exchange and had a deceptive compliance program. Meanwhile, the Securities and Exchange Commission (SEC) sued the exchange and its CEO, Changpeng Zhao, accusing them of inflating trading volumes, diverting customer funds, misleading investors, and failing to restrict U.S. customers from using the platform.
📌 Best Crypto News
⚪️ Google Cloud Joins Forces With Celo To Strengthen Blockchain Security
In a significant step towards bolstering the security and scalability of the Celo network, the Celo Foundation announced on Wednesday that Google’s computing cloud service, Google Cloud, has become a validator on the Celo platform. The validator, run by Google Cloud, will play a crucial role in verifying new transactions and maintaining the integrity of the Celo blockchain. This move adds Google Cloud to the list of global, diverse validators, alongside esteemed names like Deutsche Telekom. The Celo ecosystem currently hosts over 1,000 projects in more than 150 countries, with various decentralized applications (dApps) making an impact worldwide. Notable examples include the universal basic income (UBI) distributor GoodDollar and community inclusion currencies (CICs) on Grassroots Economics, both of which have garnered substantial active user bases in over 180 countries. The Celo Foundation remains a key partner in Google Cloud’s Web3 startup program, which was introduced in April. The program provides up to $200,000 in Google Cloud credits over two years, and the Celo Foundation has also allocated up to $1 million in grants for future mission-driven projects.
📌 Best Crypto News
👀 Bankrupt FTX Confirms The Plan To Relaunch The Crypto Exchange, FTT Surges Over 12%
In the latest development surrounding the bankruptcy of defunct crypto exchange FTX, the company has revealed a draft creditor-repayment plan aimed at resolving its outstanding obligations, Bloomberg reported. One noteworthy aspect of the plan is the provision of a pathway for a specific class of claimants to potentially revive the exchange through collaboration with third-party investors, pending approval from the group. To determine creditor repayments, the plan establishes three “recovery pools”: assets linked to FTX.com customers, assets linked to FTX US customers, and assets not directly connected to the exchanges. Almost all creditor classes, as per the company’s expectations, will be deemed impaired, meaning they may not be fully compensated. Notably, the plan proposes no recovery for FTT tokens due to their “equity-like characteristics.” Advisers for the exchange cited that equity is typically wiped out in US bankruptcy reorganizations. The FTT token had been previously classified as a security by the SEC in a complaint filed against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison.
📌 Best Crypto News
🟠 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.
📌 Best Crypto News
🏦 Huobi Announces Delist CVNT, TNB, SOS and KCASH Due to Low Transaction Volumes
Huobi has declared the delisting of four tokens – CVNT (Content Value Network), TNB (Time New Bank), SOS (Opendao), and KCASH (KCASH). The delisting announcement has stirred discussions within the crypto community, with some investors expressing surprise at the decision, while others see it as a necessary step to ensure the exchange’s credibility and security. Delisting low-activity tokens is not uncommon in the crypto industry, as exchanges often undertake such measures to safeguard their users and maintain a healthy trading environment. Huobi stated that the decision came after a thorough evaluation of the tokens’ performance and liquidity. The exchange emphasized that delisting these tokens would help maintain the platform’s integrity and prevent potential risks associated with trading illiquid assets. Following the announcement, the affected tokens experienced a temporary drop in prices as investors rushed to sell their holdings in response to the news. However, the broader market impact was relatively minor, indicating that the four tokens had a relatively small influence on the overall cryptocurrency market. CVNT, TNB, SOS, and KCASH, which were once promising projects with unique use cases, faced challenges in gaining traction and maintaining consistent trading volumes.
