Tag: crypto news

Categories
Market News Top Crypto News

Australia to “Token Map” its Crypto Industry – Top Crypto Updates

Australian to “token map” its crypto industry

The Australian govt. announces plans to “token map” the country’s digital asset sector as an initial step in creating new regulation for cryptos. It would become the first country to catalog the number, type, and underlying code of available cryptos as part of a wider effort to protect investors. More than one million Australians have interacted with cryptos since 2018, according to the Australian tax office.

Crypto prices today: Bitcoin, ETH up 1%

Bitcoin is currently trading at $21,340.3, an increase of 1% over the previous day. Ethereum is up 1.1% over the last 24 hours to $1,585.29. Solana rose 2% to $35.65, while Cardano is trading higher by 0.4% at $0.452. Polygon (MATIC) is up 1.6% to $0.796. The global crypto market cap stands at $1.01 trillion, a 0.74% increase over the previous day.

FDIC hits FTX with cease-and-desist over false statements

The Federal Deposit Insurance Corporation (FDIC) has issued cease-and-desist letters to five crypto companies, including FTX US, for making “false representations” that their products were FDIC-insured. The firms have 15 days to remove the “false and misleading statements” from their websites and social media accounts. They also have to send written confirmation to the FDIC.

Creditors object to bankrupt Voyager paying out bonuses

Creditors of bankrupt crypto lender Voyager Digital Holdings are objecting to the company’s request for funds to payout staff bonuses. They said the employees are already “well-compensated.” The creditors’ objection came after Voyager submitted a motion on Aug. 2 to ask a judge to approve an employee retention plan that cost up to $1.9 million.

SEC Chair calls crypto firms to comply with securities law

In a weekend op-ed to The Wall Street Journal, SEC Chairman Gary Gensler renewed his call for crypto firms to “comply with securities law.” He highlighted crypto lending platforms’ freezing of accounts and recent bankruptcies that have left investors beholden to legal proceedings. “There’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology,” he wrote.

Categories
Market News Top Crypto News

Gnosis Safe to Airdrop 50 Million ETH Tokens to Wallets – Top Crypto Updates

Gnosis safe to airdrop 50 million ETH tokens to wallets

Gnosis Safe has announced plans to airdrop 50 million SAFE tokens to thousands of Safe wallets to ensure the successful launch of its decentralised autonomous organization (DAO). The firm uses smart contracts to support its multi-signature wallet, which requires more than one person’s signature to execute transactions. Gnosis Safe allows users to securely store Ethereum, ERC20 tokens and interact with decentralised applications.

Crypto prices today: Bitcoin falls 6%, ETH down 5%

Cryptocurrencies have fallen sharply, with sudden selling dragging Bitcoin to a three-week low.

Bitcoin is currently trading at $21,953.99, a decline of 6.2% over the previous day. Ethereum fell 5.25% over the last 24 hours to $1,748.29. Solana crashed 10.15% to $36.23, while Cardano is trading lower by 11.8% at $0.475. Avalanche (AVAX) is down 13.5% to $22.32. The global crypto market cap stands at $1.05 trillion, a 6.25% decline over the previous day.

Huobi Bitcoin Exchange’s HUSD stablecoin loses Dollar peg

HUSD has become the latest stablecoin to lose its peg with the U.S. dollar, crashing more than 14.7% on Thursday. Issued by Hong Kong-based Stable Universal, HUSD is an ERC-20 token on the Ethereum blockchain. It is marketed as a “safe and secure stablecoin” that combines the stability of the U.S. dollar with the efficiency of blockchain technology.

Gemini to offer staking support for investors

Crypto exchange Gemini will offer support for clients throughout the U.S., Singapore, and Hong Kong to earn and store staking rewards in their Gemini accounts. The company will support staking MATIC on the Polygon network and will roll out support for Ethereum, AUDIO, Solana (SOL), and Polkadot (DOT) over the next few months.

Ripple unveils crypto on-demand liquidity service in Brazil

Ripple has introduced its crypto on-demand liquidity (ODL) service in Brazil in partnership with Travelex Bank. The company’s ODL uses XRP to accelerate the transfer and exchange of fiat currencies between countries. Travelex will use ODL for payments between Brazil and Mexico for now.

