Weekly Update: 03 August 2023
1) Curve Finance exploit puts $100M+ worth of crypto at risk; CRV token tumbles [CoinDesk]
– Curve Finance suffers a major exploit, putting over $100 million worth of crypto at risk and causing the CRV token to tumble in value.
2) Tether’s excess reserves up to $3.3B, holds $72.5B worth of US Treasury bills [Cointelegraph]
– Tether releases its Q2 report for 2023, increasing its excess reserves to $3.3 billion and revealing its exposure to United States Treasury bills.
3) Base’s largest DEX, LeetSwap, halts trading amid exploit concerns [Cointelegraph]
– LeetSwap, a DEX operating on Coinbase’s Base network, temporarily pauses trading due to potential exploit concerns. The potential exploit is believed to have netted the attacker 342.5 ETH, worth over $630,000.
4) Binance Japan begins launching trading services for residents [Cointelegraph]
– Binance announces the launch of its Japan-based arm, Sakura Exchange Bitcoin, now Binance Japan, offering spot trading for 34 tokens as of Aug. 1, with plans to migrate global Binance users starting on Aug. 14.
5) Binance to offer crypto broker-dealer services in Dubai with new license [Cointelegraph]
– Binance’s Dubai-based subsidiary, Binance FZE, obtains an operational minimum viable product (MVP) license from Dubai, enabling it to operate cryptocurrency exchange and virtual asset broker-dealer services.
6) Curve’s Egorov turns to notable counterparties to bail out his DeFi positions [Blockworks]
– To prevent a possible liquidation cascade, Curve founder Egorov has turned to some notable sources of liquidity. He had upwards of $110 million in loans to various DeFi protocols that largely used CRV as collateral.
7) Japan Blockchain Association demands tax cuts for crypto [Cointelegraph]
– The Japan Blockchain Association (JBA) files an official request to the country’s government, seeking the elimination of income tax on the profits generated each time an individual exchanges crypto assets.
8) MicroStrategy buys 467 BTC [Blockworks]
– MicroStrategy continues its Bitcoin acquisition spree, purchasing an additional 467 BTC, bringing its total holdings to over 125,000 BTC.
9) SEC files complaint against Hex founder for allegedly offering unregistered securities [Cointelegraph]
– The SEC files a lawsuit against Richard Schueler, also known as Richard Heart, alleging that he raised more than $1 billion through the unregistered offer and sale of crypto asset securities, including Hex, PulseChain.
10) U.S. Senate passes $886B military spending bill with crypto AML provision [CoinDesk]
– The U.S. Senate passes the 2024 National Defense Authorization Act (NDAA), introducing stricter oversight on financial institutions involved in crypto and targeting crypto mixers and anonymity-enhancing assets.
