Bitcoin closed the week at $23,000, hackers hacked nearly 8,000 Solana-based wallets, Michael Saylor will step down from his post as MicroStrategy CEO and other events of the week ahead.
Bitcoin closed the week at $23,000
The first cryptocurrency is closing the week at $23,200, losing 1.7% over this period. The asset’s capitalization was $444 billion.
The second-largest cryptocurrency by capitalization is trading above $1,700. Ethereum’s capitalization – $206 billion.
Most of the top 10 digital assets by capitalization closed the week in the green zone. BNB showed the best dynamics – its price increased by almost 13%. Solana and XRP lost 6.9% and 3.1% respectively.
Analysts at Arcane Research predict that Bitcoin will rise to $27,000 if the asset holds the $20,700 level. According to their predictions, a series of rising local lows have been forming since July.
Asset manager Ark Invest believes that if it manages to gain ground above the 200-week moving average, the prices of the first cryptocurrency could rise 240% from current levels.
Hackers hacked nearly 8,000 Solana-based wallets and pulled millions of dollars
Unknowns stole millions of dollars by accessing funds of ~8000 Solana-based wallet holders. The attack affected Trust Wallet, Phantom and Slope wallets. Analysts differed in their assessment of losses ($5 to $8 million).
A study by Solana developers and analytics firms revealed that the Slope wallet is not secure enough to be hacked. The project stored user seed statements in unencrypted form on a central server. Users were encouraged to transfer assets to third-party wallets.
Days later, the developers of the NEAR protocol called for a password update for NEAR Wallet users, citing a similar vulnerability that was fixed in June.
SEC accuses Forsage creators of promoting a $300 million crypto pyramid
The U.S. Securities and Exchange Commission has accused eleven people of creating and promoting the Forsage cryptocurrency pyramid, which has raised more than $300 million from investors from around the world.
The defendants include four Forsage founders living in Russia, Georgia and Indonesia, as well as several US citizens who supported the network scam scheme.
Hackers pulled nearly $200M from Nomad cross-chain protocol
On August 2, the Nomad cross-chain protocol suffered a hacker attack, as a result of which the attackers withdrew nearly $200 million worth of crypto assets. Its nature allowed anyone to copy the hacker’s transaction and change their address to receive money. have. Thus, both ordinary users and “white hat hackers” removed the cryptocurrency from the protocol.
By August 5, users had returned $22 million (11% of stolen assets) to the Nomad storage address published after the attack. More than 50% of funds remain dormant in hackers’ wallets – they were offered a reward for returning stolen assets.
Chainalysis estimates $2 billion in damage from attacks by cross-chain protocols since the start of the year.
Michael Saylor to step down as CEO of MicroStrategy
MicroStrategy has announced a leadership change with Michael Saylor as Chief Executive and Fong Le as CEO.
Sailor will also remain as chairman of the board. As chief executive, she will reportedly focus on “innovation and long-term corporate strategy,” which includes buying and holding bitcoin.
What to discuss with friends?
- Bloomberg: North Koreans plagiarize LinkedIn resumes to earn Bitcoin.
- Lawyers Kim Kardashian demanded the dismissal of the lawsuit regarding the EthereumMax advertisement.
- Binance was sued after Elon Musk refused to buy Twitter.
- Suspected of laundering $4 billion via BTC-e exchange, Alexander Vinnik was taken to the US immediately after extradition to Greece.
Binance disclosed financial losses due to initiation of KYC procedures and subsequently denied information
Cryptocurrency exchange Binance has lost “about 90% of its customers and billions of dollars in revenue” due to the introduction of KYC verification. This was stated in an interview with CoinDesk by representatives of the exchange compliance team.
After the publication of his interview with Platform CEO Changpeng Zhao, he said that the information was not correct.
Binance also announced this week that co-founder Hye Yi will lead the venture arm of the exchange. Second, it manages $7.5 billion in assets.
NFT News
- Tiffany will sell 250 CryptoPunks NFT Jewelry.
- Muse will release the new album in immutable token format.
- Operator Socios has invested $100 million in Barcelona’s metaverse.
- Meta has expanded its NFT integration pilot to Instagram in 100 countries.
What about troubled companies?
Vaul provided temporary protection from creditors. The Singapore Supreme Court has placed a moratorium on the crypto lending platform until 7 November 2022 instead of the six months requested.
The U.S. Bankruptcy Court approved Voyager Digital’s proposal to freeze the $270 million crypto broker’s deposits at Metropolitan Commercial Bank, and the company reported that it had received 88 business buyout offers. Negotiations continue with 22 interested investors. At the same time, the previously put forward offer of the FTX exchange is the “worst”.
Robinhood’s Cryptocurrency Division Fines $30M, Cuts Staff, Revolut Expands
The New York State Department of Financial Services has fined Robinhood’s cryptocurrency division $30 million for violating AML regulations and cybersecurity policies. The company also announced a 23% reduction in headcount.
At the same time, fintech company Revolut announced its intention to expand the staff of its cryptocurrency division by 20%.
Poloniex to Support Potential Ethereum Forks
Cryptocurrency exchange Poloniex will support a potential Ethereum fork in its Proof-of-Work (PoW) algorithm after the mainnet merger with Beacon Chain, scheduled for September 2022.
At the same time, Frax Finance, which issues the FRAX algorithmic stablecoin, proposed abandoning the PoW-based Ethereum forks and moving assets in DAO-managed ETH to the PoS version of Ethereum.
What else to read?
During The Merge update and subsequent migration of miners, we understood the prospects for the price of Ethereum Classic (ETC) to increase after Ethereum’s transition to the Proof-of-Stake consensus algorithm.
He talked about training cards, market makers, short squeeze, Bitfinex exchange, Tornado Cash transaction mixing service, and reasons for OpenSea’s leadership among NFT marketplaces.
Also this week we published a traditional report on the dynamics of crypto industry key indicators and a special project on nodes in July. Second, it explained how cryptocurrency hosting providers work and how to run your own Ethereum 2.0 validator node.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure and the growing interest of companies in bitcoin as an asset class. The most important events of the last weeks are in the ForkLog review.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.