TL;DR Breakdown Cypher Protocol halts smart contract after $1 million exploit on Solana blockchain. The hacker stole 38,530 SOLANA tokens and $123,184 USDC from Cypher Protocol. NFT community appeals for stolen funds’ return, highlighting security challenges in DeFi space. Description Decentralized futures exchange Cypher Protocol, operating on the Solana blockchain, has been forced to halt its smart contract after falling victim to an estimated $1 million exploit. The incident, which took place on August 7, resulted in freezing the smart contract as a security measure. The Cypher team immediately informed its community about the security … Read more Decentralized futures exchange Cypher Protocol, operating on the Solana blockchain, has been forced to halt its smart contract after falling victim to an estimated $1 million exploit. The incident, which took place on August 7, resulted in freezing the smart contract as a security measure. The Cypher team immediately informed its community about the security breach. In response to the exploit, Cypher Protocol took proactive steps, attempting to negotiate with the hacker to return the stolen funds. Simultaneously, the team launched an…

TL;DR Breakdown Bitdeer Technologies completes an advanced mining facility in Bhutan, and enters the power-on testing phase. CEO Linghui Kong confirms 11,000 operational miners and a recent influx of 15,000 units. Once activated, New mining equipment will contribute to an impressive 2.5 EH/s hash rate. Description Singaporean entrepreneur Jihan Wu’s Bitdeer Technologies has completed the construction of its cutting-edge mining facility nestled in the picturesque landscape of Bhutan. The company, at the forefront of cryptocurrency mining, has now commenced the crucial power-on testing phase, marking a significant step forward in its operational journey. As Bitdeer CEO Linghui Kong affirmed, an impressive … Read more Singaporean entrepreneur Jihan Wu’s Bitdeer Technologies has completed the construction of its cutting-edge mining facility nestled in the picturesque landscape of Bhutan. The company, at the forefront of cryptocurrency mining, has now commenced the crucial power-on testing phase, marking a significant step forward in its operational journey. As Bitdeer CEO Linghui Kong affirmed, an impressive fleet of approximately 11,000 miners has been seamlessly integrated into the facility’s infrastructure and is currently operational. This achievement comes from…

Description Is Huobi insolvent? What happened in the NFT world this week? $113 million has now been bridged to Coinbase’s Base Is Huobi insolvent? 1/16 So why is Tether selling off? Likely Huobi insolvency. -Binance started selling off USDT in bulk.-We found out that Huobi execs (and Tron personnel questioned by police)-This is not long after Sun’s stUSDT launch-And weird balance shifts at Huobi in the last month pic.twitter.com/f3HViYS93a — Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023 2/16 Just like with FTT Binance is often the first to know about risky assets or issues within the industry due to its scales and connections. And if we look at the time stamps of Friday’s rapid sell off of USDT, it’s after the time Huobi employees would have been questioned. — Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023 3/16 And its after weeks of steady USDT decline in Huobi pic.twitter.com/MpVeA23Rhm — Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023 4/16 And after Sun launched “stUSDT” which is USDT he claims is sitting in government bonds gaining a 4.29% yield. His website claims there…

Description Contents hide 1 Ethereum whale sends 2500eth to burn address after finding out his gf cheated on him 2 A crypto investor who lost 800 ETH is asking for 90% of it back 3 Curve Finance places a bounty on exploiter 4 Paypal launches dollar-backed stablecoin 5 Justin Sun asks Paypal to deploy PYUSD on … Read more Contents hide 1 Ethereum whale sends 2500eth to burn address after finding out his gf cheated on him 2 A crypto investor who lost 800 ETH is asking for 90% of it back 3 Curve Finance places a bounty on exploiter 4 Paypal launches dollar-backed stablecoin 5 Justin Sun asks Paypal to deploy PYUSD on Tron 6 US Rep issues statement on Paypal’s USD stablecoin 7 NFTs worth $1.73 million were stolen in July 8 Coinbase net outflow of multi-chain assets (excluding Bitcoin) exceeded 1.616 billion US dollars 9 Coingecko opens a list of tokens listed as securities by the US SEC 10 99.8% of altcoins will eventually become Hexed, says Peter Brandt 11 USDT sustains depeg below $1 USD 12…

