Digital Assets Report 89
Summary
- Binance Smart Chain (BSC) has been exploited, attacker was able to create 2 million BNB tokens out of thin air by exploiting a vulnerability in the Binance Bridge. Roughly $570 million stolen. Binance shutdown the entire BSC highlighting its Blockchain centralisation.
- Celsius Exposes User Information in Public Court Docs in a 14,000 pages of documents.
- Capital Management's M&A fund is acquiring crypto exchange Huobi Global, one of the Asia markets leader, for an undiscovered amount.
- A report by the Solana Foundation provides details on the recent Solana blockchain downtime on Sept. 30.
- PayPal says policy to fine customers for 'misinformation' was an 'error'.
- Falling GPU prices allow miners to upgrade their equipment at affordable price and Ethereum change to Pos have pushed ETH miners to move to Bitcoin hence the Bitcoin hashrate seen to his new All-Time-High.
- MakerDAO deploys $500M investment in treasuries and bonds. 80% will be invested in short-term U.S. Treasurys.
- Stablecoins (USDT, USDC, BUSD, DAI) decreased by 38% since May, an estimated $148.7 billion worth are still in circulation. This diminution due to US that raised interests rates where capital flow in.
Watch out this week :
- The 2022 Annual Meeting of the International Monetary Fund and World Bank kicks off today in Washington and runs through Oct. 16.
- Ethereum DevCon Bogota is happening from October 11th to 14th.
- Bitcoin Amsterdam , October 12–14, 2022.
Business
Binance blockchain suffers $570mn hack
World’s largest crypto exchange targeted in security breach
Celsius creditors face fallout from U.S. bankruptcy disclosure process
Common bankruptcy procedure has forced Celsius to produce customer information, to the great concern of creditors.
PayPal says policy to punish users for misinformation was ‘in error’
Online payment network PayPal’s policy update to fine its users $2,500 for spreading misinformation has now been retracted, having claimed it to be published due to an “error.”
Crypto Exchange Huobi Global to be Acquired by About Capital
The terms of the deal were not disclosed.
Top 3 reasons why Bitcoin hash rate continues to attain new all-time highs
As global markets recovered from chip shortages in 2022, the prices of the GPUs — a key component of mining rigs — came down to a reasonable value.
Markets
Crypto Charts 82
Bitcoin We said that wave (iv) had completed last week , but the subsequent price action indicates that a larger zigzag correction is underway. Look for a move up towards the 20500/21000 area where we would sell with stops remaining at 22800. We still expect a drop in the BTC
MakerDAO goes ahead with $500M investment in treasuries and bonds
With DAI currently overcollateralized and the Maker Protocol receiving little yield from its reserves, MakerDAO will begin to reallocate funds into low-risk assets.
Stablecoins shed $38B since May as yields plunge, projects collapse
The collapse of Terra USD accounted for nearly half of stablecoin volume shed in recent memory.
Regulations
India’s Central Bank Crystalizes CBDC Vision in Concept Note
“Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions,” said the RBI.
United Arab Emirates September Regulatory Moves
Coinfirm is the global leader in blockchain analytics and regtech for digital currencies and the blockchain-based financial ecosystem
Readings / podcasts
The Second Leg Down: Strategies for Profiting After a Market Sell-Off | Hari Krishnan
Portfolio manager at Doherty Advisors Hari Krishnan on the worst quarterly stock market decline since 1987 and strategies that you can use to survive and thrive during a market downturn.