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Here's your Monday edition of Cryptonews Crunch, featuring the latest stories on how the Polkadot-based stablecoin Acala Dollar (aUSD) lost its dollar peg and plunged by more than 99%, Celsius' net coin position is negative USD 2.845bn, and episode 152 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- A scorching hot DeFi hack summer continues, with the latest in a string of at least eight protocols to fall victim to an exploit since early June being Acala Network - and it is at least the fourth one in August alone. The incident saw the network's Polkadot-based stablecoin Acala Dollar (aUSD) lose its dollar peg and plunge by more than 99%. What led to this is that over the weekend, bad actors had managed to exploit a vulnerability in the Acala network's newly-deployed iBTC-aUSD liquidity pool to issue more than a billion aUSD tokens.
- According to a newly released report, Celsius has a net coin position of negative USD 2.845bn, split between coins such as Bitcoin (BTC), Ethereum (ETH), USD coin (USDC), Celsius (CEL), and various other coins. The largest negative position was a USD 2,155 deficit for BTC.
- Meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) are on the rise in the market, with SHIB, in particular, standing out as the third-best performer among the top 100 cryptoassets by market capitalization over the past week. At press time (09:25 UTC) on Monday, SHIB traded at USD 0.001569, up 0.4% for the past 24 hours and up 30% for the past week. Meanwhile, DOGE stood at USD 0.076, down 4% for the day but up 10.5% for the week. From its all-time high in October last year, SHIB remains down by about 82%, while DOGE is down by close to 90% from its May 2021 all-time high.
- In recent years, crypto fever has seen huge spikes in domestic demand for tokens such as Bitcoin. This, in turn, has created a “kimchi premium,” whereby coins trade for massively inflated prices in South Korea (compared to the global average). This has led some traders to buy tokens from over-the-counter (OTC) vendors in China, Japan, and elsewhere in East Asia. The South Korean traders then dumped these coins on domestic platforms, reaping massive profits (over 30% in some instances). Last month, the Financial Supervisory Service (FSS) stated that it believed that some USD 3.37 billion may have been remitted overseas by various traders using domestic banks. Banks have since launched internal audits, many of which have turned up suspicious-looking transactions. The FSS, Asia Time reported, has responded by revising its approximation to around USD 6.5 billion – almost double its initial estimate. It also stated that “all banks” are now under investigation. Upon the completion of banks’ internal investigations, the FSS is likely to follow up with its own “on-site” probes.
- An upcoming interview with Do Kwon, the Co-founder of Terraform Labs and the mastermind of a number of Terra ecosystem coins, has galvanized the crypto community – drawing criticism from some parties before it has even aired. In a preview for the full interview, which will be released later today, Kwon states: “Terra was supposed to be a stablecoin, and it didn’t remain stable.” He also makes remarks such as “crypto is still sort of like the Wild, Wild West,” and “I think I developed [...] an alter ego.” He says that he “cringed” when he thought about some of his past comments, and added that he “bet big” and thinks he “lost.
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Jesse Tutt is the Founder of Guru SEO and Web Design, a digital marketing agency based in Canada that has successfully helped organizations rank at the top of Google. Jesse also leads the innovative IT Intelligent Automation team at Alberta Health Services (Canada's 5th largest organization). He is an IT leader with 20 years of experience and his background is focused on automation (robotic process automation, software development, ETL processes, digital marketing (SEO and web development), artificial intelligence (A.I.), and analytics (+200 dashboards measuring the performance of AHS' 2,700 person IT team and the $1.6B Epic program).
In this conversation, we discuss:
- Crypto in Canada - SEO - Ahrefs - Backlinks - Compressing images - Crypto/blockchain SEO - Working with cryptonews.com - Solchicks, Catheon Gaming - Fishing + other hobbies - NFTs - Journey into crypto - Favorite pieces of software/technology
Tune In!
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- California-based start-up Ripple’s request to serve the US Securities and Exchange Commission (SEC) two subpoenas to authenticate a number of videos has been granted, defense lawyer James K. Filan tweeted. Over the weekend, a judge granted the Ripple Defendants’ motion to authenticate videos of seven public remarks, made by SEC officials, while at the same time ignoring the SEC’s claim that the defendants were looking to reopen fact discovery.
- Financial services firm Galaxy Digital Holdings is calling off its acquisition of institutional digital asset platform BitGo, which was first announced in early May this year. Per an announcement, BitGo failed to deliver audited financial statements for 2021 that comply with the agreement requirements, within the deadline (July 31, 2022).
- Blockchain analytics platform Nansen announced the launch of a new portfolio tracker, earlier today. The Nansen Portfolio is described as a “fully integrated portfolio tracker” capable of covering more than 450 protocols across 42 chains, said a press release shared with Cryptonews.com. In May this year, the company acquired investment tracker Ape Board.
- Over the weekend, Monero upgraded its blockchain to bring users more privacy. Announcing the hard fork via Twitter, the project said that ringsize 16, Bulletproofs+, and view tags were all successfully implemented. Users are advised to update their nodes and wallets to continue using Monero.
- Binance said it obtained the In-Principle Approval from Kazakhstan's Astana Financial Services Authority to operate a digital asset trading facility and provide custody in the Astana International Financial Centre. Now, Binance needs to complete the full application process, which it said it expects to complete “in due course”.
- Four US Paralympians are raising awareness about disability and the Paralympic Movement through the release of a collection of NFTs, said a press release shared with Cryptonews.com. This joint venture of artists and athletes is designed to showcase their respective talents. The Paralympic edition of NFTs will drop on August 19th.
- Business developer and media figure from Lebanon, Wissam Breidy, is teaming up with open finance protocol Crypto Oasis, to bring Web3 and blockchain closer to the Arab community. According to the official announcement, Breidy will use his popularity and media strength to demonstrate the disruptive potential of Web3 technologies.
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