As the US Presidential elections come closer, investors are looking into the crypto market for potential gains. MAGA (TRUMP), Jeo Boden (BODEN), and ETFSwap (ETFS) are three cryptocurrencies that are becoming attractive in the crypto world. Let’s examine why these cryptocurrencies stand out and how they might perform as the elections draw near.

 

Make Massive Profits During The Election Season With ETFSwap (ETFS)

ETFSwap (ETFS) has proven to be a unique innovation because it combines exchange-traded funds (ETFs) with blockchain technology by providing secure investment opportunities. Investors get to enjoy the best of DeFi while leveraging customizable trading strategies. They can access futures and advanced trade perpetual of up to 10x. 

ETFSwap (ETFS) gives traders the flexibility to manage their trading risks since they can open and close their positions at any time. The platform uses AI-powered tools such as ETF Screener and ETF Tracker to give investors real-time market data to improve their trading. 

Also, investors can participate in tokenized exchange-traded funds (ETFs) without the compulsion of KYC (Know Your Customer) processes. As such, it is ideal for users who prefer to trade anonymously. ETFSwap (ETFS)  prioritizes its users because while their investors remain anonymous, they’ve proven their reliability by undergoing a  KYC verification by SolidProof.

The success of the ETFSwap (ETFS) presale has been steady and stable so far, having raised over $2.6 million. It is projected to give investors greater returns beyond the presale stage as its user base increases. Luckily, the token is still selling out to whoever wants to participate in this provisional financial revolution. One ETFS token costs $0.01831, and it is advisable to invest in it quickly before the presale ends.

 

MAGA (TRUMP) Is Riding the Political Wave

The MAGA (TRUMP) cryptocurrency has become popular because it is associated with Donald Trump and other political movements that support him. It was launched in August 2023, when Trump’s presidential run started, and was worth about $0.015. As his campaign grew, MAGA (TRUMP) hit an all-time high of $11.56 in March. 

It is safe to say that this coin is linked to Donald Trump’s political fortune. Experts have predicted that if Trump loses the upcoming election, the price of MAGA (TRUMP) might crash to its 2023 low. Conversely, if he wins, MAGA (TRUMP) can go as high as $35.55 by the end of this year.

 

Jeo Boden (BODEN) Has Proven To Be Progressive

The Jeo Boden (BODEN) token was released on March 9. Although it was released many months after MAGA (TRUMP), it has also captured the attention of investors with a circulating supply of approximately 690 million tokens and a market cap of about $6.74 million. The Jeo Boden token is a meme coin closely related to the Solana network and has become popular as a politically themed cryptocurrency.

Like other cryptocurrencies, Jeo Boden (BODEN) experiences volatility. While it is currently worth $0.009, hinting at a decline, this token went as high as $1.04 in April. However, due to its supposed relationship with a political figure, there are rumors that this token will surge to unbelievable heights as the election unfolds.

 

Final Thoughts On MAGA (TRUMP), Jeo Boden (BODEN), And ETFSwap (ETFS) Presale As The US Presidential Elections Closes In

As elections draw near, MAGA (TRUMP) and Jeo Boden (BODEN) present good opportunities for investment. However, the prices of  MAGA (TRUMP) and Jeo Boden (BODEN) are largely affected by political sentiments. This means their investors should be prepared for major price swings as the elections draw near. 

On the other hand, ETFSwap (ETFS) is an innovative token whose value remains relevant in and out of season. Since its price is not necessarily politically linked, investors can expect excellent returns while its presale remains available.

 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

The newly formed Crypto4Harris group seeks to build support for Kamala Harris in the crypto space with endorsement from Mark Cuban, Anthony Scaramucci, and others.

Democrats are keen to uplift Kamala Harris’ odds of winning the next US elections by uplifting her reputation in the crypto industry. 

The Dems have floated a Crypto4Harris Group which is planning a townhall meeting next Wednesday, August 14. Reportedly, Democratic supporter and billionaire Mark Cuban will also be attending the meeting next week.

Mark Cuban to Attend Crypto4Harris Townhall

The reason for the Democrats to float this Crypto4Harris update is to stop Donald Trump from dominating this issue as well as bridge the gap between the crypto administration and the Harris team. 

The official handle of Crypto4Harris Group on X describes it as “a grassroots network of crypto advocates organizing, fundraising, and developing a nuanced crypto-policy approach for the Harris For President campaign”.

Billionaire entrepreneur Mark Cuban, along with other industry participants, will be speaking at the meeting. The billionaire has been facing heat for his endorsement of Kamala Harris and Tim Walz.

While Mark Cuban has been praising Harris and Walz for having a warm connection with people, VanEcks’ Matthew Sigel has lashed out at the entrepreneur asking him on what basis he draws an opinion when Kamala Harris has not given a single interview/debate yet even after being the Presidential nominee for the upcoming US elections.

As reported by Fox Business journalist Eleanor Terret, the main organizers of Crypto4Harris Group include top industry players like Crypto Council CEO Sheila Warren as well as former Chainlisys executive Amanda Wick. SkyBridge Capital founder Anthony Scaramucci will also be attending the event.

https://twitter.com/EleanorTerrett/status/1821002377370976639

Donald Trump’s Son Eyes DeFi Outreach

In a surprising announcement on Tuesday, Donald Trump’s son Eric Trump tweeted that he has a big announcement to make in the crypto and the DeFi sector going ahead.

I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr

— Eric Trump (@EricTrump) August 6, 2024

Well, this clearly shows that political leaders are exploring further opportunities in the wider crypto market while exploring other areas of growth as well.

Binance, the largest cryptocurrency exchange in the world, recorded a net inflow of $1.2B in the past 24 hours, marking one of the highest net inflow days this year, said the CEO of Binance Richard Teng quoting data from DeFi Llama. 

Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics.

This marks one of the highest net inflow days of 2024, indicating strong investor…

— Richard Teng (@_RichardTeng) August 6, 2024

The huge inflows indicate strong investor confidence, notes Teng.

Since the new low, Bitcoin has been recovering slowly to around the $55,000 mark around midday (UTC) on August 6. At press time on August 7, Bitcoin is trading at $56,700.

Bitcoin Could Be Back to $60k

As the trading frenzy continues, Bitcoin prices could be back to above $60,000 by the end of the week, notes Anton Toroptsev, the CIS region Marketing Director of the crypto exchange platform Bitget, stating Bitcoin’s next “rebound” could prove as “rapid” as its recent fall.

Toroptsev said that “by the middle of this week,” BTC prices “may return to $58,000.” He added that “by the end of the week,” Bitcoin would be back to $60k, or already trading “above” this key threshold.

What Triggered BTC Decline?

