Crypto Weekly Roundup: Binance Buys CRV, Fed Against PayPal, And

The $5 million investment from Binance Labs in the CRV token is part of a strategic deal under which Curve will explore deployment to the BNB Chain. Let’s find out more. 

Ethereum

Less than a day after PayPal’s huge announcement, Ethereum became flooded by imposter tokens trying to ride the hype.

DeFi

The Curve protocol is trying to track down the lost funds and the hacker by offering a $1.85 million reward to anyone identifying the exploiter. 

Binance Labs, the venture capital and incubation division of Binance, has plunged $5 million into the Curve DAO Token (CRV), cementing its stance in the DeFi realm. 

The MakerDAO founder, Rune Christensen, announced an airdrop for the Spark Protocol’s native SPK token. 

The Aave community has started voting on three crucial proposals that could help significantly reduce the protocol’s exposure to Curve Finance’s CRV token. 

Cardano-based DEX, MuesliSwap, has taken the decision to refund users who faced unintended losses due to slippage mechanics on the platform.

Solana-based DEX, Cypher Protocol, disclosed on August 7th that a significant security breach occurred on their platform.

Altcoins

Yield Guild Games surged nearly 600% in less than a week, smashing through the top gainers’ charts before abruptly crashing. 

Business

Asian crypto exchange, Huobi, is doing its best to dispel the arrest and financial stability rumors that have led to a flight of funds.

As Bitcoin breaks higher, rating agency Moody’s downgraded 10 US banks on Monday, with negative rating actions on many more. 

In a groundbreaking move, video game commerce giant Xsolla has teamed up with cryptocurrency platform, Crypto.com. 

OPNX, the newly launched crypto exchange by founders of the now-defunct Three Arrows Capital (3AC), has reportedly launched a bid to take over struggling crypto lender Hodlnaut.

Binance has published its August 2023 reserve report, showcasing a reserve ratio well over 100% for all of its major cryptocurrency holdings.

Regulation

South Korean authorities have arrested the CEO of the Bitsonic crypto exchange, Jinwook Shin, for allegedly stealing $7.5 million dollars of user funds. 

The Federal Reserve has issued a new announcement obliging banks to jump through extremely exacting requirements in order to do business with crypto entities.

Crypto exchange Bittrex has agreed to a $24 million settlement with the SEC, bringing to close allegations of offering unregistered securities to American investors.

The French financial regulator announced amendments to its registration requirements for digital asset service providers as it prepares for MiCA’s implementation.

Hong Kong’s Securities and Futures Commission (SFC) issued a warning addressing investors against crypto platforms “engaging in improper practices.”

Bitstamp announced that it would suspend trading for several cryptocurrencies identified as securities by the SEC in cases against Binance and Coinbase. 

Binance announced that it had become the first fully licensed cryptocurrency trading platform in the country of El Salvador. 

Stakeholders of blockchain-based trading protocol Mango Markets are grappling with financial challenges as the platform faces mounting legal expenses in the aftermath of its exploit. 

Blockchain.com has secured a payments license from Singapore’s regulatory body, the Monetary Authority of Singapore (MAS).

Prominent crypto analyst and investor Adam Cochran has called into question the solvency of Huobi, the 12th largest cryptocurrency exchange globally by spot trading volume.

Web3

India has challenged its residents to develop an indigenous web browser with the feature of signing documents digitally through crypto tokens.

The waitlist for the integration of a self-custody wallet, TON Space, within Telegram Messenger, is now available for developers.

The new collaboration between Microsoft and Aptos Labs will use the best of AI and blockchain technologies to drive Web3 to the masses.

Prominent stablecoin issuer Circle announces the launch of its Web3 Programmable Wallets public beta version for developers on three blockchains.

Security

Venture capital firm Blockchain Capital fell victim to a sophisticated phishing scam after its social media account on X, previously known as Twitter, was hijacked.

DeFi stalwart, MakerDAO, is facing heightened scrutiny after the introduction of its new platform, Spark Protocol.

Steadefi has become the latest DeFi entity to be hit with an exploit, with the company stating in a tweet on X that all the funds it currently holds are at risk of becoming irrecoverable. 

Alchemix, a lending platform, has reported that all the funds stolen by the Curve Finance hacker from Alchemix’s alETH-ETH pool have been returned. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.