DOJ Fears Massive Run on Binance 💨🏃

In today's edition: 🎙️ New episode of The Chopping Block, 👀 North Korean hackers on the move , 🚫 no more CRV rewards for exploited pools, 🧙‍♂️ Abracadabra's proposal, and more!

August 03, 2023

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What’s Poppin’?

by Samyuktha Sriram

U.S. prosecutors are reportedly concerned about the effect that bringing fraud charges against Binance will have on its customers.

Select members of the protocol’s governing body voted to terminate CRV governance rewards for liquidity pools affected by recent exploits.

Some of the $290 million worth of stolen funds from Alphapo, CoinsPaid, Atomic Wallet and Harmony were moved across hundreds of addresses.

DeFi protocol Abracadabra was among those rushing to introduce somewhat drastic measures to mitigate the risk of potential bad debt from the Curve founder’s position.

On the Pod…

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Laurence Day, smart-contract sleuth and cofounder of Wildcat Finance, joins the show to discuss the ramifications of the Curve Finance exploit that has the DeFi world talking.

Daily Bits…✍️✍️✍️

  • ⚖️ A lawsuit alleges that Consensys misappropriated Joel Dietz's idea for MetaMask, Ethereum's most widely used crypto wallet, omitting his contribution from the project's history.

  • 🌍 FTX is seeking to exclude its Dubai unit from U.S. bankruptcy proceedings, arguing that it had no operational business in the United Arab Emirates prior to the bankruptcy filing.

  • 🕵️‍♂️ A study by Network Contagion Research Institute unveiled that Twitter bots significantly influenced the prices of five tokens (BOBA, GALA, IMX, RNDR, SPELL) linked to Alameda and listed on FTX.

  • ⏰ The plea hearings for the "Crypto Couple," accused of laundering $4.5 billion in stolen bitcoins, were rescheduled due to potential conflicts with former President Donald Trump's court appearance.

  • ⏳ BlockFi's Chapter 11 bankruptcy plan advanced, with conditional court approval, as the company urges eligible parties to vote for the plan by Sept. 11 to speed up client funds return.

  • ⛏️ KuCoin Pool, a top-ranking crypto mining service for Bitcoin and Litecoin, will suspend operations from Aug. 15 in alignment with KuCoin's evolving business strategy, focusing on improving their trading platform.

  • 💹 Justin Sun, Tron founder and advisor to Huobi, revealed that the crypto exchange experienced losses for the past four quarters, but anticipates breaking even in the third quarter and turning a slight profit by Q4.

  • 🚫 Uniswap delisted the HEX token from its platform after the SEC identified it as an unregistered security.

  • 📉 Robinhood reported a sequential decrease of 18% in its Q2 crypto trading revenue, totaling $31 million, making up 16% of the company's total trading revenue.

  • ⛓️ Litecoin, one of the oldest and largest blockchains, marked its third "halving" event in 12 years, cutting miner rewards from 12.5 to 6.25 LTC.

  • 📜 As head of the G20, India is advocating for a coordinated global framework for crypto regulations, as per a presidency input note.

Today in Crypto Adoption...

  • ☁️ Google Cloud is now running a validator on the Celo network, contributing to transaction verification and security maintenance.

What Do You Meme?

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📈 Your Market Update 📉

  • BTC is down 1.3%, trading at $29,110

  • ETH is down 1.3%, trading at $1,835

  • BTC dominance: 46.8%

  • Crypto market cap: $1.21 trillion

*All data as of today, 7:50 am ET

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