CryptoQuant notes the price of Bitcoin declined sharply in the context of macro headwinds and a sell-off in financial markets. Bitcoin touched $49,000, the lowest level since February 14.

In its weekly research note, analysts at CryptoQuant note that over the last few weeks, some macro developments have impacted market sentiment negatively: higher interest rates in Japan, worst-than-expected unemployment data in the U.S. as well as the turmoil in the Middle East and the U.K. riots.

The factors have seen market sentiment switch with traders in the crypto futures markets aggressively closing long positions and sellers dominating.

Robinhood Halts Overnight Trading

Not all crypto trading venues were able to handle the trading frenzy during the sell-off. Brokerage firm Robinhood announced a temporary suspension of its overnight trading services due to issues with its execution venue.

In a recent post on X, the company cited problems with Blue Ocean ATS, the third-party firm that handles round-the-clock trading for Robinhood, as the reason behind the decision.

Robinhood 24 Hour Market's execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24 Hour Market orders that are open as of approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and…

— Robinhood Help (@AskRobinhood) August 5, 2024

On Wednesday, August 7, Ripple unveiled a major partnership with DFIC Innovation Hub based in UAE to expand its foothold in the Middle Eastern region.

Ripple has announced a major partnership in the Middle Eastern region.

The collaboration with DFIC Innovation Hub aims at boosting crypto adoption in the region.

Moreover, it aims to aid XRP Ledger developers.

Ripple, a leading blockchain payments firm, has unveiled a strategic partnership with the DIFC Innovation Hub. 

This collaboration aims to boost blockchain and digital asset innovation within the UAE. Moreover, the firm aims to establish a significant foothold in the Middle Eastern market.

About The Latest Ripple Partnership

The DIFC Innovation Hub, recognized as the largest innovation community in the region, hosts over 1,000 tech firms, venture capital entities, and regulatory bodies. 

This new alliance will integrate the blockchain firm’s expertise with the dynamic ecosystem of the DIFC Hub. Thus, it will facilitate the growth of early-stage blockchain companies and positioning these technologies with larger, traditional institutions.

Ripple CEO Brad Garlinghouse highlighted the significance of the UAE’s regulatory landscape in fostering innovation, according to the latest release. 

“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” Garlinghouse stated.

Moreover, he emphasized the potential of this partnership to enhance blockchain adoption. Garlinghouse noted, “Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”

This move is part of Ripple’s broader strategy to expand its influence in key global markets by leveraging local innovation ecosystems. Moreover, this collaboration promises to accelerate crypto adoption and blockchain technology use cases across the Middle East.

This partnership aligns with Ripple’s commitment of one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL). 

This commitment will provide financial, technical, and business support to developers worldwide.

Following the fund announcement in late 2021, the firm has funded over 160 teams working on the XRPL. In addition, it has reached 47 countries, supporting a diverse range of use cases from decentralized finance (DeFi) to Real World Assets (RWA).

Other Executive Comments

Arif Amiri, DIFC Chief Executive Officer, highlighted the partnership’s role in advancing Dubai’s position as a global financial and technological hub. 

“Today marks a significant milestone in Dubai’s ongoing journey to accelerate its position as a leading international centre of excellence for business and finance. Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to fostering technological advancements,” Amiri said.

The Ripple Middle East and Africa (MEA) regional office, located within the DIFC, plays a pivotal role in this collaboration. 

In November 2023, the DIFC approved XRP for use within the Centre, allowing licensed virtual asset firms to incorporate XRP into their services. This milestone is fostering new economic value by driving blockchain innovation in Dubai.

Reece Merrick, the blockchain firm’s Managing Director for the Middle East and Africa, highlighted the potential of the UAE’s fintech environment. 

“The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” Merrick stated.

CoinDCX, India’s leading crypto exchange, has established a $5.9 million fund for investor protection to compensate customers during such events.

CoinDCX Investor Protection Fund

The $230 million hack on Indian crypto exchange WazirX last month, has alerted CoinDCX to plan ahead in case of such a security breach. CoinDCX, India’s leading crypto exchange, has established a $5.9 million fund for customer protection to compensate users during such events.

Dubbed Crypto Investors Protection Fund (CIPF), the fund is designed to repay customers for losses incurred in rare security breaches.

According to a recent press release, the fund aims to set high security standards within the Indian crypto ecosystem. The CIPF “will ensure CoinDCX customers’ assets remain protected” in an unlikely scenario, the exchange noted.

CIPF will have an initial fund allocation of 50 crore rupees, worth around $5.95 million. The exchange has set up a governance framework for the credit and utilization of CIPF funds for transparent, effective management.

Further, CoinDCX will contribute 2% of its brokerage income to the CIPF corpus annually. It also plans to review and potentially increase the fund size over time.

Sumit Gupta, Co-Founder of CoinDCX, noted that the dedicated fund “will provide an additional layer of protection,” during an extremely rare event of a security breach.

“We commit to adding 2% of brokerage income to the corpus and increasing the pool size over time. We will continue to monitor the fund’s size, maintaining the balance at a level adequate to safeguard our users’ assets.”

CoinDCX, a Financial Intelligent Unit (FIU) registered crypto exchange in India, has received an ISO certification for its security measures.

“At CoinDCX, security is our top priority. We invest heavily in top notch security practices and follow robust security measures to ensure our customers’ assets are protected at all times.”

CoinDCX Believes WazirX-Like Crypto Hacks Are Rare

The exchange stressed that security breaches and adverse events are unlikely to happen. CoinDCX has “strong security posture,” said the platform, adding that its AUM “are diversified across multiple vaults ensuring an added layer of security.”

Gupta further noted that it would be “better for the ecosystem”, if other exchanges also follow CoinDCX in fund allocation.

“Nobody can assure 100% security,” said Gupta. He added that ways to ensure customers remain protected even if there is slightest chance of a breach, is crucial.

Despite clearly articulating reasons for de-dollarization in Africa, African leaders will struggle to convince citizens to embrace national currencies without changing economic management practices. 

People often lose confidence in a currency when a central bank excessively prints money to pay debts and other obligations.

De-Dollarization Hype Not Backed by Practical Action

Sometime in 2023, during the peak of anti-dollar hype, Kenyan President William Ruto questioned why his country and Djibouti still had to settle trade in US dollars when they had their currencies. 

For Ruto, it made no sense that the two countries’ traders had to use the greenback when the United States itself was not in any way involved in the trade.

Although the Kenyan President’s poignant remarks were applauded by many, particularly in the so-called Global South, he is not the first to make this observation. 

In fact, many had been questioning this arrangement, also known as dollarization, for years, but it never gained enough interest or forced politicians to reevaluate it. 

