Decentralized finance (DeFi) lending protocol Compound (COMP) has suffered a critical failure, effectively halting the trade of Compound Ether (cETH), after a bug was discovered in the code that causes transactions for suppliers and borrowers of ether to revert. Source
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Bitcoin has been seeing a lackluster performance in the last couple of weeks, and crypto investors have responded in kind to this. After a couple of weeks of tethering above $20,000, the digital asset’s price had finally fallen below this important technical point, triggering outflows in the market. For the past week, institutional investors have continued to feel the fatigue in the market, so while there were outflows, they still remain quite muted. Bitcoin Loses $29 Million Bitcoin outflows have continued into another week. This has now brought outflows for…
Sam Bankman-Fried and FTX’s regulatory team met with White House policy advisor Charlotte Butash and counselor Steve Ricchetti in May. Source
According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, is planning to raise $177 million for a new crypto-centric fund. The new Seven Seven Six fund called Kryptós will concentrate on investing in cryptocurrencies like bitcoin and ethereum. Seven Seven Six Launches Cryptocurrency Fund Kryptós — Plans to Go Live in October On August 29, 2022, The Information reporter Kate Clark published a report that noted Reddit co-founder Alexis Ohanian’s Seven Seven Six is raising money for a new crypto-focused fund called Kryptós.…
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Paraguay’s president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn’s Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to…
On Aug. 30, global investment bank UBS increased its view on the risk of the United States entering a recession within one year to 60%, up from 40% in June. According to economist Pierre Lafourcade, the latest data showed a 94% chance of the economy contracting, but added that it “does not morph into a full-blown recession.” Partially explaining the difference is the “extremely low levels” of non-performing loans, or defaults exceeding 90 days from credit borrowers. According to Citigroup Chief Executive Jane Fraser, the institution “feels very good about”…
Simultaneously, in the last month new technology has been deployed across facilities. “A lot of machines have come online in the last month, increasing bitcoin’s seven-day average hashrate from 210 EH/s to 226 EH/s (a 7.6% increase). This increase comes from miners plugging in new models, like the Antminer S19 XP, which miners began receiving in batches starting in July,” said Colin Harper, head of research and content at Luxor Technologies. Source
The South Korean city of Busan and FTX cryptocurrency exchange has signed a business deal to support the establishment of Busan Digital Asset Exchange. According to the agreement statement, FTX will help the South Korean city build its own exchange called the Busan Digital Asset Exchange and provide it with technical and infrastructure support. Despite the adverse events surrounding the cryptocurrency ecosystem that has seen the closure of several crypto companies, FTX continues to stand at a high level and the transactions signed to continue to appreciate the public profile of…