Categories
Market News Top Crypto News

Crypto Markets Fall on Release of Fed Minutes – Top Crypto Updates

Crypto markets dip on release of Fed minutes

Crypto markets fell after the U.S. Federal Reserve released minutes from its July 27 meeting in which the agency said it will continue to hike interest rates in order to manage inflation. The minutes stated that inflation was still too high, despite the labor market being strong and unemployment low—and there was no evidence it would subside just yet. Inflation in the U.S. is currently at a four-decade high. 

Crypto prices today: Bitcoin falls 3.8%, ETH down 5%

Bitcoin is currently trading at $23,395.64, a decline of 3.8% over the previous day. Ethereum fell 4.9% over the last 24 hours to $1,842.99. Solana fell 7.45% to $40.88, while Cardano is trading lower by 5.12% at $0.538. Avalanche (AVAX) has fallen by 6.82% to $25.85. The global crypto market cap stands at $1.12 trillion, a 4.08% decline over the previous day.

Coinbase has a serious insider trading problem: Report

Three finance researchers at the University of Technology in Sydney claim that insider trading is “systemic” in the crypto industry. They have estimated that such activity has taken place on up to 25% of Coinbase listings in the last four years, resulting in at least $1.5 million in ill-gotten profits. “Our findings identify cases that are yet to be prosecuted,” they wrote.

Coinfund launches $300M Web3 fund to bet on next ‘industrial revolution’

Crypto-focused investment firm Coinfund is launching a massive $300 million venture capital fund for Web3 founders looking to finance their crypto projects. The fund will prioritize a “founders first” philosophy when identifying Web3 projects that already have early traction in the market and aim to shape the next blockchain-based version of the internet.

Crypto scam revenue falls 65% amid market downturn: Report

As per Chainalysis 2022 Crypto Crime Report, revenue from crypto scams fell 65% year-on-year (YoY) to $1.6 billion so far this year as crypto prices declined. The total number of individual transfers to scams was at its lowest level in four years. The fall in asset prices made fraud schemes less alluring. Also, there are fewer inexperienced people in the market now than when prices were increasing.

Categories
Market News Top Crypto News

SEC Sues Dragonchain for $16.5M Dragon Token ICO – Top Crypto Updates

SEC sues Dragonchain for $16.5M Dragon Token ICO

The U.S. Securities & Exchange Commission (SEC) has announced charges against the chief architect of Dragonchain, John Joseph Roets, for allegedly raising $16.5 million in unregistered crypto asset securities offerings. Roets and Dragonchain conducted an unregistered offering of Dragon tokens (DRGN) through a discounted “presale” to members of a crypto investment club and through an initial coin offering (ICO) in October and November.

Crypto prices today: Bitcoin falls 0.4%, ETH down 0.85%

Bitcoin is currently trading at $23,933.4, a decline of 0.4% over the previous day. Ethereum fell 0.85% over the last 24 hours to $1,898.48. Solana rose 0.1% to $43.29, while Cardano is trading higher by 1.35% at $0.561. Avalanche (AVAX) fell 1.54% to $27.34. The global crypto market cap stands at $1.16 trillion, a 1.21% increase over the previous day.

Crypto crime falls 15% along with bear market: Report

Illicit activity involving crypto has declined by 15% in volume so far this year, reported blockchain intelligence firm Chainalysis. “If we dig into specific forms of crypto-based crime, we find that some have actually increased in 2022, while others have declined more than the market overall,” said the report. The total scam revenue for 2022 is 65% lower than it was through the end of July 2021 and currently sits at $1.6 billion.

Crypto.com registers with UK financial regulator

Digital asset exchange Crypto.com has registered with the United Kingdom’s Financial Conduct Authority (FCA). The Singapore-based firm is now authorized to conduct “certain crypto asset activities” in the UK. Since 2016, Crypto.com has competed with other exchanges, including FTX and Binance, to cement its presence in international markets. 

Jump Crypto to revamp core part of Solana’s infra

Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced plans to develop a new open source validator client for the Solana network to boost throughput and reliability. The firm will lead the development of a new open-source validator client called Firedancer. They will also bring their experience in building networks to Solana as it scales to potentially larger audiences in the years to come.

Categories
Market News Top Crypto News

U.S Fed To Release New Guidelines for Crypto Banks – Top Crypto Updates

Federal Reserve releases new guidelines for crypto banks

The U.S. Federal Reserve is publishing its final guidance for new financial institutions (like crypto banks) to access its “master accounts,” which are required to participate in the global payment system. The guidelines are set to ensure that any new requests for access to Federal Reserve accounts and payment services would be reviewed in a “transparent, risk-based, and consistent set of factors.”

