Top crypto tweets of the day – August 30th

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• U.S. defense bill could subject stablecoins to requirements they would be unable to comply-Analyst

  TL;DR Breakdown According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) measures that stablecoin issuers might struggle to meet. The proposed amendment calls for the U.S. Treasury Secretary to establish examination standards for crypto assets to ensure compliance with money laundering and sanctions laws. Description Circle’s USD Coin (USDC) and other stablecoins could face significant compliance challenges if a newly passed national defense bill in the U.S. becomes law. According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent Know Your Customer (KYC) … Read more Circle’s USD Coin (USDC) and other stablecoins could face significant compliance challenges if a newly passed national defense bill in the U.S. becomes law. According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent…

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• Does China determine Hong Kong’s crypto aspirations?

  TL;DR Breakdown Animoca’s co-founder, Yat Siu, believes Hong Kong’s crypto and Web3 adoption reflects broader trends in mainland China. Despite mainland China’s known crypto aversion, its commitment to Web3 progress and Hong Kong’s crypto developments imply larger digital strategies. Siu suggests that the country’s focus on Web3 is part of a move to decrease dependency on U.S. tech and its currency, aligning with the nation’s de-dollarization strategy. Description As the crypto whirlwind sweeps across the globe, Hong Kong seems to be caught in its gust. However, this adoption wave isn’t just a local phenomenon; it’s a telltale sign of the undercurrents coursing through mainland China. The frenetic pace of cryptocurrency and Web3 adoption in Hong Kong, as suggested by Animoca’s co-founder, Yat Siu, … Read more As the crypto whirlwind sweeps across the globe, Hong Kong seems to be caught in its gust. However, this adoption wave isn’t just a local phenomenon; it’s a telltale sign of the undercurrents coursing through mainland China. The frenetic pace of cryptocurrency and Web3 adoption in Hong Kong, as suggested by Animoca’s co-founder, Yat…

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• dYdX’s 2023 report: Crypto insights you can’t miss

  Description The decentralized financial world thrives on transparency, adaptability, and the fearless challenge of established norms. And guess who’s been at the epicenter of this financial maelstrom in 2023? dYdX. Their latest semi-annual ecosystem report is a testament to their relentless drive, a window into the dynamics of their platform, and, to put it bluntly, it’s … Read more The decentralized financial world thrives on transparency, adaptability, and the fearless challenge of established norms. And guess who’s been at the epicenter of this financial maelstrom in 2023? dYdX. Their latest semi-annual ecosystem report is a testament to their relentless drive, a window into the dynamics of their platform, and, to put it bluntly, it’s one of the year’s essential reads. Let me walk you through it. The dYdX Journey: Pioneering Against Odds This year, dYdX’s journey has been nothing short of stellar. Amidst market fluctuations and an ever-changing crypto landscape, dYdX proved their mettle by reaching significant milestones. Their report, shedding light on their ecosystem, reveals a resilient platform weathering stormy seas. From the evolution of the $DYDX token to…

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• Shiba Inu’s Layer-2 Shibarium Testnet Puppynet Nears 30 Million Transactions

  TL;DR Breakdown Shiba Inu’s layer-2 Shibarium testnet, Puppynet, is nearing a significant milestone of 30 million transactions Shibarium beta Puppynet has completed 30 million transactions, processed over 1,700,764 blocks, and the number of wallet addresses has increased to 17,061,835. Lead developer Shytoshi Kusama is expected to reveal the Shiba Inu ecosystem’s Worldpaper, all Shibarium partners, and the TREAT token at the Blockchain Futurist Conference in August. Description The Shiba Inu ecosystem is making waves in the blockchain world as its layer-2 Shibarium testnet, known as Puppynet, approaches a significant milestone of 30 million transactions. This surge in network activity is a testament to the growing demand for the Shibarium chain, and it could potentially boost the prices of SHIB and Shibarium’s gas … Read more The Shiba Inu ecosystem is making waves in the blockchain world as its layer-2 Shibarium testnet, known as Puppynet, approaches a significant milestone of 30 million transactions. This surge in network activity is a testament to the growing demand for the Shibarium chain, and it could potentially boost the prices of SHIB and Shibarium’s gas…

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• Crypto rug pull losses surpassed DeFi exploits in May

  TL;DR Breakdown May 2023 saw losses from ‘rug pull’ crypto scams surpassing those from DeFi exploits, according to Beosin EagleEye. Total losses from various security incidents were $19.69 million, a decline of 79% from April, but fraud cases escalated to $45.02 million. The largest attack involved Jimbos on the Arbitrum chain, leading to a $7.5 million loss, while numerous projects left in the lurch resulted in losses of over $1 million. The month of May witnessed an unsettling development in the digital currency landscape as losses associated with ‘rug pull’ scams surpassed those stemming from DeFi exploits. This finding, underscored by Beosin EagleEye, the security risk monitoring platform of Beosin, signals an urgent need for increased vigilance among crypto investors. A dark cloud of rug pull scams In May 2023, as per Beosin’s data, an array of security incidents led to a total loss of $19.69 million, marking a significant 79% decrease compared to the preceding month. However, in a somewhat paradoxical trend, the total amount involved in fraudulent schemes, predominantly rug pulls, soared to a staggering $45.02 million, more…

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