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🏦 Coinbase mulled buying FTX Europe post-bankruptcy: report
In the aftermath of FTX's bankruptcy in November of last year, rival U.S.-based exchange Coinbase considered acquiring the failed company's European unit, according to Fortune. Documents show that Coinbase mulled buying FTX Europe as it explored expanding its crypto derivatives offerings, said the report. Talks never advanced to a "late stage," the report also said. While Coinbase is "no longer pursuing the potential deal," the U.S.-based exchange continued to express interest in an acquisition sometime during this month, said Fortune.
Coinbase considered acquiring FTX Europe following the exchange’s November 2022 bankruptcy, according to Fortune, which cites documents the publication viewed. Crypto derivatives make up a significant portion of the overall trading of digital currencies. While Coinbase is "no longer pursuing the potential deal," the U.S.-based exchange continued to express interest in an acquisition sometime during this month, said Fortune. JMP analysts have said that Coinbase's expanding into derivatives adds to its upside case in the long term, given the derivatives market represents the bulk of trading activity. Previous to the company's bankruptcy, FTX Europe had been adding tens of thousands of users, according to Fortune.
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🇰🇷 South Korean Crypto Holdings Account For Over 70% Of Reported Overseas Assets
In a significant development, cryptocurrencies have emerged as the leading category of reported overseas assets in South Korea, according to the latest data released by the country’s tax authorities. The South Korean National Tax Service (NTS) made an official announcement on September 20, revealing that a total of 1,432 individuals and corporations disclosed holdings in cryptocurrency in the current year. The cumulative reported value of these cryptocurrency holdings stands at a staggering 130.8 trillion Korean won (KRW).
The official figures further highlight that a total of 5,419 entities reported their financial assets held abroad, which included cryptocurrencies, stocks, deposits, and savings. These assets had a combined worth of 186.4 trillion KRW. Although cryptocurrencies dominated in terms of reported asset value, deposits, and savings accounts took the lead when considering the number of reports. A total of 2,952 individuals and companies disclosed holdings in deposits and savings accounts, amounting to 22.9 trillion KRW. Additionally, 1,590 entities reported owning stocks with a total value of 23.4 trillion KRW. The NTS intends to utilize international information exchange data to rigorously verify non-compliant reports and impose penalties, including fines, notifications, and potential criminal charges.
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🇰🇵 North Korean Hackers Use Russian-Based Exchanges to Launder Stolen Crypto, Report
Onchain data examined by crypto analytics company Chainalysis suggests that hackers associated with the Democratic People’s Republic of Korea (DPRK) are more and more often using cryptocurrency exchanges based in the Russian Federation to launder illicit digital assets. It also comes as U.N. sanctions monitors are drawing attention to Pyongyang’s changing tactics in cyberattacks against crypto and financial exchanges seeking to obtain funds for its nuclear weapons and missile programs.
Chainalysis provides an example with the recent transfer of cryptocurrency worth $21.9 million stolen from Harmony Protocol to a Russian exchange known for processing illicit transactions. The company also said it has evidence showing that North Korean entities have been using this platform and other services in Russia to launder money in the past couple of years. The authors of the report also pointed out that while the mainstream centralized exchanges previously used by DPRK hackers typically cooperate with international efforts, Russia’s cryptocurrency exchanges and law enforcement agencies “have a track record of non-compliance, significantly reducing the chance of asset recovery.”
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🪙 Ethereum Developers Forge Ahead With Network Enhancements For Devnet-9 In Latest Meeting
Ethereum’s core developer, Tim Beiko, recently convened for their regular Ethereum All Core Developers Execution (ACDE) meeting to discuss crucial updates and enhancements to the network. According to Beiko, the Devnet-8 is near completion, with various clients actively updating it. Notably, Nethermind and Geth are making strides with their blob transaction pools, while Besu undergoes a significant transaction pool overhaul. Erigon is working on its pool, targeting readiness for Devnet-9, and Prysm is investigating delays in blob sidecar reception.
A proposal named EIP-7514 (add maximum Epoch loss limit) was discussed, aiming to add a constant cap to the validator activation queue, slowing down the growth of the ETH stake percentage. Ethereum Foundation researcher Dankrad expressed support, and it will be part of the Dencun upgrade, with the limit set to 8. Developers discussed adding an opcode to the Ethereum Virtual Machine (EVM) to expose the blob’s base fee, making it easier for Layer 2 solutions to determine gas prices. This change aligns with the BASEFEE opcode for EIP-1559 consistency. Moreover, updates to the EIP-4788 proposal were reviewed, optimizing gas usage, buffer size, and handling invalid timestamps for beacon roots stored in EL contracts. Auditors will assess these changes, with results expected before the next ACDE meeting.
