Poly Network’s DeFi Protocol (DeFi Protocol) suffered a $ 611 million hack earlier this week, but the hacker returned most of the money
Poly Network Loses $ 611 Million; Hacker returns most of the money
Poly Network, a cross-chain protocol, suffered the biggest hack in DeFi earlier this week, losing $ 611 million to the hacker. Poly is a cross-chain protocol, so the hacker was able to exploit Poly Network’s cryptography and steal funds on three blockchains: Ethereum, Binance Smart Chain, and Polygon. However, the hacker promised to surrender and return the money after being tracked. In the past 48 hours, the hacker has returned most of the money, with the exception of the $ 33 million USDT that was frozen by Tether after the attack. In addition, the attacker has stated that he has declined the $ 500,000 white hat bounty offered by the Poly Network team, adding that he intends to return all of the money. The hack caught the attention of the entire crypto room due to the scale and the fact that the DeFi room is still in its early stages. Although the hacker’s ID is not yet known, Chinese cybersecurity firm SlowMist said its analysts were able to identify the device’s email address, IP address, and fingerprint.
Gensler wants more power to regulate stock exchanges
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has shifted his focus to the cryptocurrency space in the past few weeks. According to the letter addressed to the United States Congress, the SEC chairman called for more powers and resources for the agency to properly monitor and regulate the exchange of cryptocurrencies. In his letter, Gensler said he believes lawmakers should give precedence to legislation on crypto trading, lending, and DeFi platforms. At an event last week, Gensler said that most of the cryptocurrencies currently available in the market are securities and the SEC needs more power and resources to properly regulate exchanges, DeFi and stablecoins.
Circle wants to become a national bank
Circle, the issuer of the USDC stablecoin, wants to go one step further and be the first cryptocurrency company to achieve national digital banking status. If Circle becomes a national digital bank, it would be regulated by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, the US Treasury Department, and the Office of the Comptroller of the Currency (OCC). Circle has grown into one of the leading cryptocurrency companies in the world. Its USDC stablecoin is the second largest on the market, just behind Tether’s USDT coin.
The introduction of cryptocurrencies continues with AMC and Neuberger Berman
There’s news about the launch of the cryptocurrency every week, and that’s a positive thing for the industry. This week, AMC Entertainment announced that it would start accepting Bitcoin payments in its theaters from the end of the year. This latest development would see Bitcoin in over 500 AMC theaters across the United States. The company plans to expand this payment service to its 335 additional locations outside the United States over time.
Investment manager Neuberger Berman, with over $ 400 billion in assets under management, has also started adding Bitcoin and Ether to its fund. In its SEC filing, the asset manager said the fund would allow investors to get exposure to the top two cryptocurrencies in order to diversify their investments. The company has been intrigued by Bitcoin for some time and intends to get into the cryptocurrency space.
BitMEX reaches an agreement with CFTC and FinCEN
The leading crypto derivatives exchange BitMEX has been under regulatory pressure in the USA in recent months. However, things now look good for the exchange after reaching an agreement with the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). Under the agreement, BitMEX would pay up to $ 100 million in fines, with $ 80 million going to the CFTC and the remaining $ 20 million going to FinCEN. However, regulators said the charges against its founders Arthur Hayes and the others would persist. BitMEX exchange has been charged with illegally operating a crypto exchange in the United States and violating anti-money laundering (AML) regulations.
Coinbase’s revenue in the second quarter exceeds $ 2 billion
Coinbase, one of the leading digital asset exchanges in the United States, announced its earnings for the second quarter earlier this week. The crypto exchange posted revenue of $ 2.23 billion in the second quarter, beating analysts’ estimate of $ 1.78 billion. Of the $ 2.23 billion generated, Coinbase took home a profit of $ 1.6 billion. The cryptocurrency exchange exceeded analysts’ expectations, with the prices of Bitcoin, Ether and other cryptocurrencies soaring towards the end of the second quarter.
The total capitalization of the crypto market hits $ 2 trillion for the first time since May
The market cap of the general cryptocurrency market hit the $ 2 trillion mark this week for the first time since May. The rise in total market capitalization for cryptocurrencies was the result of a recent rally in which the price of Bitcoin surged above the $ 46,000 mark while ether topped nearly $ 3,300. Other cryptocurrencies have also seen their prices rise in recent weeks.
Venmo introduces a cashback to crypto feature
PayPal-owned Venmo announced earlier this week that it will allow its users to convert their cashback to cryptocurrencies. According to Venmo, this new feature would allow customers to buy Bitcoin or other cryptocurrencies from their Venmo account using cashback from purchases made with their credit cards. The feature is available to customers in the United States and enables them to manage their activities in real time. Customers can also decide at any time which cryptocurrency they want to buy.