The US dollar hegemony was never widely seen as a threat, even as a few small countries were highlighting Washington’s apparent use of the currency’s dominance to achieve political goals.

However, when the U.S. took the bold step of using the dollar’s dominance to punish Russia after its invasion of Ukraine, suddenly there seemed to be a consensus among countries that Washington was weaponizing its currency. 

For countries fearing they might be the next target, advocating for an alternative to the dollar or de-dollarization became the logical course of action.

As global media reports attest, many countries and opponents of a U.S. dollar-dominated financial system were (and still are) advocating for the BRICS bloc to launch a currency that rivals the greenback. In fact, toward the end of 2023, many expected the bloc to finally roll out a currency to rival the U.S. dollar.

However, for the most rabid U.S. critics, BRICS’s failure or reluctance to launch such a currency was a bitter pill. Additionally, the lack of a clear roadmap for a BRICS currency rollout has dampened proponents’ hopes of seeing an end to the US dollar’s dominance. 

Realizing that the much-anticipated silver bullet is no closer to fruition, many countries that had enthusiastically expressed their desire to join BRICS have returned to the drawing board.

Going back to the drawing board in this case means continuing to engage with Bretton Woods institutions like the World Bank and the International Monetary Fund (IMF). It also means these countries still have to use a U.S.-dominated financial system and abide by the rules set by Washington. Unfortunately, for countries under some form of U.S. sanctions, it means resorting to less reliable and more expensive alternatives.

Clearly, the process or task of establishing a currency that eats into the greenback’s dominance is a mammoth one. But why is it difficult to create or launch a currency that can challenge the U.S. dollar? 

Alternatively, what has enabled the dollar to remain the most preferred reserve currency, even among those bitterly opposed to the U.S.?

US Dollar as a Store of Value

Well, a lot may have nothing to do with what the U.S. is doing right but rather with what its opponents are doing. A good example exists in Africa, where persistently high inflation rates have convinced citizens that holding onto a local currency is unwise.

Indeed, many African countries have dollarized economies because citizens choose to transact with the greenback instead of local currencies. 

The U.S. dollar is often preferred not only because it is the most widely recognized foreign currency but also because it maintains its value—something most domestic currencies fail to do.

When a currency fails to maintain its value against other currencies, people lose confidence, and over time, many will start rejecting such a currency. Without confidence, a currency cannot survive. 

People often lose confidence in a currency when a central bank wantonly creates money and uses it to settle debts and other obligations.

Injecting money that does not correspond with an economy’s production usually results in one thing: runaway inflation. Unfortunately, this is precisely what many central banks, including those in Africa, have been doing, leading to currency crises and eventual dollarization.

So, to answer the Kenyan President and those asking a similar question, traders between two African countries demand payment in US dollars because they lack confidence in their own or their counterpart’s national currency. 

It does not matter how far away they are from the United States; the two traders prefer this because it has a stable value, at least when compared with their respective national currencies.

While the Kenyan leader has gone as far as to plead with traders to use local currencies, several African countries have banned the use of foreign currency in domestic transactions. 

However, this approach has often not translated into increased local currency use. Instead, it has driven traders underground, harming local economies. 

Usually, countries eventually relent. Ethiopia, which is thought to be a proponent of a BRICS-backed alternative to the dollar, is one country that recently abandoned this approach.

Therefore, until African countries improve currency management, residents will continue to view the U.S. dollar as a store of value. Traders will also demand U.S. dollar payments if they consider local currencies too volatile. And when their national currencies are shunned, African countries will struggle to run their economies.

Lubbock police in Texas have reported a notable increase in bitcoin scams, with victims losing significant amounts of money. 

Over the last few months, 20 to 30 individuals have come forward to report scams involving gift cards and bitcoin transactions. 

Scammers typically target the elderly, claiming their accounts have been compromised and require verification. 

Victims are instructed to write checks, withdraw money, and deposit funds into bitcoin machines. Sgt. Brandon Stewart recounted a case where a victim transferred $25,000 followed by another $30,000. 

He cautioned that once the money is sent, it is usually unrecoverable due to the scammers often being overseas. Stewart advised the public to trust their instincts and recognize red flags, such as being told to stay on the phone during financial transactions. 

Key tips include knowing that the police will never demand money, recognizing the warning sign of staying on the phone while making purchases, and verifying claims with the purported organization. 

LPD aims to prevent substantial financial losses through these guidelines.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The crypto market has been hit hard by a significant crash, with Bitcoin and other digital assets experiencing substantial losses.

Bitcoin’s value recently dropped below $50,000 before making a slight recovery. Earlier, in July, it had reached $70,000 due to enthusiasm over Donald Trump’s new Bitcoin initiatives. 

Since reaching its peak in June, the overall market value of Bitcoin and other cryptocurrencies has decreased by around $800 billion.

Despite a bold prediction from investor Mark Cuban, who foresees a dramatic rise in Bitcoin’s value, Coinbase’s head of institutional research, David Duong, has issued a cautionary note about continued volatility. 

Duong suggested that while short-term instability is expected, there might be a market rebound if short sellers are pressured. Nonetheless, he emphasized that the market has not yet stabilized.

Factors Contributing to the Decline

The market started to tumble on Sunday, triggered by a sell-off in Japanese stocks linked to the unwinding of the yen carry trade. 

This investment strategy involves borrowing in a low-interest-rate currency, such as the Japanese yen, and investing in higher-yielding assets. 

The strategy began to unravel following the Bank of Japan’s recent interest rate hike. Kit Juckes from Societe Generale called this the largest carry trade in history and noted the uncertainty about future developments.

Duong also pointed to growing fears of a recession, which could worsen in the weeks leading up to the Federal Reserve’s decision in mid-September. 

He predicts that market fluctuations will continue through the third quarter, although he does not believe this marks the beginning of a new market cycle. Instead, he views it as part of a defensive period, with a more optimistic outlook for the fourth quarter.

Impact on Smaller Cryptocurrencies

While Bitcoin has seen a notable decline, smaller cryptocurrencies, or altcoins, have been even more affected. 

Analysts at Bitfinex highlighted that the prevailing negative sentiment is particularly damaging to altcoins, many of which are experiencing extreme volatility and significant drops in market capitalization. 

Some of these altcoins may not survive the current market correction.

In summary, the cryptocurrency market is currently facing significant challenges driven by global economic factors and investor sentiment. While there are opportunities for recovery, the market remains highly unstable.

London, United Kingdom, August 7th, 2024, Chainwire

Blockchain-based solution drives significant improvements in data visibility, accuracy and operational efficiency within cargo handling sector, according to research conducted by Aventus at Heathrow Airport

Airlines can benefit from overall cost savings in their cargo handling operations by leveraging Web3-based solutions, according to a study conducted by Aventus & Airport Perishables Handling (APH) at Heathrow Airport.

