Curve Exploit, BALD Drama, And More

The Curve Finance exploit has hit the crypto markets hard, with several stablecoin pools on the platform being drained and unsettling the pricing and liquidity of numerous DeFi services. Let’s find out more.  

Bitcoin

Miami Mayor Francis Suarez announced that he is officially accepting Bitcoin for his presidential campaign donations.

Ilya Lichtenstein admitted to laundering the $4.5B worth of Bitcoin stolen during the 2016 Bitfinex attack; his wife, Heather Morgan, also pleaded guilty.

Michael Saylor, CEO of Microstrategy, recently said that his company will keep buying more Bitcoin. The company’s latest purchase of 467 BTCs has pushed its Q2 profits significantly higher. 

A currency swap with the PBoC and a loan from the Development Bank of Latin America helped the Argentine central bank meet its $3.7 billion obligation to the IMF.

The Bitcoin bull market is going through the same three steps it has taken in its previous bull markets.

Ethereum

ProShares has become the eleventh to apply to the U.S. Securities and Exchange Commission (SEC) to register an Ether exchange-traded fund (ETF).

DeFi

DeFi platforms Curve Finance, Alchemix, and Metronome have announced a joint initiative to recover the stolen funds in the wake of the recent exploits that hit Curve’s pools.  

Curve Finance and CEO Michael Egorov have received support from prominent names in the crypto space, including Justin Sun and DCF God. 

After the Curve exploits, Upbit, the largest cryptocurrency exchange in South Korea, has temporarily suspended CRV withdrawals and deposits. 

Altcoins

As bitcoin moves sideways and downward, the altcoins are hit harder as usual, with around $40 billion having been wiped off of the combined market cap of all altcoins. 

As Bitcoin approaches its own halving next year, Litecoin’s halving has already arrived, as miner block rewards go from 12.5 to 6.25 LTC per block.

Arkham Intel Exchange’s first bounty has unearthed evidence of undisclosed wallets containing $160 million worth of digital assets tied to Do Kwon and Terraform Labs. 

Technology

Identity and financial public network, Worldcoin has revealed plans to allow companies and governments everywhere to use its ID system. 

Business

Bankrupt cryptocurrency lending platform BlockFi’s restructuring plan has taken a step closer to fruition, as the firm announced that its disclosure statement had received conditional approval from the U.S. Bankruptcy Court in New Jersey.

Genesis Global Holdco LLC, and FTX Trading Ltd., two crypto companies navigating bankruptcy, have announced an in-principle agreement to resolve a dispute central to their respective Chapter 11 cases.

Ozzy entrepreneur Russell Ty Wilson has taken his crypto exchange Coinspot to incredible heights despite a huge scam by tracking down perpetrators. 

Regulation

SEC Chair Gary Gensler has expressed serious concern for AI technology, calling it a serious threat to financial markets. 

Laura Swain, the Chief Judge of the U.S. District Court for the Southern District Of New York, has dismissed a class action lawsuit against USDT issuer Tether and its sister company Bitfinex. 

In light of the evolving regulatory landscape surrounding digital currencies in the US, Revolut has decided to shut down its crypto offerings in the country. 

Hong Kong’s Hashkey Exchange has become the first cryptocurrency platform in the city-state to upgrade its type 1 and type 7 licenses, thus obtaining approval to serve retail customers.

An Australian financial regulator has sued the eToro crypto trading platform over “volatile” trading products.

Prominent lawmakers have urged the Biden administration to initiate a crackdown on crypto tax evaders and enforce tax reporting guidelines for users in the crypto space. 

In a nightmare scenario, a report has claimed that DoJ officials are contemplating bringing fraud charges against Binance, the world’s largest cryptocurrency exchange.

A congressional committee in the United States is currently investigating asset management firm BlackRock for its role in facilitating investments into Chinese companies that the U.S. government has blacklisted. 

Bankrupt crypto platform, Voyager Digital Holdings Inc., may have been a victim of a hacking attack during the court-supervised process of liquidating assets to repay its customers. 

Dubai’s financial landscape has witnessed a significant development with the awarding of a full crypto license to Laser Digital Middle East FZE, a subsidiary of Nomura Holdings Inc. 

An unsettling rumor is suggesting a potential link between the liquidity pull on the BALD meme coin to the already embattled ex-CEO of FTX, Sam Bankman-Fried.

Coinbase CEO Brian Armstrong has revealed that the SEC had asked Coinbase to halt all cryptocurrency trading, except that of Bitcoin. 

NFT

Gaming giant GameStop Corp is set to discontinue its digital wallets owing to the “regulatory uncertainty of the crypto space,” the company announced in a notice posted on its website.

Web3

Leading web3 company Yuga Labs has announced its agreement to acquire tech innovator Roar Studios to bolster its ambitions Otherside project. 

Japan’s Blockchain Association (JBA) reportedly urged the government to revise tax rules imposed on virtual assets.

Former smartphone giant BlackBerry’s cybersecurity division has identified notorious malware families exclusively targeting cryptocurrencies and the crypto ecosystem. 

A scammer stole $20 million worth of Tether (USDT) on the 1st of August, using a zero transfer phishing attack. 

Decentralized exchange LeetSwap, built on Coinbase’s Layer 2 blockchain Base, recently suspended trading due to fears of a potential exploit. 

The Curve Finance exploit has put more than $100 million in cryptocurrency at risk, intensifying security concerns in Ethereum’s DeFi ecosystem.

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.