Crypto news
NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the liquidation threshold for collateral would be constrained to 70% of the loan value, down from 85%. Next, the auction period for NFTs on its platform would be reduced from 48 to four hours. Then, the requirement for the minimum bid price of NFTs on Bend DAO to be pegged to 95% of the floor price on popular digital collectibles trading platform Ope...
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls’ dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant. Total crypto market cap, USD billion. Source: TradingView The worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank’s policies of requesting more money to hold those debt instruments. Recently, Goldman Sachs chief U.S. equity strategist David Ko...
South Korean financial majors want to create virtual assets exchange in 2023: Report
Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report in South Korean publication Newspim. The companies aim to create a corporation to open an exchange in the first half of next year. Newspim quoted an unidentified executive as saying that discussions on the project are now being finalized. According to the local coverage, Samsung Securities had been studying ways to develop and operate a securities token trading platform but was unable to recruit the necessary personnel to proceed last year. Mirae Asset Consulting, an affiliate of Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage by market cap, is hiring personnel for cryptocurre...
Hollywood producer of The Gentlemen Ivan Atkinson partners with Light Cycle on Caduceus Blockchain
London, UK, 22nd August, 2022, Chainwire Ivan’s One Van Films will adopt NFTs & DAO for future productions seeing loyal fans rewarded through utilities such as behind-the-scenes access and more Ivan Atkinson’s acclaimed film production company One Van Films is partnering with 3D Metaverse Platform Light Cycle on the Caduceus Ecosystem for a pioneering new NFT and DAO project that rewards loyal fans and supporters by creating an eco-economy providing a twist on the traditional challenges within the film industry. One Van Films is an independent British film production company based in London and founded by celebrated Hollywood story writer and producer Ivan Atkinson. His recent work includes The Gentleman (2019), Wrath of Man (2020), and Aladdin (2019) and he is famed for having worked ...
Ethereum advances with standards for smart contract security audits
The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized finance (DeFi) protocols vulnerable to hacks and scams. For instance, recent findings from crypto intelligence firm Chainalysis show that crypto-related hacks have increased by 58.3% from the beginning of the year through July 2022. The report further notes that $1.9 billion has been lost to hacks during this timeframe — a figure that doesn’t include the $190 million Nomad bridge hack that occurred on August 1, 2022. Although open source code may be beneficial for...
Metaverse is a key factor in long-term NFT success, says new research
A new report from Juniper Research analyzed the trajectory of the nonfungible token (NFT) market over the next five years. According to the study, global transactions related to NFTs will escalate from 24 million in 2022 to nearly 40 million by 2027. One of the top catalysts to push NFT adoption will be those linked to metaverse use cases, according to the study. This niche of NFTs will be the fastest growing in the next five years. Metaverse-related NFTs will experience an increase in transactions from 600,000 transactions in 2022 to 9.8 million by 2027. A good indicator for brands such as Gucci and Adidas, which have already adopted the technology for wearables in the digital universe, this data shows that consumers want their digital assets to have value beyond the monetary. This ...
Voyager creditors oppose $1.9M employee retention proposal
Voyager Digital Holdings’ committee of unsecured creditors has filed a motion to object to the firm’s proposal to keep its employees by paying them monetary awards for staying in the company. On August 2, Voyager Digital filed a motion to the United States Bankruptcy Court in the Southern District of New York to approve the Key Employee Retention Plan (KERP), which aims to distribute $1.9 million to 38 key employees whdeemed to be crucial to the operations of the exchange. However, the exchange’s creditors disagreed with the proposal. In a motion filed on Friday, the creditors laid out their objections to the proposed KERP and its related relief grants. They wrote: “At a time when thousands of creditors struggle to pay basic personal expenses due to the Debtors’ flawed business...
Summer doldrums? Crypto volumes are down 55%, according to CoinShares
Crypto investment products registered minor weekly outflows last week as volumes plunged to their second-lowest levels of the year, signaling weak demand among institutional investors during the tail end of summer. Outflows from digital asset investment products totaled $8.7 million in the week ending Sunday, CoinShares reported Monday. Bitcoin (BTC) investment products saw a third consecutive week of outflows totaling $15.3 million. Funds with direct exposure to Solana (SOL) also registered minor outflows totaling $1.4 million. Meanwhile, Ether (ETH) and multi-asset investment products registered small weekly inflows of $2.9 million and $2.7 million, respectively. Overall, crypto investment products registered $1 billion in weekly volumes, which is 55% below the yearly average. CoinShares...
Crypto Dealer Binance Adds Support for the ZAR
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Australia’s new government finally signals its crypto regulation stance
Three months after being elected into power, the Australian Labor Party (ALP) has finally broken its silence on how it’s planning to approach crypto regulation. Treasurer Jim Chalmers announced a “token mapping” exercise, which was one of the 12 recommendations in a senate inquiry report last year on “Australia as a Technology and Financial Center.” The report was warmly welcomed by the industry which has been anxiously waiting to see if the ALP government would embrace it. Aimed at being conducted before the end of the year, the token mapping exercise is expected to help “identify how crypto assets and related services should be regulated” and inform future regulatory decisions. Cointelegraph understands that Treasury will also undertake work on some of the other recommendations in ...
Ronin hackers transferred stolen funds from ETH to BTC and used sanctioned mixers
The hackers behind the $625 million Ronin bridge attack in March have since transferred most of their funds from Ether (ETH) into Bitcoin (BTC) using renBTC and Bitcoin privacy tools Blender and ChipMixer. The hacker’s activity has been tracked by on-chain investigator ₿liteZero, who works for SlowMist and contributed to the company’s 2022 Mid-Year Blockchain Security report. They outlined the transaction pathway of the stolen funds since the March 23 attack. The majority of the stolen funds were originally converted into ETH and sent to now sanctioned Ethereum crypto mixer Tornado Cash before being bridged over to the Bitcoin network and converted into BTC via the Ren protocol. I’ve been tracking the stolen funds on Ronin Bridge.I’ve noticed that Ronin hackers have trans...
8 sneaky crypto scams on Twitter right now
Cybersecurity analyst Serpent has revealed his picks for the most dastardly crypto and nonfungible token (NFT) scams currently active on Twitter. The analyst, who has 253,400 followers on Twitter, is the founder of artificial intelligence and community-powered crypto threat mitigation system, Sentinel. In a 19-part thread posted on Aug. 21, Serpent outlined how scammers target inexperienced crypto users through the use of copycat websites, URLs, accounts, hacked verified accounts, fake projects, fake airdrops and plenty of malware. One of the more worrisome strategies comes amid a recent spate of crypto phishing scams and protocol hacks. Serpent explains that the Crypto Recovery Scam is used by bad actors to trick those who have recently lost funds to a widespread hack, stating: “Simply pu...
