TL;DR Breakdown Connext and Alchemix introduce xERC-20, a new token standard to combat losses from bridge hacks in DeFi. The standard enables token issuers to regulate official token minting on bridges, encouraging security and minimizing risk for end-users. Description In a bid to tackle the ongoing concerns surrounding bridge security in the decentralized finance (DeFi) space, Connext, a leading cross-chain bridging protocol, has partnered with Alchemix Finance, a prominent DeFi platform, to unveil a new token standard called “xERC-20.” This innovative standard proposed as Ethereum Improvement Proposal (EIP) 7281, aims to empower token issuers … Read more In a bid to tackle the ongoing concerns surrounding bridge security in the decentralized finance (DeFi) space, Connext, a leading cross-chain bridging protocol, has partnered with Alchemix Finance, a prominent DeFi platform, to unveil a new token standard called “xERC-20.” This innovative standard proposed as Ethereum Improvement Proposal (EIP) 7281, aims to empower token issuers with greater control over the “canonical” minting of tokens, thereby minimizing losses resulting from unofficial bridge hacks. Contents hide 1 The xERC-20 Token Standard Explained 2 Advantages and…

TL;DR Breakdown US GAO releases a report advocating for further regulation of blockchain in finance, focusing on stablecoins and crypto asset trading platforms. GAO calls for improved regulatory coordination. Description The United States Government Accountability Office (GAO), a Congressional watchdog agency, has published a report on the legal framework for using blockchain in finance that it finished in June. Reps. Maxine Waters and Stephen Lynch, the chair and ranking member of the House Financial Services Committee, respectively, sought the 77-page report before the midterm elections. … Read more The United States Government Accountability Office (GAO), a Congressional watchdog agency, has published a report on the legal framework for using blockchain in finance that it finished in June. Reps. Maxine Waters and Stephen Lynch, the chair and ranking member of the House Financial Services Committee, respectively, sought the 77-page report before the midterm elections. Unsurprisingly, the research concluded that further regulation was required. The organization provides a methodology for assessing regulatory reform ideas created in 2009. US GAO seeks further crypto regulation The released report cited stablecoins and crypto asset trading…

Description Clear, reliable information is paramount in cryptocurrency’s dynamic and often opaque world. Enter ZachXBT, a renowned crypto detective who has made a name for himself by providing crucial insights and revealing hidden truths within the crypto market.  From unearthing fraudulent schemes to identifying promising opportunities, ZachXBT’s work has consistently shed light on the complex intricacies … Read more Clear, reliable information is paramount in cryptocurrency’s dynamic and often opaque world. Enter ZachXBT, a renowned crypto detective who has made a name for himself by providing crucial insights and revealing hidden truths within the crypto market.  From unearthing fraudulent schemes to identifying promising opportunities, ZachXBT’s work has consistently shed light on the complex intricacies of the crypto world. His analyses have helped investors make informed decisions and contributed to the overall transparency and integrity of the crypto market. This piece will thoroughly explore these five instances, providing an in-depth look at how ZachXBT’s detective work has impacted the crypto investment landscape. Whether you’re a seasoned investor or a newcomer to crypto, these stories offer valuable lessons and insights into cryptocurrency…

TL;DR Breakdown Elon Musk reclaimed his title as the world’s richest person after Tesla’s stock rose by 2.5%, raising his net worth to $240.7bn. The gain came after a brief dip in Tesla’s stock that resulted in an $18bn drop in Musk’s wealth. Concurrently, Musk, as the new owner of Twitter, rebranded the social media platform, replacing the iconic blue bird logo with a new ‘X’ symbol. The move drew mixed reactions from the public, with some expressing disbelief over Musk’s financial rebound. Description Elon Musk, the enigmatic tech mogul, regained his throne as the wealthiest individual globally on Monday. Musk’s fortunes rebounded after a short-lived tumble when Tesla’s shares plunged. The fluctuations witnessed in Musk’s financial status, coupled with his audacious moves on the Twitter platform, have kept both the financial and digital worlds in a state of … Read more Elon Musk, the enigmatic tech mogul, regained his throne as the wealthiest individual globally on Monday. Musk’s fortunes rebounded after a short-lived tumble when Tesla’s shares plunged. The fluctuations witnessed in Musk’s financial status, coupled with his audacious…

TL;DR Breakdown The crypto markets have had a rollercoaster day with the launch of Worldcoin, an initiative co-created by OpenAI CEO Sam Altman. Bitcoin officially dropped below $29,000 with major crypto coins taking an L. Elon Musk officially rebranded Twitter “X” – will crypto Twitter now be called crypto X? Elon Musk regains his position as the world’s richest man as the CEO of luxury goods conglomerate LVMH, Bernard Arnault, comes second. Description From bustling trading platforms to cutting-edge innovations in blockchain technology, the crypto landscape is a dynamic and fast-paced ecosystem rife with opportunities and challenges. Here is a look at what happened today, Monday, in the crypto ecosystem. The most recent information on daily trends and events affecting the Bitcoin price, blockchain, DeFi, NFTs, Web3, and … Read more From bustling trading platforms to cutting-edge innovations in blockchain technology, the crypto landscape is a dynamic and fast-paced ecosystem rife with opportunities and challenges. Here is a look at what happened today, Monday, in the crypto ecosystem. The most recent information on daily trends and events affecting the Bitcoin…