Crypto banks Custodia and Kraken applied for master account access in 2021, shortly before the Fed published its initial proposal.

Crypto prices today: Bitcoin, ETH falls 2%

Bitcoin is currently trading at $23,991.4, a decline of 1.8% over the previous day. Ethereum fell 2.3% over the last 24 hours to $1,877.6. Solana fell 3.24% to $43.21, while Cardano is trading lower by 0.9% at $0.552. Avalanche (AVAX) fell 1.26% to $27.61. The global crypto market cap stands at $1.14 trillion, a 0.93% decline over the previous day.

Eqonex shuts down crypto exchange due to low volume

Blockchain services company Eqonex Ltd (EQOS) announced it will shut down its crypto exchange operations due to declining trading volumes, intense market competition, and low margins. Customers will get one week to close their derivatives trading positions, after which all trading on the platform will cease. Users will also be given time until September 14 to withdraw their crypto assets to an external wallet.

Revolut gets approval to offer crypto services across Europe

The Cyprus Securities & Exchange Commission (CYSEC) has granted authorisation to digital bank Revolut to offer crypto services across the European Economic Area (EEA). The EEA includes 27 countries in the European Union, plus Iceland, Liechtenstein and Norway. Revolut will now be able to offer crypto services to 17 million customers in the EEA out of a new crypto-asset hub in Cyprus. 

Crypto lender Hodlnaut applies for creditor protection in Singapore

Crypto lending platform Hodlnaut has filed an application with the Singapore High Court for creditor protection. The firm filed the application on Aug. 13, five days after it froze withdrawals. It will temporarily safeguard the lender from any legal claims. Hodlnaut is the latest in a long line of crypto companies that have been severely impacted by the recent market downturn.

Categories
Market News Top Crypto News

BlackRock Launches Spot Bitcoin Private Trust – Top Crypto Updates

BlackRock launches Spot Bitcoin Private Trust

BlackRock has launched a Spot Bitcoin Private Trust to offer its U.S.-based institutional clients direct exposure to the most popular cryptocurrency. The company said it is seeing “substantial interest” from some of its institutional clients in accessing crypto markets through its technology. The asset manager is also exploring permissioned blockchains, stablecoins, crypto-assets, and tokenization.

Crypto prices today: Bitcoin falls 2%, ETH up 0.2%

Bitcoin is currently trading at $23,970.84, a decline of 2.16% over the previous day. Ethereum rose 0.2% over the last 24 hours to $1,891.01. Solana fell 2.43% to $43.36, while Cardano is trading lower by 0.5% at $0.534. Avalanche (AVAX) fell 2.23% to $28.9. The global crypto market cap stands at $1.15 trillion, a 0.99% decline over the previous day.

Creditors move to block Celsius from selling mined Bitcoin

Celsius Network’s unsecured creditors have been pressing the company on potential misconduct by the company and its insiders. During a hearing in the bankruptcy proceeding on August 12, the committee moved to block Celsius’s attempts to sell some of its mined cryptos. On Monday, the committee of unsecured creditors filed a statement calling out “empty and false promises” Celsius’ CEO Alex Mashinsky made days before the company froze customer assets.

ED freezes Vauld’s assets worth Rs 390 crore

The Enforcement Directorate (ED) froze assets worth Rs 370 crore of crypto exchange Vauld. The company is going through a financial strain as it halted all withdrawals and deposits on its platform last month. This development comes days after ED froze nearly Rs 65 crores worth of bank assets belonging to WazirX‘s director Sameer Mhatre in connection with a money laundering investigation.

In other news, Bitbns’ withdrawals in Indian Rupees have been delayed as law enforcement officers have blocked its bank account.

CoinSwitch to fund Web 3.0 startups

Crypto exchange CoinSwitch has introduced a Web3 Discovery Fund with an initial capital of $10 million to back early-stage startups. The fund will curate portfolio startups and provide single-window access to marquee investor partners, including Tiger Global, Ribbit Capital, Coinbase Ventures, and Sequoia Capital India.

[Web 3.0 is the upcoming third generation of the internet. Websites and apps will be able to process data through machine learning (ML), Big Data, decentralized ledger technology (DLT), etc.

