Weekly Crypto Digest for July 31 - August 6, 2023.
Monday, August 07, 2023
Litecoin halving, MicroStrategy buys more Bitcoin, Binance exceeded 150 million users and more news in the lates issue of Weekly Crypto Digest by Yellow Capital.
The third halving took place in the Litecoin network
On Wednesday, August 2, the Litecoin (LTC) network halved the reward for a block mined by miners from 12.5 LTC to 6.25 LTC.
The quotes of the asset after the halving failed at the level of $90.
Bitcoin industry lost $303 million in July due to hackers
During July, cryptocurrency traders lost $303 million worth of digital assets as a result of exploits and hacker attacks. This is reported by CertiK experts.
In terms of the amount of damage, the most large-scale incident of the past month was the withdrawal of funds from the Multichain cross-chain protocol as a result of technical problems. The project lost about $125 million in various assets. After the arrest of CEO Zhao Jun, the platform ceased operations.
MicroStrategy buys 467 BTC for $14.4 million
Analyst software provider MicroStrategy has acquired an additional 467 BTC worth $14.4 million, according to company founder Michael Saylor.
As of July 31, MicroStrategy owns 152,800 BTC worth approximately $4.53 billion at $29,672.
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FTX unveils exchange reorganization plan
Bankrupt cryptocurrency exchange FTX has unveiled a reorganization plan. Among other things, it involves the creation of a new offshore trading platform.
The plan divides all FTX Trading users into four groups:
- Dotcom clients. The main category of traders who used the services of the offshore exchange FTX.com;
- US clients. FTX US division users;
- NFT holders on the branded marketplace;
- general unsecured claims, including those from creditors and clients of Alameda Research;
- secured obligations;
- subordinate claims, including fines and sanctions.
Compensation payments for these categories will be made in a cascade. That is, each next group will receive a proportional part of the remaining pool of funds.
The specific payment procedure has not yet been determined.
The hacker withdrew over $60 million from Curve. He has already started a refund
On July 30, an unknown person attacked Curve Finance's stablecoin pools using a vulnerability in the Vyper code. Initially, the total losses from the hack were estimated at $47 million. According to Defi Llama, the amount increased to $61.7 million.
On August 4, the hacker returned assets totaling more than $20 million. He explained his decision not by fear of being caught, but by unwillingness to destroy the project.
The number of Binance users exceeded 150 million
Changpeng Zhao, CEO of the Binance cryptocurrency exchange, announced that he has crossed the 150 million user mark.
In July 2022, the number of clients of the trading platform reached 120 million — for the year, the influx amounted to 30 million people.
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