TL;DR Breakdown The IMF strongly opposes granting cryptocurrencies the status of ‘official currency or legal tender’. The organization fears the impact of crypto on government finances and potential rapid inflation. It emphasizes the need for stringent regulations and comprehensive crypto policies. Description Cryptocurrency has been making waves in the world economy, and it’s safe to say that the International Monetary Fund (IMF) is shaking in its boots. As the world gets deeper into the crypto rabbit hole, the IMF feels it’s time to slam on the brakes. Why is IMF so scared of crypto? The IMF’s latest … Read more Cryptocurrency has been making waves in the world economy, and it’s safe to say that the International Monetary Fund (IMF) is shaking in its boots. As the world gets deeper into the crypto rabbit hole, the IMF feels it’s time to slam on the brakes. Why is IMF so scared of crypto? The IMF’s latest stance underscores the stark reality it sees in crypto. With fervor, it asserts that cryptocurrencies must not be granted the status of ‘official currency or…

TL;DR Breakdown As of July 24th, 2023, the Bitcoin network mined block 800,000. The network has 40,000 left to mine before the network’s next mining reward halving, scheduled for April 2024. Crypto market analysts predict that BTC could sink to $19,000 as the bullish trend that drove Bitcoin to a 76% year-to-date gain vanishes. Digital asset markets continue to suffer under the SEC crypto crackdown and the incoming Chockpoint 2.0. Description The Bitcoin network has mined block 800,000, leaving only 40,000 blocks to mine before the next halving of the network’s mining reward. According to market researcher Dylan LeClair’s Twitter post on July 24, the 800,000th block contained 3,721 transactions totaling 1.64 megabytes, and Bitcoin was trading at $29,815 per coin. Crypto enthusiasts celebrate the BTC … Read more The Bitcoin network has mined block 800,000, leaving only 40,000 blocks to mine before the next halving of the network’s mining reward. According to market researcher Dylan LeClair’s Twitter post on July 24, the 800,000th block contained 3,721 transactions totaling 1.64 megabytes, and Bitcoin was trading at $29,815 per coin. Crypto…

TL;DR Breakdown The USD is gaining strength over the euro due to favorable US economic data and central banks’ policies. Falling US input prices and slower hiring indicate potential progress by the Federal Reserve in managing inflation. Central bank meetings this week are anticipated to result in rate hikes in both Europe and the United States. Description In the captivating world of currency markets, the USD is currently strengthening its position against the euro, setting the stage for interesting shifts in monetary policies globally. The recent rise in the USD’s value is largely attributable to favorable economic data that paints a more promising picture of the US economy as compared to its … Read more In the captivating world of currency markets, the USD is currently strengthening its position against the euro, setting the stage for interesting shifts in monetary policies globally. The recent rise in the USD’s value is largely attributable to favorable economic data that paints a more promising picture of the US economy as compared to its European counterpart. Central banks responding to market dynamics The economic…

TL;DR Breakdown Charlie Shrem’s story highlights the blurry line between criminal conduct and legitimate innovation in the rapidly evolving crypto world. Initially a crypto enthusiast, Shrem became involved in crypto crime, resulting in a prison sentence and a realization of the harm he caused to innocent people and the crypto community. After his release, Shrem transformed into a compliance advocate, using his experience to encourage crypto firms to adopt proper compliance measures. Description The distinction between criminal conduct and legitimate innovation might be hazy in the quickly developing realm of cryptocurrency. This distinction became painfully clear to Charlie Shrem when he was forced to deal with the repercussions of his involvement in a crypto crime. However, this run-in with the law was a turning point that inspired him … Read more The distinction between criminal conduct and legitimate innovation might be hazy in the quickly developing realm of cryptocurrency. This distinction became painfully clear to Charlie Shrem when he was forced to deal with the repercussions of his involvement in a crypto crime. However, this run-in with the law was…

TL;DR Breakdown Chinese regulators hold a rare meeting with global venture capital and private equity firms to boost market confidence amid concerns over the country’s economic recovery. Discussions centered around measures to facilitate global investment, including expediting overseas IPO registrations and relaxing merger and acquisition rules. Tensions with the US have impacted investor interest in China, a crackdown on the private sector, and a weakened economy, prompting calls for concrete actions from the government to address uncertainties. Description Chinese regulators recently engaged in a rare meeting with global venture capital and private equity firms on Friday to address concerns and bolster market confidence in the country’s economic recovery. Led by China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai, the meeting aimed to discuss measures to ensure continued global investment in China, particularly … Read more Chinese regulators recently engaged in a rare meeting with global venture capital and private equity firms on Friday to address concerns and bolster market confidence in the country’s economic recovery. Led by China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai, the meeting aimed…