Weekly Top Crypto News (Jan 30 – Feb 5)

Last week was a relatively calm week for the market as the coin prices were not much changed, even if the US January jobs data released on Friday did not have much impact on the crypto market. Here, let’s review this week’s top crypto news with Coincu!

Bitfarms Announces The Successful Recovery Of 496 Bitcoins In January

Bitfarms mined 486 Bitcoins in January 2023, a 2% reduction month on month and a 61% rise year on year. The firm expects to gain in 2023 and through the next halving event in 2024 by taking a systematic approach to investing as the sector consolidates and recovers.

Core Science Bitcoin Miner Pays $38.6 Million Debt To NYDIG Creditors

Bitcoin miner Core Scientific has paid off its $38.6 million chop NYDIG debt by handing over 27,403 devices. According to the company, those devices are no longer needed for their current and future business.

BonqDAO Stolen $120 Million By Price Manipulation AllianceBlock Token

The BonqDAO and AllianceBlock protocols were attacked by smart contracts, causing quite a bit of damage. PeckShield estimated the hack’s damage to be around $120 million. AllianceBlock asserts that the incident is completely isolated from the BonqDAO troves and that no smart contracts were compromised. The team is also working on a solution that will allow users to withdraw all remaining collateral without repaying the BEUR.

Floki Ends January Gain 200%

The Floki Inu community has now voted to burn 4.97 trillion tokens as part of a recent proposal aimed at mitigating the risk associated with the cross-chain bridge that currently houses the tokens. The proposal also calls for a cut in the transaction tax, which was formerly used to fund development. According to the creators, the tax has now become a net negative in the crypto bear market.

Protocol Labs Lays Off 89 Staffs In Latest Round Of Job Cuts

Protocol Labs eliminated 89 positions (approximately 21%) across teams. Over the last few quarters, the firm has also cut costs by cutting team budgets, infrastructure spending, and investments. The firm has issued an email and a calendar invite to everyone who may be affected by this change to discuss it in person and provide their assistance.

Binance Acquires Majority Of Gopax Korea Shares With $1B Industry Recovery Fund

Binance has acquired a majority stake in struggling South Korean-based crypto exchange GOPAX. The funding for this acquisition comes from a $1 billion industry recovery fund committed by Binance. After the acquisition, Gopax customers can withdraw funds and pay interest to GoFi, a profitable Gopax program. Previously, the largest cryptocurrency exchange in the market had planned to buy back 41.2% of Gopax shares.

Australia Strengthens Crypto Watchdogs In “Multi-Stage” Scam-Fighting Strategy

As part of a “multi-stage approach” to cracking down on cryptocurrency and ensuring proper risk disclosures from crypto businesses, the Australian government is expanding its market regulator’s digital asset unit. The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size, and “upping enforcement measures” will be one of the major improvements.

Terra Classic Adopts New Proposal To “Re-Peg USTC With LUNC,” USTC Soars 30%

The Terra Classic community has adopted a new proposal to re-peg the USTC with LUNC. According to the developer, this proposal is intended to speed up the process a bit using data-driven parameters across any marketplace serving Terra assets. More than 21% of the voting community opposed the proposal.

“Twitter Killer” Damus Reaches Top 10 Social Network Apps On App Store

The Apple App Store has given its approval to Damus, a purported “Twitter killer” that is constructed on a decentralized network. The app is a messaging service built on Nostr, a decentralized network that, among other things, allows for encrypted end-to-end private communications.

Solana DeFi Everlend Finance Terminates Its App Due To Lack Of Money

Solana-based DeFi lending protocol Everlend Finance has shut down its app platform, the company announced on February 1. Everlend cited the participants in DeFi lending’s liquidity shortage as the reason for the decision to stop. The crew claimed that carrying on under these circumstances would be risky. Everlend is the most recent DeFi lender with a Solana location to close its doors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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