Categories
Market News Top Crypto News

ED Probing Crypto Exchanges for Alleged Laundering – Top Crypto Updates

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration/file photo

ED probing crypto exchanges for alleged laundering of over Rs 1,000 crore

The Enforcement Directorate (ED) is probing at least ten crypto exchanges for allegedly laundering more than Rs 1,000 crore as crime proceeds of the accused companies in an instant loan app case. Several loan apps had reportedly approached these exchanges to buy crypto worth Rs 100 crore and send them to international wallets. The crypto exchanges did not conduct any due diligence and also failed to raise suspicious transaction reports.

Crypto prices today: Bitcoin up 7%, ETH jumps 12%

Bitcoin is currently trading at $24,550.8, an increase of 7% over the previous day. Ethereum jumped 12.4% over the last 24 hours to $1,888.64. Solana rose 13.6% to $44.9, while Cardano is trading higher by 6.5% at $0.544. Avalanche (AVAX) rose 9.2% to $29.88. The global crypto market cap stands at $1.16 trillion, a 7.14% increase over the previous day.

CoinFLEX plans $84M restructuring in Seychelles

As per a Bloomberg report, crypto derivatives exchange CoinFLEX is seeking a quick resolution to its latest legal troubles as it files for restructuring in a Seychelles court. It intends to raise $84 million to pay off its debt. CoinFlex is seeking approval from depositors and the court on its proposed plan to issue depositors with rvUSD tokens, equity, and a locked version of its native token FLEX coin.

Ripple to consider buying bankrupt Celsius’ assets: Report

According to a Reuters report, Ripple Labs may be interested in purchasing assets of the insolvent crypto lending company Celsius. CEL, the native utility token of Celsius’ platform, jumped 23% on Wednesday following the news. In June, Celsius froze its users’ assets due to “extreme market conditions”. It quickly paid off its outstanding debts on various DeFi loans, reclaimed its collateral, and filed for bankruptcy a month later. 

Ethereum’s final testnet merge goes live

The final test environment network (testnet) merge before the Ethereum blockchain makes its move from proof-of-work to proof-of-stake has been completed successfully. Goerli was the last of three public testnets to run through a “dress rehearsal” of the merge. The mainnet merge is expected to occur towards the end of September.

Proof of Work is a competition between miners to solve cryptographic algorithms or equations and validate the transactions to earn blockchain rewards. Meanwhile, Proof of Stake implements randomly chosen validators to make sure transactions are reliable, compensating them in return with crypto.

Categories
Market News Top Crypto News

DeFi Exchange Curve Finance Gets Hacked – Top Crypto Updates

DeFi exchange Curve suffers frontend hack

Decentralized trading platform Curve Finance confirmed reports that its website had suffered a frontend attack on Tuesday. Hackers compromised a Curve website or domain name to redirect users or their transactions to a malicious destination. According to blockchain detective Zachxbt, hackers stole $570,000 in ETH and sent it to the FixedFloat crypto exchange to launder the money.

Crypto prices today: Bitcoin falls 3.7%, ETH down 5.4%

Bitcoin is currently trading at $22,043.15, a decline of 3.24% over the previous day. Ethereum fell 5.4% over the last 24 hours to $1,680,34. Solana fell 6.8% to $39.51, while Cardano is trading lower by 4.3% at $0.510. Avalanche (AVAX) declined by 4.1% to $27.33. The global crypto market cap stands at $1.08 trillion, a 3.74% decline over the previous day.

WazirX is an intermediary whose platform was misused: Zanmai Labs

Zanmai Labs (WazirX’s parent company) issued a statement saying that all its users are KYC compliant and WazirX acts like an intermediary whose platform was misused. The firm said it has no affiliation with users who are the subject of an Enforcement Directorate’s (ED) investigation for transactions they carried out on the exchange. The statement comes after Binance removed its off-chain fund transfer channel with Wazirx.

Last week, ED conducted searches on one of the directors of Zanmai Labs and issued a freezing order on its bank accounts. The exchange has been accused of helping 16 fintech companies to divert their alleged proceeds of crime using crypto.

Coinbase posts loss in Q2 as trading volumes fall

Coinbase Global Inc. reported a larger-than-expected quarterly loss for the April-June period (Q2 CY22) as trading volumes fell drastically. Volumes at the crypto exchange fell more than 60% YoY to $217 billion in Q2, with retail participation sinking 68% and institutional trading falling 46%. Coinbase expects trading volumes in the third quarter to be even below that of Q2.