The existing toolset used for global ULD management has remained unchanged since the 1990s and relies heavily on manual data inputs, resulting in critical challenges with data visibility and accuracy, secure information sharing, and costly ULD losses, damages and delays – costing airlines north of $1.6 billion annually. 

Web3, through blockchain technology, offers a robust solution to the challenges of traditional ULD management, by: 

Enabling immutable, tamper-proof records that provide a single source of truth, eliminating disputes and improving regulatory compliance;

Reducing administrative overhead and minimize errors by automating manual processes via self-executing smart contracts; 

Enabling real-time visibility into ULD location, custodianship and condition, and streamlining data sharing to enable airlines to optimize operations.

In a pilot study conducted at Heathrow Airport, Aventus, an industry-leading provider of end-to-end Web3 solutions for enterprises and parachain on Polkadot, found that its end-to-end blockchain-based cargo handling solution drives improvements in data visibility, accuracy and operational efficiency within the cargo handling sector.

90% reduction in communication and error incidents as a result of digitized data capture; 

83% reduction in manual documentation time;

81% reduction in time between ULD stock updates from 3-4 hours to just 30 minutes, enabling real-time decision-making; and

28% reduction in loading times as a result of optimized ULD loading workloads.

Alan Vey, Founder at Aventus, comments: “These results are truly remarkable, underscoring the transformative potential of blockchain for not only the aviation industry but for supply chains globally. We are proud to be empowering enterprises to enhance data accuracy, reduce operational inefficiencies, and achieve greater transparency. As we expand our partnerships across North America, Europe, the Middle East and Asia, we anticipate these results to only improve via network effects.”

Michelle Roosevelt, Director at Aviation Perishables Handling, adds: “Aventus’ technology is fast and responsive, which is key in our busy airport environment. We’ve seen huge improvements in productivity. The app is more than a tool – it’s reshaped how we manage and track our aircraft containers, and the Aventus team’s support and expertise in meeting our needs has been outstanding.”

Aventus’ aviation solution brings partnerships with major enterprises to the Polkadot ecosystem, including Aviation Perishables Handling at Heathrow Airport, Vodafone’s Digital Asset Broker, as well as other major airlines across Asia and the Middle East.

For more information on the study, users can download the full report here. 

About Aventus

Aventus transforms how customers create trust and unlock growth, crafting pioneering Web3 solutions for brands, from creating more connected, integrated experiences to enhancing traceability, transparency, and product authentication. Founded in 2020, Aventus is the only trusted digital product extension platform that provides a secure and reliable Web3 environment for customers to launch market-leading programs and product activations. 

With deep industry expertise and a strong understanding of enterprise needs, Aventus delivers the best feature sets of Web3 with the familiarity of Web2, driving significant brand reputation, trust, and enterprise growth for its customers. Its production-ready, end-to-end Blockchain-as-a-Service software is modular, scalable, and interoperable, giving clients the flexibility they need to respond to rapidly-evolving market opportunities.

Contact

Head of MarketingEllie HymanAventusellie.hyman@aventus.io

Solana remains robust during the recent market crash, outperforming major TradFi platforms despite its history of outages.

TradFi platforms face downtime during a major market crash but Solana network is resilient despite past issues. 

Solana had to battle with wild swings in transactions before. 

The recent market crash, which saw Bitcoin drop below $50,000, has created a frenzy of activity in both crypto markets and traditional financial (tradFi) institutions. 

Times like these test the reliability of both blockchain networks and traditional web infrastructure. This time, blockchain networks fared better.

Despite experiencing its share of technical issues in the past, with several network-level outages in the past years, Solana showed robust performance during the recent crash. At the same time, major banks like Schwab and Fidelity saw their services crash. 

Market Crash Disrupts TradFi 

Major financial panic sent the markets in disarray. On Monday, August 5, a major sell-off in Japan saw the Nikkei index drop 20% from its all-time high on July 11. The crypto market reacted similarly, shedding 18% of its overall market cap, with Bitcoin dropping to $50,000. 

The drop in asset prices also resulted in a surge in trading activity, both in crypto and stock markets, as traders scrambled to cover their positions or to sell before others did. 

The influx of activity proved too much for major TradFi platforms like Charles Schwab, Fidelity Investments, Citi, Robinhood, and others, which all experienced downtime in their online services. 

BREAKING: At least SIX trading platforms are down:

• Citi• Fidelity• E-Trade • Vanguard• TD Ameritrade• Charles Schwab pic.twitter.com/FESJrgfeuf

— Radar (@RadarHits) August 5, 2024

At the same time, major blockchain networks, including Solana, remained robust despite the sudden increase in trading volume. This is especially notable because Solana experienced several outages in the past. 

Solana Stays Robust, Despite Past Issues

Solana has faced several significant outages in recent years, impacting its reliability. Notable incidents include a February 2024 outage caused by a bug in the Just-in-Time (JIT) compilation cache, which led to an infinite loop and halted network operations for nearly five hours. 

In October 2022, a misconfigured node created issues for Solana’s consensus mechanism, causing another prolonged downtime​. Similarly, a surge in transaction volume during a DeFi protocol launch in September 2021 overwhelmed the network, leading to a 17-hour outage. 

Underlying these issues is the large increase in network traffic, caused by spam and bot transactions, memecoin trading, and DeFi applications, which are not an issue for tradFi. 

This continued pressure on the network made the Solana team implement numerous upgrades that made the network more resistant. Conversely, this has made it more resilient in cases of market panics, compared to tradFi platforms. 

Over the past year, Solana has achieved a 99.94% uptime, showcasing its enhanced reliability.

As Solana continues to grow, it will encounter the limits of its scalability once again, unless it does ongoing improvements. 

The robustness of trading platforms is crucial to maintaining fairness in the financial markets. When these are down, that lack of access harms retail investors the most. 

Brisbane, Australia, August 7th, 2024, Chainwire

Australian gemstone company NYBlue Pty Ltd has emerged as a key player working to redefine the global gemstone market. The company’s strategic venture involves a plan to secure control over the world’s blue zircon supply, a move that holds the potential to reshape the value dynamics of the global gemstone market. 

Previously this month, the company released its whitepaper, detailing its current pre-sale and subsequent public float of its ‘real world asset’ cryptocurrency, following its announcement of holdings of more than one million carats of the rare gemstone.

NYBlue’s primary strategy lies in systematically increasing its current holdings, to continue acquiring all available Cambodian blue zircons, establishing control over the supply chain and potentially influencing the future value of these precious stones.

Earlier today company representatives were interviewed on CryptoBanters’ Town Hall podcast, to announce the launch of their RWA token pre-sale which has garnered considerable interest from the crypto community since being announced earlier this year.