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📊 Philippines And Vietnam Top Crypto Games Web Traffic: Report
In the realm of cryptocurrency, Central & Southern Asia and Oceania (CSAO) has emerged as a dynamic and captivating market, including the Philippines and Vietnam, with games related to this field, according to Chainalysis’ 2023 Global Crypto Adoption Index. When measured by raw transaction volume, CSAO stands as the world’s third-largest crypto market, closely following North America and Central, Northern & Western Europe (CNWE), contributing nearly 20% to global crypto activity.
India is at the forefront of this crypto surge, with an estimated influx of $268.9 billion in crypto assets during the study period. But beyond raw numbers, CSAO shines in grassroots adoption when factors like purchasing power and population are considered. The Global Crypto Adoption Index showcases CSAO’s dominance, with six of the top ten countries hailing from the region: India (1), Vietnam (3), the Philippines (6), Indonesia (7), Pakistan (8), and Thailand (10). Over the past year, CSAO has witnessed a surge in Decentralized Finance (DeFi) participation, accounting for a staggering 55.8% of regional transaction volume from July 2022 to June 2023, compared to 35.2% in the previous year.
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🪙 Man Plans to Sue City Over Refusal to Dig for 7,500 Lost Bitcoin in Landfill
A Telegraph report reveals that James Howells is gearing up to legally challenge the local city council in South Wales, which has denied his team permission to unearth a hard drive he suspects is buried beneath the landfill. Several years back, a hard drive laden with 7,500 of Howells’ bitcoin — now valued at $194 million based on today’s BTC exchange rates — inadvertently found its way into a landfill. In a letter dispatched to the Newport City Council on September 4.
Howells has long been locked in a dispute with the city. Back in January 2021, he dangled an enticing offer before them: 25% of the BTC’s value if they permitted him to excavate to find the hard drive. Yet, that proposal fell on deaf ears. Fast forward to July 2021, Howells unveiled an innovative strategy to the media, revealing plans to harness x-ray and artificial intelligence (AI) tools to pinpoint the device storing the BTC. In the latest interview with The Telegraph, he confirmed his commitment to those tech solutions and mentioned collaboration with the landfill’s seasoned retired site manager. 25% of the BTC’s value if they permitted him to excavate to find the hard drive. Yet, that proposal fell on deaf ears.
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🏦 Coinbase Enhances Security Measures For Singapore Users Amidst Crypto Expansion
Coinbase, one of the leading cryptocurrency exchanges, has announced new requirements for its users in Singapore to enhance compliance with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and combating the financing of terrorism. These measures are aimed at ensuring full adherence to regulatory guidelines and may impact transaction processing for those who fail to comply.
Coinbase Singapore outlined the specific information required when sending digital assets out of wallets, including the recipient’s wallet type, exchange name (if not self-custody), recipient’s full name, and country of residence. Conversely, when receiving crypto deposits from external platforms, users must provide sender information, including the sender’s full name and country of residence. However, it’s worth noting that in June, Coinbase faced regulatory challenges when the SEC charged the platform with an unregistered offer and sale of securities linked to its staking-as-a-service program. Several US states also demanded a halt to Coinbase’s staking services.
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🇺🇸 SEC Hasn't Met Requirements to Argue for an Appeal, Ripple Says
The U.S. Securities and Exchange Commission (SEC) hasn't made enough of a case to warrant an appeals court intervention in its ongoing legal fight with Ripple, the crypto company argued in a new filing Friday. The SEC is seeking a federal judge's approval to appeal her ruling finding that Ripple's programmatic sales of XRP did not violate securities law. If Judge Analisa Torres, of the Southern District of New York, signs off on the bid, the SEC will need to convince the Second Circuit Court of Appeals to take up the case.
July's ruling did not "present a controlling question of law," and neither did the SEC's motion for an appeal, Ripple said in Friday's filing, which added that the regulator hasn't proven that different judges might disagree with the ruling, or that an appeal would lead to a faster end for the court case – all of which are requirements for the judge to approve an appeal, according to the filing. "This Court’s summary-judgment ruling relied on record evidence that Ripple made no 'promises or offers' to purchasers in Programmatic Sales," the filing said. "Terraform, by contrast, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – 'rates of returns of 19-20% on the coin owners’ initial investment.'"