Mercado Libre to expand crypto trading across Latin America

E-commerce firm Mercado Libre plans to expand its crypto trading feature across the region after a successful start in Brazil. In December 2021, users of Mercado Pago (Mercado Libre’s digital wallet) were allowed to buy and sell Bitcoin, Ether, and stablecoin Pax dollar (USDP) in Brazil after integration with the Paxos blockchain infrastructure.

Categories
Market News Top Crypto News

CFTC May Become Primary Regulator of Crypto Markets – Top Crypto Updates

CFTC may become primary regulator of crypto spot markets

Three different bills have been introduced in the U.S. to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets. It will lead to more safeguards for consumers, market integrity, and innovation in the digital commodities space. The bill would allow the CFTC to regulate all crypto assets that are not classified as securities by the Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin, ETH up 3%

Bitcoin is currently trading at $23,754.8, an increase of 3.24% over the previous day. Ethereum rose 3% over the last 24 hours to $1,734.6. Solana rose 6.6% to $42.6, while Cardano is trading higher by 5.1% at $0.542. Avalanche (AVAX) jumped 9.85% to $28.57. The global crypto market cap stands at $1.12 trillion, a 2.91% increase over the previous day.

Crypto, rupee withdrawals being processed normally: WazirX after ED raids

Crypto exchange WazirX said crypto and rupee withdrawals are being processed normally after the Enforcement Directorate (ED) raided one of its directors and froze bank balances to the tune of Rs 64.67 crore. ED conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which owns WazirX. It has issued the freezing order of Wazirx’s bank balances as part of an ongoing money laundering probe against some fraudulent smartphone-based loan apps backed by Chinese funds.

North Korean hackers behind attempted deBridge Finance attack: Co-Founder

Alex Smirnov, the co-founder of deBridge Finance, reported that his company was the target of an attempted cyberattack by the North Korean Lazarus Group. deBridge provides a cross-chain interoperability and liquidity protocol for transferring data and assets between blockchains. The attack came via a spoofed email received by several deBridge team members that contained a PDF file named “New Salary Adjustments”.

Zipmex to start releasing Bitcoin, Ether for customers

Crypto exchange Zipmex will release Ethereum and Bitcoin tokens this week, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product. In July, Zipmex halted withdrawals from Z Wallet, which it said had $53 million worth of cryptocurrencies exposed to Babel Finance and Celsius.

Categories
Market News Top Crypto News

BlackRock Partners With Coinbase in Crypto Market Expansion – Top Crypto Updates

BlackRock partners with Coinbase in crypto market expansion

The world’s largest asset manager, BlackRock Inc., is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin. Top BlackRock clients will be able to use its “Aladdin” investment-management system to oversee their exposure to Bitcoin, stocks, and bonds. The system will also facilitate financing and trading on Coinbase’s exchange.

Crypto prices today: Bitcoin up 1%, ETH rises 1.9%

Bitcoin is currently trading at $23,220.65, an increase of 0.98% over the previous day. Ethereum rose 1.87% over the last 24 hours to $1,661.93. Solana rose 2.97% to $40.1, while Cardano is trading higher by 1.7% at $0.510. Polygon (MATIC) rose 3.1% to $0.924. The global crypto market cap stands at $1.09 trillion, a 1.78% increase over the previous day.

Binance, Mastercard launch Bitcoin Rewards Card in Argentina

Binance and Mastercard have launched a prepaid rewards card in Argentina to help citizens spend crypto on everyday goods. The card will let users buy things and pay bills with Bitcoin and other cryptos. It will convert the crypto users hold on the Binance app into fiat currency (US dollars or Argentine pesos) in real-time at the point of sale.

Instagram adds Flow blockchain NFTs; FLOW token jumps 44%

Meta’s Instagram has added support for Flow-based NFTs as it expands its NFT initiative into more than 100 total countries. FLOW’s price has surged as a result, up about 44% over the past 24 hours. Instagram’s expanding integration lets collectors showcase their verified Flow NFTs on their accounts in Meta’s photo-sharing service. 

