The Crypto Market Crash
USDB Stablecoin Briefly Depegs, $266M Lost To Crypto Hacks This Month
Amid the current crypto market downturn that resulted in over $1 billion in liquidations, Bitcoin has plunged 17% to a 5-month low of around $49.7k before slightly recovering to above $50k.
Bitcoin dropped 20% and Ethereum - 28% in the last 7 days. Solana was hit the hardest, with -30.6%.
The Crypto Fear and Greed Index dropped to the "fear" area - the lowest level since early July.
Bitcoin traders saw $360M and Ethereum traders saw $344M in losses.
This comes following Japan's decision to raise interest rates, alleged big crypto sales from Jump Trading, and nonfarm payroll data in the US.
Creditor repayments of $4B from the bankrupt Genesis Global is likely adding to the sell-off.
Market Update
News
$266M Lost To Crypto Hacks In July 2024
In July 2024, crypto faced a significant challenge as PeckShield, a blockchain security firm, reported a surge in hacks. A total of 16 incidents resulted in approximately $266 million in losses. The most significant hack occurred at the Indian crypto exchange WazirX, which suffered a loss of $230 million, the attacker being the North Korean Lazarus Group. | Read More
Blast's USDB Stablecoin Depegs 5% Amid Market Crash
The Blast stablecoin USDB recently experienced a significant depegging event, dropping by over 5% amid a broader market crash. USDB is part of the DeFi protocol Blast and offers variable yields through MakerDAO's T-Bill protocol. It currently ranks as the twelfth-largest U.S. dollar stablecoin by market capitalization. | Read More
Kraken's Security Lead Says Not To Keep All Assets On Exchange
Kraken's Chief Security Officer, Nick Percoco, has issued a critical piece of advice for cryptocurrency traders: never keep all of your assets on an exchange. Nick Percoco's advice centers around the concept of crypto self-custody. This guidance has sparked significant concern among traders and market participants about CEXs. | Read More
Bankrupt Genesis Global Launches $4B Creditor Payout In Crypto and Cash
Creditors are expected to recover, on average, 64% of their holdings. However, the recovery rates vary depending on the type of asset held. For instance, creditors with claims in Bitcoin, Ethereum, altcoins (excluding Solana), and USD/stablecoins will receive specific percentages of their claims. | Read More