Welcome to our latest edition of the weekly cryptocurrency news roundup, where we will uncover the most interesting updates from the crypto market from July 30th to August 5th, 2023.

The U.S. Securities and Exchange Commission (SEC) has been busy this week with a number of cryptocurrency-related news items. At least eleven firms are seeking SEC approval for an Ethereum Futures ETF; the SEC is investigating Richard Heart for issuing an unregistered token.

In other news, July saw the worst crypto plunge of the year, with a $486 million loss due in part to a major exploit by Multichain. However, there is some good news: the mastermind behind the $61 million Curve Finance attack has returned $8.9 million.

Continue reading as we bring you up to speed on the most interesting cryptocurrency news this week!

CRYPTO NEWS RECAP: (JULY 30th to 5th, 2023)

●      More than 10 Companies filed for Ether futures ETFs, seeking SEC approval 

●      SEC files lawsuit against Hex Founder for unregistered securities

●      Binance's CZ sounds the alarm on a new wave of crypto scams

●      July sees crypto market's worst plunge in 2023: $486 million loss, highest since 2022

●      Curve Finance hacker returns $8.9 million amid protocol concerns

More Than 10 Companies Filed for Ether Futures ETFs, Seeking SEC Approval

At least 11 firms have filed with the SEC to launch Ethereum futures-based ETFs, in a rush that echoes the Bitcoin #ETF fervor. The Volatility Shares Ether Strategy ETF, which is known for its 2x Bitcoin Strategy ETF, led the effort by submitting its own on July 28. 

Others followed: Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF, and the awaited Grayscale Ethereum Futures ETF. 

The #SEC has not yet approved Ethereum futures ETFs, but change is on the horizon. Approval would see ETFs live 75 days post-filing, starting with Volatility Shares on October 12.

SEC Files Lawsuit Against Hex Founder for Unregistered Securities

The U.S. Securities and Exchange Commission (SEC) has filed legal action against Richard Schueler, aka Richard Heart, alleging unregistered issuance of three tokens. According to the complaint, filed in a New York court on July 31, Heart amassed over $1 billion through unregistered sales of crypto securities, including Hex, #PulseChain (PLS), and PulseX (PSLX). 

Heart, accused of violating federal securities laws and defrauding global investors, reportedly promised extravagant wealth. Meanwhile, the SEC claims he diverted $12.1 million for personal purchases, like a 555-carat diamond and luxury cars.

Binance’s CZ Sounds the Alarm on a New Wave of Crypto Scams

The CEO of #Binance , CZ, has issued an urgent alert regarding a surging crypto scam in which fraudsters mimic wallet addresses to divert transactions, exploiting users. This technique involves crafting addresses resembling the victim's and executing 'dust transactions' to imprint them in transaction history. If victims duplicate these, funds go to scammers. 

CZ, however, endorsed blockchain domains, which resemble email addresses and can help thwart scams. He also advised users to be cautious and avoid copying addresses after repeatedly urging them to use strong passwords and enable two-factor authentication. 

July Sees Crypto Market’s Worst Plunge in 2023: $486M Loss, Highest Since 2022

Cryptocurrency's volatile market reached a low point in July when a DeFi report revealed a staggering $486 million loss—six times the previous year's figure. The Multichain exploit accounted for nearly half the losses, draining $231 million.

Meanwhile, amid high-profile breaches, recovery efforts fell drastically short, reclaiming only $6.15 million of the $486.35 million lost. Ethereum suffered the most, losing $447 million across 36 cases, while access control issues contributed a majority of the $364 million losses.

Curve Finance Hacker Returns $8.9M Amid Protocol Concerns

In an unexpected turn of events, the hacker behind the $61.7 million #Curve Finance attack is returning $8.9 million to the Alchemix and Curve teams. The attacker, who took advantage of a reentrancy bug, has begun a partial refund, citing a desire to preserve the integrity of the exploited protocols. 

However, the Alchemix team announced on August 5 that all funds stolen by the hacker from the Alchemix pool have been returned. They also stated that a full postmortem is coming.

NEW LISTINGS ON MELEGASWAP

Here are a few of our new cryptocurrency project listings on MelegaSwap!

TRUST AI (TRT)

Trust AI is an ecosystem built on the Binance Blockchain with integrated AI. It is focused on helping developers, companies, and even individuals with zero knowledge of coding or any other protocol to be able to create smart contracts, provide security reporting within minutes, and manage storage systems.

COCK (COCK)

$COCK is a meme coin with no intrinsic value or expectation of financial return. The coin is for entertainment only. $COCK has no association with Jean-Yves Raimbaud or the TV Series "Oggy and the Cockroaches". This token is simply paying homage to a cartoon and an icon we all love and recognize.

ApeMax (APEX)

APEX is hyper-deflationary, self-generating automatic liquidity that pays out static rewards to holders. Simply hold APEX in your wallet, and you will get more on every transaction!

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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

Hey there,

So, I started this journey into the world of #IslamicFinance and #DeFi out of curiosity about this new direction in the financial realm. Over the years, Islamic finance has been growing due to the interest in financial instruments that spread risks and are grounded in ethical principles. This uniqueness has made them stable and significant, catching the attention of market participants worldwide.

Now, DeFi has been changing how we think about finance by offering a decentralized platform for financial transactions. However, this path has also faced challenges, like the recent crisis involving #Curve . This crisis highlighted the importance of implementing ethical principles and risk-sharing in DeFi. The existing issues and losses associated with the crisis reminded us of the need to build robust financial mechanisms that adhere to principles, promoting stability and trust within the system.

During my exploration, I came across the Islamic Coin project, which combines Islamic financial principles with DeFi technology. This project isn't just providing a solution; it's reshaping and expanding our understanding of DeFi's potential.

The Islamic financial principles that underpin Islamic Coin play a vital role in constructing this ecosystem. The prohibition of Ribā has turned all operations into trading rather than credit-based, reducing risks and promoting fair distribution of benefits. The prohibition of Gharar ensures honesty and transparency in agreements, while the exclusion of Maisir helps avoid unnecessary risks that threaten stability.

I believe that the Islamic financial principles embodied in Islamic Coin have the potential to change the world of finance. This project isn't just creating an opportunity to participate in DeFi; it's also helping ensure compliance with ethical and socially responsible standards.

As I journey through the realm of DeFi technologies, I've found a reliable companion in #IslamicCoin , which provides secure and efficient financial transactions. #HAQQWallet has become a crucial tool in this journey, enabling transactions in line with Islamic financial principles.

In this way, the Islamic Coin isn't just offering new opportunities for market participants; it's also taking the first step toward transforming DeFi into an ethical, stable, and responsible ecosystem. Together, we can change the world of finance by creating a space where ethics and technology come together to achieve common goals.

According to Foresight News, Curve's native stablecoin, crvUSD, has reached a record high supply of 153 million tokens. The collateral value based on wstETH is $104 million, while the collateral value based on WBTC is $103 million. Additionally, the collateral value based on sfrxETH is approximately $22.35 million, and the collateral value based on ETH is $28.49 million.