Prime Tales This Week
The decentralized finance (DeFi) ecosystem skilled a difficult week after a seismic safety incident led to over $61 million being stolen from Curve Finance’s swimming pools, leaving a number of protocols dealing with broader contagion dangers. This assault uncovered vulnerabilities throughout DeFi tasks and sparked efforts to get well stolen funds over the previous few days, hammering the efficiency of tokens and even stablecoins because of the dramatic ups and downs on this story. Because the group navigates the aftermath of this exploit, Cointelegraph compiled the week’s occasions, presenting a timeline of what occurred for the reason that hack on July 30.
US DoJ is anxious a few run on Binance ought to prosecutors carry fraud fees
The US Division of Justice is reportedly contemplating charging cryptocurrency trade Binance with fraud, however hesitating based mostly on prices to shoppers. In line with folks accustomed to the matter, Justice Division officers are involved about an indictment in opposition to Binance inflicting a run just like what occurred with FTX in November 2022. The officers are contemplating fines or non-prosecution agreements for Binance reasonably than legal fees in an effort to cut back the hurt to shoppers. Binance has been focused by a legal probe within the U.S. for allegedly violating the nation’s sanctions on Russia and has additionally confronted lawsuits from U.S. regulators.
Hong Kong debuts retail crypto buying and selling with HashKey and OSL
Digital asset agency HashKey has efficiently obtained all obligatory licensing to broaden its enterprise from serving skilled buyers to taking over retail customers, as Hong Kong expands its cryptocurrency buying and selling to particular person buyers. The primary license, Sort 1, permits HashKey to function a digital asset buying and selling platform beneath Hong Kong’s securities legal guidelines. The second, Sort 7, formally allows the agency to offer automated buying and selling companies to each institutional and retail customers. OSL, one other native crypto agency, acquired an improve to its present license from Hong Kong’s Securities and Futures Fee, permitting it to supply Bitcoin (BTC) and Ether (ETH) buying and selling to retail buyers instantly.
Coinbase denies SEC instructed it to delist the whole lot however Bitcoin
Coinbase has denied studies claiming that its CEO, Brian Armstrong, was as soon as instructed by the U.S. Securities and Trade Fee to delist all cryptocurrencies on its platform apart from Bitcoin. In an interview with the Monetary Instances, Armstrong reportedly said that the SEC needed Coinbase to delist the almost 250 tokens on its platform. In line with a Coinbase spokesperson, nonetheless, the report is lacking context and the SEC didn’t request Coinbase to delist any particular property. SEC Chair Gary Gensler has beforehand claimed that “the whole lot apart from Bitcoin” is a safety beneath the company’s remit.
Ethereum’s eighth birthday: Crypto trade shares its high moments
The crypto group has come collectively to rejoice the birthday of the Ethereum community, marking eight years for the reason that Ethereum Basis first despatched the community reside.
On July 30, 2015, former Ethereum Basis CCO Stephan Tual penned a weblog submit, formally saying that the community had been rolled out. “The imaginative and prescient of a censorship-proof ‘world laptop’ that anybody can program, paying completely for what they use and nothing extra, is now a actuality,” he wrote. Eight years later, Ethereum and its native foreign money, Ether (ETH), has grown to turn out to be the second-largest crypto asset in existence, boasting a market capitalization of $225 billion and greater than 1,900 month-to-month lively builders.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $28,985, Ether (ETH) at $1,823 and XRP at $0.63. The overall market cap is at $1.16 trillion, according to CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Helium (HNT) at 39.79%, XDC Community (XDC) at 20.11% and Bone ShibaSwap (BONE) at 18.04%.
The highest three altcoin losers of the week are Compound (COMP) at -18.41%, Curve DAO Token (CRV) at -15.86% and Stellar (XLM) at -14.36%.
For more information on crypto costs, ensure that to learn Cointelegraph’s market evaluation.
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Crypto winter can take a toll on hodlers’ psychological well being
Most Memorable Quotations
“The digital asset services that TASE is exploring will little question play foundational roles in the way forward for Israel’s economic system.”
