NFT ERA

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WazirX’s $235M hack On Jul. 18, the Indian crypto community was shaken when WazirX, the country’s largest crypto exchange, became the victim of a massive hack. Allegedly carried out by the infamous Lazarus Group from North Korea, the attack resulted in a staggering loss of $235 million worth of crypto assets. The hackers initially stole 15,298 Ethereum Ethereum eth 0.7% Ethereum before swapping various tokens, including Shiba Inu Shiba Inu shib 1.59% Shiba Inu, Polygon Polygon matic 0.79% Polygon, and Pepe Coin Pepe pepe 3.42% Pepe, ultimately amassing 59,097 ETH in total. This severely impacted WazirX’ ability to maintain a 1:1 collateral ratio with its underlying assets, potentially destabilizing the platform. In response, WazirX temporarily suspended all withdrawals, both in INR and crypto assets, in an attempt to contain the damage. However, this sudden halt only exacerbated the situation, leaving users unable to access their funds, even in emergencies. More than 45 days have passed, and withdrawals remain on hold. Meanwhile, social media has become a hotspot for frustrated users, many of whom feel abandoned by the platform. To make matters worse, WazirX has not provided any substantial updates on recovery efforts. The exchange seems to be talking more than acting, leaving users in the dark about when — or if — they will ever recover their funds. Let’s take a closer look at the current situation, the frustrations of the users, and where things stand nearly two months into this crisis.

Ethereum (ETH) on-chain activity reached new highs this year as mainnet transaction fees dropped by over 90% Token Terminal data showed that Ethereum revenue has fallen by 99% since March, reaching one of the lowest levels in the blockchain’s history. This revenue is generated by fees for executing transactions on Ethereum’s main blockchain. Simultaneously, ETH on-chain swaps soared to new all-time highs this year, according to L2Beat analytics. Syncracy Capital co-founder Ryan Watkins described these developments as bullish for Ethereum’s chain and decentralized finance. Ethereum (ETH) on-chain activity reached new highs this year as mainnet transaction fees dropped by over 90%.

$313m in crypto lost to hackers, phishers in August: Report The amount of cryptocurrencies lost to hackers and phishing attacks significantly increased in August while the market wandered in uncertainty. According to an X post by blockchain security firm PeckShield, the crypto ecosystem lost $313.86 million in over 10 different hacks last month. Of this tally, over $293 million was lost to phishing attacks.

Trump’s crypto embrace is winning him votes, poll shows A recent Fairleigh Dickinson University poll found that former President Donald Trump’s outreach to crypto owners is paying off this 2024 U.S. Presidential election season. It appears Trump’s embrace of cryptocurrency is paying off. The FDU poll revealed that Trump holds a significant lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 percentage points in the 2024 U.S. Presidential race. The poll shows that 50% of likely voters who own crypto backed Trump, compared to 38% who support Harris. Conversely, among non-crypto owners, Harris leads by 12 points, garnering 53% support to Trump’s 41%. The FDU Poll also revealed that 15% of all registered voters in the U.S. have owned crypto, NFTs, or similar digital products. This group is disproportionately composed of men, younger voters, and members of racial minority groups.

​​Join The HAQQ Expedition Vol.2 🚀 Join HAQQ’s ongoing community campaign to explore the chain and engage in exciting experiences within the HAQQ ecosystem. Take part and let your DeFi skills bring you new rewarding experiences! 🚀 A series of thrilling quests like swapping, staking, liquidity farming, and more that come in sprints 🚀 Collect XPs and non-transferrable soulbound tokens that recognize your contribution to the ecosystem 🚀 Monthly rewards to the leaderboard top players 🚀 Final reward at the end of the HAQQ expedition How to join: => Download HAQQ Wallet: https://islamiccoin.net/?utm_campaign=oliv => Access The HAQQ Expedition: https://cutt.ly/XenlaGTA => Connect wallet to Tide => Complete tasks Learn more: https://blog.islamiccoin.net/haqq-expedition-vol-2-0-e357ef046261 💡HAQQ Network is a blockchain ecosystem with an ethics-first approach, emphasizing Real-World Assets and DeFi. By incorporating Islamic finance principles into a modern financial framework, it offers a novel approach to blockchain development. As an EVM-equivalent chain based on the Cosmos SDK, HAQQ allows for the smooth deployment of smart contracts written in Solidity and straightforward integration with tools designed for other EVM chains. The network is committed to ethical, Shariah-compliant finance, supporting risk-sharing and ethical investing

Crypto Lender Genesis Finalizes Restructuring and Starts Payouts Crypto lender Genesis Global has finished its bankruptcy restructuring, distributing around $4 billion to creditors. Bitcoin creditors will recover 51.28%, Ether creditors 65.87%, and Solana creditors 29.58% of their claims.

Ark Invest Sells $6.9 Million in Spot Bitcoin ETF and Increases Coinbase Share Sales On August 1, Ark Invest sold 108,751 shares of its ARKB Bitcoin ETF and reduced its holdings in Coinbase by offloading 31,517 shares from ARKW and 37,552 shares from ARKF. The ARKB ETF saw $22.4 million in net outflows, despite overall inflows into spot Bitcoin ETFs.

SEC Accuses Nader Al-Naji of Fraud and Unregistered Crypto Asset Securities Offering The SEC has charged Nader Al-Naji with a multi-million-dollar crypto fraud involving BitClout. Al-Naji raised over $257 million through unregistered sales, misled investors, and used $7 million for personal expenses. He falsely claimed BitClout was decentralized, using the pseudonym "Diamondhands." The SEC and the U.S. Attorney’s Office for the Southern District of New York have filed charges against him

Citron Founder Denies Fraud Allegations in Short Selling Case Andrew Left, founder of Citron Research, has pleaded not guilty to securities fraud charges. A Los Angeles federal court set a $4 million unsecured bond and a $1 million collateralized bond, which Left must post by August 5. Deemed a flight risk due to his substantial assets, Left was ordered to surrender his passport and faces restrictions on large financial transactions and trading activities.