📌 Best Crypto News
🇦🇪 Binance Becomes First Exchange Granted Operational MVP License In Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Binance FZE, the Dubai subsidiary of cryptocurrency exchange Binance, the Operational Minimum Viable Product (MVP) license. This milestone achievement marks Binance FZE as the first exchange to receive such a license in Dubai, allowing the company to operate virtual asset exchange and broker-dealer services, initially catering to institutional and qualified retail investors in the region. The path to obtaining the operational MVP license involved a series of successful milestones. Binance secured a provisional MVP license in March 2022 and followed up with a preparatory MVP license in September of the same year. With this latest development, the exchange is now permitted to engage in two licensed activities – virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai. The issuance of this operational MVP license reflects Binance’s commitment to building a compliant exchange in collaboration with local regulators and within the unique regulatory framework for Virtual Asset Service Providers (VASPs) in Dubai. It also enables eligible users in the city to access authorized services, including converting virtual assets to fiat safely, adhering to VARA-designated standards compliant with the intergovernmental Financial Action Task Force.
📌 Best Crypto News
🔵 Today marks Ethereum's eighth birthday
Today marks eight years since the Ethereum Foundation announced the rollout of its network. On July 30, 2015, former Ethereum Foundation CCO Stephen Taul wrote an official blog post, announcing that the network’s genesis block had been "loaded." "The Dev team joins me in thanking each and everyone of you for your support during the past year and half. It’s incredible to see the progress that has taken place since that humble first commit on Christmas Eve 2013," the blog said. Since that day, Ethereum has grown to become the second-largest blockchain ecosystem, with its native asset, ether, boasting a market capitalization of $227 billion. Ethereum was co-founded by an array of prominent crypto figures, including Vitalik Buterin, who continues to actively contribute to the network. Other co-founders include Gavin Wood, Anthony Di Iorio, and Joseph Lubin. "The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality.". Vitalik Buterin published the introductory Ethereum white paper in 2014.
📌 Best Crypto News
🇵🇪 Peru Takes Action Against Crypto Money Laundering and Terror Financing
In a bid to tackle the growing concerns of money laundering and terrorist financing related to cryptocurrencies, the government of Peru has taken a significant step forward by issuing a new decree that mandates the regulation of the crypto industry. The decree, which closely follows the recommendations of the Financial Action Task Force (FATF), requires all crypto exchanges operating in Peru to comply with stringent anti-money laundering (AML) regulations, according to Coingraph. Under the new regulations, virtual asset service providers, including individuals and companies within Peru, are now obligated to report crucial information to the Financial Intelligence Unit (UIF-Peru). This move is aimed at bolstering the country’s financial system and safeguarding it from illicit activities that might exploit the anonymity often associated with cryptocurrencies. One of the key focal points of the decree is the FATF’s “travel rule,” which underscores the need for implementing robust Know Your Customer (KYC) standards within the cryptocurrency ecosystem. By adhering to the travel rule, exchanges are required to collect and share customer data, thereby enhancing transparency and thwarting potential financial crimes.
📌 Best Crypto News
🟠 Binance Denies Being Monitored by German Regulators: Report
Germany’s financial regulator advised Binance to withdraw its license application because of concerns about founder Changpeng Zhao (CZ) and the cryptocurrency company’s complex structure, according to people familiar with the decision and an internal Binance document viewed by the Wall Street Journal. According to a July 28 report from The Wall Street Journal, BaFin advised Binance that CZ may not have passed a “fit and proper” test under the financial watchdog’s regulatory guidelines. According to the regulator’s requirements for a license application, managing directors CZ must have the necessary professional credentials, be in good standing, and commit enough time to carry out their duties in order to manage an institution. A spokesperson for Binance told Cointelegraph that The Wall Street Journal’s story was incorrect and said the exchange had actively pulled back and cooperated with regulators. The exchange should have given specific feedback on CZ-related details at the time of publication. Currently, Binance and its CEO are facing legal actions brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly violating securities laws and corresponding transaction instructions.
