Tag: crypto news

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Nomad Bridge Drained of $200M in Exploit – Top Crypto Updates

Nomad bridge hacked; over $200 million stolen

Cross-chain token bridge Nomad was exploited on Monday, with attackers draining the protocol of virtually all of its funds. The platform allows users to send and receive tokens between different blockchains. The total value of cryptocurrency lost to the attack totaled ~$200 million. The attack is the latest in a string of highly-publicized incidents that have drawn the security of cross-chain bridges into question.

“An investigation is ongoing and leading firms for blockchain intelligence and forensics have been retained,” the team said.

Crypto prices today: Bitcoin falls 1.6%, ETH down 5.8%

Bitcoin is currently trading at $22,794.73, a decline of 1.62% over the previous day. Ethereum fell 5.8% over the last 24 hours to $1,578.74. Solana fell 5.12% to $40.25, while Cardano is trading lower by 4.4% at $0.492. Polkadot (DOT) crashed 10.3% to $7.7. The global crypto market cap stands at $1.05 trillion, a 2.72% decline over the previous day.

Chiliz secures $100M stake in FC Barcelona’s Digital Studio

FC Barcelona has announced a multi-million euro partnership with Socios.com, a blockchain-based sports fan engagement platform. Socios.com’s owner and technology provider, Chiliz, will invest ~$102 million to acquire nearly one-fourth of Barça Studios, which manages the football club’s audiovisual productions and digital business offerings.

SEC slaps promoters of alleged Ponzi scheme Forsage with fraud charges

The Securities and Exchange Commission (SEC) has charged 11 people for their roles in Forsage’s fraudulent crypto pyramid and Ponzi scheme. The organisation allegedly raised more than $300 million from retail investors across the globe illegally. Millions of users were recruited by a network of promoters to send money via smart contracts on the Ethereum and Binance blockchains in exchange for a payout when they recruited another investor.

CryptoPunk ETH NFT sales jump 248% after Tiffany & Co. launch

The sales volume of the CryptoPunks NFT collection has jumped over 248% in the last 24 hours, mainly due to an exclusive offer from iconic luxury jewelry Tiffany & Co. for CryptoPunks NFT holders. The jeweler’s “NFTiff” transforms NFTs into a pendant handcrafted by Tiffany & Co. artisans. Users will also receive an additional NFT version of the pendant.

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Aave DAO Approves Launch of GHO Stablecoin – Top Crypto Updates

Aave DAO approves launch of GHO stablecoin

Aave’s proposal to create a new stablecoin was approved by 99.9% of its Decentralized Autonomous Organization (DAO). The firm pledged half a million AAVE in approving the measure to create GHO, a stablecoin that will be backed by collateral consisting of other cryptos. Aave is a decentralized, non-custodial market protocol that allows users to borrow and lend cryptocurrencies.

Crypto prices today: Bitcoin falls 2.6%, ETH down 1.5%

Bitcoin is currently trading at $23,166.14, a decline of 2.6% over the previous day. Ethereum fell 1.55% over the last 24 hours to $1,677. Solana fell 3.99% to $42.41, while Cardano is trading lower by 3.29% at $0.515. Polygon (MATIC) declined by 5% to $0.908. The global crypto market cap stands at $1.08 trillion, a 1.92% decline over the previous day.

Civic adds verification platform to battle bots and scams

Web3 identity company Civic is continuing its fight against bots and scams. It has launched a new security tool, uniqueness verification, and a platform called Civic.me. The “Civic Pass” is a non-transferable token that gets issued to a consumer’s wallet, which attests to some form of verification. Meanwhile, Civic.me is a platform that lets users manage their online identity, NFTs, and wallet addresses from one place on the blockchain.

Tiffany & Co. reveals first NFTs

US-based luxury jewelry and specialty retailer Tiffany & Co. is launching a series of non-fungible tokens (NFTs). The company hinted at its upcoming sale by tweeting out a video of a pixelated grid revealing: NFTiff. It also specified a price of 30 Ethereum (just over $51,000). NFTiffs will be a series of digital and physical pendants.

