NewsBriefs - Putin warns of crypto mining power shortages and urges CBDC expansion

Jul 17, 10:30 PM Cryptoslate

Putin warns of crypto mining power shortages and urges CBDC expansion

Russian President Putin cautioned about potential power shortages due to crypto mining, particularly in regions like Irkutsk, Buryatia, and Trans-Baikal Territory. He revealed that crypto mining consumes 1.5% of Russia's total electricity. Putin called for federal mining legislation and wider implementation of the digital rouble CBDC. The CBDC pilot has seen 27,000 transfers and 7,000 payments, with potential domestic use starting in 2025. Lawmakers are set to discuss draft legislation on crypto mining regulations.

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• Aug 29, 4:03 PM DeFi Llama News

  MakerDAO rebrands as Sky and introduces freeze function for new stablecoin

  MakerDAO has rebranded to Sky, unveiling USDS, a new version of DAI stablecoin with a freeze function. This move aims to deter crypto criminals but raises concerns among DeFi purists. The freeze function allows Sky to halt USDS transfers, making it less attractive for hackers. While this aligns with regulatory compliance needs, it challenges crypto's decentralization ethos. Sky plans to maintain an unfreezable version called PureDai alongside USDS. The effectiveness of this security measure depends on Sky's implementation approach.

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• Aug 29, 2:05 PM The Block

  Trump to announce plan to turn US into the world's 'crypto capital'

  Former President Trump plans to unveil a strategy aimed at positioning the US as the global leader in crypto. The announcement, teased on X, mentions World Liberty Financial, a DeFi project promoted by Trump's sons. Trump has previously promised to fire SEC Chair Gary Gensler and create a strategic Bitcoin reserve if elected. The exact details of World Liberty Financial's services and Trump's involvement remain unclear.

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• Aug 29, 1:55 PM DeFi Llama News

  SEC probe of OpenSea sparks outrage in crypto community

  The SEC's investigation into OpenSea, suggesting NFTs might be classified as securities, has triggered strong reactions from crypto leaders. Industry figures like Jesse Powell, Mark Cuban, and Brian Armstrong criticized the move as absurd and misguided. The probe aligns with SEC Chair Gary Gensler's stance that most crypto tokens fall under securities laws. This development adds to OpenSea's challenges amid declining NFT market volumes. Crypto supporters argue that digital artworks and collectibles shouldn't be treated as securities, with some viewing the investigation as an expansion of the SEC's crackdown on crypto.

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• Aug 29, 1:01 PM The Block

  Immunefi reports crypto losses surpass $1.2 billion in 2024 despite August drop

  Crypto losses from hacks and scams exceeded $1.2 billion in 2024, up 15.5% year-over-year, despite a 95% drop in August. Ethereum and BNB Chain were the most targeted networks. DeFi protocol Nexera lost $1.5 million, while Ronin Network experienced a $12 million outflow due to an upgrade bug. Hacks remain the primary cause of losses, with no CeFi incidents recorded in August. Immunefi, a web3 security platform, has paid out over $100 million to ethical hackers and researchers.

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• Aug 28, 8:10 PM Blockworks

  Telegram CEO Pavel Durov indicted in France on multiple charges

  Telegram CEO Pavel Durov was indicted in France on charges including organizing illicit transactions, complicity in drug sales, and distributing child pornography. Durov, arrested last week, is under judicial supervision and unable to leave France. The indictment led to a 20% drop in Toncoin, a Telegram-linked crypto. The TON network also experienced outages, with the latest disruption attributed to heavy load from DOGS token minting. French authorities are reportedly seeking an arrest warrant for Durov's brother, Nikolai.

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• Aug 28, 2:44 PM Protos

  Aave periphery contract hacked for $56k in multi-network attack

  A periphery contract of DeFi platform Aave was hacked for $56,000 across Ethereum, Arbitrum, Polygon, Optimism, and Avalanche networks. The affected ParaSwapRepayAdapter contract, not part of Aave's core protocol, held leftover tokens from swap slippage. Aave confirmed no user funds were at risk, likening the incident to raiding a "tip jar." The hack sparked renewed tensions between Aave and Euler Finance, with founders exchanging criticisms over past security incidents and protocol management.

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• Aug 27, 4:28 PM The Block

  KOR Protocol launches decentralized music platform with Animoca Brands backing

  KOR Protocol, backed by Animoca Brands, has unveiled KOR Player, a new decentralized music streaming service. The platform allows users to play and remix music using a sound library and AI-powered authentication for royalty payments in crypto. With 550,000 user signups and support from KDDI, KOR aims to address music copyright issues in gaming and live-streaming while offering artists new monetization channels. Notable DJs like deadmau5 have joined as early backers.

