Crypto World in Flux: Ripple's Upgrade Amidst Hacks, Scams, and Regulatory Pressure
🔗 Ripple to integrate smart contracts into XRP Ledger, enhancing its capabilities with EVM compatibility and aiming to attract developers and expand use cases.
👀 Binance CEO condemns ‘inhuman’ treatment of executive Tigran Gambaryan, with new video showing his worsening health in Nigerian prison as his bail hearing approaches on Sept. 4.
🥷 The hacker behind the $235 million WazirX hack has transferred $6.5 million worth of ill-gotten $ETH to Tornado Cash.
50% of Telegram tap-to-earn gamers are crypto noobs: Blum CEO
Telegram tapper games have “finally” brought the mass adoption to crypto the industry has waited for, says Blum founder and CEO Gleb Kostarev.
🚨 FTX will start repaying $16B to creditors in Q4 2024
💰 Bitcoin miners sold 2,655 $BTC in the last two days 👀
TON Accelerator and TON Ventures have announced the launch of the TON Accelerator: Acc.
💰 This $2.5 million incubation program will support 5 startups working on the TON blockchain. Selected projects will get 3 months of growth support, funding, and expert assistance.
🔨 Oh, and CoinMarketCap is fixed now—TON is showing a current price of $5.16. 😉
✊August saw the lowest cryptocurrency losses to scams since January 2021 (around $4.8 million, after $10 million was returned to Ronin Network)
👀However, this result is overshadowed by two scary phishing cases in August, which cost users $293 million.
Ethereum Layer-1 Revenue Collapse: What's Behind the Drop? 📉
👀 Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactions—both doubling since March—fees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. 🙀
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. 🧐
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. 🤷
🚨🚨 52% Inflation in #Turkey 🇹🇷 for August (YoY) - Bloomberg
📣 Huawei is planning to launch new products at an event, just hours after Apple $AAPL unveils the new iPhone 16 this month - Bloomberg
🇩🇪Volkswagen plans to close Factories in Germany - Bloomberg
🔥🔥 European Union 🇪🇺 countries are importing more gas from #Russia 🇷🇺 than from the #US 🇺🇸 for the first time in two years, according to consulting firm Bruegel.
🔥🔥 Brazil 🇧🇷 Supreme Court announces it will no longer impose fine for use of VPN to access #X.
🔥 🇻🇪 Venezuelan President Nicolas Maduro says "we have to get back" to the world of #crypto🥇
🚨🚨🚨 The South Korean 🇰🇷 government has launched an investigation into the messaging app #Telegram💰, accusing it of facilitating sexual crimes.
🚨🚨 Criminals in Ukraine 🇺🇦 pretended to be police officers in order to steal $250,000 worth of #USDT💰 from an entrepreneur.
⚡️ Sony Group and $Pyth Network announce collaboration. Pyth Price Feeds will be used on the #Soneium testnet to deliver reliable, high-fidelity data for participants of the #Soneium.
🚨🚨🚨 #VEGA Protocol to shut down blockchain and end support for $VEGA token to focus on software development and launch new token.
#cryptonews
👀 Binance CEO condemns ‘inhuman’ treatment of executive Tigran Gambaryan, with new video showing his worsening health in Nigerian prison as his bail hearing approaches on Sept. 4.
🥷 The hacker behind the $235 million WazirX hack has transferred $6.5 million worth of ill-gotten $ETH to Tornado Cash.
50% of Telegram tap-to-earn gamers are crypto noobs: Blum CEO
Telegram tapper games have “finally” brought the mass adoption to crypto the industry has waited for, says Blum founder and CEO Gleb Kostarev.
🚨 FTX will start repaying $16B to creditors in Q4 2024
💰 Bitcoin miners sold 2,655 $BTC in the last two days 👀
TON Accelerator and TON Ventures have announced the launch of the TON Accelerator: Acc.
💰 This $2.5 million incubation program will support 5 startups working on the TON blockchain. Selected projects will get 3 months of growth support, funding, and expert assistance.
🔨 Oh, and CoinMarketCap is fixed now—TON is showing a current price of $5.16. 😉
✊August saw the lowest cryptocurrency losses to scams since January 2021 (around $4.8 million, after $10 million was returned to Ronin Network)
👀However, this result is overshadowed by two scary phishing cases in August, which cost users $293 million.
Ethereum Layer-1 Revenue Collapse: What's Behind the Drop? 📉
👀 Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactions—both doubling since March—fees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. 🙀
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. 🧐
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. 🤷
🚨🚨 52% Inflation in #Turkey 🇹🇷 for August (YoY) - Bloomberg
📣 Huawei is planning to launch new products at an event, just hours after Apple $AAPL unveils the new iPhone 16 this month - Bloomberg
🇩🇪Volkswagen plans to close Factories in Germany - Bloomberg
🔥🔥 European Union 🇪🇺 countries are importing more gas from #Russia 🇷🇺 than from the #US 🇺🇸 for the first time in two years, according to consulting firm Bruegel.
🔥🔥 Brazil 🇧🇷 Supreme Court announces it will no longer impose fine for use of VPN to access #X.
🔥 🇻🇪 Venezuelan President Nicolas Maduro says "we have to get back" to the world of #crypto🥇
🚨🚨🚨 The South Korean 🇰🇷 government has launched an investigation into the messaging app #Telegram💰, accusing it of facilitating sexual crimes.
🚨🚨 Criminals in Ukraine 🇺🇦 pretended to be police officers in order to steal $250,000 worth of #USDT💰 from an entrepreneur.
⚡️ Sony Group and $Pyth Network announce collaboration. Pyth Price Feeds will be used on the #Soneium testnet to deliver reliable, high-fidelity data for participants of the #Soneium.
🚨🚨🚨 #VEGA Protocol to shut down blockchain and end support for $VEGA token to focus on software development and launch new token.
#cryptonews
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