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Crypto Exchanges Bet on Long-Term Products After Trading Volumes Crash – Top Crypto Updates

Crypto exchanges bet on long-term products after trading volumes crash

Crypto exchanges in India are now pushing offerings such as systematic investment plans (SIPs) and loans after trading volumes on their platforms got severely impacted by new taxation rules and falling valuations of crypto tokens. They hope that long-term products will attract more retail investors. An estimated 85-90% of trading volumes on top crypto exchanges such as WazirX, Zebpay, CoinDCX, and Bitbns were wiped out between January 1 and July 14.

Crypto prices today: Bitcoin rises 7.6%, ETH up 12%

Bitcoin is currently trading at $22,996.93, an increase of 7.6% over the previous day. Ethereum jumped 11.9% over the last 24 hours to $1,634.51. Solana rose 7% to $39.58, while Cardano is trading higher by 6.8% at $0.502. Polygon (MATIC) surged 7.9% to $0.877. The global crypto market cap stands at $1.05 trillion, a 7.13% increase over the previous day.

UK Commission aims to clarify crypto property law

The U.K. Law Commission has proposed changes to clarify how property laws apply to digital assets in England and Wales. The body will review laws to ensure that they can accommodate NFTs and crypto tokens as they continue to evolve and expand as stores of value, forms of payments, or equity or debt securities. The agency also suggests recognizing a new category of personal property called “data objects”.

Solana to open IRL retail store, Web3 ‘Embassy’ in New York

A Solana-themed store, called Solana Spaces, is set to open in New York City. The new store will be launched in collaboration with the Solana Foundation, the organization behind the blockchain network. Visitors can learn how Solana works and what Web3 is. The store will be like a “cultural center” or “embassy” for Solana, which is currently the ninth most valuable crypto in the world by market cap.

Meta’s metaverse division loses $2.8 billion in Q2

US-based Meta’s metaverse-specific division suffered losses of $2.81 billion in the second quarter (Q2 CY22). That puts the division’s year-to-date losses at $5.77 billion The division, Facebook Reality Labs (FRL), focuses on building the hardware, software, and content central to Meta’s push into the metaverse. 

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Bitcoin Crash Hasn’t Harmed Global Financial Stability, Says IMF – Top Crypto Updates

Bitcoin crash hasn’t harmed global financial stability: IMF

In its ‘World Economic Outlook Update: Gloomy and More Uncertain’ report, the International Monetary Fund (IMF) said the Bitcoin bear market hasn’t impacted global financial stability yet. The largest crypto by market cap is down nearly 70% from its all-time high last November of over $69,000. Despite the massive sell-off, “spillovers to the broader financial system have been limited so far,” the IMF said.

Crypto prices today: Bitcoin rises 0.8%, ETH up 1%

Bitcoin is currently trading at $21,237.28, an increase of 0.84% over the previous day. Ethereum rose 1.04% over the last 24 hours to $1,463.51. Solana rose 0.68% to $37.06, while Cardano is trading higher by 0.71% at $0.470. Polygon (MATIC) is up 1.6% to $0.815. The global crypto market cap stands at $985.01 billion, a 1.8% increase over the previous day.

NFT projects lost $22M to hackers on Discord: Reports

Two Web3 security firms have issued reports focused on the recent hacks targeting non-fungible tokens (NFT) projects. The attacks are likely by a linked group of hackers using compromised Discord server administrator accounts. Cyber attacks against NFT collections have steadily risen in 2022, costing the NFT community over $22 million in May alone. NFT minting scams deployed through compromised Discord accounts increased by 55% in June 2022 compared to the previous month.

U.S. consumer watchdog to scrutinize crypto payments

The U.S. Consumer Financial Protection Bureau (CFPB) plans to scrutinize the use of cryptos for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector. Cryptocurrencies have come under scrutiny in recent months after the market crashed, leading to financial troubles for some crypto companies.

Crypto startup VC funding reaches $17.5B in H1 2022: Report

As per a PitchBook report, venture capitalists (VCs) invested at least US$17.5 billion into the crypto and blockchain industry in the first half of this year (H1 2022). Investments in blockchain and crypto startups topped US$26.9 billion in 2021. North American startups were at the center of most deals, bagging US$11.4 billion in H1 2022.