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⚪️ Robinhood Is The Fifth Largest Ethereum Wallet With $2.54B In ETH
Investment and trading platform Robinhood has emerged as a significant holder of cryptocurrency, with its fifth-largest Ethereum (ETH) wallet containing $2.54 billion, according to data from Arkham Intelligence. These funds are securely maintained to manage user balances, reflecting the company’s custody approach. Although it has positioned itself as a crypto-friendly platform, its cryptocurrency trading activity has experienced a notable decline. In the second quarter, the platform’s revenue dropped to $31 million, down from the previous quarter’s $38 million.
Notably, Robinhood’s influence in the cryptocurrency space extends beyond Ethereum. As Coincu reported, the company held over $3 billion worth of Bitcoin (BTC) in a single wallet, making it the third-largest Bitcoin holder globally. Recognized primarily for its stock trading services, it also caters to cryptocurrency enthusiasts through its trading offerings. Responding to user demands, the company’s wallet product now supports custody, transactions, and swaps for Bitcoin, Dogecoin, and Ethereum. Amid these developments, Robinhood recently concluded its cryptocurrency partnership with Jump Trading. This move follows the US Securities and Exchange Commission’s inquiry into the company’s cryptocurrency activities earlier this year.
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🇷🇺 Binance considers a full exit from Russia: WSJ
Binance, the world’s largest cryptocurrency exchange, is reevaluating its business in Russia as it faces legal risks in the country, according to a report from the Wall Street Journal. The exchange is weighing different options for its Russia operations, including a full withdrawal from the market, a Binance spokesperson told the media outlet. Earlier this week, Binance’s peer-to-peer service removed five sanctioned Russian lenders from its site that had previously given users the means to transfer rubles to each other.
A Binance spokesperson told The Block today that it did not have further comment on the matter. Also this week, the Journal reported that Binance was helping people in Russia to move money abroad. That report came after the U.S. Justice Department’s investigations into whether Binance had been used by Russians to evade U.S. sanctions, according to a Bloomberg report in May. Binance currently finds itself in the crosshairs of multiple U.S. regulators, with the Commodities Futures Trading Commission first filing a lawsuit against the firm in March. The Securities and Exchange Commission also sued the exchange and CEO Changpeng Zhao last month for allegedly violating securities laws.
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🇰🇵 North Korean Hackers Might Sell Almost 1,600 Stolen BTC: FBI
The Lazarus moved 1,580 BTC to six addresses which could be seen as the first step of a potential sale. The US Federal Bureau of Investigation (FBI) discovered that the North Korean hacking collective – the Lazarus Group – has drained cryptocurrencies worth millions of dollars through several attacks in the past few years. According to the law enforcement organization, the North Korean hackers have transferred 1,580 of their BTC stash (generated through numerous thefts in the recent past) to six addresses.
Lazarus has been connected to multiple crypto heists over the past few years, including one of the largest in the industry: the $600 million exploit of Ronin Bridge. The FBI maintained that the collective was also responsible for the $60 million theft of digital currencies from Alphapo in June this year and the breach of Harmony’s Horizon bridge in 2022, which resulted in losses worth $100 million. The Pyongyang-led cybercrime organization has made the headlines not once or twice over the past decade. According to Wikipedia, the entity was established in 2009 for the purpose of cyberespionage. With the advancement of the cryptocurrency sector, the group shifted its focus, targeting exchanges and all kinds of platforms to drain digital assets from them.
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✖️ 'Smart money' traders seemingly increasing dYdX token holdings: Nansen
Experienced traders have seemingly been accumulating dYdX’s governance token, according to data from Nansen. “Smart Money” wallets, which Nansen associates with skilled traders, have been steadily increasing their holdings of dYdX tokens, the analytics firm said, based on the on-chain data it aggregated. According to Nansen, these wallets likely include notable players such as top DEX traders, liquidity providers, and venture funds. These 80-odd smart money wallets hold over 47 million tokens ($103 million).
“While the number of Smart Money wallets holding dYdX tokens has been flat since June 23, these wallets have been steadily increasing their exposure. Holdings have hit an all-time high of over 47.8 million tokens,” Nansen analyst Martin Lee said in a statement shared with The Block. “We’re also seeing net outflows of the token from exchanges over the last 30 days,” he added, which potentially hints at increased holdings by traders. Still, this is only a small portion of the total 1 billion dYdX token supply. Notably, there are also 6.5 million dYdX tokens that are scheduled to unlock by the end of August, according to data from Token Unlocks.
