Crypto Weekly Roundup: Poloniex Hacked For $100M

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This week saw multiple attacks on different crypto exchanges, the most significant being Poloniex, which suffered a loss of over $100 million worth of assets. Let’s find out more. 

Bitcoin 

Cathie Wood’s Ark Invest is set to launch five new digital asset exchange-traded fund (ETF) products in partnership with 21Shares. 

Bitcoin and Ethereum remain the twin giants, anchoring the cryptoverse with their every pivot, even in the middle of market tremors. 

Ethereum

Asset manager BlackRock has filed for a spot Ethereum (ETH) exchange-traded fund (ETF), propelling the price of ETH past $2,100. 

Ethereum broke through the $2,000 resistance on Thursday. An $ETH rally is likely to steal dominance away from Bitcoin and sprinkle it liberally among the altcoins.

Altcoins

The approval of Ripple’s XRP by the Dubai Financial Services Authority (DFSA) could pave the way for XRP’s integration into digital asset services within the Dubai International Financial Centre (DIFC), a major financial hub in the Middle East.

Jerry Lopez, the CEO of Philcoin, and Mayor Topazio Floripa of Florianopolis, Brazil, envision a future where cryptocurrency transforms not just economies but lives. 

According to recent reports, the Kraken team is in talks with different blockchain developers about a potential partnership to launch a layer-2 blockchain network. 

Cardano has unveiled its plan to utilize Polkadot’s Substrate framework to develop its forthcoming “partner chain” initiative. 

Business

SafeMoon CEO Braden John Karony has been denied bail due to the arguments put forth by federal prosecutors that he is a potential flight risk and a possible danger to the community.

UBS Group is set to make a strategic move into the crypto market by allowing select clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs). 

Stablecoin USDC issuer Circle is reportedly in talks with its advisors about an Initial Public Offering (IPO) for early next year. 

South Korean telecom giant SK Telecom has announced plans to launch its Web3 wallet service, T wallet, in partnership with Aptos and Atomrigs Lab.

NFT

The world’s largest NFT marketplace, OpenSea, has faced a substantial setback as its valuation plummeted by 90% as a major investor divested from it.  

Web3

The Sandbox has announced plans to launch a cinematic-themed neighborhood where buyers can purchase virtual land and build immersive experiences. 

The creator of the Assassin’s Creed games, Ubisoft, has partnered with the crypto infrastructure company Immutable to develop a blockchain-based gaming experience. 

With its upcoming listing on the Epic Games Store, the blockchain-based game Illuvium could soon tap into an audience of millions of PC and mobile gamers. 

Security 

According to available on-chain data, cryptocurrency exchange Poloniex has fallen victim to a major hack, leading to an estimated loss of around $114 million. 

The Monero community wallet was hit by a major exploit, resulting in the loss of its entire balance of 2,675.73 Monero (XMR), worth almost $460,000. 

Australian cryptocurrency exchange CoinSpot recently fell victim to a security breach, wherein roughly $2 million (USD) in funds were stolen.

Regulation

The US Securities and Exchange Commission (SEC) chair, Gary Gensler, has claimed that proper leadership and compliance could help revive the bankrupt FTX crypto exchange. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.