Weekly Top Crypto News (August 14 – August 20)

The crypto market this week has witnessed a series of bad news leading to the red color covering. Here, let’s review this week’s top crypto news with Coincu!

SpaceX Sells $373M BTC, Sending Bitcoin Price Falling To The Abyss, Bottoming At $25,400

The WSJ has revealed that billionaire Elon Musk’s company, SpaceX, has sold some or all of $373 million in BTC. The magazine reported that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion. The price of BTC immediately fell into the abyss to as low as $25,400 after the news broke.

BNB Bridge Hacker Triggers $5.5 Million Partial Liquidation on Venus Platform

BNB Bridge hacker’s maneuver resulted in the liquidation of 1,104,936.45 vBNB, causing losses of around $5.5 million. The hacker’s address still holds an arsenal of assets—912,235.14 BNB collateral and debt positions of 112M USDT and 36.75M USDC. BNB Chain team now shoulders the responsibility of handling liquidation control for the hack address.

Coinbase Received Regulatory Approval To Offer Crypto Futures Trading In The U.S.

Coinbase will offer regulated derivatives products to eligible US customers for safe and regulated access to the crypto derivatives market. Customers can trade using margin for leverage and access to the market with less upfront investment.

SEC May Approve Groundbreaking Ether Futures ETFs Amid Industry Surge

The SEC greenlights Ethereum futures-based ETFs, a win for eager firms. ProShares, Bitwise, and Roundhill seek ETF launches as the SEC’s favorable attitude prevails. Bitcoin futures pave the way for Ether futures ETFs, reshaping the crypto investment landscape.

Sei Network’s Airdrop Causes Price Plunge Of SEI Coin By Over 20%

Sei Network’s (SEI) coin value dropped by over 28% following the launch of an airdrop for early supporters, disappointing users with lower-than-expected airdrop rewards. Disappointment among investors amplifies as Sei Network faces backlash and a trending hashtag, #SeiScam, with over 58,000 posts on social media, highlighting community outrage over airdrop discrepancies.

Tether Adopts New Path: USDT Minting Ceases On Select Chains

Tether discontinued creating USDT on Kusama, Omni, and BCH chains on August 17, 2023. Redemptions for USDT on these chains remain operational for a year, with potential future changes. The company emphasizes decentralized exchanges, NFTs, and Bitcoin’s Layer 2 development while supporting community-driven blockchain innovations.

Binance CEO CZ Prohibits Futures Trading Amongst Himself And His Employees

Binance CEO CZ prohibits employees, including himself, from futures trading. Violators of the internal monitoring policy face immediate termination. Binance saw a $55.9M liquidation order, the largest of the day.

FedNow Supports Hedera’s Dropp Payment Platform, HBAR Soars 16%

The US Federal Reserve’s instant payments system, FedNow, has added Hedera’s (HBAR) Dropp payment platform. Currently, Dropp allows small-sized payments in HBAR, USD, and USDC. Hedera’s native HBAR tokens surged 16% after the news.

friend.tech Succeeds At The Seed Round With Paradigm Investment Participation

Social network Web3 friend.tech announced that it had completed the seed round with the participation of Paradigm. This app allows users to tokenize their social network and is built on Base, Coinbase’s new Layer 2 network. The app caught users’ attention when it said it released its first airdrop on Friday to 44,000 users and will also distribute 100 million points during a six-month test period.

Layer 2 Shibarium Moved To Insecure Mode And Stopped Working For Upgrades

Layer 2 Shibarium announces that the network has entered unsafe mode and is down to ensure the safety of due funds. The Shibarium developers and the Unity team are working on an extensive upgrade. $1.7 million stuck in a cross-chain bridge is safe, and more info will be updated tomorrow.

RocketSwap Exploiter Creates Liquidity With LoveRCKT Cause Its Price Crash 90%

RocketSwap’s exchange was hacked on the Base Layer 2 network. Stolen assets shifted to Ethereum, creating the “LoveRCKT” memecoin. The hacker deploys LoveRCKT and removes massive liquidity (57.83T LoveRCKT and 35 ETH), causing a 90% value drop. A similar breach on LeetSwap raises Base network security concerns.

Yield Aggregator Zunami Protocol Hacked, Lost Over $2.1 Million

According to on-chain monitoring by PeckShield Inc., the Zunami protocol was hacked, resulting in over $2.1 million in losses. The cause was initially identified as a price manipulation issue, which could be exploited by donating to calculate incorrect prices. The protocol confirmed the hack and said the collateral was safe.

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.