NewsBriefs - UwU Lend loses $19.3M in crypto exploit

Jun 10, 2:40 PM Crypto Briefing

UwU Lend loses $19.3M in crypto exploit

UwU Lend, a decentralized finance (DeFi) protocol, faced a $19.3 million exploit involving tokens like wrapped ether and Bitcoin. The funds were stolen from a single wallet and largely traded on Uniswap. This security breach highlights vulnerabilities in UwU Lend's systems, despite its reliance on audited smart contract code from AAVE V2. The incident has occurred amid previous controversies associated with its co-founder Michael “Sifu” Patryn, raising further concerns over the platform's safety measures.

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• Nov 28, 12:02 PM Cryptoslate

  XT Exchange suspends coin withdrawals following $1.7 million theft

  XT Exchange has halted all coin withdrawals after confirming an abnormal transfer of assets worth approximately $1 million across 12 currencies from its platform, reportedly exchanged by an attacker for 461.58 ETH valued at $1.66 million. The Seychelles-based exchange, which manages substantial reserves and maintains high trading volumes, reassured users that their assets are secure and announced plans to implement the Merkel Tree Asset Proof System for enhanced security by mid-December.

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• Nov 28, 6:33 AM The Block

  Hyperliquid to launch its HYPE token in genesis event on Nov. 29

  Hyperliquid, a decentralized trading platform, will launch its native token, HYPE, during a genesis event on Nov. 29 at 07:30 UTC. The introduction of HYPE will enable key functionalities within its platform, which includes staking and securing the HyperBFT consensus mechanism. HYPE will also be used as the primary asset in Hyperliquid's decentralized exchange and as the native gas token for the HyperEVM. This event marks a significant development as the platform, one of the largest in trading volume, operated without a native token previously.

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• Nov 28, 6:17 AM The Block

  Russia's Federation Council approves crypto taxation bill, awaits Putin's signature

  Russia's Federation Council has passed a bill for taxing crypto transactions and mining, exempting crypto transactions from value-added tax and aligning tax rates for crypto income with those for securities transactions. The bill, which considers digital currency as property, now requires President Vladimir Putin's signature to become law. It mandates crypto miners to report client data to tax authorities and taxes mining income based on market value at receipt.

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• Nov 27, 5:53 PM Cointelegraph

  Ether surpasses $3,500 mark amid record futures interest surge

  Ether (ETH) saw a significant 15% price increase from November 20 to November 27, reaching nearly $3,500, coinciding with a surge in Ether futures open interest to a record $22 billion. This growth is attributed not only to bullish sentiment but also to various trading strategies, including hedging and neutral positioning by institutional investors. The Chicago Mercantile Exchange (CME) now holds $2.5 billion of the ETH futures open interest, indicating heightened institutional participation. Despite the increase in open interest and price, the demand for leveraged long positions among retail investors remains low, as evidenced by the neutral perpetual futures funding rate.

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• Nov 27, 3:31 PM The Block

  Ethereum, Cardano, and Solana see gains as capital shifts from Bitcoin, QCP Capital reports

  Capital is shifting from Bitcoin to alternative crypto tokens, notably Ethereum, Cardano, and Solana, according to QCP Capital analysts. This shift is reflected in a 13% increase in the ETH/BTC ratio and corresponding gains of 5%, 9%, and 4% in these tokens respectively over the past 24 hours. Meanwhile, Bitcoin saw a smaller rise of 1.5%. The move highlights a changing market sentiment where funds are rotating into altcoins from Bitcoin.

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• Nov 26, 5:55 PM The Block

  Kraken to shut down its NFT marketplace to focus on new projects

  Kraken, a major crypto exchange, is closing its NFT marketplace to reallocate resources to new and undeveloped projects. The marketplace will stop operations on Feb. 27, 2025, after ceasing all listing, bidding, and selling activities on Nov. 27, 2024. Users have been instructed to transfer their NFTs to their Kraken Wallet or another preferred self-custodial wallet.

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• Nov 26, 2:00 PM Saturn

  Saturn rolls out first Bitcoin-based AMM on testnet

  Saturn, a peer-to-peer order book built on the Bitcoin network, has introduced the first Bitcoin-based automated market maker (AMM) on testnet, allowing users to experience swaps and liquidity positions directly on Bitcoin's base layer at high speeds. Users must use the Unisat wallet and switch settings to Testnet4 and Taproot (P2TR) address type to participate. The launch promises the same functionalities and speeds as the upcoming mainnet release.