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Coinbase Faces SEC Probe on Crypto Listings – Top Crypto Updates

Coinbase faces SEC probe on crypto listings

As per a Bloomberg report, Coinbase Global Inc. is facing a U.S. Securities & Exchange Commission investigation into whether it improperly allowed Americans to trade digital assets that should have been registered as securities. The SEC’s scrutiny of Coinbase has increased since the platform increased the number of tokens in which it offers trading.

Currently, Coinbase lets Americans trade more than 150 tokens. If those products are deemed securities, the firm would need to register as an exchange with the SEC.

Crypto prices today: Bitcoin falls 0.15%, ETH down 0.45%

Bitcoin is currently trading at $21,099.26, a decline of 0.15% over the previous day. Ethereum fell 0.45% over the last 24 hours to $1,417.46. Solana fell 0.82% to $35.65, while Cardano is trading lower by 0.63% at $0.468. Polygon (MATIC) is down 1.05% to $0.757. The global crypto market cap stands at $963.64 billion, a 4.35% decline over the previous day.

The crypto market is in the red as investors prepare for a two-day Fed meeting that is expected to see a 75-basis-point rate hike.

Tether, Bitfinex aims to build a new internet with P2P app Keet

Tether and Bitfinex CTO Paolo Ardoino has announced the launch of Keet, a blockchain-based peer-to-peer (P2P) video chat app. The app will run on the Holepunch platform, which allows users to connect via text, call, or video via distributed technology. Users can locate and connect with each other using only cryptographic key pairs upon authorization.

Titanium Blockchain CEO pleads guilty to securities fraud

The U.S. Department of Justice announced that Michael Stollery, the CEO of Titanium Blockchain Infrastructure Services (TBIS), has pleaded guilty to his role in a scheme that brought in $21 million through a fraudulent initial coin offering (ICO). Stollery called the scheme a “crypto investment opportunity,” luring investors to purchase the firm’s BAR token through a series of false and misleading statements. He faces up to 20 years behind bars.

Tesla records $170M impairment charge on Bitcoin

Tesla Inc. recorded a $170 million impairment charge against the carrying value of its Bitcoin holdings for the first six months of the year. An impairment charge is a process used by businesses to write off worthless goodwill. These are assets whose value drops or is lost completely, rendering them worthless. The electric-car maker also logged $64 million in gains from certain sales of its Bitcoin holdings.

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US SEC Working To Register Crypto Lending Firms – Top Crypto Updates

US SEC working to register crypto lending firms

As per a report by CNBC, the U.S. Securities and Exchange Commission (SEC) is working to get some crypto lending firms registered if they operate more as investment firms. SEC Chair Gary Gensler also said it was up to large financial institutions to decide whether they want to include crypto options in their portfolios for clients. However, the risks of crypto tokens need to be made public.

Crypto prices today: Bitcoin up 0.1%, ETH falls 0.05%

Bitcoin is currently trading at $21,974.65, an increase of 0.18% over the previous day. Ethereum fell 0.05% over the last 24 hours to $1,525.84. Solana fell 0.27% to $38.41, while Cardano is trading lower by 0.25% at $0.494. Polygon (MATIC) is down 1.07% to $0.831. The global crypto market cap stands at $1.01 trillion, a 3.6% decline over the previous day.

Yuga Labs threatened with possible class-action lawsuit

Law firm Scott+Scott is currently organizing a class-action suit against Yuga Labs, as per an announcement from the firm. The lawsuit will allege that Yuga falsely promoted Bored Ape NFTs and ApeCoin (the collection’s native Ethereum token) as securities with guaranteed returns but which, in reality, plummeted in value over the last three months. Yuga Labs is the $4 billion company behind the popular NFT collection Bored Ape Yacht Club (BAYC).

Animoca Brands launches DAO to develop Metaverse standards

An alliance of Web3 companies has come together to build an open and borderless metaverse called the Open Metaverse Alliance for Web3 (or OMA3). Projects joining the alliance with Animoca Brands (a Hong Kong-based game software and venture capital firm) include Alien Worlds, Dapper Labs, Decentraland, Star Atlas, and The Sandbox. They aim to solve key challenges of the metaverse, including preserving the freedom of information owned by users.

