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Bitcoin surpassed $25,000 but failed to gain ground above the mark, Ethereum tests $2,000, Tornado Cash cryptocurrency mixer is on sanctions list OFAC and other events of the
Bitcoin surpassed $25,000 but failed to gain ground above the mark, Ethereum tests $2,000, Tornado Cash cryptocurrency mixer is on sanctions list OFAC and other events of the past week.
The first cryptocurrency closed the week below $25,000, but momentarily surpassed a significant level on August 14. In the last seven days, the asset has increased by 6.8%.
According to CoinGecko, Bitcoin is trading at $24,500 at the time of this writing. Digital gold has a capitalization of $469 billion.
All digital assets in the top 10 by capitalization closed the week in the green zone. Dogecoin (DOGE) and Ethereum (ETH) showed the best dynamics – their prices increased by 18.2% and 17%, respectively.
Galaxy Digital CEO Mike Novogratz has predicted that the bitcoin price will remain in the $20,000-30,000 range due to the lack of significant funding from institutional investors.
According to gold advocate Peter Schiff, the first cryptocurrency is likely to continue falling to $10,000 and lower than reaching new highs.
On August 13, Ethereum price surpassed $2,000 during the Goerli testnet’s transition to the Proof-of-Stake (PoS) consensus algorithm. According to the new announcement, The Merge will take place on September 15-16. The deadline depends on the hash rate of the second largest cryptocurrency by capitalization.
The timing details resurfaced active discussions about the fate of the miners. JPMorgan suggested that they would have to look for alternative sources of income and one of the main beneficiaries of the upgrade would be Ethereum Classic (ETC). CoinShares has described a possible PoW Ethereum fork as unviable due to the difficulty of migrating projects.
The ETC community really doubted the feasibility of a PoW version of Ethereum (ETHW). In the open letter, ETC Cooperative noted the complexity and cost of developing the fork, as well as its greater recognition by major players in the segment.
In response, ETHW supporters have announced their intention to cancel the toll burning mechanism introduced with EIP-1559. Later, they said that the fork was inevitable – the project gathered a team of developers and even managed to complete the first major updates as noted by the ETC Cooperative.
On August 8, OFAC added the Tornado Cash cryptocurrency mixer website to its list of sanctions, as well as 39 Ethereum and 6 USDC addresses associated with it. According to the agency, the platform has helped cybercriminals launder $7 billion since 2019. In total, $437 million in stablecoins, ETH and WBTC lie in blocked wallets.
The story took an unexpected turn. First, USDC stablecoin issuer Circle blocked wallet addresses and Tornado Cash assets were found on them. Then infrastructure companies Infura and Alchemy limited RPC requests to the service. All locks are done at the front-end level and you can use the mixer directly with a smart contract.
dYdX derivatives DEX exchange and Oasis platform also joined the list of platforms that blocked Tornado.
As a protest, an unknown Tornado Cash user started sending small amounts of ETH to the wallets of popular people in the US community. Among them were Coinbase CEO Brian Armstrong, host Jimmy Fallon, YouTuber Logan Paul and Randy Zuckerberg. During the active discussions, it became known that Vitalik Buterin also used the service for donations to Ukraine.
On August 12, an unnamed developer of Tornado Cash was detained in the Netherlands. We’re talking about Alexey Pertsev, according to The Block.
MakerDAO, behind decentralized stablecoin DAI, was curious about a possible collateral change from USDC to ETH amid fears of blocking funds.
On August 8, cryptocurrency lending platform Hodlnaut suspended withdrawals, swaps and token deposits due to liquidity crunch.
The company explained the situation according to the current market conditions. The project team is working with Singapore-based law firm Damodara Ong LLC to develop a recovery plan.
Since August 10, the Hotbit cryptocurrency exchange has also suspended trading, deposits and withdrawals for all customers. The timing of the resumption of operations is unknown.
The former Hotbit executive was involved in an unnamed project that was under investigation in 2021. As part of the proceedings, some of the exchange’s top executives were called to testify and some of the company’s assets were frozen.
Cryptocurrency derivatives platform CoinFLEX has applied for restructuring to the Seychelles Court.
The company informed customers about the process via email. In addition to raising $84 million to repay debt, CoinFLEX plans to seek approval from depositors and court for its bid to issue Recovery Value USD (rvUSD) tokens, shares, and locked FLEX coins.
A similar application was submitted by German crypto bank Nuri. More than 500 thousand customers used their service.
Coinbase’s second-quarter 2022 net loss was $1.1 billion, or $4.98 per share, double analysts’ expectations ($2.47). In the April-June period, net income fell to $803 million from $2.03 billion last year. This is due to the drop in digital asset prices and trading volumes on the platform from $462 billion to $217 billion.
The exchange confirmed this week that it has received inquiries from the U.S. Securities and Exchange Commission about the company’s operations, client programs, and the company’s current and future products.
On August 9, unknown persons compromised the front end of the Curve Finance DeFi protocol. As a result, users lost $573,000 worth of assets. The analysis showed that their server and provider infrastructures were not compromised. Root cause is still being sought.
On August 12, Binance CEO Changpeng Zhao reported that the attacker sent money to the platform, after which the team froze and returned $450,000.
Alexander Vinnik, extradited from Greece, appeared before an American court for the first time in San Francisco. Judging by the detainee’s profile on the Santa Rita prison website, he cannot be released on bail.
According to the indictment, Vinnik and his accomplices owned and operated the BTC-e cryptocurrency exchange, which deals with cybercrime and money laundering and allows users to trade bitcoin with a high level of anonymity. During his work, the transaction volume amounted to 4 billion dollars. The Russian faces about 50 years in prison.
The co-founder of Indian crypto exchange WazirX Nishal Shetty denied a series of statements from Binance chairman Changpeng Zhao regarding the platforms’ relationship.
“The technology, product, domain, brand and everything else was sold to Binance by our Singapore company, Zettai,” Shetty said, dismissing Zhao’s allegations of a pending settlement.
They talked about the “saviors” of the crypto industry in the conditions of the bearish cycle, acting on their own self-interest and funding companies that are only profitable for them.
We set expectations for the new EIP-4626 standard, designed to turn the next page in the development of DeFi 2.0.
He talked about tutorial flashcards, bull trap, Elrond blockchain platform, on-chain analytics, Optimism L2 solution, and bitcoin code improvement proposal (BIP).
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The decentralized financial sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
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.
