Terra Blockchain Hacked: $5.28M Lost in Security Breach

💥 The Terra blockchain has fallen victim to a security breach, resulting in the unauthorized access and theft of millions of tokens.

🔓 The exploit targeted a vulnerability in the IBC hooks module, a vital component for cross-chain contract calls and token movements, according to crypto researcher Rarma.

💸 The breach led to the illicit transfer of assets, including USDC stablecoin and Astroport tokens, with an estimated loss of around $5.28 million.

🚨 In response, Terra has swiftly enacted emergency measures, deploying a patch to address the exploit and bolster its defenses against future attacks.

🛡 While the vulnerability had been patched across the broader Cosmos ecosystem, a subsequent upgrade on Terra inadvertently left it exposed once again.

🌐 Terra, which emerged from the ashes of a financial collapse in 2022, is now back on track with block production after this latest setback.

SEC Shares Compensation Claim Info For Terraform Fraud Victims

💰 The SEC is stepping up to help victims of the Terraform Labs collapse seek justice. If you lost out in the crypto chaos caused by Do Kwon, it's time to take action.

📝 The updated guidance from the SEC is a lifeline for those seeking answers and compensation. Don't miss out on your chance to be heard in Terraform's bankruptcy case.

💼 Terraform Labs may have agreed to a hefty settlement of $4.5 billion, but it's not just about the money. This is a message to all crypto players that fraud won't go unpunished.

🏦 While the SEC had its sights set on an even bigger penalty, Kwon's proposed slap on the wrist with a $1 million fine didn't cut it. He'll have to dig deeper into his pockets.

🌍 Kwon's global escapades came to an end in Montenegro, where he faced charges of document forgery. Now, the extradition battle begins as the US and South Korea vie for their turn at justice.

FBI Warns: Crypto Exchange Scammers on the Prowl!

📞 The FBI is sounding the alarm on a new wave of crypto scam artists who are posing as employees of legitimate cryptocurrency exchanges. Their goal? To swindle unsuspecting victims out of their hard-earned funds.

🔒 The con starts with an unsolicited call or message, with the fraudster claiming that the victim's account is under threat. They then cunningly convince them to hand over their login details, click on suspicious links, or even provide personal identification information.

💰 Armed with this data, these digital tricksters can swiftly empty victims' accounts, leaving them high and dry.

⚠️ The FBI's advice? Don't take the bait! Avoid clicking links, downloading attachments, or answering calls from suspicious sources. And if you do pick up, don't hesitate to hang up and dial the exchange's official number to verify any issues.

Digital Asset Products See $528M in Outflows Amid US Recession Fears: CoinShares

☄️ Digital asset investment products saw outflows amounting to $528 million last week, marking the first downturn in four weeks. The exodus is believed to be a response to mounting concerns over a potential recession in the United States, compounded by geopolitical uncertainties and consequent widespread liquidations across various asset classes, CoinShares said in a recent report.

⚠️ The report noted that trading volumes in exchange-traded products (ETPs) reached $14.8 billion, constituting a lower-than-average share of the total market at 25%. After Friday’s market close, the digital asset market saw a correction that resulted in a substantial $10 billion decline in total ETP Assets under Management (AuM).

‼️ Geographically, the bulk of the outflows were concentrated in the US, with outflows totaling $531 million. Germany and Hong Kong also experienced outflows amounting to $12 million and $27 million, respectively.Conversely, Canada and Switzerland seized the opportunity presented by price weaknesses, recording inflows of $17 million and $28 million, respectively.

Japanese Firm Metaplanet Secures 1 Billlion Yen Loan to Acquire More Bitcoin

🪙 Metaplanet Inc., a publicly traded Japanese company, announced it has secured a loan of one billion Japanese yen ($6.8 million) with an annual interest rate of 0.1% to acquire more Bitcoin. The company dubbed “Asia’s MicroStrategy” due to its aggressive acquisition of Bitcoin has amassed huge amounts of Bitcoin recently. With its recent acquisition of Bitcoin, the firm is making significant waves in the financial markets.

💸 On Monday, Metaplanet said it will invest approximately 8.5 billion Japanese yen, or $58.76 million, in Bitcoin through a new stock offering. The company said plans to raise a total of 10 billion yen, or about $69.13 million, by issuing stock acquisition rights to all common shareholders.

⚠️ The decision was made during Metaplanet’s Board of Directors meeting. All common shareholders will receive the stock acquisition rights as of September 5, with the allotment effective from September 6 onward. In the company’s disclosure, Metaplanet said due to Japan’s high debt levels, persistent negative interest rates, and weakening yen as factors compelling it to acquire more Bitcoin.