Michael Shaulov, CEO of Fireblocks
“Spot [Bitcoin] ETFs will serve one other set of consumers in a synergistic style to develop your complete asset class.”
Michael Saylor, CEO of Microstrategy
“Generative AI has huge financial potential and will enhance international labor productiveness by greater than 1 share level a yr within the decade following widespread utilization.”
“I personally haven’t seen any audit studies of USDT. I don’t suppose most individuals I spoke to haven’t seen that both. So it’s form of a black field as a result of we simply don’t know.”
Changpeng “CZ” Zhao, CEO of Binance
“As president, on day one, CBDC goes into the trash can — we’re not going to permit it.”
Ron DeSantis, governor of Florida
“An important factor that occurred this yr in Bitcoin is Larry Fink.”
Mike Novogratz, CEO of Galaxy Digital
Prediction of the Week
BTC worth upside ‘but to return’ at $29K after Bitcoin RSI reset — Dealer
Bitcoin has not but seen nearly all of its good points this cycle, well-liked merchants consider. After over a month of performing inside a good buying and selling vary, merchants’ persistence with Bitcoin is carrying skinny, however amid expectations that BTC worth will check ranges nearer to $25,000 and even decrease, pseudonymous analyst Credible Crypto is a kind of arguing the alternative.
Analyzing knowledge, together with Bitcoin market cap dominance and its relative power index (RSI), he concluded that situations had been reset. “Largest upside strikes on BTC are YET TO COME,” he summarized, earlier than including that:
“A month of sideways motion on BTC and dominance has merely made a better low. H12 bullish div confirmed, RSI on larger TF appears to be like reset, sustaining above the ‘magic’ 40 RSI degree, who’s prepared for the subsequent leg up?”
Persevering with, fellow pseudonymous dealer CryptoCon flagged RSI over longer timeframes to ship a equally bullish tackle BTC worth efficiency:
“I see worth going sideways, and I’ve by no means been extra bullish! Simply wait till we break into part 2 on the three Week RSI… Early bull market worth motion, interval.”
FUD of the Week
Is SBF secretly behind BALD? Crypto Twitter debates newest conspiracy
Crypto Twitter has been abuzz with debate after a brand new conspiracy principle has suggested FTX founder Sam “SBF” Bankman-Fried may be secretly behind one of the most controversial new memecoins on Base. The Bald memecoin was launched on July 30 and witnessed an incredible 289,000% gain within the first 24 hours of trading. After the token’s anonymous developer removed thousands of ETH in liquidity, the price of Bald plummeted more than 85% — sparking allegations of a rug pull, which the developer has denied. The incident led a number of blockchain sleuths to dig into the developer’s on-chain past, prompting some to draw a link to SBF as the Ethereum wallet address responsible for deploying the Bald token, which had received thousands of ETH in funding from wallets associated with FTX and Alameda Research.
Individual charged with money laundering admits to hacking Bitfinex in 2016
Ilya Lichtenstein admitted to a U.S. court that he was the individual behind an exploit of cryptocurrency exchange Bitfinex in 2016 which resulted in the theft of roughly 119,754 Bitcoin. Lichtenstein spoke as part of a plea agreement with prosecutors, who charged him and his wife Heather Morgan with money laundering conspiracy and conspiracy to defraud the United States. The couple allegedly laundered more than 94,643 BTC from the Bitfinex hack — worth roughly $54 million at the time.
Users said CertiK’s warning was a false alarm — then the project rugged
Blockchain security firm Certik tried, in 2022, to warn users of an imminent rug pull surrounding a crypto project, but investors became angry and fired back. The firm rescinded the security alert. Then, the project pulled the plug. This is the story behind the Web3 gaming project “Crypto Cars.” At the time, the project’s native token was rapidly falling in price, its website was temporarily down, and its developers said that it would no longer respond on its Telegram due to the Lunar New Year holiday celebrated in Vietnam. The situation triggered Certik’s alert, but when Cointelegraph attempted to follow up with the project on Aug. 1, 2023, it had long ago shut its doors.
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