📌 Best Crypto News
🇺🇸 US Lawmakers Challenge Apple’s Crypto App Store Policies
US lawmakers, Republican Congressman Gus Bilirakis and Democratic Congresswoman Jan Schakowsky, have jointly addressed a letter to Apple CEO Tim Cook, expressing concerns about the App Store’s restrictive policies regarding cryptocurrency-related applications. The bipartisan initiative aims to seek clarity on how the guidelines may be influencing emerging technologies like blockchain and non-fungible tokens (NFTs), potentially hindering the progress of the United States in this rapidly evolving field. Representative Bilirakis and Congresswoman Schakowsky, who also hold positions as Chairman and Ranking Member of the Innovation, Data, and Commerce Subcommittee, raised doubts about the tech giant’s intentions with regard to these emerging technologies. They suspect that the guidelines may inadvertently be used to suppress innovations in the blockchain and NFT space, which could have adverse effects on the country’s leadership in the tech industry. The letter to Tim Cook specifically calls for transparency and requests documents relating to Apple’s policies concerning its iOS App Store. The lawmakers emphasize the importance of supporting and fostering blockchain, NFTs, and other distributed ledger technologies to ensure the continued growth of the US technology sector.
📌 Best Crypto News
🇺🇸 SEC official warns accounting firms about legal liability for crypto 'audits'
A senior Securities and Exchange Commission official warned accounting firms that they could be held legally liable for statements made by crypto companies that tout partial reviews of their finances as “audits.”. “Following the recent waves of scandal and insolvency in the crypto industry, there has been a renewed focus on the firms, including accounting firms, that have been retained by companies in the crypto-asset space—in particular, crypto asset trading platforms,” said SEC Chief Accountant Paul Munter in a prepared statement on Thursday. Accounting firm Mazars ceased work with crypto clients after public criticism around a partial review of Binance’s books late last year, which Binance owner and CEO Changpeng ‘CZ’ Zhao touted as an “audited proof” of reserves. The report came in the wake of FTX’s collapse following revelations that it did not have enough reserves to support the company’s FTT native token. Mazars also pulled the partial financial report that Zhao touted from its website. SEC’s lengthy enforcement filings from last month against Zhao, Binance, and Binance US is an allegation that an auditor found Binance US did not have enough assets to cover customer redemptions. The non-public report suggested they were held with Binance as of Dec. 1, 2022.
📌 Best Crypto News
🇳🇱 Crypto.com Gains Official Approval In The Netherlands
Crypto.com proudly announced today that it has achieved registration approval from De Nederlandsche Bank (DNB) to offer crypto services in the Netherlands. The registration confirmation signifies a significant achievement for Crypto.com, demonstrating its unwavering commitment to responsible engagement with regulators and compliance with regulatory standards. By collaborating closely with regulatory bodies, the platform seeks to propel the crypto and blockchain industry forward responsibly. This crucial milestone comes as a result of a thorough evaluation of Crypto.com’s business operations and compliance measures, aligning seamlessly with the stringent guidelines of the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Kris Marszalek, the CEO of Crypto.com, expressed the company’s dedication to upholding compliance and fostering a constructive relationship with regulators. He stated, “Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”
📌 Best Crypto News
🇺🇸 Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations
According to Decrypt, British digital bank Revolut has declared the suspension of its cryptocurrency services in the United States due to regulatory shifts and uncertainties within the U.S. crypto market. Effective September 2, 2023, U.S. customers will no longer be able to place cryptocurrency orders on the platform. The delisting process will conclude by September 18, followed by more extensive restrictions beginning October 3, 2023. This subsequent stage will enforce a complete ban on U.S. customers accessing cryptocurrencies via Revolut. The move reflects the company’s response to the regulatory environment, particularly the stance of the U.S. Securities and Exchange Commission (SEC), which has categorized many cryptocurrencies as securities, subjecting them to investor protection rules. The SEC has intensified its stance, asserting that a significant portion of cryptocurrencies are to be treated as securities, thus making them subject to investor protection regulations. Revolut’s quick response included the removal of Cardano (ADA), Solana (SOL), and Polygon (MATIC) after the SEC’s classification of these tokens as securities. The company’s actions are aligned with broader industry discussions and actions in response to evolving regulatory pressures.