Halliday raises $6M for ‘Buy Now, Pay Later’ Ethereum NFTs

Web3 startup Halliday has raised $6 million in a new seed round led by Andreesen Horowitz (a16z) to change how gamers buy and use digital assets in virtual worlds. The platform gives gamers a “play now, pay later” option. It aims to make in-game purchases and proof of ownership for NFTs more affordable and convenient for gamers.

Categories
Market News Top Crypto News

Solana Hack Blamed on Slope Mobile Wallet Exploit – Top Crypto Updates

Solana hack blamed on Slope mobile wallet exploit

Thousands of Solana users have collectively lost more than $5 million worth of SOL and other tokens from their wallets since Tuesday night. The large-scale wallet hack is believed to be tied to the Slope mobile wallet app. Solana’s developers believe that private key details for affected wallets were transferred to a third party.

The latest hack has been on ‘hot wallets’ that are connected to the internet, including Phantom, Slope, and TrustWallet.

Crypto prices today: Bitcoin falls 0.17%, ETH down 0.25%

Bitcoin is currently trading at $22,911.36, a decline of 0.17% over the previous day. Ethereum fell 0.25% over the last 24 hours to $1,630.17. Solana rose 1.5% to $39.18, while Cardano is trading lower by 0.1% at $0.504. Polkadot (DOT) rose 1.4% to $8.13. The global crypto market cap stands at $1.07 trillion, a 0.42% increase over the previous day.

Starbucks teases Web3 updates to its rewards program

At next month’s Investor Day event, Starbucks will unveil its Web3 initiative, including coffee-themed NFTs. Earlier this year, the company had announced plans to enter the Web3 space, noting its NFTs will provide their owners with access to exclusive content and other perks. The new digital initiative will also allow Starbucks to build on its current rewards engagement model.

Senate Bill would give CFTC ‘exclusive oversight’ of Bitcoin, Ethereum

A bill introduced by a Senate committee would grant the U.S. Commodities Futures Trading Commission (CFTC) “exclusive oversight” over “digital commodities.” It outlines definitions for the new category of commodities, including Bitcoin and Ethereum. The legislation also mandates brokers, custodians, dealers, and trading facilities that deal in digital commodities register with the CFTC or face penalties.

EU securities watchdog to arm itself with crypto data

The European Securities & Markets Authority (ESMA) has begun preparations for increased scrutiny of crypto transactions. The regulator put out a public procurement request to suppliers of trading data on crypto transactions. They will use transaction data to spot abuses in markets, find out who is on each side of a transaction, and look for risky build ups of positions that could undermine orderly markets.

Categories
Market News Top Crypto News

ED Probing WazirX For Money Laundering – Top Crypto Updates

ED probing WazirX for money laundering of Rs 2,790 crore

Minister of State for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) is probing alleged money laundering of Rs 2,790 crore through crypto exchange WazirX. An investigation has revealed that Wazirx, operated by Zanmai Labs Pvt Ltd, has been using the walled infrastructure of Cayman Island-based exchange BINANCE. All crypto transactions between these two exchanges were not recorded on the blockchain.

Crypto prices today: Bitcoin up 0.9%, ETH rises 3.5%

Bitcoin is currently trading at $23,040.86, an increase of 0.92% over the previous day. Ethereum rose 3.57% over the last 24 hours to $1,635.67. Solana fell 4.72% to $38.67, while Cardano is trading higher by 2.37% at $0.505. Avalanche (AVAX) rose 4.28% to $23.48. The global crypto market cap stands at $1.07 trillion, a 1.71% increase over the previous day.

Solana, USDC drained from wallets in attack

An unknown attacker drained thousands of wallets containing Solana and USDC worth at least $4 million late Tuesday night. The hack seemed to originate on the Solana browser wallet Phantom and is believed to have compromised user keys. “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” said Phantom in a tweet. 

Magic Eden expands NFT marketplace to Ethereum

Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum this month. The platform will offer “go-to-market” benefits for Ethereum NFT creators, including its popular minting toolkit, whitelisting tools, and marketing support. It is also launching a “cross-currency trading product” to allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency.

TaxCryp to launch tax computation platform for crypto investors

TaxCryp Technologies announced the launch of a software as a service (SAAS)-based solution to tackle India’s complicated crypto taxation regime. The software aims to simplify tax computation, compliance, and reporting requirements. India imposed a 30% flat tax on all crypto income from April 1. The govt also introduced a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of Rs 10,000.