Crypto Weekly Roundup: Mango Markets Sues Hacker And More

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With the Shanghai upgrade inching closer, experts are expecting a new era of ETH staking. On the other hand, Mango Markets has joined in the series of lawsuits against its exploiter Avraham Eisenberg. Let’s dig deeper. 

Bitcoin

The design of the proposed Bitcoin City in El Salvador has won the prestigious LOOP Design Award in the Landscape/Urban Design category.

The country’s president, Nayib Bukele, took to Twitter to announce that an $800 billion bond was paid with interest and that his country’s “Bitcoin bet” continues.

According to the company’s latest earning report, electric carmaker Tesla has continued holding on to its estimated 9720 BTC for a second consecutive quarter. 

Ethereum

Ethereum developers have successfully released the first “Shadow Fork” of the network’s Shanghai upgrade.

DeFi

Mango Markets has slapped a $47 million lawsuit on Avraham Eisenberg, the individual behind the attack on the Solana-based DeFi protocol.

DeFi lending protocol Aave has revealed that it has eliminated the bad debt accumulated after a botched trade by Avraham Eisenberg.

The MakerDAO community has approved a proposal to deploy around $100 million worth of USDC into Yearn Finance. 

DeFi smart contracts blockchain platform Injective announces a $150 million ecosystem fund to promote the building of interoperable infrastructure and DeFi on Cosmos.

The funds from the previous year’s Wormhole Bridge attack have been moved, with transaction data indicating some $155 million worth of Ethereum being transferred through a decentralized exchange. 

Decentralized lending and borrowing protocol Aave is in the midst of a vote to deploy its third iteration, v3, on the Ethereum blockchain.

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Altcoins

Binance’s BUSD stablecoin has seen a sharp fall in market capitalization, as its circulating supply dropped to $15.4 billion on Wednesday. 

The Cardano Network encountered a brief outage on Sunday, occurring between block 8300569 and block 8300570 and impacting over 50% of the network. 

Stellar has become the newest member of the United States Commodity Futures Trading Commission’s (CFTC) Global Market Advisory Committee (GMAC). 

Technology

Following the success of the artificial intelligence language model, ChatGPT, the interest in AI has now spilled over into the crypto space.

North Korean hacking group TA444 is primarily targeting crypto, but security researchers say that it is launching phishing attacks aimed at other targets.

Business

Bankrupt cryptocurrency lender BlockFi accidentally revealed a previously redacted copy of its balance sheet indicating that it had over $1.2 billion in assets tied to FTX and Alameda Research.

Coinbase’s Chief Product Officer, Surojit Chatterjee, will be cashing out a portion of his company stocks on his final day for a whopping $105 million exit package. 

London-based cryptocurrency exchange, Luno, informed its employees on Wednesday that it is laying off 35% of its global workforce.

The Binance crypto exchange has mistakenly stored customer funds in the same wallet used to store collateral for its Binance-pegged tokens. 

Cryptocurrency exchange Gemini is laying off more employees, i.e., 10% of its workforce, citing ‘bad actors’ in the crypto industry. 

Signature Bank, a partner of Binance, has advised that it will no longer support SWIFT transfers of under $100,000 for the exchange users.

Regulation

The Financial Conduct Authority (FCA) in the UK has so far only given regulatory approval to 41 of the 300 crypto-related companies that have applied to register with the agency. 

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According to Philip Hammond, the ex-Chancellor of the Exchequer, the UK is in danger of falling behind other countries in the crypto race and needs to increase its risk appetite. 

Following a year in which the crypto sector experienced some of the worst upheavals in its short history, the White House has seen fit to publish a blog revealing a roadmap to stabilize the sector.

State Senator Wendy Rogers of Arizona introduced two bills to make Bitcoin legal tender in the state and allow state agencies to accept Bitcoin.

Republican Senator Richie Torres stated that crypto can be good for his South Bronx community but that it needs a comprehensive regulatory framework.

Lawmakers in the European Union (EU) voted on and approved on Tuesday a draft law that would see banks in the bloc holding cryptocurrencies follow more stringent measures.

In a conference speech last Friday, SEC Commissioner Hester Peirce gave a speech in which she recommended that the crypto industry needs to apply the lessons learned so far.

NFT

NFT collection Azuki’s official Twitter account was compromised on Friday afternoon, resulting in the compromise of $750,000 worth of USDC

The creator of the Moonbirds NFT collection, Kevin Rose, has lost around $1 million in NFTs after falling victim to a wallet exploit. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Source: ryptodaily.co.uk

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