📌 Best Crypto News
🇺🇸 IRS And Treasury Required To Issue Tax Regulations For Cryptocurrency Brokers
Democratic US senators signed a letter with Bernie Sanders on Tuesday, urging the IRS and Treasury Department to issue tax regulations for crypto brokers and then do so vigorously. US Democratic Senators Elizabeth Warren, Bob Casey, and Richard Blumenthal addressed the directives in the Senate’s $1.2 trillion infrastructure bill in August 2021, opening existing tax reporting requirements for businesses operating as crypto brokers including exchanges. Warren and other senators contend that the need for the adjustment is immediate since crypto users’ yearly losses from tax evasion amount to billions of dollars. The regulations seek to close financial loopholes by requiring significantly more extensive crypto tax reporting. According to the party members’ argument, given the opportunity, tax evaders and cryptocurrency intermediaries willing to assist them will continue to play games on the system, exploit vulnerabilities and extract billions of dollars every year from the US government. The lawmakers pointed out that even though the Infrastructure Investment and Jobs Act of 2021 required new reporting requirements for cryptocurrency trading, the White House ended its review in May this year.
📌 Best Crypto News
💰 FTX Seeks To Remove Dubai Subsidiary From US Bankruptcy Proceedings
The platform has filed court documents with the aim of excluding its Dubai subsidiary, FTX Dubai, from the ongoing liquidation process in the United States. According to the filing, the Dubai branch had not conducted any business activities prior to its bankruptcy filing in the United Arab Emirates (UAE), making the resumption of operations unlikely. Moreover, FTX Dubai’s balance sheet was solvent, providing grounds for a voluntary liquidation process under UAE law. The voluntary liquidation would facilitate the timely distribution of the cash balance after settling all outstanding debts and liquidating assets. A hearing on this matter is scheduled for August 23. The Chapter 11 bankruptcy petition that was filed in the United States included 102 associated businesses and organizations from across the world. One of the entities that are participating in the present legal processes is FTX Dubai, which was founded in February 2022 and is currently controlled by the company’s European affiliate. FTX‘s move to remove the Dubai branch from the US bankruptcy proceedings highlights its intention to handle the subsidiary’s liquidation under the laws of the UAE, where it operates. By opting for a solvent voluntary liquidation process, the platform aims to expedite the distribution of funds and complete the settlement of obligations swiftly.
📌 Best Crypto News
🏦 Coinbase Promises To Integrate Layer-2 Lightning Network Solution For Bitcoin
Brian Armstrong, the CEO of Coinbase, and Jack Dorsey, former CEO of Twitter, engaged in a cordial conversation discussing the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. The Lightning Network, a second layer for Bitcoin that facilitates micropayment channels between nodes, has gained significant attention as a way to speed up payments on the Bitcoin blockchain at a low cost. As the crypto industry expands, platforms like Binance have already integrated the Lightning Network. Prominent Bitcoin advocates, including Block co-founder Jack Dorsey and MicroStrategy executive chairman Michael Saylor, have encouraged Armstrong to adopt the Lightning Network. Dorsey openly accused Coinbase of neglecting both Bitcoin and the Lightning Network, urging the platform to allocate more resources to these technologies. He also advocated for an open protocol for monetary transmission that isn’t under the control of a single entity. Brian Armstrong responded to Dorsey’s comments, stating that Coinbase is indeed exploring ways to integrate the Lightning Network. While acknowledging that the task is not trivial, Armstrong emphasized the company’s commitment to Bitcoin, claiming to have introduced more individuals to the cryptocurrency than possibly any other platform.
📌 Best Crypto News
💰 CleanSpark Shines Bright In Bitcoin Mining With 575 Bitcoins Mined
CleanSpark, a prominent Bitcoin mining company, has released its unaudited update for July 2023, showcasing impressive growth and performance in the Bitcoin mining industry. In addition to mining, the company also made strategic sales, selling 43 Bitcoins at an average price of $29,300 each, resulting in approximately $1.3 million in proceeds. As of July 31, CleanSpark holds a total of 1,061 Bitcoins, solidifying its position as a key player in the Bitcoin ecosystem. CleanSpark’s CEO, Zach Bradford, expressed his enthusiasm about the company’s remarkable growth and achievements. He highlighted their recent accomplishment of bringing 2.3 EH/s of mining capacity online in less than a month and emphasized their unwavering dedication to Bitcoin and its infrastructure. The company aims to further expand its operations and reach a hashrate of 16 EH/s within the next six months, demonstrating its commitment to staying at the forefront of the rapidly evolving Bitcoin mining sector. The company’s fleet currently comprises an impressive 87,936 units, and their month-end fleet efficiency was reported at an impressive 29 J/TH. The company remains optimistic about realizing the full value of its month-end hashrate in the upcoming monthly update for August.