A video released by NYBlue questions rhetorically “What would be a more appropriate display of affection, for your significant other; a piece of compressed, common, carbon, or instead something more ancient than Earth, exceedingly rare, and twice as brilliant as diamond? 

NYBlue majority shareholder, Mitch Brownlie has stated “We believe that Cambodian blue zircon deserves recognition as one of the most extraordinary, underappreciated and undervalued gemstones on the market” 

The Australian company NYBlue; is financed by Australian AgTech founder & former political advisor; Mitch Brownlie, who has recently discussed the project on various podcasts; often comparing the NYBlue project with a previous gemstone rally; when the African gemstone ‘tanzanite’ surged from obscurity, to reach parity with Diamond. 

Tanzanite Spot Price – An inspiration for NYBlue.

NYBlue draws inspiration from the historical trajectory of the tanzanite market, where prices experienced a tenfold increase over three years. The company anticipates a similar trajectory for zircons, aligning its strategy with past successes to project a potential surge in value. 

NYBlue, has previously announced its plan to launch its gemstone-backed cryptocurrency codenamed ZIRC where each token is fully backed by and redeemable for a 1-carat blue zircon gemstone. This approach allows consumers to benefit from the rise of blue zircon without the risks of volatility associated with traditional cryptocurrencies. Owners of Zirc tokens will have the option to redeem their cryptocurrency for gemstones at any time, ensuring a stable, arbitrage-enforced peg between the two assets. 

NYBlue aims to acquire the majority of globally available gem-quality blue zircons, effectively positioning itself as a dominant force in the market. This approach is designed to exert influence over the supply chain, creating a ripple effect on the market value of blue zircons across the industry.

NYBlue’s strategic initiative is not a short-term play; it is an ambitious endgame to secure a controlling stake in the multi-billion-dollar gemstone market. With a collection of gemstones valued at around $300m, NYBlue aspires to redefine the gemstone narrative on a global scale. This venture positions the company as a significant player, with the potential to impact the industry’s landscape for years to come.

In their quest for dominance in the gemstone market, NYBlue has announced a new and highly disruptive initiative; the launch of a blockchain-backed cryptocurrency named ZIRC, with each unit of the blockchain being fully backed by; and redeemable for a 1 carat blue zircon gemstone. This innovative approach allows individuals to participate in the potential rally of blue zircon values, by offering exposure to the underlying commodity without the inherent risks associated with traditional highly volatile cryptocurrencies.

Buyers have the option to redeem their ZIRC tokens for actual gemstones at any time, effectively eliminating the possibility of the token’s value dropping below the market price of the gemstone itself, providing consumers with a tangible and secure asset. This strategic integration of blockchain technology not only enhances transparency and security but also democratises access to the exclusive world of the international gemstone trade.

NYBlue’s PreSale is now live on Zir.co.nz

About Zirc

Zirc offers a cryptocurrency fully backed by blue zircon gemstones. Each ZIRC token is redeemable for a 1-carat blue zircon, providing a stable and tangible asset. The platform aims to integrate blockchain technology to enhance transparency and security, making it accessible for individuals to participate in the gemstone market without the risks associated with traditional cryptocurrencies. Zirc’s approach democratizes access to blue zircons and offers a unique investment opportunity backed by real-world assets.

Contact

DirectorMitch BrownlieNYBlue Pty Ltdredeem@nyblue.com

Arithmic is the world’s first universal and scalable Layer-2 with native staking, that aims to enhance decentralized computation and unify liquidity across L2 networks through its Gen 2.0 VM and network-powered staking, In an exclusive interview with BitcoinWorld, We discuss what is Arithmic , Is All About!!

 

Can you explain what Arithmic is and how it distinguishes itself as the world’s first universal and scalable Layer-2 with native staking?

Arithmic is the world’s first universal and scalable Layer-2 with native staking. Arithmic aims to enhance decentralized computation and unify liquidity across L2 networks through its Gen 2.0 VM and network-powered staking. Arithmic sets itself apart from other Layer-2 solutions by being a universal Layer-2 that integrates seamlessly with both Bitcoin and Ethereum. It employs advanced technology utilizing next-generation zkVM for enhanced efficiency and security. Furthermore, Arithmic offers lucrative staking pools that unlock liquidity and generate native yield from the network’s consensus operations.

How do the innovations of zKVM and zkASICS enhance Arithmic’s capabilities, and what benefits do they bring to users?

The innovations of zkVM and zkASICs significantly enhance Arithmic’s capabilities by improving efficiency, security, and scalability. The zkVM enables private and verifiable computation, ensuring secure and swift transaction processing without exposing sensitive information. This reduces the computational load on the network, resulting in faster transaction times and lower fees. Meanwhile, zkASICs optimize zero-knowledge proof computations, increasing the speed and efficiency of cryptographic operations. For users, this translates to a more robust, reliable platform with enhanced privacy and security, providing a superior experience and making Arithmic a compelling choice for a cutting-edge Layer-2 solution.

Could you elaborate on Arithmic’s securitized staking pools and how they mitigate risks while providing stable returns?

Arithmic’s securitized staking pools effectively mitigate risks and provide stable returns through a sophisticated pooling mechanism. Users can deposit a range of assets into these pools, creating a Multichain Staking Pool. This diversification of assets helps to balance different rates of return and reduce the overall yield risk. The pooled deposits are then utilized to stake on Arithmic’s network and potentially other L2 networks in the future,. These actions generate staking rewards, which are redistributed to users based on their deposit size and participation style. By offering a higher return than the market average through this integrated approach, Arithmic provides both stability and attractive yields, accommodating various user risk preferences and participation choices.

What makes Arithmic’s approach to integrating traditional finance (TradFi) with crypto unique, and how does it unlock yield and liquidity for global crypto markets?

Arithmic is committed to bringing a new-age TradFi to crypto. Arithmic structured its Multi Chain Staking Pools (MSPs) to cater to all users including investors and institutions in the TradFi sector. The securitized staking pools unlock yield and liquidity while allowing investors to diversify their digital asset portfolio, fulfilling the institutional demand to earn stable yields safely.

How does Arithmic cater to different types of users, from institutions seeking stable yields to more speculative investors?

With the introduction of the novel native restaking paradigm, Arithmic aligns the interests of users, investors, and institutions.

For institutions that value steady and secure returns, our liquid staking pools unify liquidity for maximized yields without chain-hopping or managing multiple wallets. Alongside lower gas fees and increased efficiency, institutions can benefit from an elevated DeFi experience while reducing staking risks. Each pool is designed to absorb yield fluctuations and ensure stable returns, protecting users from market volatility to guarantee stability.