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• Aug 27, 3:31 PM Coindesk

  Trump releases fourth collection of NFT trading cards

  Former President Trump launched his fourth NFT collection, offering buyers a piece of his suit from the debate with President Biden. The $24,750 package includes Trump-themed items and a Mar-a-Lago dinner. Trump has embraced crypto in his campaign, attracting industry support and donations. His previous NFT ventures have generated over a million dollars in personal income. This release furthers Trump's involvement in the crypto space amid his presidential bid.

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• Aug 26, 5:55 PM Cointelegraph

  Bitcoin miner Rhodium files for chapter 11 bankruptcy with up to $100 million in liabilities

  Bitcoin mining firm Rhodium Enterprises filed for Chapter 11 bankruptcy in Texas, citing liabilities up to $100 million. The filing includes six subsidiaries and follows loan defaults totaling $54 million in July. This move allows Rhodium to reorganize debts while continuing operations. The bankruptcy reflects broader challenges in the crypto mining sector, including declining profits post-halving and increased energy costs.

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• Aug 26, 2:39 PM Cointelegraph

  Bitcoin liquidity sinks to $62.5K as BTC price struggles at US open

  Bitcoin's price struggled at the US market open, with bid liquidity on Binance moving down to $62.5K, potentially drawing price downward. Traders warn of a possible "Bart Simpson" maneuver, where price could gap lower to last week's position. Bulls face a battle to make August a "green" monthly candle, having erased most of the crash to six-month lows. Despite positive US macro developments, Bitcoin's price upside remains limited, with the market well-positioned for the move and taking quick profits.

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• Aug 26, 9:44 AM Cryptoslate

  TRON founder Justin Sun pledges $1m to DAO supporting Telegram's Pavel Durov

  Justin Sun, TRON's founder, pledged $1 million to a DAO advocating for Telegram founder Pavel Durov's release. Durov was arrested in France on Aug. 23, facing accusations of content moderation failures on Telegram. Prominent crypto figures, including Elon Musk and Vitalik Buterin, support Durov's release using #FreePavel. The arrest raises concerns about software and communications freedom in Europe. Sun's pledge aims to demonstrate crypto industry unity in supporting Durov.

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• Aug 24, 2:27 PM Beincrypto

  Polygon regains control of Discord channel after phishing attack

  Polygon, an Ethereum Layer-2 network, recovered its Discord channel following a hack. Attackers exploited interest in Polygon's MATIC to POL token migration, using phishing links for fake POL airdrops. The breach likely occurred through a compromised bot or integration. Some users reported losses, with one claiming to have lost 120,000 MATIC and 30 ETH. Polygon's Chief Information Security Officer, Mudit Gupta, stated that the security team was working to reverse changes made by the hacker. The planned MATIC to POL migration is set to begin on September 4.

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• Aug 23, 1:16 PM Cointelegraph

  AMOS malware targets Mac users by cloning wallet apps to steal crypto

  AMOS, a malware program targeting Mac users, has evolved to clone wallet apps and steal crypto. Advertised through Google Adsense, it masquerades as popular MacOS programs. AMOS can now clone Ledger Live software, potentially tricking users into sending crypto to attackers. The malware targets over 50 crypto wallets, including MetaMask and Coinbase. Users are advised to be cautious when downloading software from ads. AMOS is reportedly developed by a group called "Crazy Evil" and sold as a subscription service on Telegram.

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• Aug 23, 12:19 PM Hand-Picked

  Chinese entities use Amazon cloud to access advanced US chips and AI

  Chinese entities are increasingly turning to services like Amazon Web Services (AWS) to bypass US restrictions on advanced AI chips. At least 11 Chinese entities sought access to restricted US tech through cloud services, with four explicitly naming AWS. This strategy allows Chinese organizations to bypass US export restrictions on advanced AI chips like Nvidia's A100 and H100. The US government is now working to close this loophole through new regulations and legislation. AWS maintains compliance with US trade laws regarding cloud service provision in China.

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• Aug 23, 11:07 AM Hand-Picked

  Tether opts out of launching its own blockchain

  Tether Holdings has decided not to launch its own blockchain. Paolo Ardoino, CEO of Tether, cited an oversaturated market as the primary reason for this decision. "We are very good in technology, but I think blockchains will become almost a commodity in the future," Ardoino explained in a recent interview. He added, "Launching a blockchain ourselves might not be the right move. There are very good blockchains already." Ardoino's stance is that for Tether, blockchains serve merely as transport layers, emphasizing the importance of security and sustainability over having their proprietary technology.

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