📌 Best Crypto News
⚪️ Curve’s Unfortunate Incident Made The Mainstream DeFi Tokens All Fell Sharply
Curve Finance, a popular decentralized exchange (DEX), revealed that it suffered a security breach over the weekend. The incident impacted not only several Ethereum pools but also a liquidity pool based on Arbitrum. As a result of the breach, Curve Finance’s native token, CRV, took a major hit in the market. On Coinbase, CRV was trading down 12% over the past 24 hours. However, in a curious twist, the token experienced a surprising surge of 500% on the South Korea-based digital assets exchange, Bithumb. The incident also had a broader impact on mainstream DeFi tokens, with many experiencing sharp declines. The top largest decentralized exchanges’ native tokens fell after Curve announced the platform had been “exploited” due to a programming language flaw. COMP fell by 18.5% in 24 hours, CVX dropped by 14.3%, FXS declined by 13.02%, and AAVE experienced a 13.2% decrease in value. Curve Finance is well-known for allowing users to exchange like-assets, such as Ethereum for Staked Ethereum or Tether’s USDT for Circle’s USDC, providing a valuable arbitrage tool for traders seeking to capitalize on price disparities between assets. According to initial reports, hackers exploited the platform on Sunday.
📌 Best Crypto News
🟠 Binance Revolutionizes Polygon Network With STEPN (GMT) Integration!
Binance has successfully completed the integration of STEPN (GMT) on the Polygon network. This integration opens up new possibilities for crypto enthusiasts, as deposits and withdrawals for STEPN (GMT) are now live on the Polygon network, offering seamless and efficient transactions. The integration of STEPN (GMT) on the Polygon network marks a significant milestone in the cryptocurrency ecosystem. STEPN (GMT) is a highly anticipated token, and its addition to the Polygon network brings tremendous benefits to users seeking faster and cost-effective transactions. By leveraging the capabilities of the Polygon network, Binance ensures that users can experience enhanced speed and efficiency when depositing and withdrawing STEPN (GMT). Polygon’s robust infrastructure and low transaction fees make it an ideal platform for managing crypto assets seamlessly. Binance users can now conveniently deposit and withdraw STEPN (GMT) on the Polygon network. This allows them to take advantage of the benefits offered by Polygon’s Layer 2 scaling solution, which significantly reduces congestion and optimizes transaction times. Traders and investors can now explore new avenues for interacting with STEPN (GMT) while benefiting from the unique features offered by Polygon’s blockchain technology.
📌 Best Crypto News
📣 The Number Of Worldcoin’s World App Wallets Exceeds 1 Million: Data
Worldcoin’s World App, a revolutionary project co-founded by OpenAI CEO Sam Altman, is making significant strides in the digital world, with its recent launch garnering impressive numbers and global attention. The system promises a secure and private means of proving one’s humanness online, and its popularity has been soaring since its inception. According to data from Dune, the number of World App wallets has surged past the one million mark and currently stands at an impressive 1,015,783. Worldcoin, co-founded by Sam Altman alongside Alex Blania and Max Novendstern, is not merely a cryptocurrency; it goes beyond that definition. The founders describe it as a global decentralized identity and financial network encompassing a unique ID, a cryptocurrency (WLD), and a multi-functional app. A significant milestone was reached on July 24, when Worldcoin launched the WLD token and listed it on multiple exchanges. Remarkably, the project‘s fully diluted valuation (FDV) has exceeded $30 billion, a substantial leap from its $3 billion valuation in March 2023. This remarkable growth has piqued the interest of the crypto community, fueling the Fear of Missing Out (FOMO).
