Top crypto tweets of the day – August 29th

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  TL;DR Breakdown The decentralized finance (DeFi) application known as Steadefi fell victim to a noteworthy exploit, resulting in a staggering loss of at least $334,000 on August 7th.  According to data sourced from DeFiLama, this security breach has triggered a significant decline in Steadefi’s TVL, underscoring the profound impact of the attack on user confidence. Description The decentralized finance (DeFi) application known as Steadefi fell victim to a noteworthy exploit, resulting in a staggering loss of at least $334,000 on August 7th. This ongoing attack has dealt a severe blow to the app’s security infrastructure, leading to a state of heightened risk for all funds involved. This alarming revelation emerged from … Read more The decentralized finance (DeFi) application known as Steadefi fell victim to a noteworthy exploit, resulting in a staggering loss of at least $334,000 on August 7th. This ongoing attack has dealt a severe blow to the app’s security infrastructure, leading to a state of heightened risk for all funds involved. This alarming revelation emerged from a social media announcement made by the Steadefi development team themselves….

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• China’s economy woes persist: No easy fixes in sight

  Description China’s economic turbulence isn’t about to clear up any time soon. Economic indicators, consumer sentiments, and the stark reality on the ground paint a picture of an economy that’s in for a bumpy ride. Policymakers and the general public have a shared concern: what’s the way out? Consumer Reluctance: A Saving Over Spending Mentality Erin … Read more China’s economic turbulence isn’t about to clear up any time soon. Economic indicators, consumer sentiments, and the stark reality on the ground paint a picture of an economy that’s in for a bumpy ride. Policymakers and the general public have a shared concern: what’s the way out? Consumer Reluctance: A Saving Over Spending Mentality Erin Yao, a 30-year-old book editor, encapsulates a trend that’s plaguing the Chinese market. Instead of indulging in post-pandemic activities like street dancing and travel, she’s tucking away more of her earnings. The motivation? Pure fear and insecurity. Job loss anxiety and potential medical emergencies have transformed her from a hopeful consumer to a cautious saver. Unfortunately, Yao’s story isn’t unique. This consumption reluctance stems from an…

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• Crypto fraudster lands 8-year prison term for UAE scam

  TL;DR Breakdown Nigerian citizen Olalekan Jacob Ponle, a UAE resident, is sentenced to eight years in federal prison for executing a multi-million dollar crypto fraud scheme targeting U.S. businesses. Ponle used a network of scammers to impersonate corporations and trick employees into transferring funds. The stolen money was converted into Bitcoin through a network of “mules.” Profits from the fraud were used to purchase luxury vehicles, including a Rolls Royce Cullinan and a Lamborghini Urus. Description In a landmark legal ruling, a Nigerian citizen and resident of the United Arab Emirates has been sentenced to an eight-year term in a federal prison. The case marked a significant turn in the battle against crypto fraud, revealing the risks and ramifications that lie beneath the lure of the burgeoning digital economy. Olalekan Jacob … Read more In a landmark legal ruling, a Nigerian citizen and resident of the United Arab Emirates has been sentenced to an eight-year term in a federal prison. The case marked a significant turn in the battle against crypto fraud, revealing the risks and ramifications that lie beneath…

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• BOK outline plans to adopt CBDC in the future

  TL;DR Breakdown The Bank of Korea (BOK) has announced that it has its sights set on the adoption of CBDC. The bank has been carrying out consultations and research to implement the payment system. Description The Bank of Korea (BOK) recently released its 2022 Payment and Settlement Systems Report, signaling successful oversight of the systems and a strategic focus on the future with Central Bank Digital Currency (CBDC). The report also shed light on the discussions surrounding stablecoin regulations in South Korea. BOK plans for the future with CBDC adoption … Read more The Bank of Korea (BOK) recently released its 2022 Payment and Settlement Systems Report, signaling successful oversight of the systems and a strategic focus on the future with Central Bank Digital Currency (CBDC). The report also shed light on the discussions surrounding stablecoin regulations in South Korea. BOK plans for the future with CBDC adoption One significant development highlighted in the report is the planned upgrade of the BOK-Wire+ fast payment system to a real-time gross settlement (RTGS) system. The transition to RTGS, coupled with the adoption…

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• Ethereum layer-2 network Base suffers temporary outage

  TL;DR Breakdown Ethereum layer-2 network Base suffered a brief outage that lasted more than 30 minutes. Explosive growth and implications for layer-2 network. Description The Ethereum Layer-2 network known as Base experienced a brief outage that lasted for approximately half an hour, with full resolution taking an additional 30 minutes. The team reported the incident on Twitter, stating that the delay in block production was due, in part, to the need for a refresh of their internal infrastructure. Importantly, … Read more The Ethereum Layer-2 network known as Base experienced a brief outage that lasted for approximately half an hour, with full resolution taking an additional 30 minutes. The team reported the incident on Twitter, stating that the delay in block production was due, in part, to the need for a refresh of their internal infrastructure. Importantly, they assured users that no funds were at risk during this outage. The development team categorized the issue as a “Base chain stall” on their project status page. Base network administrators blame the issue on an internal delay This incident began with users…

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