From a hacker losing money after exploiting a protocol to mining revenue hitting the yearly high, here is a 2-minute breakdown of everything important that happened in crypto today.
CoinMarketCap is here with your dose of the top crypto stories.
Seems like the tides of karma in crypto keep rolling in. A coding mishap led to some stolen coins ending up in the wrong wallet. And a certain exchange (not taking any names here) refuses to leave the spotlight.
But enough preamble - let's get to the headlines:
- Raft stablecoin sinks after an exploit drains reserves - but the hacker makes a costly error! 🏴☠️
- Bitcoin miners celebrating as revenue hits 2023 highs - mining hype is back! 📈
- FTX drags ByBit to court 👩⚖️💼
- India puts brakes on proposed crypto regulations 🇮🇳❌
- Singapore court orders Hodlnaut liquidation 💔
- Hong Kong may soon welcome Bitcoin investors with open arms 💼
Alright, time to unpack all those stories one by one! Let's dive in...
Raft Stablecoin Sinks After Exploit 🏴☠️
A coding mishap let a hacker exploit Raft’s stablecoin, tanking its $1 peg down to $0.11. But their celebration ended quickly when the stolen ETH got sent to the wrong address. Is this what Karma looks like?
Raft halted minting as they investigate. But how did the hacker manage to lose all those coins?
Some mentioned that this hacker lost 4 ETH (in fees) on top of their loot! Read the full story!
Bitcoin Mining Revenue Yearly High 📈
Surging Bitcoin prices have crypto miners celebrating as revenue hits 2023 highs. They can thank the skyrocketing hype around potential US Bitcoin ETFs. Historically, this has been a good sign.
Of course, the SEC hasn’t exactly been eager to approve ETFs before. But crypto lovers remain hopeful. Find more details!
FTX Sues ByBit 👩⚖️💼
Even after the conclusion of the SBF trial, FTX has somehow managed to stay in the news.
In a recent development, FTX’s bankruptcy crew is coming for ByBit, alleging sketchy withdrawals right before FTX’s fall. ByBit says they simply took back what they were owed.
FTX’s story sure deserves a Netflix adaptation! Read the full story!
India Rejects Crypto Regs Proposal 🇮🇳❌
India's Supreme Court rejected proposed crypto trading regulations. They punted it back to lawmakers, leaving crypto in limbo for now. The petitioner seeking guidelines is already under investigation for crypto shenanigans.
With potential legislation months away, crypto in India remains in the hot seat. More details here!
This meme kinda sums up this story:
Court Orders Hodlnaut Liquidation💔
The struggling crypto lender got bad news when Singapore's court ordered its liquidation. This comes after heavy losses on Terra investments forced a withdrawal freeze in July.
Now 17K users face uncertainty about getting funds back. Not sure how long crypto will suffer the domino effect of Terra and FTX’s meltdown. Full details here!
And that brings us to our Word of the Day!
It’s ‘Liquidation’!
Where “liquidity” is nice, liquidation is a nightmare for stakeholders in financial markets.
First, on leveraged trading platforms, liquidations happen to traders. If you borrow funds to long or short crypto, the exchange will force-sell your position if your collateral drops too low. This prevents bad debt but creates cascading sell-offs.
Second, entire companies can be liquidated if they fall into financial trouble. As discussed above, Hodlnaut became a victim of liquidation after it took major losses from Terra's collapse. Singapore's court ordered its liquidation this month.
When liquidation strikes traders or companies, it burns users and leads to crashing prices.
More details on how liquidation works in trading and how users can avoid it!
Now back to our daily stories!
Bitcoin for Investment Visa 💼
Hong Kong wants to attract more global wealth with its revived investment visa program. Applicants may soon qualify by buying Bitcoin! And that’s what mass adoption looks like!
It’s part of Hong Kong’s master plan to compete with other finance hubs by embracing crypto. With big targets for new family offices, Hong Kong is rolling out the red carpet for the world's rich.
But what does it mean for crypto? And what’s the exact minimum limit? More details here!
So long for now fellow crypto HODLers! May your portfolios be green and your favorite protocol remain secure.
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