📌 Best Crypto News
🔵 Aave V3 Supported For Deployment Sincerely Coinbase Layer 2 Base Mainnet
In a major move aimed at expanding its presence in the budding DeFi ecosystem, the Aave community has initiated a significant vote on the ARFC proposal for “Aave V3 Deployment on Base.” The proposal seeks to deploy Aave V3 on Base after the Base mainnet goes live, accompanied by a selection of prominent assets, namely wETH, wstETH, cbETH, and USDC, to serve as collateral options. The deployment of Aave V3 on Base Mainnet holds great promise for both platforms, as it paves the way for a mutually beneficial collaboration. For Base, adopting Aave V3’s codebase signifies a significant step towards enhancing the on-chain experience by incorporating a diverse range of DeFi platforms. It also introduces a trusted flagship lending protocol, adding to the platform’s credibility. By tapping into Base’s infrastructure, Aave aims to capture future growth and unlock new opportunities in the DeFi space. This integration would provide valuable revenue streams and access to Base’s vast user base of over 110 million users and assets exceeding $80 billion. After a recent major assault on Curve Finance, Aave accepted an urgent motion to deactivate CRV borrowing on Ethereum. The prohibition is intended to prevent traders from abusing Curve flaws and indulging in malicious shorting of borrowed CRV, which might result in repeated liquidations.
📌 Best Crypto News
🇰🇪 Worldcoin Sparks Frenzy In Kenya: Free Tokens for Eye-Scanning Verification
The new cryptocurrency Worldcoin has sparked immense interest among Kenyans, as the platform rewards users with free WLD tokens in exchange for verifying their humanity through retinal scans, according to Daily Nation. Launched just five days ago on Monday, July 24, the Worldcoin app utilizes special machines, known as Orbs, stationed in 35 countries, including Kenya, to perform the eye-scanning verification process. The allure of receiving free tokens has drawn a surge of young people to at least 13 Quickmart Outlets in Nairobi, where these Orb devices are located. Eager participants can scan their eyeballs, and upon successful verification, they are rewarded with WLD tokens. These tokens can then be transferred to popular crypto exchanges, such as Binance, and used to purchase various other cryptocurrencies. The value of the first 25 WLD tokens stands at around Sh7,786 ($55), offering early adopters a tangible incentive to participate in the scheme. James Makau, a bodaboda driver from Ruaka, shared his success story, having earned Sh6,461 ($45.6) from scanning his iris and subsequently converting his tokens into Kenyan shillings by trading them for USDT, a different cryptocurrency.
📌 Best Crypto News
⚪️ Series of Exploits Hit Curve Finance’s Liquidity Pools
Curve Finance, a prominent decentralized finance (DeFi) protocol, has been facing a wave of attacks on its liquidity pools, resulting in substantial losses for multiple projects. The recent incidents, involving Conic Finance, JPEG’d, Metronome, and Alchemix, have raised concerns within the DeFi community. The string of attacks began with Conic Finance on July 21, where assets were drained due to a connection with LP Tokens on Curve Finance. Subsequently, on July 30, the Lending NFT JPEG’d project reported an exploit involving the pETH-ETH liquidity pool on Curve Finance, resulting in an $11 million loss. The same day, Metronome also suffered a $1.6 million loss following a similar exploit. Additionally, Alchemix’s alETH became a victim, experiencing an estimated $13.6 million loss linked to a liquidity pool on Curve. The exact reasons behind these exploits have not been fully disclosed at this time. However, the community has speculated two primary factors. First, vulnerabilities in versions 0.2.15/0.2.16/0.3.0 of the VyperLang programming language are suspected. These versions lack the Re-Entrancy anti-attack filter, enabling hackers to execute rounding attacks and withdraw funds from liquidity pools.
📌 Best Crypto News
📣 Worldcoin Released Security Audit Reports, 92.6% Security Issues Fixed
Proof of Humanity protocol Worldcoin released its audit reports on July 28 as criticism of its data collection practices continues to mount. Worldcoin published a security audit report on its official blog that starting April 2023, audit firms Nethermind and Least Authority conducted two independent security audits of the protocol. Among them, Nethermind focused on examining the smart contract of the agreement and found a total of 26 issues. The Least Authority focused on examining the cryptographic usage of the protocol, found three problems, and made six recommendations. All issues are “solved or planned to be solved.” Worldcoin first surfaced in 2021 when it announced that it would give away free tokens to any user who verified their humanity, which they could do by scanning their irises with a device named “The Globe”. The project was co-founded by Sam Altman, the co-founder of AI developer OpenAI. The project started going public on July 25 after nearly two years of development and beta testing. The crypto community was split when the project launched, with some participants seeing it as the beginning of a dystopian future where privacy would be eliminated.
