Prime Tales This Week
The decentralized finance (DeFi) ecosystem experienced a challenging week after a seismic safety incident led to over $61 million being stolen from Curve Finance’s swimming pools, leaving a number of protocols going through broader contagion dangers. This assault uncovered vulnerabilities throughout DeFi initiatives and sparked efforts to get better 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 because the hack on July 30.
US DoJ is anxious a few run on Binance ought to prosecutors carry fraud costs
The US Division of Justice is reportedly contemplating charging cryptocurrency exchange Binance with fraud, however hesitating primarily based on prices to shoppers. In response to individuals conversant in the matter, Justice Division officers are involved about an indictment in opposition to Binance inflicting a run much like what occurred with FTX in November 2022. The officers are contemplating fines or non-prosecution agreements for Binance somewhat than felony costs in an effort to cut back the hurt to shoppers. Binance has been targeted by a criminal 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 successfully obtained all necessary licensing to broaden its enterprise from serving skilled traders to taking up retail customers, as Hong Kong expands its cryptocurrency buying and selling to particular person traders. The primary license, Kind 1, permits HashKey to function a digital asset buying and selling platform underneath Hong Kong’s securities legal guidelines. The second, Kind 7, formally permits the agency to supply automated buying and selling companies to each institutional and retail customers. OSL, one other native crypto agency, obtained 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 traders instantly.
Coinbase denies SEC informed it to delist every thing however Bitcoin
Coinbase has denied reports claiming that its CEO, Brian Armstrong, was as soon as informed by the U.S. Securities and Alternate Fee to delist all cryptocurrencies on its platform aside from Bitcoin. In an interview with the Monetary Occasions, Armstrong reportedly said that the SEC wished Coinbase to delist the practically 250 tokens on its platform. In response to a Coinbase spokesperson, nevertheless, 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 “every thing apart from Bitcoin” is a safety underneath the company’s remit.
Ethereum’s eighth birthday: Crypto trade shares its high moments
The crypto group has come collectively to celebrate the birthday of the Ethereum network, marking eight years because the Ethereum Basis first despatched the community dwell.
On July 30, 2015, former Ethereum Basis CCO Stephan Tual penned a weblog publish, formally asserting that the community had been rolled out. “The imaginative and prescient of a censorship-proof ‘world pc’ 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 forex, Ether (ETH), has grown to change into the second-largest crypto asset in existence, boasting a market capitalization of $225 billion and greater than 1,900 month-to-month energetic builders.
Winners and Losers
Among the many greatest 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, be certain to learn Cointelegraph’s market analysis.
Most Memorable Quotations
“The digital asset services that TASE is exploring will little doubt 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 shoppers in a synergistic vogue to develop all the asset class.”
Michael Saylor, CEO of Microstrategy
“Generative AI has monumental financial potential and will enhance international labor productiveness by greater than 1 proportion level a yr within the decade following widespread utilization.”
“I personally haven’t seen any audit reviews of USDT. I don’t suppose most individuals I spoke to haven’t seen that both. So it’s sort 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
“Crucial 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 come back’ at $29K after Bitcoin RSI reset — Dealer
Bitcoin has not yet seen the majority of its gains this cycle, in style merchants imagine. After over a month of appearing inside a decent buying and selling vary, merchants’ endurance 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 type of arguing the alternative.
Analyzing knowledge, together with Bitcoin market cap dominance and its relative power index (RSI), he concluded that circumstances had been reset. “Greatest 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 the next low. H12 bullish div confirmed, RSI on increased TF seems to be reset, sustaining above the ‘magic’ 40 RSI degree, who’s prepared for the following 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 latest conspiracy
Crypto Twitter has been abuzz with debate after a new conspiracy theory has suggested FTX founder Sam “SBF” Bankman-Fried may be secretly behind one of the vital controversial new memecoins on Base. The Bald memecoin was launched on July 30 and witnessed an unbelievable 289,000% achieve throughout the first 24 hours of buying and selling. After the token’s nameless developer eliminated 1000’s of ETH in liquidity, the value of Bald plummeted greater than 85% — sparking allegations of a rug pull, which the developer has denied. The incident led quite a lot of blockchain sleuths to dig into the developer’s on-chain previous, prompting some to attract a hyperlink to SBF because the Ethereum pockets deal with answerable for deploying the Bald token, which had obtained 1000’s of ETH in funding from wallets related to FTX and Alameda Analysis.
Particular person charged with cash laundering admits to hacking Bitfinex in 2016
Ilya Lichtenstein admitted to a U.S. court that he was the person behind an exploit of cryptocurrency alternate Bitfinex in 2016 which resulted within the theft of roughly 119,754 Bitcoin. Lichtenstein spoke as a part of a plea settlement with prosecutors, who charged him and his spouse Heather Morgan with cash laundering conspiracy and conspiracy to defraud america. The couple allegedly laundered greater than 94,643 BTC from the Bitfinex hack — price roughly $54 million on the time.
Customers stated CertiK’s warning was a false alarm — then the mission rugged
Blockchain safety agency Certik tried, in 2022, to warn users of an imminent rug pull surrounding a crypto mission, however traders turned indignant and fired again. The agency rescinded the safety alert. Then, the mission pulled the plug. That is the story behind the Web3 gaming mission “Crypto Automobiles.” On the time, the mission’s native token was quickly falling in worth, its web site was briefly down, and its builders stated that it might not reply on its Telegram as a result of Lunar New Yr vacation celebrated in Vietnam. The state of affairs triggered Certik’s alert, however when Cointelegraph tried to comply with up with the mission on Aug. 1, 2023, it had way back shut its doorways.
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