WazirX Exploited for +$200M!
Will $ETH Rally After Ethereum ETF Launch?
Weekly Stats
Bitcoin: $67,667.15 (+7.79%)
Bitcoin Market Dominance: 53.6%
Global Crypto Market Cap: $2.45T
Ethereum: $3,493.58 (+4.66%)
Ethereum Market Dominance: 17.5%
Total Value Locked: $102.189B
NFT Sales Volume: $112,530,190 (+10.05%)
Crypto Fear and Greed Index: 70
Coins of the Week
Top Gainer — Helium
The top gainer of this week is Helium, with a rally of more than 45% in the last seven days. The bullish momentum was caused by the fact that the project shared its first progress update since the project revealed its product roadmap in June.
Top Loser — Aave
The top loser of this week is Aave, with a decrease of more than 8% in the last seven days. The bearish momentum was caused by the selling pressure of early investors. The token rallied more than 40% in the last two weeks, and now investors take profits from the token, diminishing its liquidity.
Top 3 News
WazirX Exploited for Over $230M — Link
The exploit targeted the exchange’s multisig wallet on the Ethereum network, potentially as a result of a private key comprise and drained the funds. To carry out the attack, the perpetrator needed to upgrade the implementation of this Safe Wallet to a malicious contract.
CBOE Gives Official Launch Date for Spot Ethereum ETF — Link
Five spot Ethereum ETFs will begin trading on the Chicago Board Options Exchange on July 23. The five spot Ether ETFs set to commence trading are the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
Uniswap Labs Launches Wallet Browser Extension — Link
Uniswap Labs has publicly launched its wallet browser extension on Chrome. The extension works with the blockchain networks Ethereum, Base, Arbitrum, Optimism, Polygon, Blast, ZKsync, Zora Network, BNB Chain, Avalanche and Celo.
Top Bitcoin News
StarkWare Verifies Zero-Knowledge Proof on Bitcoin — Link
Blockchain developer StarkWare claims to have verified the first zero-knowledge proof using its new STARK verifier on Bitcoin’s Signet test network. The initial proof of concept for testing the verifier involved verifying a mathematical problem.
TON Foundation to Bolster Bitcoin Utility — Link
The Open Network Foundation, an organization overseeing the Telegram-focused blockchain network TON, has introduced forthcoming infrastructure bolstering Bitcoin utility on the platform.
Metaplanet Buys Additional $1.2M Worth of Bitcoin — Link
Japanese investment firm Metaplanet Inc. saw its stock price jump 25.8% during the Tuesday morning session after announcing that it has purchased additional Bitcoin worth about $1.26M.
Top Layer 2 News
Polygon Labs’s MATIC-POL Migration Confirmed for Sept. 4 — Link
The Polygon network will replace its original MATIC token with POL (POL) tokens following an upgrade slated for Sept. 4. The POL upgrade aims to expand the utility of Polygon’s native token and power its growing network of aggregated blockchains, a.k.a. AggLayer.
BitGo Integrates Stacks for Bitcoin Rewards — Link
Digital asset service provider BitGo has launched support for the Stacks blockchain to enhance Bitcoin functionality, the latest sign of institutional adoption for Bitcoin-native decentralized finance.
Binance’s BNB Chain Introduces Layer-2 Testnet — Link
Binance-founded layer-1 blockchain BNB Chain has introduced a new layer-2 chain that it hopes will address its scalability challenge. The new layer-2 scaling solution is based on the Optimism OP Stack, which it says will add additional security and scalability to the BNB Chain.
Polygon Launches Upgraded ZK Proving System — Link
Polygon Labs has announced the production readiness of Plonky3, Polygon’s next generation of ZK proving systems. Plonky3 is designed to give developers modular, flexible options when building zero-knowledge virtual machines and zero-knowledge Ethereum Virtual Machines.
Top DeFi News
Lens Targets Q4 for Mainnet on ZKsync — Link
Social networking graph Lens is targeting Q4 for its migration to the ZKsync network, where it hopes to find greater privacy controls that could let users monetize their data through AI training models.
Telegram Introduces Store for Mini Apps — Link
Telegram unveiled plans to bolster blockchain-related initiatives, including introducing a mini app store and an in-app browser with support for web3 pages. The messaging app has become a popular portal for simple tap-to-earn crypto games like Notcoin, Yescoin and Hamster Kombat.
Fileverse Unveils Google Documents Competitor — Link
Fileverse, the Web3 startup looking to offer a suite of alternatives to Google products, released a collaborative document-sharing program last week. Dubbed Docs, the system offers almost all of the features of Google’s popular online Google Docs application but boasts better privacy and a host of Web3 features.
