Weekly Crypto Digest for August 7 - August 13, 2023.
Monday, August 14, 2023
PayPal launched stablecoin, SBF goes to jail, Poll: 60% of investors expect Bitcoin to rally after halving more news. in the lates issue of Weekly Crypto Digest by Yellow Capital.
PayPal launches stablecoin PYUSD
Payments giant PayPal has announced the launch of the PayPal USD (PYUSD) "stablecoin". The issuer is the infrastructure company Paxos.
According to the announcement, the asset is fully collateralized by “US dollar deposits, short-term treasury bills, and similar cash equivalents.” PYUSD is pegged to the US national currency at a ratio of 1:1.
A hacker received $ 1 million for the found vulnerability and transferred part of the money to help the Armed Forces of Ukraine
A hacker under the nickname blazezaria found a critical vulnerability through the HackenProof platform and received a reward of almost $ 1 million. He will transfer part of the funds to the Come Back Alive charity foundation.
HackenProof brings together companies and hackers who receive bug bounty payments for finding critical bugs.
blazezaria found a vulnerability in one of the platform's clients. He will receive remuneration in installments throughout the year. From each tranche, 10% will be automatically transferred to the Come Back Alive accounts, representatives of HackenProof clarified in a conversation with Incrypted.
From the first part of the reward, 8290 USDT have already been sent to the fund.
Sam Bankman-Fried was sent to jail pending trial
A federal judge overturned the bail of FTX founder Sam Bankman-Freed and placed him in custody until the next hearing in the case, scheduled for October.
Earlier, the US Department of Justice made a motion to review the measure of restraint. The agency claimed that while at large, Bankman-Fried contacted former FTX.US General Counsel Ryan Miller, allegedly used a VPN to watch the Super Bowl, and shared personal notes of former Alameda Research head Caroline Ellison with the New York Times.
The defense acknowledged the transfer of the recordings to journalists, although they disputed the impact on the testimony of the witness. The lawyers also insisted that the arrest of the SBF would make it challenging to prepare for the meeting. However, the court was not convinced by these arguments.
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Curve returned 70% of the funds stolen by the hacker
DEX Curve Finance announced the return of 70% of the funds stolen during the stablecoin pool attack on July 30th. The team is investigating the remaining 30% and is working to determine the proportion of each impacted user "with a view to proper distribution."
Curve also offered a $1.85 million reward for identifying the hacker to bring him to justice. The project team announced the expiration of the deadline for the voluntary return of funds and the readiness to abandon prosecution in the event of a full refund of the stolen assets.
Poll: 60% of investors expect Bitcoin to rally after halving
Almost 60% of survey participants from the popular blogger PlanB answered that they believe in the beginning of a bull market after the halving in the network of the first cryptocurrency in 2024.
At the time of writing, 17,329 people have taken part in the survey. The answers were distributed as follows:
59.9% - bull market after halving, again;
17.3% - no bull market in 2024-2025;
22.9% - I don't know.
Solana lowered the price of the Saga smartphone to $599
Solana Labs has announced a price reduction for the Saga smartphone to $599. The device appeared on the market in May 2023 at a price of $1,000.
The Solana team also said that lowering the price of a smartphone is the next step towards wider adoption of Web3 and further improving the experience for the mobile community.
Bittrex makes a deal with the SEC and will pay a $24 million fine
The US Securities and Exchange Commission (SEC) announced that the Bittrex cryptocurrency exchange agreed to pay a fine. The regulator filed a lawsuit against the platform in April 2023.
The company was accused of promoting securities without a license. The commission included the following tokens: OMG, DASH, ALGO, TKN, NGC, and IHT.
The exchange, its overseas affiliate, and former CEO William Shikhara neither confirmed nor denied the allegations, according to a regulator statement. However, they are ready to pay a fine of $24 million.
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