Japanese bank SMBC plans to develop NFT business

Japan-based Sumitomo Mitsui Financial Group (SMBC Group) will partner with blockchain startup HashPort to develop NFT and Web3 projects. The two entities plan to set up a token business lab, which aims to experiment with token businesses such as NFTs.

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OpenSea Debuts Solana NFT Launchpad – Top Crypto Updates

OpenSea debuts Solana NFT launchpad

NFT marketplace OpenSea has rolled out its new launchpad feature for minting new Solana non-fungible token (NFT) projects. A launchpad lets collectors mint (i.e. generate and purchase) NFTs during a primary sale. Zoonies, an alien-themed Solana NFT profile picture project, debuted on the platform yesterday. However, it’s been more than a day since the Zoonies mint began on OpenSea, and the project has yet to sell out.

Crypto prices today: Bitcoin down 0.15%, ETH up 0.3%

Bitcoin is currently trading at $23,117.6, a decline of 0.15% over the previous day. Ethereum rose 0.3% over the last 24 hours to $1,599.61. Solana fell 0.57% to $42.89, while Cardano is trading lower by 0.44% at $0.498. Polygon (MATIC) fell 0.13% to $0.903. The global crypto market cap stands at $1.05 trillion, a 2.3% increase over the previous day.

SEC claims Coinbase lists nine crypto assets that are securities

The U.S Securities and Exchange Commission (SEC) claimed in a new court filing that at least nine digital assets listed on the crypto exchange Coinbase are unregistered securities. The SEC and the Department of Justice also announced charges against former Coinbase Product Manager Ishan Wahi and two others. They are accused of running an insider-trading scheme that earned them more than $1.1 million in illicit gains. 

No plan to exempt crypto transactions from taxes: Indian Govt

The Indian Government is not considering any plan to reduce taxes on crypto transactions. In a written reply to a query in the Rajya Sabha on whether the Government wants to exempt crypto transactions from taxes, Minister of State for Finance Pankaj Chaudhary said, “There is no such proposal under consideration.”

In Budget 2022, the Government has announced a flat 30% tax on income from crypto and also 1% TDS on crypto transactions.

Read more here.

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South Korea Prosecutors Raid Crypto Exchanges in Terra Probe – Top Crypto Updates

South Korea prosecutors raid crypto exchanges in Terra probe

South Korean prosecutors are stepping up their investigation into Terraform Labs, whose stablecoin TerraUSD collapsed in May. A team of investigators from the Seoul Southern District Prosecutors Office seized transaction records and other material from seven local exchanges.

TerraUSD crashed from its dollar peg in early May when the complex algorithm-based system involving the Luna token that was meant to safeguard the peg failed to work as planned. 

Crypto prices today: Bitcoin, ETH up 0.6%

Bitcoin is currently trading at $23,004.2, an increase of 0.59% over the previous day. Ethereum rose 0.57% over the last 24 hours to $1,493.52. Solana rose 1% to $41.25, while Cardano is trading higher by 0.85% at $0.490. Polygon (MATIC) surged 4.4% to $0.872. The global crypto market cap stands at $1.03 trillion, a 3.72% decline over the previous day.

Tesla sold its Bitcoin due to COVID lockdowns in China: Elon Musk

During Tesla’s earnings call, CEO Elon Musk explained why the company sold 75% of its Bitcoin holdings worth ~$936 million. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain when the COVID lockdowns in China would alleviate,” he said. Telsa converted most of its BTC holdings to fiat for realized gain, netting a $106 million cost to the profit and loss (P&L).

Microsoft’s Minecraft to ban NFTs on game servers

Minecraft will block the use of non-fungible tokens (NFTs) and blockchain technology on its servers. It will also ban the creation of NFT projects based on its assets. Mojang (the game’s developer) currently allows Minecraft server operators to charge money to access their custom online experiences, but it sees NFTs as running counter to the “spirit of Minecraft.”

Vauld owes retail investors $363 million: Report

As per a report by The Block, Singapore-based Vauld owes creditors $402 million, with 90% of the debt owed to individual investors. The troubled crypto lender owes a total of $125 million to its 20 largest unsecured creditors. On July 8, Vauld filed for protection against creditors and lawsuits in a Singapore court. They have requested “a breathing space” to prepare for restructuring.