OKX Wallet Adds Support for TON Blockchain — Link
Crypto exchange OKX announced today that its wallet service has added support for The Open Network — marking its 100th mainnet blockchain integration. Before adding TON support, OKX Wallet enabled support for NEAR, Blast and zkLink Nova.
Top Exchanges News
Kraken Custody Expands in the UK and Australia — Link
The move follows the launch of Kraken Custody in the U.S. in March, designed to let institutions store, manage and transfer funds securely within a single interface, integrated with the rest of Kraken’s product suite.
OKX Selects Malta As EU MiCA Hub — Link
OKX, one of the largest crypto exchanges by trading volume, has selected Malta as its MiCA hub as the new regulatory framework rolls out across the European Union.
BlockFi to Begin Crypto Distributions via Coinbase — Link
Defunct centralized crypto lender BlockFi has confirmed it will commence initial crypto distributions via Coinbase in July. The distributions will be processed in batches over the coming months, with eligible clients receiving a notification to their registered email addresses.
Kraken Receives Bitcoin from Mt. Gox Trustee — Link
Crypto exchange Kraken has received a pair of Bitcoin and Bitcoin Cash transfers from the Mt. Gox Rehabilitation Trustee. Earlier on Tuesday, a Mt. Gox wallet transferred around 48,641 BTC ($3.1 billion) to an unlabeled address most likely associated with Kraken.
OKX Ceasing All Services in Nigeria — Link
Global cryptocurrency exchange OKX is winding down services in Nigeria as of Aug. 30. OKX cited “recent changes” in local regulations as the reason behind winding down services in Nigeria.
Binance.US Gets Greenlight to Invest in Treasury Bills — Link
On July 19, a US court approved Binance.US’s investment of customer funds in US T-Bills. Binance.US will be able to invest “certain” customer funds through a third-party investment manager as long as it ensures the funds are not being invested back into the company.
Top Crypto Adoption News
Grayscale Launches New Fund for Decentralized AI — Link
The crypto asset manager is launching a new fund focusing on decentralized artificial intelligence. The Grayscale Decentralized AI Fund LLC, which will rebalance quarterly, aims to bolster investment endeavors regarding AI in the cryptocurrency industry.
Stripe Enables BTC, ETH, and SOL Purchases in EU — Link
Financial technology company Stripe has expanded its crypto integration into the European market, enabling shoppers to buy cryptocurrencies, including Bitcoin, Ether and Solana, using a credit or debit card.
Trump Wants US in Charge of Crypto — Link
Former U.S. President Donald Trump said he embraces the cryptocurrency industry because it is good for the country and that the U.S. should take the lead in the global crypto race before China or any other country.
Top NFT, Gaming, and Web3 News
Trip.com Shuts Down Its ‘Trekki’ NFT Series — Link
Trekki, the first NFT series incubated by Singapore-based Trip.com, will cease operations on August 1. Trip.com launched the series of 10,000 dolphin-themed NFTs and supporting infrastructure in 2023 to “enable holders to access experiences and benefits.”
The Battle for NFT Marketplace Dominance is Heating Up — Link
The non-fungible token market continues to navigate choppy waters in 2024, with June volumes hitting $300 million — a far cry from January’s high of $867 million. Despite the overall downturn, the battle for marketplace dominance is heating up again, offering a fascinating glimpse into evolving trader preferences and platform strategies.
Top Macro News
Nigeria’s Inflation Hit New 28-Year High in June — Link
Nigeria’s rate of inflation rose to a new 28-year high of 34.19% in annual terms in June, official data showed on Monday, but some analysts said it may have peaked as devaluation effects should start to fade from this month.
US Import Prices Flat in June — Link
U.S. import prices were unchanged in June as lower prices for energy products offset a rebound in the cost of food. The flat reading in import prices followed a 0.2% drop in May. Economists polled by Reuters had expected import prices, which exclude tariffs, to dip 0.1%.
UK Inflation Pressures Stay Hot — Link
British inflation defied forecasts for a slight fall and held at 2% in June while strong underlying price pressures prompted investors to reduce bets that the Bank of England will cut interest rates in two weeks’ time for the first time since 2020.
US Banks See High Deposit Costs — Link
U.S. lenders’ second-quarter profits were squeezed by dampening loan demand and the high interest they paid to hold on to deposits, but a flurry of bond sales boosted their investment banking units.
Top Partnerships News
Bitkey to Integrate MoonPay for Bitcoin Purchases — Link
Twitter co-founder Jack Dorsey’s fintech company Block is partnering with MoonPay to offer users a way to purchase Bitcoin through all major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and PayPal.
Nansen Partners with Aptos — Link
Leading blockchain analytics provider Nansen has partnered with Aptos to bring its on-chain analytics and data to the blockchain’s ecosystem. The new partnership aims to empower Aptos users and investors with on-chain analytics tools to propel further growth.