📌 Best Crypto News
🔻 Worldcoin's Launch Propels Optimism to Record-Breaking Daily Transaction Volume
The Ethereum layer two (L2) network, Optimism, is reaping the benefits from Worldcoin’s (WLD) debut as the token integrated with the L2 blockchain before its introduction. As of 11:03 a.m. Eastern Time on Friday, archived records show that 285,527 distinct addresses possess WLD, and thus far, WLD has recorded 887,482 transactions. As a result, Optimism’s daily transfers have soared to new levels. For example, according to Dune Analytics data, Optimism’s daily transactions reached 808,942 transfers on July 26, 2023. Transacting on Optimism is significantly more cost-effective compared to Ethereum. Currently, the average transfer fee on Optimism stands at $0.334 per transaction. Meanwhile, Ethereum’s average cost exceeds $2 per transfer. Initially, WLD was slated to be hosted on Ethereum; however, the Worldcoin team announced Optimism integration shortly before the token’s launch. Although Optimism has yet to surpass Ethereum’s daily transaction rate, its L2 counterpart Arbitrum did outpace Ethereum last February. Arbitrum’s transaction growth was propelled by soaring Ethereum fees that month. Similar to how WLD tokens boosted Optimism transactions, Arbitrum’s native cryptocurrency launch also helped drive its daily transfers to record-breaking heights.
📌 Best Crypto News
📉 AI tokens see lowest weekly trading volume since January
Interest in AI-related cryptocurrencies appears to be waning, with Kaiko Research noting sharp declines in trading activity since the beginning of the year. Data released Thursday on the the top six AI coins by market capitalization — The Graph, Render, Injective, Oasis Network, SingularityNET and Fetch.ai — showed volumes reaching the lowest levels since January, signaling a dramatic decline in interest. AI-related tokens are linked to projects that use artificial intelligence as a tool to improve security, user experience, power decentralized exchanges, or image and text generation services, amongst other things. Following the November launch of ChatGPT, AI-related cryptocurrencies gained popularity, prompting a wave of AI/web3 product development and resulting in a strong rally of the top tokens in 2023. The Graph, a leading AI crypto protocol, saw its token soar 122% from a low of $0.1046 in November to its 2023 peak of $0.2323 on February 7. However, GRT has since plunged 53% to around $0.11 as of July 28. Enthusiasm after Monday's launch of Worldcoin's WLD token, meanwhile, failed to lift other AI-related cryptocurrencies.
📌 Best Crypto News
🆘 CoinsPaid Battles Hackers In $37M Crypto Attack With Support By Estonian Authorities
CoinsPaid, the world’s leading cryptocurrency payments provider, disclosed a staggering $37 million hack, attributing the cyber attack to the infamous Lazarus Group, a North Korea-linked hacking organization, Bloomberg reported. The incident was promptly reported to Estonian police for investigation, with the company working closely with law enforcement and enlisting the assistance of various blockchain security firms to minimize the fallout from the exploit, which occurred on July 22. While CoinsPaid refrained from detailing the exact method used to siphon the funds, the breach forced the platform to temporarily suspend its operations for four days. Fortunately, the hack did not compromise any customer funds, but it did inflict significant damage to its internal systems and balance sheet. Despite the massive sum stolen, the company believes the hackers had even grander ambitions, aiming for a much larger haul. In response to the breach, the company filed an official report with Estonian authorities and embarked on a preliminary investigation with the help of blockchain security firms like Chainalysis, Match Systems, and Crystal. The hack on CoinsPaid is part of a larger trend in the cryptocurrency industry.
📌 Best Crypto News