Crypto News

TON and Curve Finance are preparing a platform for steibcoin trading The TON Foundation team has agreed with DEX developers Curve Finance to work together on a steibcoin exchange trading platform. In this development, TON utilizes Curve's Continuous Market Maker (CFMM) technology to provide a seamless trading experience. The new platform should meet the growing demand for stablecoins on TON's blockchain. In June, Tether added TON support for its USDT stablecoin. Four months later, USDT volume on TON reached $730 million.

Crypto investor lost $40 million after risky DeFi bets. James Fickel, whose fortune is estimated to be around $400 million, recently lost over $40 million due to a series of leveraged trades. Fickel's investment strategy involved betting on Ethereum (ETH) while shorting Bitcoin (BTC). He accomplished this by borrowing Wrapped Bitcoin (wBTC) through Aave and converting it to Ethereum. Between January 10 and July 1, he lent 3,061 wBTC worth about $172 million and exchanged it for 56,445 ETH. According to reports, the average exchange rate during this period was about 0.054 wBTC per ETH. However, since the beginning of August, Fickel has been closing this position, repaying his debt at a substantial loss. He redeemed 882 wBTC using $12 million in USDC and 16,000 ETH worth about $39.9 million, reaching an average exchange rate of 0.042 ETH/BTC. His remaining wBTC debt on Aave now stands at 2,196 wBTC worth over $132 million, indicating a loss of about $43.7 million.

New virus changes crypto addresses Clipper malware is capable of changing crypto-addresses directly during the transaction process. If the sender does not double-check it, the funds will go to the attackers. Binance representatives advise not to download dubious plugins and applications on both Android and iOS. For maximum security, we advise using hardware wallets.

Fintech platform Revolut added TON to the list of assets available for trading Global fintech platform Revolut has added TON to its list of assets available for trading. Revolut serves over 45 million customers in the UK and EU. TON is up 16% in the last week and has returned to the Top 10 cryptocurrencies by capitalization.

Bitcoin's scaling protocol Fractal is growing across the board According to Blockspace Media, 72 hours after launch, the number of Bitcoin Fractal sidechain transactions has grown more than 200 times to 400 per block, and the value of the Fractal token (FB) has increased from $11 to $27 in the same period. 30% of Bitcoin miners are already merging with Fractal, as block confirmation on the sidechain is less than 30 seconds, compared to 10 minutes on Bitcoin's first tier. The blockchain has grown to 15 GB, while the entire Bitcoin blockchain contains about 600 GB of data, and fees have reached 2,000 sats/vB (compared to 3 satsv/B or $0.24). Fractal is a scaling solution that allows the creation of multiple independent layers on top of Bitcoin, each capable of scaling Layer 1 Bitcoin by a factor of 20.

Flowcarbon will return money to investors of the “goddess” token Former WeWork founder - Adam Newman has abandoned the idea of creating the GNT (Goddess Nature Token) token and is entering into disclaimer agreements with investors. GNT - was a key part of the Flowcarbon project and was supposed to be distributed to the world's population for reducing their carbon footprint. However, the token was never launched. The main investor in Flowcarbon was venture capital fund Andreessen Horowitz, which invested more than $70 million in the startup.

Coinbase has launched wrapped bitcoin US cryptocurrency exchange Coinbase has introduced a new token - cbBTC. The token is backed at a 1:1 ratio by the platform's bitcoin reserves. With the token, users will be able to access DeFi's functionality with their bitcoin reserves. Currently, cbBTC is already supported on Base and Ethereum networks, but the developers plan to deploy the token on other blockchains as well.

Grayscale unveiled the first XRP-based trust Investment giant Grayscale has unveiled the first Ripple-based trust. The trust will be organized as a closed-end fund and only a limited number of institutional investors will have access to the product. However, analysts are talking about a possible transformation of the trust into an ETF in the future if demand for the asset grows steadily.

Indonesian exchange Indodax has been hacked for $22 million According to blockchain security company SlowMist, the crypto exchange was hacked after 150 suspicious transactions. These actions resulted in Indodax hot wallets being hacked in several blockchains including Bitcoin, TRON, Ethereum and ETH layer-2 - Polygon and Optimism. Hackers stole about $14.6 million in ETH, $1.4 million in BTC, $2.5 million in POL and $894,000 in OP. Smaller amounts were stolen in USDC, USDT, SHIB and LINK. SlowMist says it is likely that the attacker found a way to compromise the exchange's withdrawal system.

EU Prepares Standards for Stablecoin Issuers By the end of the year, the EU will approve and publish in the Official Journal 15 standards for steiblcoin issuers, which is tantamount to approval. These standards regulate such activities of issuers as authorization, stress testing, methods of estimating the number, value of transactions and others. They are jointly prepared by the European Banking Supervisory Authority and the Securities and Markets Authority. Regulation of stablecoins in the EU is set out in the Markets in Cryptoassets Regulation (MiCA). Earlier, Tether CEO Paolo Ardoino and the heads of other companies expressed concerns that the new regulatory environment would complicate their work, and the assets themselves would become more vulnerable.