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🇺🇸FTX Debtors Revise Settlement Proposal After Objection From U.S. Trustee
Bankrupt crypto exchange FTX has revised its motion for settlement after the U.S. Trustee objected to an earlier motion, according to a court filing Sunday. Despite criticizing the U.S. Trustee as the "sole objector to the Motion" seeking to "inject itself into a routine settlement process that is already adequately safeguarded by two different creditor committees," the FTX debtors said they were proposing revisions in an effort to address the concerns.
The latest proposal will see the debtors include the U.S. Trustee as a noticed party and reduce the maximum settled value for claims covered by the procedures from the earlier $10 million to $7 million. Debtors will also file monthly reports of executed settlements. Any objections from the "noticed parties" would need to be resolved or settled through an order of the court before the claim process can go through. The U.S. Trustee had objected to the earlier motion saying $10 million is far too high to constitute a “small” claim without even providing adequate notice as to the nature of the claims. The two creditor committees are the Official Committee of Unsecured Creditors and the ad hoc committee of international customers.
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🆘 Linear Finance Reported The Attack Causes LUSD Volume Spike Up 7761%
DeFi protocol Linear Finance reported the attack on September 21, 2023, resulting in the depletion of all liquidity from its native stablecoin, Linear USD (LUSD). This security breach led to a price collapse of the LUSD to zero. At the time of reporting, LUSD was trading at $0.97, showing a 2.52% increase from the previous day. Its trading volume surged by an astonishing 7760.74% to $1.78 million. However, amidst security concerns, the coin experienced an intraday low of $0.9.
To mitigate the damage, Linear Finance has taken several immediate actions, including pausing all protocol contracts enabling token minting, burning, or exchanging; disabling the Linear Bridge contract for LUSD; engaging a leading industry team to track down the attacker and bring them to justice; and sharing information about wallets involved in the exploit with major exchanges and authorities. The project’s team is actively investigating the situation and has cautioned users against buying or trading LUSD until the security is confirmed. Liquidations have been temporarily halted to safeguard user accounts during this challenging period.
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📣 Ant Group Shakes Up Crypto Landscape With $100 Million Withdrawal From Crypto Industry
According to Bloomberg, Ant Group, the parent company of the world’s largest mobile payment platform, Alipay, is reportedly preparing to withdraw its investment in cryptocurrency venture capital firm A&T Capital, a move that marks its departure from a $100 million investment in the digital asset sector. The decision to unwind this investment comes amidst an investigation into Jun’s workplace conduct, although it remains uncertain whether A&T Capital will continue to operate independently or seek new investors to sustain its operations. As of now, the company’s website displays a timed-out error message.
A&T Capital, founded in April 2021, had initially been a prominent player in the Chinese crypto investment landscape, with notable investments in companies like ConsenSys, the parent company of MetaMask. However, allegations of harassment against one of its partners added to the turbulence surrounding the firm. Meanwhile, Ant Group recently introduced its new sub-brand, ZAN, which is set to address challenges in the Web3 space. ZAN aims to facilitate the issuance and management of real-world assets (RWAs) while complying with local regulatory requirements. The sub-brand also includes technical products such as electronic Know Your Customer (KYC), Anti-Money Laundering, and Know Your Transaction checks, aligning with Ant Group’s commitment to innovation in the evolving digital landscape.
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🔥 Ethereum Network Burned 980K ETH Since Merge Upgrade
One year after its groundbreaking transition from the Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, Ethereum has witnessed a remarkable decline in energy consumption and enhanced network accessibility. However, persistent technical challenges continue to affect its journey ahead. the network has minted 681,049.69 Ether while burning 980,847.58 Ether, resulting in a net supply reduction of 299,797 Ether, equal to a 0.248% annualized decrease.
On September 15 of the previous year, Ethereum executed the pivotal Merge upgrade, shifting from PoW to PoS. This monumental transition substantially curtailed its overall energy usage. Currently, the Goerli testnet will be replaced by the new testnet, Holesky, which follows years of development for the developer community. It’s worth noting that Ethereum’s growth in value has been overshadowed by Bitcoin’s price surge in the first quarter of this year, with the leading cryptocurrency seemingly benefiting from traditional financial instability resulting from banking crises. The network, while making strides in sustainability and accessibility, faces ongoing hurdles as it navigates its path forward in the evolving cryptocurrency landscape.