TL;DR Breakdown Hong Kong’s SFC warned unlicensed VATPs about improper practices, including false license application claims, a criminal offense. Hong Kong introduced a licensing regime for virtual asset providers, with HashKey and OSL as the first licensed exchanges. The SFC cautioned investors about the risks of trading on unregulated VATPs, urging verification of licensing status through its official list. Description Hong Kong’s Securities and Futures Commission (SFC) has issued a stern warning to unlicensed virtual asset trading platforms (VATPs) engaging in improper practices. The regulator has observed that some unlicensed VATPs are falsely claiming to have submitted license applications to the SFC, a fraudulent or reckless misrepresentation that is considered a criminal offense in the … Read more Hong Kong’s Securities and Futures Commission (SFC) has issued a stern warning to unlicensed virtual asset trading platforms (VATPs) engaging in improper practices. The regulator has observed that some unlicensed VATPs are falsely claiming to have submitted license applications to the SFC, a fraudulent or reckless misrepresentation that is considered a criminal offense in the city. “It is an offence for any…

TL;DR Breakdown The Monetary Authority of Singapore (MAS) has made a substantial commitment of up to $150 million Singapore dollars over a span of three years through the Financial Sector Technology and Innovation Scheme.  MAS emphasized the significance of collaborating with the industry to facilitate the development of inventive FinTech solutions that emerge from cutting-edge technologies such as Web 3.0.  Description The Monetary Authority of Singapore (MAS) has made a substantial commitment of up to $150 million Singapore dollars over a span of three years through the Financial Sector Technology and Innovation Scheme. This scheme encompasses a particular focus on supporting innovative FinTech solutions that stem from emerging technologies, notably Web 3.0. In a statement, MAS … Read more The Monetary Authority of Singapore (MAS) has made a substantial commitment of up to $150 million Singapore dollars over a span of three years through the Financial Sector Technology and Innovation Scheme. This scheme encompasses a particular focus on supporting innovative FinTech solutions that stem from emerging technologies, notably Web 3.0. In a statement, MAS emphasized the significance of collaborating with…

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….

TL;DR Breakdown he Singapore Red Cross has partnered with Triple-A, a licensed crypto payment gateway, to accept cryptocurrency donations, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC). This initiative aims to reach tech-savvy donors and inspire the younger generation to support vulnerable populations, with all crypto donations being converted to fiat currency within one business day. The integration, which is already operational on the Singapore Red Cross website, signifies a progressive step in the intersection of philanthropy and digital finance, setting a precedent for global charitable entities. Description Singapore Red Cross, a renowned humanitarian organization, has taken a progressive step by incorporating cryptocurrency as an accepted form of donation. This initiative was launched on August 7 in collaboration with Triple-A, the inaugural crypto payment gateway licensed by the Monetary Authority of Singapore (MAS). This partnership was announced before Singapore’s National Day, marking a … Read more Singapore Red Cross, a renowned humanitarian organization, has taken a progressive step by incorporating cryptocurrency as an accepted form of donation. This initiative was launched on August 7 in collaboration with…

TL;DR Breakdown Crypto-focused public companies, including MicroStrategy, Block, Coinbase, CoinShares, and Robinhood, exceeded Q2 profit estimates. MicroStrategy reported a net income of $22.2 million, a significant shift from a net loss of $1.1 billion in Q2 of 2022. Block posted a 34% year-on-year increase in Bitcoin revenue, reporting $2.4 billion in Bitcoin sales. Description When one pictures the financial landscape of the second quarter, the visage of cryptocurrency-focused public companies brimming with increased revenue and significant profit leaps is unmistakable. While the polarizing world of cryptocurrencies continues to be an exhilarating roller coaster ride, one undeniable takeaway is the hefty returns it has awarded to those who have bet … Read more When one pictures the financial landscape of the second quarter, the visage of cryptocurrency-focused public companies brimming with increased revenue and significant profit leaps is unmistakable. While the polarizing world of cryptocurrencies continues to be an exhilarating roller coaster ride, one undeniable takeaway is the hefty returns it has awarded to those who have bet on its ascendancy. Staunch Cryptocurrency Proponents Reap Rewards Leading the pack of the…

TL;DR Breakdown U.S. financial sector faces new capital regulations intended to reinforce the financial system. The proposal requires banks to increase their capital reserves by 16% to reflect risk levels of certain assets. Industry lobby groups argue that the regulation could impede lending to consumers and slow the economy. Description As U.S. financial markets evolve, the sector finds itself contending with new capital regulations that have the potential to reshape the landscape. In the shadow of recent financial crises, regulators in the nation’s capital have implemented a vast overhaul of capital requirements, causing ripples of concern and critique within banking industry circles. However, despite the … Read more As U.S. financial markets evolve, the sector finds itself contending with new capital regulations that have the potential to reshape the landscape. In the shadow of recent financial crises, regulators in the nation’s capital have implemented a vast overhaul of capital requirements, causing ripples of concern and critique within banking industry circles. However, despite the backlash, the regulators persist in their endeavor to fortify the U.S. financial system. Capital Regulations Reinforcing the…