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• Nov 26, 10:57 AM Cointelegraph

  Telegram's crypto holdings exceed $1.3 billion in first half of 2024

  Telegram's crypto holdings have increased significantly from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. This increase is attributed to profits from selling TON tokens and a specific business deal. The instant messaging platform also saw a substantial revenue increase, with $525 million generated in the same period, indicating a 190% increase relative to the previous year. The company's financial stability is also bolstered through extensive holdings of TON tokens amid market fluctuations.

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• Nov 25, 8:17 PM The Block

  Tron purchases $30 million in Trump-backed World Liberty Financial tokens

  Tron founder Justin Sun has invested $30 million in World Liberty Financial tokens, a crypto project endorsed by President-elect Donald Trump. The investment follows the token's lackluster launch and is part of Tron's broader strategy to promote blockchain innovation in the US. Despite concerns over DT Marks DEFI LLC's significant stake in the project, which is connected to the Trump family, Tron remains optimistic about its potential.

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• Nov 25, 10:55 AM The Block

  Bernstein expects MicroStrategy to hold 4% of all Bitcoin within a decade

  Bernstein analysts predict that MicroStrategy will grow its Bitcoin holdings from 1.7% to 4% of the circulating supply within ten years, updating their price target for MSTR to $600 by 2025. The analysts attribute this growth to MicroStrategy's aggressive capital scaling and believe that the company's unique Bitcoin treasury model will continue to attract significant global investment. Despite some market fluctuations, the firm's solid investment strategy and extensive acquisitions portray promising growth prospects in the crypto space.

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• Nov 25, 10:21 AM Cointelegraph

  Pump.fun faces criticism over harmful content in livestreams

  Pump.fun, a decentralized platform that enables the creation of Solana-based memecoins, is criticized for harmful and violent content in its livestreams. Reports of users threatening self-harm, violence, and other dangerous acts through the platform have emerged, leading to calls from community members to shut down or heavily moderate the livestream feature. Pump.fun's leader, Alon, defends current moderation practices, citing a significant team of moderators as part of their effort to control the broadcast content.

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• Nov 25, 7:30 AM Bloomberg

  Singapore Gulf Bank looking to raise $50 million and acquire a stablecoin payments firm

  Singapore Gulf Bank is looking to raise at least $50 million to support product development and enhancements to its payment network and plans to acquire a stablecoin payments company by early 2025. The bank, established by the Whampoa Group and licensed in Bahrain, is negotiating with a Middle East sovereign wealth fund among other investors to sell an equity stake of less than 10%. This expansion aligns with broader industry growth, buoyed by anticipated supportive regulations in the US under the incoming administration.

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• Nov 25, 4:34 AM The Block

  Hong Kong's ZA Bank introduces retail crypto trading

  ZA Bank, a digital bank in Hong Kong, now allows its users to trade cryptocurrencies directly on its app in HKD and USD, making it the first bank in Asia to offer such services to retail customers. The bank has partnered with local crypto exchange HashKey for the integration of these trading capabilities using the institutional-grade service, HashKey Pro. The initiative aligns with ongoing efforts to expand the Web3 ecosystem and offer diversified financial services.

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• Nov 23, 8:30 PM CNBC

  State Street warns Bitcoin rally may create false sense of security for investors

  State Street Global Advisors' strategist George Milling-Stanley cautioned that the recent bitcoin rally could mislead investors into feeling overly secure about their investments. Comparatively, he highlighted gold's stability and reliability, emphasizing that bitcoin, being primarily a return play, lacks the protective qualities of gold. Milling-Stanley's insights came during a period when the SPDR Gold Shares ETF, the world's largest physically backed gold ETF, marked its 20-year anniversary with significant historical growth. Meanwhile, bitcoin has seen considerable gains, reaching new highs post the November elections.

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• Nov 23, 5:57 PM The Block

  Solana ETFs could debut by 2025 as regulatory optimism grows

  The push for Solana exchange-traded funds (ETFs) in the U.S. market gained momentum as Cboe BZX filed four spot Solana ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital. With a shifting regulatory landscape, driven by SEC Chair Gary Gensler's upcoming resignation and a pro-crypto administration taking office, industry leaders express growing optimism for SOL ETF approvals by 2025. Analysts cite the success of spot Bitcoin and Ethereum ETFs as a promising precedent, while Solana’s native token (SOL) has surged, nearing its all-time high, reflecting renewed investor confidence.

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