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⬜️ OKX Forges Path To Enduring Sports Sponsorships Amid Difficult Crypto World
Crypto exchange OKX is setting its sights on long-term partnerships in the world of sports advertising, aiming to make a lasting impression, unlike some other crypto outfits. OKX, which also counts UEFA Champions League winners Manchester City among its partners, unveiled a new McLaren car design in Singapore ahead of the Grand Prix. The exchange allocates approximately $25-50 million annually for advertising, with a significant portion directed towards McLaren and Manchester City.
Despite these challenges, Kraken joins several other crypto brands that maintain active partnerships with Formula 1 teams, including McLaren’s deals with Tezos and OKX, Alpine’s partnership with Binance, Haas’s agreement with OpenSea, and Red Bull Racing’s reported $150 million deal with Bybit. Crypto.com also holds naming rights to F1’s Miami Grand Prix. Notably, Manchester City and OKX expanded their partnership, making OKX the club’s Official Sleeve Partner. Their logo will adorn the left sleeve of both the men’s and women’s first team kits, reaffirming their commitment to the world of sports advertising. The evolving landscape of crypto sponsorships in sports organizations, coupled with the shifting dynamics in the cryptocurrency industry, underscores the importance of forging lasting partnerships that benefit both parties involved.
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💰 FTX Holds $1.16B in SOL, $200M in Bahamas Real Estate, Court Filing Says
The estate of bankrupt FTX has marshalled around $7 billion in assets, including $1.16 billion in solana (SOL) tokens and $560 million in bitcoin (BTC), according to a Monday court filing. The presentation details billions in payments the company – previously one of the world's biggest crypto exchanges – made to senior executives including founder Sam Bankman-Fried, before it filed for bankruptcy in November.
The company collapsed after CoinDesk published revelations concerning the state of its balance sheet last year. New CEO John J. Ray III has berated financial controls at the company, while Bankman-Fried has pleaded not guilty to multiple fraud charges, with a trial due to start next month. The presentation also details $2.2 billion in cash, crypto, equity and real estate received by Bankman-Fried and other executives, including Nishad Singh, Zixiao “Gary” Wang and Caroline Ellison, in the months leading up to the bankruptcy. That may be significant because U.S. law allows such payments to be clawed back and added to the stock of assets that can be distributed to creditors.
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🇺🇸 DOJ Claims About Sam Bankman-Fried's Laptop Access Are 'Inaccurate', Defense Alleges
Prosecutors are exaggerating the amount of access FTX founder Sam Bankman-Fried really has to defense material, his attorneys said in a memo late Friday. Bankman-Fried continues to lack decent internet access when produced to a cell block at the Southern District of New York courthouse, and has not had anywhere near the amount of air-gapped computer access that the Department of Justice has said he would have, the letter signed by defense attorney Mark Cohen said.
Bankman-Fried's defense team has tried to have him temporarily released or given greater computer access to work on his defense, saying his Sixth Amendment rights were being violated. Prosecutors have maintained that he has had access to defense materials after his bail was revoked last month on public safety grounds. Earlier this week, the DOJ filed a letter saying Bankman-Fried now had access to multiple hard drives with defense material provided by the defense, an air-gapped laptop every day of the week and an internet-enabled laptop with a new battery provided by defense attorneys. Friday's letter detailed these issues, saying Bankman-Fried was only able to load a single document.
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🏦 Coinbase Revolutionizes New Crypto Lending Service For Institutions
Coinbase is making its move into the crypto lending space, targeting US institutional investors. The cryptocurrency exchange giant aims to fill the void left by the collapse of firms like BlockFi and Genesis Global, as reported by Bloomberg. According to a filing submitted to the SEC on September 1, Coinbase has applied for exemptions for this service through its subsidiary, Coinbase Credit, Inc., listing CFO Alesia Haas as a related individual. The service will offer institutions the option to lend digital assets to the exchange under standardized terms, qualifying for a Regulation D exemption.