Arithmic also offers users the flexibility to choose between two token types in each liquidity pool, one for more risk-averse users and another for more speculative investors. Considering a wide range of investor preferences, we are looking to integrate with multiple asset classes, including memecoin pools and RWAs, to further expand our user base.

Can you describe the cross-platform rewards feature of Arithmic’s staking pools and the benefits it offers to users?

Arithmic’s cross-platform rewards feature incentivizes user engagement by rewarding actions across various aspects of the platform. Users earn points for activities such as bridging tokens, interacting with the Arithmic Wallet, participating in dApps, and joining community events. These points can be redeemed through Arithmic’s Airdrop program or used to enhance participation in Multichain Staking Pools for additional yield. This feature not only boosts user participation but also offers significant benefits, including increased staking returns and exclusive opportunities within the Arithmic ecosystem.

What strategies has Arithmic implemented to build and engage its community, particularly among developers and through partnerships?

We plan to host a series of events in conjunction with our testnet and mainnet launches, where participants can engage in multi-chain staking pools and earn various incentives, such as yield on their staked tokens. Additionally, we are focused on expanding our team to enhance community outreach and engagement. By building a strong, supportive community and fostering partnerships, we aim to create a thriving ecosystem around Arithmic, particularly among developers and key industry players. Stay tuned!

What are your long-term goals for Arithmic, and how do you see its impact on the broader cryptocurrency ecosystem and traditional finance integration?

Our long-term goals for Arithmic include establishing it as a foundational Layer-2 solution that bridges the gap between various blockchain networks and traditional finance. In the immediate future, we plan to launch our testnet within this quarter, followed by the mainnet within 2-3 months. With each phase, we will host significant events where participants can engage in multi-chain staking pools, offering a variety of incentives to encourage participation. We believe Arithmic will significantly impact the broader cryptocurrency ecosystem by providing seamless integration and enhanced security across networks. Additionally, our vision includes facilitating traditional finance integration, creating a more inclusive and efficient financial ecosystem. By enabling interoperability and offering innovative solutions like our staking pools, Arithmic aims to drive widespread adoption and utility in both the crypto and traditional finance sectors.

Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in, World of Cryptocurrency & Blockchain News.

Hackers who grabbed hundreds of millions from 2022’s Nomad bridge hack capitalized on Ether (ETH) price drop to buy large amounts of the asset at a low price. 

They exchanged 39.75 million DAI for 16,892 ETH on August 5. ETH had dropped by over 20% in 12 hours, going from $2,760 to $2,172, which the hackers took advantage of.

Lookonchain, an analytics firm analyzing on-chain activity, posted about the incident on X, “The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to http://Tornado.Cash.” 

https://twitter.com/lookonchain/status/1820332406911672320

Tornado Cash, a crypto mixer, allows users to obfuscate their fund flows, which cybercriminals leverage to evade law enforcement agencies.

Another blockchain analytics firm, PeckShield, took to X to offer more details about the hacker’s activities, “#PeckShieldAlert #NomadBridge Exploiter-labeled address has transferred 39.75M $DAI & 17.75 $ETH to an intermediary address 0x663a…f448. 

The $DAI was swapped for 16.89K $ETH, & 2.4K $ETH (worth ~ $7M) was transferred to #Tornadocash.” 

Alongside the 17.75 ETH sent to an intermediary wallet and the ETH received from exchanging the stolen DAI in the same address, the hacker moved 2,400 ETH to Tornado Cash.

That was not it. Another hacker who successfully exploited the Pancake Bunny protocol in 2021 through a flash loan attack for $45 million also exchanged their stolen DAI for ETH. 

They swapped 7.8 million DAI tokens for 2,922 ETH as its price plummeted. However, the hacker may have also locked away a significant amount of funds forever due to an error. 

They sent 3.6 million DAI to a contract that does not support the asset, which may mean they may have irrecoverably lost the tokens.

Furthermore, this hacker previously used Tornado Cash to obfuscate $2.9 million of ETH on July 8. They may move more through the mixer soon.

Kathleen Breitman, co-founder of Tezos, questions Bitcoin’s reliability as a store of value, calling it “internet pretend money.”

Breitman attributes BTC’s drop below $50,000 to factors such as fears of a global recession, massive sell-offs in the Japanese market, and geopolitical tensions.

Despite her criticisms, she acknowledges that BTC remains a fundamental asset in the crypto ecosystem, although its role as a safe haven is under debate.

Amid the turmoil caused by yesterday’s global market crash, Kathleen Breitman, co-founder of Tezos, has questioned Bitcoin’s validity as a reliable store of value. 

In a recent interview on CNBC’s ‘Squawk Box’ on August 5, Breitman expressed skepticism about BTC’s ability to maintain its value in times of economic uncertainty, calling it “internet pretend money.” 

Her comments come in the wake of the cryptocurrency’s sudden plunge, which saw it drop below $50,000.

Breitman attributes this decline to a series of economic and geopolitical factors that are affecting the market as a whole. 

Among them, she highlights fears of a global recession, a situation that has been exacerbated by massive sell-offs in the Japanese stock market. 

Additionally, she points out that recent geopolitical tensions and interest rate adjustments by the United States Federal Reserve have placed further pressure on an already weakened market.

One of the most discussed points by Breitman is the speculative nature of Bitcoin, which, in her opinion, makes it vulnerable to market fluctuations. 

She compared the current situation to the one experienced at the beginning of the COVID-19 pandemic, when economic uncertainty triggered a rapid sell-off of assets considered speculative. 

For Breitman, Bitcoin embodies this same vulnerability, calling into question its utility as a store of value in times of crisis.

Is Bitcoin’s Role Changing?

However, she does not completely dismiss Bitcoin’s role in the crypto industry. Despite her criticism of its volatility and the narrative surrounding it as a supposed store of value, she acknowledges that it remains a fundamental asset in the crypto economy. 

According to her, its value and utility transcend the simple accumulation of wealth or protection against inflation.

Breitman suggests that investors should reevaluate their expectations regarding Bitcoin and consider the possibility that its role in the cryptocurrency market is evolving. 

Although it remains a key piece of the sector, its future as a safe haven in times of uncertainty is now up for debate.

Kamala Harris’ picks Minnesota Governor Tim Walz—a dark horse contender—as her running mate, upending millions of dollars worth of bets.

Users of crypto-backed prediction market Polymarket were overwhelmingly taken off guard this morning by Kamala Harris’ choice of Minnesota Governor Tim Walz—a dark horse contender—as her running mate, upending millions of dollars worth of bets.

For the last week, Pennsylvania Governor Josh Shapiro was the market’s runaway favorite, commanding odds above 60% until just minutes before Harris instead chose Walz to be her choice for vice president.

