Weekly Crypto News for 8/9/21 to 8/15/21 — Curated by BearTax

1/ Crypto Market Cap Tops $2 Trillion For The 1st Time Since May:

- $BTC rose upto $47,998.10 today, the highest level since May 10
- $ETH & $ADA surged by 11% & 53% in the last 7 days respectively.
- The sector has almost doubled in value in less than a month (July 20 — $1.19T)

2/ CoinDCX Became India’s 1st Crypto Unicorn With $90M Fund-Raise!

Co-founder & CEO — Sumit Gupta said that the unicorn will:
- Enter partnerships with key fintech players
- Set-up R&D facility
- Work with govt. to introduce regulations & crypto education
- Ramp-up hiring initiatives

3/ Polygon Acquires Hermez Network!

- Acquisition was worth about $250 million based on $MATIC’s price on Aug. 4
- Hermez will be absorbed into the Polygon ecosystem under the name Polygon Hermez, where it’ll become a part of Polygon’s line of products — Polygon SDK & Avail.
- It is the first complete merger of one blockchain network into another
- Holders of $HEZ token will be able to exchange it at a rate of 3.5 MATIC: 1 HEZ

4/ Enforcement News:

a. BitMEX will pay a $100M penalty to resolve charges filed by FinCEN:

- Offered U.S persons leveraged & unlicensed crypto products
- Lacked effective KYC & AML procedures
- Processed >$200M in transactions for darknet markets/mixing services

b. Poloniex Agrees To $10.4M Settlement With SEC For Operating Unregistered Exchange:

Some digital assets traded on Poloniex were investment contracts, that classifies as ‘securities’. Due to this, the exchange had to register as a National Securities Exchange. But, it hadn’t.

5/ The Largest Hack In DeFi — #polynetworkhack

Poly Network — a DeFi platform operating on BSC, Ethereum & Polygon was attacked for >$600M. Hacker returned most of the stolen funds, except $33M $USDT