THE TEAM FINANCE: $7M RETURNING

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Reserve Bank of India will launch a digital rupee pilot in November, The Team Finance hacker returned $7 million after the attack, and Argo Blockchain may soon have to shut down.

Reserve Bank of India will launch a digital rupee pilot in November

The Reserve Bank of India (RBI) is on track to launch a central bank digital currency (CBDC) after announcing its digital rupee project in February. The pilot will kick off on November 1, the RBI announced.

The primary use for India’s CBDC pilot will be to settle secondary market transactions in government securities. RBI said that the digital rupee is expected to add greater efficiency to the interbank market by reducing the transaction costs of settlements.

The Indian government accelerated the development of CBDC while introducing a 30% tax on digital assets and their transfers in April.

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The Team Finance hacker returned $7 million after the attack

Four projects have recovered $7 million worth of tokens from the hacker responsible for the $14.5 million Team Finance cyberattack on October 27. In several messages, the hacker confirmed that he would keep 10% of the stolen funds as rewards and return the remaining tokens to the affected projects.

The self-described “white hat” hacker emptied the vaults of Team Finance through the transition from Uniswap v2 to v3. Blockchain security firm PeckShield has announced that liquidity from Uniswap v2 assets in Team Finance has been transferred to a hacker-controlled v3 pair with skewed pricing.

NFT marketplace Kondux announced on October 30 that it had recovered 95% of the stolen funds, while Feg Token has recovered 548 ETH. Tsuka’s blockchain protocol also confirmed receiving over $765,000 of stablecoin DAI and 11.8 million TSUKA. The biggest attack victim, Caw Coin, bought back $5 million worth of DAI and $74.6 billion worth of native token CAW.

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Argo Blockchain may soon have to shut down

Cryptocurrency firm Argo Blockchain listed on the London Stock Exchange, has warned that it risks shutting down operations due to a lack of funding.

After a failed attempt to secure hefty funding from a strategic investor, the company still explores other financing options while also trying to protect its cash and optimize liquidity. The mining company has sold 3,843 new Bitmain S19J Pro mining equipment for $5.6 million, which is expected to be installed and available in October 2022. Argo’s total hash rate remains at 2.5 EH/s.

Argo has been selling the Bitcoins it has been mining for some time to reduce its debt to Galaxy Digital. Reports suggest the company sold 637 BTC in June 2022 and 887 more BTC in July, which makes it one of the top BTC sellers amid the 2022 bear market.

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