Kraken and Tottenham Sign Crypto Partnership — Link
Kraken, a centralized cryptocurrency exchange, announced a global brand partnership with Tottenham Hotspur football club on July 16. The exchange will become the first official crypto and Web3 partner and the official sleeve partner for the club’s men’s and women’s teams.
Palau Partners with Soramitsu — Link
The Pacific island nation of Palau has contracted Japanese financial software company Soramitsu to create a platform to issue and manage government bonds. This is the latest of several blockchain projects the country has invested in.
Top Hacks and Scams
LI.FI Loses Estimated $9M in Exploit — Link
Cross-chain blockchain protocol LI.FI has lost around $9 million in an exploit, security firms say. The team has asked users to avoid the protocol and revoke permissions. Security firm Peckshield alleges a similar attack affected LI.FI in 2022.
Fractal ID Suffers Data Breach — Link
Blockchain identity platform Fractal ID suffered a data breach on July 14. Partners of the platform include the payment system Gnosis Pay, decentralized finance app Acala, the proof of personhood project Polygon ID, the social media platform Lukso, and other Web3 applications.
Top Legal and Regulation News
South Korea’s Inaugural Crypto Law Goes Into Full Effect — Link
South Korea’s first crypto regulatory framework is now in full effect. Put on a fast track following the disastrous collapse of Terra-Luna and FTX in 2022, the new set of rules focuses on ensuring safety nets for cryptocurrency investors.
Winklevoss Twins Donate $1M to Sen. Warren’s Rival — Link
Tyler and Cameron Winklevoss said they have donated a total of $1 million in Bitcoin to the campaign of John Deaton, who is running for U.S. senator from Massachusetts.
Joe Biden Drops Out of Presidential Race — Link
U.S. President Joe Biden will not seek reelection in the upcoming 2024 U.S. Presidential Election. Biden said he believed stepping down was in the interests of the party and the country.
South Korea Proposes Pushing Back Crypto Gains Taxation — Link
South Korea’s right-wing political party has proposed delaying the taxation of cryptocurrency gains by three years. If passed, the country’s crypto gains taxation will be pushed back from the beginning of 2025 to 2028.
Ripple Donates $1M to Unseat Warren — Link
Ripple Labs donated $1 million to a new super political action committee, Commonwealth Unity Fund, set up by attorney James Murphy to help unseat anti-crypto Sen. Elizabeth Warren and elect pro-crypto lawyer John Deaton.
FTX and CFTC Agree to $12.7B Settlement — Link
Bankrupt crypto exchange FTX and the U.S. Commodity Futures Trading Commission have agreed to a $12.7 billion settlement, pending approval from a Delaware judge. The two have been negotiating over the past few months.
Top Stablecoin News
State Street to Create Its Own Stablecoin — Link
The global financial services firm is looking for ways to get involved in settling payments on the blockchain and is also considering creating its own deposit token. The deposit token would signify customer deposits on a blockchain.
Top Fundings
Allium Closes $16.5M Series A — Link
Allium, the enterprise-grade blockchain data platform, has closed a $16.5 million Series A funding round led by Theory Ventures. The firm previously raised $5 million in pre-seed and seed funding from Kleiner Perkins and Amplify Partners, who also joined the latest round.
Etherfuse Raises $3M — Link
Etherfuse, a real-world asset tokenization platform, has raised $3 million in a seed funding round. The round was structured as a simple agreement for future equity and brought Etherfuse’s valuation to $12.5M.
Mira Raises $9M — Link
Mira, a crypto-AI startup focused on building decentralized machine-learning infrastructure, has emerged from stealth, raising $9 million in a seed funding round.
Next Week’s Events
Canada Interest Rate — Link
The Bank of Canada cut its key interest rate by 25bps to 4.75% in its June 2024 meeting, as expected, and signaled that more rate cuts are to be delivered should inflation continue to slow as expected.
United States Personal Income — Link
US personal income rose by 0.5% from the previous month to $23.924 trillion in May of 2024, accelerating from a 0.3% increase in the prior month and above market forecasts of a 0.4% increase.
Worldcoin Token Unlock — Link
On the 24th of July, Worldcoin will start unlocking 5.42M $WLD tokens worth $14.04 million per day for more than 700 days straight.
Euro Area GDP Annual Growth Rate — Link
The Gross Domestic Product (GDP) In the Euro Area expanded 0.40 percent in the first quarter of 2024 over the same quarter of the previous year.
Altlayer Token Unlock — Link
On the 25th of July, Altlayer will start unlocking 648.21M $ALT tokens worth $110.17 million.