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Kamala Harris And Donald Trump Tied Presidency Odds In Polymarket Bet

🇺🇸 Presumptive Democratic nominee Kamala Harris and Republican nominee Donald Trump are officially tied in a Polymarket bet predicting the 2024 U.S. presidential election winner, the prediction market’s website shows. According to a bet entitled “Presidential Election Winner 2024,” Trump and Harris are tied, with each receiving 49 percent of the vote.

📍 The remaining 2 percent of votes have gone to several notable U.S. political figures with slim odds of winning this year’s election given the fact that some are not even running. Names in this category include former first lady Hillary Clinton, Senator Elizabeth Warren (D-MA), and third-party candidate Robert F. Kennedy Jr.

🌐 According to the Wall Street Journal, Trump at times trailed Harris by an entire percentage at points on Thursday, the first time he formally has been behind the current U.S. vice president since polling on the prediction market began.But it’s not just Polymarket betting trends the former reality television has to worry about.

California’s Santa Monica Opens Bitcoin Office to Promote Usage

☀️ California’s Santa Monica is taking a step forward in crypto education by establishing a dedicated “Bitcoin Office.” The city aims to equip residents and businesses with knowledge about Bitcoin’s potential to shape the modern economy, according to a recent announcement.

💸 This office will actively seek partnerships within the crypto industry to boost Santa Monica’s economic recovery. It will also look to create new job opportunities and establish strategic collaborations. In this regard, the office aims to build a strong, future-oriented economy that benefits everyone in the community.

🔔 The governmental office said it aspires for Santa Monica to become the epicenter of Bitcoin innovation on the West Coast. “We strive to unlock new opportunities, attract investment in our community, and ensure our city thrives in the digital age,” it said.

Tether Sets Sights on AI and Emerging Tech Amid Surging Profits

♥️ Tether is redirecting its rising profits into artificial intelligence (AI) and emerging technologies under the leadership of CEO Paolo Ardoino. According to a recent report published by Wired, Ardoino emphasized that Tether’s new investment strategy involves channeling surplus funds into areas like AI, aiming to compete with tech giants such as Microsoft, Google, and Amazon.

🟩 Tether has seen a significant increase in profits over the past two years, largely due to the rising interest rates that have boosted the returns on its reserves. With interest rates climbing, Tether has been able to earn as much as 5.5% on its reserve assets backing USDT, compared to just 0.2% in earlier years.

🧊 The company recently reported a profit of $5.2 billion for the first half of 2024, with its reserve assets, including short-term U.S. government bonds, playing a key role in this financial growth. Ardoino stated that the company is not just focusing on bolstering its reserves but also looking to diversify its investment portfolio. It has established a new venture investment division, Tether Evo, which aims to invest in emerging technologies beyond the cryptocurrency space.

Donald Trump Reveals $5M in Crypto Holdings, Nets $7M from NFT Foray

✉️ Ex-president Donald Trump has investments in crypto worth up to $5m and earned more than $7m from his venture into non-fungible tokens (NFTs), according to financial disclosures for the 2024 election. Based on the disclosures that the Citizens for Ethics group obtained, Trump reported owning Ether ranging in value from $1m to $5m.

➡️ However, Arkham Intelligence has pinpointed Trump’s holdings more precisely, indicating his wallet contains $3.6m in crypto. These include $1.29m in Ether and $989k in wrapped Ether. It’s unclear if Trump has increased his crypto investment or if his holdings grew due to Ethereum’s recent price rise.

© His continued involvement with digital assets aligns with his pro-crypto promises for the election, while his family is also gearing up to enter the cryptocurrency market. His son, Donald Trump Jr., has started a Telegram channel named “The DeFiant Ones,” hinting at an upcoming reveal of the Trump family’s much-anticipated venture into the space.

Coinbase CEO Suggests AI Should Have Crypto Wallets Amid New Bot Accelerator Launch

⚔️ Major crypto exchange Coinbase has unveiled an innovative artificial intelligence accelerator grant program. The initiative will award $3,000 each to five projects that explore the integration of AI with cryptocurrency wallets. CEO Brian Armstrong highlighted the potential of large language models (LLMs)—the technology powering AI systems like OpenAI’s ChatGPT and Anthropic’s Claude—to manage financial tasks if equipped with crypto wallets.

💡 The potential of AI in financial transactions was demonstrated by Coinbase’s engineering lead, Yuga Cohler, who posted a demo of the “AI Wallets” feature on X (formerly Twitter) on August 12. In the demonstration, Cohler showcased a scenario where participants are paid for their contributions to training an image recognition model.

🔔 After selecting the best image from a set of three, the system automatically sends a payment to the user’s cryptocurrency wallet, illustrating how AI could handle such transactions autonomously. The concept mirrors platforms like Amazon’s Mechanical Turk, where users are compensated for completing simple tasks.

