Daily Crypto News
- India’s financial regulator raids director of Binance-owned crypto exchange and freezes funds over potential fraud and money-laundering — India’s Enforcement Directorate raided properties associated with a director of WazirX, a crypto exchange owned by Binance. The exchange is accused of helping 16 fintech firms launder money through crypto transactions. Authorities froze $8.16 million of the exchange’s funds, according to Reuters.
- There’s a Really Gruesome Crypto Scam Going Around — Fraudsters have developed new techniques to target victims through dating apps. The dating app profile has a photo of a gym flex while the job field has only the elusive “crypto” as an answer. Click to continue reading…
- Can Robinhood survive amid down market, mass layoffs and ‘crypto winter’? — Robinhood Market Inc.’s dramatic move this week to reduce costs — from cutting 23% of its staff in its second layoff this year to closing two offices — raises questions about the company’s future. The company’s quarterly earnings call Click to continue reading…
- Data Provider DeFiLlama De-emphasizes Double-Counted Crypto Deposits After Saber Revelation — On Thursday, DeFiLlama switched off its default display of protocols’ double-counted crypto assets, lowering some blockchains’ total value locked (TVL) — an all-important metric of popularity in decentralized finance (DeFi) — by billions of dollars.
- The Price for Crypto’s Recovery: A New Narrative — After the February 2014 collapse of the Tokyo-based bitcoin exchange, the conventional wisdom was that its creditors, most of them retail users of the online trading platform, would be left with a pittance. Some 750,000 of customers’ bitcoins were missing, a pool that was then worth around $473 million and continuing to fall as the bitcoin market was contracting.
- DeFi Protocol Voltz Could Bring 150% Interest Rate on Ether Deposits — The leading smart-contract blockchain Ethereum’s supposedly bullish “Merge” — a key milestone in its historic shift to a more environmentally friendly system — will likely happen in September.
- The crypto winter has come for Jack Dorsey’s company, Block — Jack Dorsey’s Block company reported a dip in overall revenue in its second quarter. The firm said the crypto winter and bitcoin’s plummeted price was what pulled that figure down. But Dorsey, a longtime bitcoin maximalist, is not likely to be swayed by the decline.
- Block slides as drop in bitcoin revenue dents 2nd-quarter earnings for the Cash App parent — Block shares fell Friday after the company said it took a $36 million impairment charge related to its bitcoin investment. Bitcoin fell nearly 60% in Q2, struggling during the so-called crypto winter for digital assets. Bitcoin revenue generated at Cash App fell by 34% from a year ago.
- Largest cryptocurrencies climb on Ethereum, Polkadot increases — All of the largest cryptocurrencies were up during morning trading on Friday, with Ethereum (ETHUSD) seeing the biggest change, rising 5.79% to $1,682.81. Polkadot (DOTUSD) rose 4.21% to $8.
- Meta: Instagram to expand NFT feature worldwide — Mark Zuckerberg’s Meta (META) is introducing a new NFT feature to Instagram users across the globe. Instagram creators and businesses in over 100 countries will have a new function on the social media site allowing them to display NFTs or non-fungible tokens. To store and trade these NFTs, Meta will be integrating Instagram with digital wallets such as Coinbase (COIN) Wallet and Dapper Wallet
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