Crypto trading volumes in India recover

Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government imposed steep taxes. Trading volumes at WazirX rose about 35% to $7.18 million on July 20, compared to $5.30 million on July 1. CoinDCX saw a roughly 63% increase in volumes during the same period.

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Celsius Lays Out Mining-Focused Reorganisation Plan – Top Crypto Updates

Celsius lays out mining-focused reorganisation plan

Crypto lender Celsius has half a million creditors owed more than $5 billion, said the company’s attorneys during its first bankruptcy hearing. News of Celsius’ liquidity crisis broke on June 12, when it paused all customer withdrawals due to “extreme market conditions.” Celsius is betting big on its crypto mining operation to help fill the $1.2 billion hole in the company’s balance sheet.

Crypto prices today: Bitcoin down 0.45%, ETH falls 0.1%

Bitcoin is currently trading at $21,830.81, a decline of 0.44% over the previous day. Ethereum fell 0.1% over the last 24 hours to $1,522.15. Solana fell 0.18% to $43.32, while Cardano is trading lower by 0.01% at $0.473. Avalanche (AVAX) rose 0.17% to $23.52. The global crypto market cap stands at $1.01 trillion, a 0.09% increase over the previous day.

Bankrupt Three Arrows Capital owes $3.5B to creditors

Three Arrows Capital (3AC) owes a whopping $3.5 billion to 27 different companies, including Blockchain.com, Voyager Digital, and Genesis Global Trading. The details come from affidavits describing details of the bankruptcy and liquidation of the crypto hedge fund. 3AC failed to repay loans and missed multiple margin calls with lenders.

Argentinian exchange Buenbit launches crypto loans

Argentina-based crypto exchange Buenbit has launched a local currency loan product that uses crypto as collateral. Users will be able to use MakerDAO’s stablecoin (DAI) as collateral and withdraw up to one million nuARS, a stablecoin tied to the Argentine Pesos. The product is the first of its kind in Latin America.

Crypto startup funding falls by 26% in H1 2022: Report

As per a report by Crunchbase, investments in startups focusing on the crypto industry fell nearly 26% to US$9.3 billion across 534 deals in the first half of 2022. The drop in crypto startup funding mirrors a global pullback across sectors amid falling stock markets and asset prices.

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Crypto Players in Talks to Create New Blockchain Council – Top Crypto Updates

Crypto players in talks to create new blockchain council 

Indian crypto exchanges and blockchain firms are in preliminary talks to build a new independent think tank to address concerns within the sector. They aim to bring together a mix of industry players, academia, research scholars, and influential people within the Web3 ecosystem. Last week, the Internet & Mobile Association of India (IAMAI) dissolved the Blockchain and Crypto Assets Council (BACC) over an ‘uncertain regulatory environment’.

Crypto prices today: Bitcoin up 2%, ETH rises 1.8%

Bitcoin is currently trading at $22,234.91, an increase of 1.96% over the previous day. Ethereum rose 1.8% over the last 24 hours to $1,455.55. Solana rose 1% to $42.13, while Cardano is trading higher by 0.4% at $0.473. Avalanche (AVAX) rose 1.13% to $23.54. The global crypto market cap stands at $1.01 trillion, a 3.35% increase over the previous day.

Yuga Labs opens Otherside for ‘First Trips’ in Bored Ape Metaverse

Yuga Labs’ Otherside invited 4,300 players (also called “Voyagers”) for a first-look tech demo and tour of the immersive, ape avatar-navigated online platform. All Otherside players have to embark on or view one of these “First Trips” to participate in the game. Otherside is a Bored Ape Yacht Club-fueled metaverse or blockchain virtual world that is made up of 200,000 plots of virtual land. 

Paraguayan Senate passes bill regulating crypto mining, trading

Paraguay’s Senate has approved a bill regulating crypto mining and trading. The country’s Secretariat for the Prevention of Money or Asset Laundering will supervise the whole investment process carried out by crypto companies. Individual and corporate miners must request industrial electricity consumption authorization and then apply for a license.