‘Bull Checker’ Chrome Malicious Extension Drains Tokens from Solana DeFi Users

💲 A malicious Chrome Extension dubbed “Bull Checker” has been targeting Solana DeFi users, draining their tokens in the past week. Decentralized trading platform Jupiter Exchange first identified the browser extension, flagging that it has been stealing several Solana users’ tokens.

🟢 Jupiter conducted a detailed investigation on the chrome extension, following reports from users losing their tokens. Per the report published on Tuesday, Bull Checker was initially legitimate-looking, allowing users to interact with decentralized applications (dApps) as usual.

💲 After installing the extension, it would wait for the user to interact with the dApp on the official domain. It would then modify the transaction sent to the wallet to sign, Jupiter wrote. Interestingly, the simulation result appeared to be “normal” and not appear to be a drainer even after modification.

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Casio to Release 800 NFT Sneakers with Move-and-Earn App STEPN GO

💸 Japanese multinational electronics manufacturing corporation Casio Computer Co., Ltd. has announced a collaboration with the move-and-earn Web3 lifestyle app STEPN GO to release four types of sneakers as limited-edition NFTs.

🎮 According to the press release, the partnership is part of the VIRTUAL G-SHOCK project involving the G-SHOCK brand of shock-resistant watches and FSL, the Web3 product development studio that operates STEPN GO.This latest collaboration will produce 800 NFT sneakers in four designs.

🆒 The announcement said that the sneaker designs will incorporate “various features of the G-SHOCK brand.” This includes colors, shapes, and structures inspired by products from the sports-driven G-SQUAD line of G-SHOCK timepieces.Per the teams, “these sneakers are designed not only to appeal in virtual spaces but also to highlight the brand’s shock absorption when users engage in physical activities such as running.”

🚨 Just-In: WazirX To Open Withdrawals On August 26 🔥

WazirX updated users on crypto and INR withdrawals post-cyberattack, announcing a Singapore legal scheme and a phased INR withdrawal plan.

👉 Read more

PayPal and Anchorage Digital Launch Rewards Program for PYUSD Stablecoin

🧬 PayPal has partnered with Anchorage Digital to introduce a rewards program for clients holding PayPal’s USD stablecoin (PYUSD). The initiative applies to clients who use Anchorage’s services or the Porto institutional self-custody wallet to store their PYUSD holdings.

🆕 “PYUSD remains fully accessible and segregated in participants’ accounts on-chain for quick deployment,” the crypto bank said in an announcement. “Importantly, this program presents a way to earn rewards without rehypothecation, staking, or lending involved.”

🔗 PYUSD was introduced by PayPal in 2023 as an ERC-20 token on the Ethereum blockchain, backed 1:1 by US dollars and issued by Paxos Trust Company, a regulated crypto custodian in the US. The stablecoin aims to compete with other prominent dollar-backed stablecoins like the USD Coin from Circle Internet Financial.

Vitalik Buterin Pushes Back Against Critics of Ethereum’s DeFi Strategy

🆒 Ethereum co-founder Vitalik Buterin has ignited a heated debate within the crypto community just like he did last week. Today, however, he is responding to criticisms that challenge the sustainability and direction of Ethereum’s decentralized finance (DeFi) strategy.

🌈 This conversation, triggered by a crypto philosopher on X, delves into the core issues surrounding the value and future of DeFi protocols. Buterin’s responses not only defend Ethereum’s trajectory but also expose deeper concerns about the broader implications of crypto’s growth and its potential to address fundamental societal challenges.

💸 Today, Vitalik takes another controversial stance on his beliefs and vision after last week’s episode with Mattereum’s CEO. Let’s enjoy the ride. The controversy began when a crypto philosopher publicly questioned Buterin’s stance on DeFi.

Australian Federal Police Warns Citizens Over Crypto Investment Scam, $122M Lost in 12 Months

⚠️ Australians have reportedly lost at least AU$180 million ($122 million) in crypto investment scams over the past year. The Australian Federal Police (AFP) has issued warning on Wednesday, against the proliferation and sophistication of crypto-related investment scams.

⚡️ The cautionary note comes as a part of the Scams Awareness Week 2024 in Australia, a campaign to report fraudulent schemes. The AFP joined the awareness with state police to encourage citizens to ‘share a story, stop a scam.’ “The AFP is urging all Australians to be extra aware of the proliferation and sophistication of scams. Especially offers that appear too good to be true,” the police agency alerted.

🙂 Per the warning, Aussies under the age of 50 years have fallen trap to multiple cryptocurrency investment scams. Almost half of all investment scam losses reported to police, have involved cryptos, noted Joint Policing Cybercrime Coordination Centre (JPC3).