Its plan is to primarily source crypto assets from its customers and then lend them to institutional trading clients. Already, customers using Coinbase Prime, the exchange’s full-service prime brokerage platform, have invested $57 million in the lending program. This move marks the exchange’s reentry into lending, following the suspension of its retail-focused Coinbase Borrow service in May. Unlike its previous retail lending program, this new initiative is aimed squarely at institutional clients, akin to the traditional prime brokerage services offered by banks. It’s worth noting that Coinbase has encountered regulatory challenges in the past, including a recent SEC charge related to its staking-as-a-service program. However, the exchange has also achieved regulatory milestones, such as securing approval to offer cryptocurrency futures to US retail customers.
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📊 Crypto funds hit $342 million outflow streak as bitcoin bucks trend
Crypto investment products at asset managers such as Grayscale, 21Shares, Bitwise and ProShares saw outflows of $11.2 million last week — adding to a multi-week streak totaling $342 million. Outflows cooled off considerably from the $168 million seen in the prior week, however — and, with bitcoin products bucking the trend, there is some hope that negative sentiment is on the turn, according to CoinShares Head of Research James Butterfill in the digital asset manager’s latest report.
This year has been marked by significant fluctuations in investor flows, primarily driven by the ever-present hopes and concerns surrounding digital asset regulations. Last week epitomized this sentiment, Butterfill said. The week started with high hopes for a spot bitcoin exchange-traded fund in the United States, Butterfill added, as optimism surrounding the prospect of approval rose after the United States appeals court overturned the Security and Exchange Commission's block on Grayscale's proposal on Tuesday. However, overall sentiment was knocked again as the SEC delayed seven spot bitcoin ETF applications from BlackRock, Fidelity, VanEck, WisdomTree, Invesco, Bitwise and Valkyrie until mid-October on Thursday.
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⬜️ Crypto exchange OKX plans to enter India, hire local staff: CoinDesk
Cryptocurrency exchange OKX is planning to enter India and hire local staff despite regulatory uncertainties, CoinDesk reported today. Haider Rafique, chief marketing officer of OKX, told the publication that it intends to expand its wallet services by tapping into the country’s developer community, adding that OKX currently has about 200,000 wallet users there. That’s about 5% of India’s web3 users, according to the report.
Rafique said that regulators are more concerned about venues that have fiat on-ramps, “which we do but we don't offer it in India,” adding that once India launches a crypto regulatory framework then “we would like to be the front runners.” While OKX seems optimistic about the outlook in India, regulatory uncertainty remains in the country. Authorities in the country imposed stiff taxes on crypto gains last year but has not explicitly declared cryptocurrency legal. In July, the Indian Supreme Court reportedly directed the Union government to record whether or not it intends to establish a federal agency to investigate crypto-related criminal cases, according to Hindustan Times.
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🪙 Ethereum Foundation Launched The Ethereum Execution Layer Specification (EELS)
The Ethereum Foundation has publicly introduced the Ethereum Execution Layer Specification (EELS) after more than a year of research to simplify developers with the Yellow Paper. EELS is a Python reference implementation of the core components of the Ethereum execution client focused on readability and clarity. Intended as a spiritual successor to Yellow Paper, more programmer-friendly and more up-to-date with post-merge branches.
EELS provides a complete snapshot of the protocol at each fork — including those coming soon — making it much easier to track than EIP (which only recommends changes) and production clients (usually combine multiple branches in the same code path.) The Ethereum Foundation wants EELS to be the default way to specify the Core EIP, the first place EIP authors go to their proposal prototype, and the best possible reference for how Ethereum works. EELS is designed to provide a complete snapshot of Ethereum at each fork. No more trying to read the Yellow Paper and apply the EIP on top of it. This will make things easier for Core Developers.
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🚨 Balancer confirms exploit after previous warning of a vulnerability
Decentralized exchange Balancer confirmed an exploit over the weekend, about a week after the team disclosed a critical vulnerability affecting some of its V2 pools. Despite mitigating some of the risks associated with the vulnerability and advising users to withdraw funds, Balancer indicated it was unable to pause the affected pools before the exploit occurred. “Balancer is aware of an exploit related to the vulnerability below (as reported on Aug. 22),” the team said on Sunday. “Mitigation procedures have drastically reduced risks, but we are unable to pause affected pools.”
An estimated 4% of the platform’s total funds remained at risk during the initial warning on Aug 22, according to a post on the Balancer governance forum. As of now, the official financial impact of the exploit is unclear. “Balancer is aware of an exploit related to the vulnerability below (as reported on Aug. 22),” the team said on Sunday. “Mitigation procedures have drastically reduced risks, but we are unable to pause affected pools.” However, Meir Dolev, founder and CTO of the analyst firm Cyvers, was the first to note that $900,000 in funds moved from Balancer pools, which may be attributed to the exploit. An address believed to belong to the hacker received $979,000 in DAI stablecoin across three transactions. The Balancer team did not immediately respond to a request for comment.