Just four days ago, Walz, an outspoken Midwestern progressive with almost no national profile, hovered at a meager 4% odds of getting tapped by Harris to join the Democratic ticket.

Walz’s Polymarkets odds climbed yesterday—but only to about 30%—when it was widely reported that Harris had whittled down a shortlist of potential running mates to either him or Shapiro.

Then, early this morning, the Democratic VP calculus shifted on its head. The comments section on Polymarket’s VP bet went haywire after a tweet from a Minneapolis-based reporter revealed “a flurry of activity” and a fleet of vehicles arriving at Walz’s home.

A flurry of activity @GovTimWalz residence this morning… A fleet of vehicles, arriving within the past hour. #Veepstakes pic.twitter.com/8vVrNMsSrn

— Bill Keller (@billkellerfox9) August 6, 2024

Within a span of fifteen minutes, Walz’s Polymarket odds skyrocketed from 37% to 73%. Betting activity on the site became so frantic that Shapiro’s odds, while nonetheless plummeting, remained above 30% at the same time. 

Reloading the Polymarket site would generate new odds for Shapiro and Walz with almost every page refresh, a Decrypt reporter observed.

While Polymarket got Harris’ VP pick wrong in the macro sense, odds on the site flipped to Walz 18 minutes before CNN became the first major news outlet to officially report that the Minnesota politician, a former teacher, had been selected.

"CNN has learned that Vice President Kamala Harris has picked Minnesota Governor Tim Walz to be her running mate." pic.twitter.com/E67elbPGYU

— philip lewis (@Phil_Lewis_) August 6, 2024

All in all, bettors had $125 million riding on who Harris would select to join her in taking on former president Donald Trump and Sen. J.D. Vance (R-OH) in November.

Today’s news is certainly cause to celebrate for a select subset; a $100 bet on Walz made on Friday would have netted more than $2,000 today.

The token “DJT” themed Trump, issued by Martin Shkreli, has suffered a drastic drop of 90% after a single wallet sold tokens worth 2 million dollars.

As anticipated, the value of the DJT token, created on the blockchain of Solana and inspired by Donald Trump, has plummeted by 90%. This occurred after a single wallet made a massive sale of 2 million dollars in a single transaction.

This operation caused the market capitalization of the token to plummet from 55 million dollars to just 3 million dollars in a few seconds.

The portfolio identified as “4UGm6” owned 20% of the entire DJT token supply and cashed out 15,500 SOL from the transaction. 

Subsequently, he transferred his holdings into four different portfolios, according to what was reported by the social crypto application @0xppl_.

The DJT was launched at the beginning of June and quickly attracted attention, with speculations regarding a possible link with the Republican candidate Donald Trump and his son Barron. 

The cryptocurrency groups on X have expressed doubts about the identity of the creators of the token, given its extraordinary performance initially.

On June 18, Martin Shkreli, known as “Pharma Bro,” revealed that he had collaborated with Barron Trump in the creation of the token, despite initially denying any involvement. 

Shkreli has confirmed that he assisted Barron in the creation and promotion of the token on X.

The investigations carried out around June 19 revealed that the DJT Telegram channel shared the same administrators as another token supported by Shkreli.

Furthermore, a large holder of DJT had made profits by selling tokens worth approximately $830,000 from a wallet that also contained tokens of Shoggoth.ai, another project by Shkreli.

Reactions and statements

The Trump campaign has not released official statements regarding the DJT token or the alleged involvement of Barron. 

In the meantime, Shkreli has tried to distance himself from the price crisis, accusing Barron Trump of being responsible for the decline. Shkreli has repeatedly claimed not to own any DJT tokens nor the private keys that control the token’s liquidity pools.

“Ask Barron, I don’t have the keys or the tokens,” Shkreli stated in a post on X, accompanied by a chart showing the drastic drop in the token’s price.

ask barron, i dont have the keys or any tokens

— Martin Shkreli (e/acc) (@MartinShkreli) August 6, 2024

He also added that his role was only to make it clear that the token was legitimate, but he did not foresee that such a bear collapse could occur.

With these statements, Shkreli has attempted to clarify his position, while the value of the DJT token continues to fluctuate in a turbulent market.

Trump’s plan to transform the United States into the global leader of Bitcoin mining

Former President Donald Trump has recently put forward an ambitious project to position the United States as the global leader in Bitcoin mining (BTC). An initiative that could have profound repercussions on the national energy and technology sector.

Trump has suggested that the mining of all remaining Bitcoin should take place exclusively in the United States.

An objective that, although technically difficult due to the decentralization of the sector, stimulates reflections on the potential for American growth in this field. 

Currently, the United States contributes to 37.8% of global Bitcoin mining. However, it is hypothesized whether it is possible to reach or exceed 90% by 2024.

This plan could revolutionize the economic and technological landscape of the United States, with an impact that transcends political divisions. 

Encouraging more flexible regulation and promoting competition in the energy sector could significantly reduce electricity costs and improve the competitiveness of American mining.

At the same time, tax simplification could attract greater investments, stimulating innovation and creating new job opportunities.

Idea of using BTC as part of strategic reserve in US will do more harm than good, Bianco Research president Jim Bianco says

Creating a Bitcoin (BTC) strategic reserve might look attractive for Bitcoiners, seasoned researcher and investor Jim Bianco admits. However, once created, it will allow the government to gain too much control over Bitcoin’s (BTC) price performance.

Too much power: Bitcoin (BTC) in strategic reserve is bad idea, Jim Bianco says

The Bitcoin (BTC) community might be terribly wrong in its understanding of the potential effects of creating a strategic BTC reserve in the U.S. Instead of raising interest rates for BTC, the government might gain too much control over the BTC price in the long haul.

Such a warning was shared by macro economist Jim Bianco, the president of Bianco Research, while speaking to journalist David Lin, the host of The David Lin Report.

Retail Bitcoin (BTC) holders will never be aware of the exact strategy of the government’s BTC journey. Instead, they will be forced to face the consequences of state-controlled Bitcoin (BTC) price:

Every time a government steps in and does something like this, they put rules on it. They’re going to decide what is the appropriate price for Bitcoin and they’re going to sell it when it’s too high, they’re going to buy it when it’s too low, they gonna decide who owns it

As a result, the entire concept of putting Bitcoin (BTC) into the strategic reserve does more harm than good, Bianco concludes.

The announcement about the possibility of creating a strategic reserve in BTC was made by pro-crypto Senator Cynthia Lummis during the Bitcoin Conference 2024 in Nashville, Tennessee, as U.Today covered previously.

To kick off this strategy, Sen. Lummis suggests buying a whopping 1 million Bitcoins (BTC), which is roughly equal to $60 billion. 