RBI seeks ban on cryptos but India needs global support to make that effective: FM Sitharaman

The Reserve Bank of India (RBI) has recommended to the government that it should frame regulations for cryptocurrencies and prohibit them. The central bank has argued that crypto has a destabilising effect on the monetary and fiscal stability of a country. However, the government is of the view that a “global collaboration” is needed for any effective regulation or ban, said Finance Minister Nirmala Sitharaman.

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India’s Crypto Industry Advocacy Body Disbanded – Top Crypto Updates

Closeup Bitcoins mockup on the keyboard over the cryptocurrency trading graph in the computer screen, crypto currency and investment concept

India’s crypto industry advocacy body disbanded

The Internet and Mobile Association of India (IAMAI) has disbanded The Blockchain and Crypto Assets Council. It was the only advocacy body representing the interests of India’s crypto industry. There is high uncertainty surrounding the regulatory environment for the crypto industry. Thus, the IAMAI wants to utilize its limited resources for other emerging digital sectors that make a more immediate and direct contribution to digital India.

Crypto prices today: Bitcoin up 0.8%, ETH rises 0.7%

Bitcoin is currently trading at $20,814.75, an increase of 0.79% over the previous day. Ethereum rose 0.77% over the last 24 hours to $1,212.23. Solana rose 0.3% to $37.17, while Cardano is trading higher by 0.02% at $0.442. Polygone (MATIC) rose 0.8% to $0.699. The global crypto market cap stands at $930.09 billion, a 4.23% increase over the previous day.

Global crypto rules needed to “keep markets clean”: UK’s FCA

The United Kingdom’s Financial Conduct Authority (FCA) said global rules are needed to regulate international crypto firms and “keep markets clean”. Crypto firms are largely unregulated across the world. However, many countries have forced them to show they have adequate controls to combat money laundering. Last year, FCA said Binance was not allowed to undertake any regulated activity in the UK as it was “not capable of being effectively supervised”.

Finance Minister asks G20 members to bring crypto under auto info exchange

Finance Minister Nirmala Sitharaman has asked the G20 nations to bring crypto and immovable properties under the purview of automatic exchange of information among countries. Many often create layers of entities to evade taxes and conceal unaccounted assets. Due to its decentralised nature, crypto transactions can happen without any identification with the internet protocol (IP) addresses of users as the only available information.

Brazil’s Itaú to launch tokenization platform

Brazil’s largest private bank, Itaú Unibanco, plans to launch an asset tokenization platform that transforms traditional finance products into tokens. It will also offer crypto custody services for its customers. The platform, called Itaú Digital Assets, will be available for institutional clients in the initial stage.

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Crypto Lending Platform Celsius Files For Bankruptcy – Top Crypto Updates

Troubled crypto lending platform Celsius files for bankruptcy

Lawyers representing crypto lending platform Celsius have officially notified regulators that the company is filing for Chapter 11 bankruptcy protection. Celsius says the filing will provide the opportunity to stabilise its business and initiate a comprehensive restructuring process that maximizes value for all stakeholders. The company’s troubles began after it paused all customer withdrawals and swaps in June, citing liquidity issues.

Crypto prices today: Bitcoin, ETH falls 0.5%

Bitcoin is currently trading at $19,992.4, a decline of 0.56% over the previous day. Ethereum fell 0.54% over the last 24 hours to $1,098.99. Solana fell 0.3% to $34.35, while Cardano is trading lower by 0.428% at $0.426. XRP fell 0.4% to $0.321. The global crypto market cap stands at $891.57 billion, a 2.03% increase over the previous day.

Developing nations should ban Bitcoin ads, regulate crypto wallets: UN

The United Nations (UN) has recommended developing nations take action against crypto. In a document titled “All that glitters is not gold,” the UN stated that the disadvantages posed to these nations by crypto far outweigh the benefits they may bring to individuals and financial institutions. It also suggests that developing nations should regulate all crypto wallets and ban advertisements related to crypto.

Disney selects Polygon to join the 2022 Disney Accelerator

Walt Disney Co has selected Polygon to participate in Disney’s 2022 Accelerator, a business development program that supports the growth of innovative companies globally. The program is looking to develop new technologies within augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI). Polygon (MATIC) saw a breakout session on Wednesday, with support from the broader market and Disney’s announcement.