Tether fights back against insolvency claims, EU struggles to curb inflation
The biggest news in the Cryptoverse on August 30th included: FBI warning against using DeFi protocols, l$20M Bitcoin Long Payment and Tether Fight Back Against WSJ Bankruptcy Filing.
CryptoSlate Top Stories
FBI warns DeFi after data reveals sector accounts account for 97% of $1.3 billion stolen in Q1
The US Federal Bureau of Investigation (FBI) has warned investors against using DeFi protocols due to rising cybercrime. He highlighted that 97% of his $1.3 billion stolen in cryptocurrency in 2022 was siphoned off his DeFi protocol.
However, the FBI recommends that investors wishing to continue with DeFi services conduct due diligence on the protocol and access potential risks and audit reports.
DeFi protocols were advised to conduct regular monitoring and testing to limit smart contract risk.
Tether responds to WSJ bankruptcy filing, says US Treasury assets safe
Tether has over $191 million in reserves, and the Wall Street Journal claimed that a 0.3% drop in asset value could put the USDT issuer in bankruptcy.
In response, Tether said the majority of its reserves are held in U.S. Treasuries, which have been “the best safe haven assets for decades.”
LUNA Classic pours 70% into ambition to wipe the past and revive the chain
Following May’s UST depeg, developers working on the forked LUNA Classic introduced high-yield staking rewards and token burns to regain investor confidence.
Investors reportedly showed support for the revival plan as the LUNC token rose 54% in value over the past 30 days, up 70% from its bottom on August 19.
Bitcoin sale liquidates $20 million long
In a quick response to Bitcoin’s price action over the past 24 hours, the bears lowered BTC to $19,600. As a result, $20.28 million of longs were liquidated. glass coin.
Cryptoslate also highlighted its open interest by strike price metric. This reveals that a derivatives trader expects BTC to fall below his $19,500 level, triggering a sale of contract holdings by Aug. 31.
Crypto lender Nexo allocates $50 million to buy back native tokens
Nexo said it will use $50 million to buy back native tokens from the public market over the next six months. This approval is an ongoing initiative, and Nexo said he will spend more than $112 million to carry out the buyback between 2020 and 2021.
Nexo co-founder Antoni Trenchev said the buyback would help stabilize token prices and bring more rewards to investors.
research highlights
European Sovereign Debt Crisis 2.0
CryptoSlate Research details how continued interest rate hikes and debt purchases by the European Central Bank (ECB) could drive up energy and food prices, forcing EU member states to battle a recession Did.
During recessions, the European economy could experience massive outflows to tangible assets like Bitcoin.
According to research, 62% of the Bitcoin network is zero-emissions.
Bitcoin research firm Batcoinz has conducted a study that reveals that Bitcoin is becoming more carbon neutral. The Bitcoin network’s carbon neutral impact is 62%, up 41% from March 2021.
Overall, Bitcoin’s energy usage and carbon emission levels are expected to continue to gradually decline as it approaches zero emissions.
News around CryptoVerse
Ripple’s real estate partnership with Colombia may be terminated
Ripple previously partnered with the Colombian government to help record land titles on the XRP ledger. The newly elected government said the project could be scrapped because it is not part of its 2022 priorities, as reported by Forbes.
Crypto.com Accidentally Transferred $10.4 Million to Customers
Seven months ago, Crypto.com accidentally transferred $10.4 million to Manibel’s account in an attempt to refund $100 to her. This error was discovered during an audit at the end of 2021.
Crypto.com has taken legal action against a woman who spent $1.35 million on a luxury apartment and allegedly transferred $10.1 million from her account. The Victorian Supreme Court is now overseeing the case.
Meta enables NFT Showcase on Facebook
Social media giant Meta has launched support for digital collections on Facebook. Users can now post her NFTs on Facebook and Instagram by simply connecting their digital wallet to the app.
Meta added that users do not have to pay to post or share NFTs on social media.
The U.S. employed over 5.5 million people as of July
According to the US Labor Statistics released on August 30, there were 11.24 million job openings in July and 5.67 million job openings.
With demand for labor outstripping supply, limited workers will be offered higher compensation, increasing pressure on the economy.
Hoping for labor market data, Fed Chairman Jerome Powell said the ongoing rate hikes could lead to “some softening in labor market conditions.”
crypto market
Bitcoin fell -1.72% to trade at $19,837 on the same day, while Ethereum traded at $1,532, reflecting a -0.31% decline.