Hong Kong also considers creating BTC strategic reserves In 2024, more and more countries are considering using Bitcoin (BTC) as part of strategic reserves thanks to its potential role in addressing inflation issues. 

Besides El Salvador’s Bitcoin (BTC) saga, Hong Kong, one of the most influential fintech hubs in the world, is considering the reserve status for the largest cryptocurrency. 

As explained by Johnny Ng, HK parliament deputy, with the growing adoption of the “digital gold,” it can be added into reserves by different countries.

PancakeSwap has launched the beta version of its Quest platform, designed to simplify interaction with quests in the DeFi ecosystem.

Quest unifies the management of its campaigns and those of its partners, addressing fragmentation in the DeFi ecosystem.

Users can customize their DeFi profile with exclusive NFTs and participate in interactive tasks across multiple blockchains.

PancakeSwap has officially launched the beta version of its new Quest platform. This innovative tool was designed to transform the way users interact with quests and tasks in the DeFi ecosystem, providing a unified and simplified experience for exploring, participating, and building their DeFi profile.

The launch of PancakeSwap Quest comes in response to one of the most common challenges faced by users in the DeFi ecosystem: fragmentation. 

Until now, users have had to deal with multiple platforms and projects, each with its own interfaces, logins, and specific tasks, making it difficult to maintain consistent and efficient participation. 

With Quest, the company aims to solve this problem by offering a platform where users can manage and complete their PancakeSwap campaigns and those of its partners from a single location, optimizing their experience.

Introducing PancakeSwap Quest – Beta: Your Multichain DeFi Quest Platform

Build your DeFi profile and complete social and on-chain tasks across multiple chains—all in one place

Learn more https://t.co/NEc6E9Vk7v

Create your DeFi profile today https://t.co/GY3fmHLQ6C pic.twitter.com/4LlBrjog1t

— PancakeSwap v4 (@PancakeSwap) August 6, 2024

Among the platform’s most innovative features is the ability to customize a DeFi profile, which includes creating a username and an NFT avatar. 

To this end, PancakeSwap has introduced an exclusive NFT collection called “The Bunny,” which is essential for setting up the profile on the Quest platform. 

Users who already have an NFT profile will be able to connect it directly to activate their account, making the transition and onboarding process seamless.

PancakeSwap Introduces A Multi-Blockchain Platform

Additionally, Quest offers a wide range of interactive tasks, from social media campaigns to blockchain activities. 

This allows users to easily participate in various initiatives, fostering greater engagement and dynamism within the community. 

The platform also supports multiple blockchains, including BNB Chain, Ethereum, Arbitrum, Base, zkSync, and Polygon zkEVM, with a promise to expand its compatibility in the future.

During this beta phase, PancakeSwap invites users to explore the platform’s features and participate in campaigns designed to test and improve the system. 

User feedback through official community channels, such as Telegram and Discord, is expected to be key in driving the refinement of this new tool.

Ronin paused bridge activity earlier on Tuesday morning after confirming a whitehat hack incident.

On-chain researcher @pcaversaccio revealed the incident in an X post saying nearly 4k ETH had been drained by an MEV bot.

The exploit also included $2 million in USDC bringing the total withdrawn to nearly $12 million, Ronin said.

Co-founder @Psycheout86 said in an X post the more than $850 million secured by the bridge remains safe

The Ronin Bridge Network was on Tuesday briefly paused after a $12 million whitehat hack. On-chain researcher @pcaversaccio revealed the incident in an X post saying nearly 4k ETH worth about $9 million had been drained by an MEV bot, but the bridge activity had since been paused. 

MEV bot whitehatted (hopefully) a Ronin Bridge issue for almost ~4k ETH. Bridge got paused already.https://t.co/yfOhS3lPa0 pic.twitter.com/n0M6Hv2A5y

— sudo rm -rf –no-preserve-root / (@pcaversaccio) August 6, 2024

Ronin later confirmed in an X post that 4k ETH worth about $9.8 million and an additional $2 million in USDC had been drained. In an X post, Ronin co-founder @Psycheout86 commented on the incident: “The bridge currently secures over $850M which is safe.”

Ronin Network’s official account followed later with a statement about the incident stating: “Earlier today, we were notified by white-hats about a potential exploit on the Ronin bridge. After verifying the reports, the bridge was paused approximately 40 minutes after the first on-chain action was spotted.”

“Today’s bridge upgrade, after being deployed through the governance process, introduced an issue leading the bridge to misinterpret the required bridge operators vote threshold to withdraw funds.”

Whitehat hackers attack systems to identify potential vulnerabilities. In this case, the attacker was able to withdraw nearly $12 million, which is the maximum possible per transaction. 

As of this writing, Ronin Network was in talks with the hackers to organize the return of the funds.

This event takes place barely a week after Ronin Network’s daily active users hit a new record high of 2.1 million on July 29, as players flocked in to play Lumierre and Pixels games. 

Pixels joined Ronin Network earlier this year while Lumierre announced the start of its closed beta test (CBT) at the beginning of August.

Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. 

This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees charged to Indian customers. However, these earnings were credited to a Binance Group company located outside of India.

Indian Tax Regulator Hits Binance With Rs 722 crore ($87 Million) GST Bill

Global cryptocurrency exchange Binance has issued a goods and services tax (GST) bill totaling Rs 722 crore (approximately $87 million) in India. The Indian Directorate General of GST Intelligence (DGGI) in Ahmedabad delivered a show cause notice to Binance, requiring payment of the GST. This marks the first instance of such a notice being directed at a cryptocurrency firm.

As part of a thorough investigation into the company’s tax conduct in India, officials have been examining Binance’s operations to ensure adherence to the nation’s tax laws. 

Local media confirmed that Binance was notified for collecting fees from Indian customers trading crypto assets on its platform, classified under online information database access or retrieval (OIDAR) services, which involve providing data or information electronically for a fee.

“Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers. The company has a user base of 90 million users globally, including a substantial number of customers from India too,” the Times of India quoted a top source familiar with the matter as saying. The source added:

Detailed investigation revealed that the earnings of these fees were credited to the account of a Binance Group company — Nest Services Limited — based in Seychelles.

Earlier this year, Binance received approval from India’s Financial Intelligence Unit (FIU) to register as a virtual asset service provider (VASP). 

Nonetheless, the FIU imposed an Rs 18.8 crore fine on the company in June for non-compliance with anti-money laundering regulations. Additionally, Binance has yet to register under the Indian GST system.

This Binance GST probe highlights the increasing regulatory scrutiny that cryptocurrency exchanges face globally. In recent years, Binance has been monitored by various international regulators due to concerns about compliance and transparency.

What do you think about Binance’s $87 million GST bill in India? Let us know in the comments section below.