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🐸 Pepe memecoin drops 18% amid large on-chain transfers, team's multisig changes
The price of Pepe memecoin dropped after large amounts of tokens were deposited into crypto exchanges on Thursday by its developers, a move that may have spooked investors. Pepe is changing hands for around $0.00000088 as of 8 a.m. ET, down 18% in the past 24 hours, according to CoinGecko. On-chain analysts at Lookonchain noted that Pepe team's multi-signature (multisig) wallet moved over $15 million to centralized exchanges, potentially sparking a sell-off. The developers were said to have held 6% of the token's supply.
Reportedly, the signature threshold for the Pepe team's multisig wallet, used for transaction approval controls, was reduced at the same time. Multisigs are often used to enhance security by requiring multiple signatures from a specific team to approve a transaction. Pepe developers had previous used a multisig configuration that required the majority of five out of eight trusted parties (5 out of 8) to sign off on a transaction. But there was a sudden change in Pepe team’s wallet to a requirement of only 2 out of 8 signatures. The meme token had held steady at a market capitalization of around $500 million since mid-June. The market cap fell to $375 million today.
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⚪️ CRV’s Liquidation Price On Aave V2 Hits 0.241 USDT
Recent developments in the decentralized finance (DeFi) landscape reveal a significant shift in the liquidation dynamics of CRV on Aave V2. As reported by PANews on August 23, DefiLlama data highlights a noteworthy development in CRV loans within Aave V2, with a striking liquidation price of 0.241 USDT. This update has prompted keen interest and discussions within the crypto community. Aave V2’s CRV loans currently encompass a substantial 123 million CRVs, each associated with the aforementioned liquidation price.
Adding to this perspective, broader market data underscores the current market value of CRV, with the token quoting at 0.472 USDT. The disparity between the liquidation price and the market value underlines the potential implications for both lenders and borrowers engaging with CRV assets within the Aave V2 ecosystem. Aave V2’s CRV loans currently encompass a substantial 123 million CRVs, each associated with the aforementioned liquidation price. This configuration equates to a total value of approximately 30.3 million US dollars. This newly emerged liquidation threshold reflects the evolving market conditions and adds a layer of nuance to the CRV lending landscape within the DeFi realm.
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🏦 Coinbase takes stake in Circle, launching USDC on six new blockchains
Crypto exchange Coinbase said Monday that it is increasing its support for stablecoins by "taking an equity stake" in Circle. As part of an agreement announced in a joint blog post, Circle will take full control over USDC issuance and governance. The stablecoin will be launching on six new blockchains, the statement also said. USDC will launch on the new blockchains sometime between September and October, the companies said.
"Coinbase is committed to the long term success of the stablecoin ecosystem and USDC, specifically," they continued, adding that both companies will continue to generate revenue from USDC reserves interest income. "Under the parties’ new arrangement, this revenue will continue to be shared based on the amount of USDC held on each of our platforms, and additionally we will now equally share in interest income generated from the broader distribution and usage of USDC," they said. Earlier this month Coinbase reported it generated $151 million in USDC stablecoin interest income during the second quarter. That was down from $199 million in USDC interest income in the previous quarter.
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🇦🇪 Dubai to Subsidize Commercial Licenses for Web3 and AI Companies
The Dubai International Financial Centre (DIFC) announced the issuance of special commercial licenses for Web3 and artificial intelligence (AI) companies wanting to set up operations in the emirate. 90% of the cost of each license will be subsidized to help companies in their initial stages. The licenses offered will allow the companies to access physical offices and co-working spaces in the Innovation One building, according to a press release issued by the DIFC.
The UAE Ministry of Economy details that the DIFC has more than 25,000 professionals working at more than 2,000 active registered companies, as one of the biggest financial centers for the Middle East, South Asia, and Africa. With this move, the DIFC hopes to become a significant hub in the industry, advancing and supporting Dubai’s leadership in Web3 and AI technology. Only companies looking to develop activities in areas such as distributed ledger technology (DLT) services, specialized AI research & consultancies, IT infrastructure building, technology research and development, and public networking services will be able to take advantage of these license subsidies.
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