Meta launch new AI 🤖, Scammer steals $20M 💸, SushiSwap furthers cross-chain ⛓️
Daily Crypto, Blockchain & Web3 Update 2023-08-01
CRYPTOCURRENCY
Crypto market loses $486M in July, most since 2022: Report (2 min read)
According to the report, nearly half of the month’s losses were caused by the Multichain exploit, which resulted in $231 million in losses alone.
The report follows many notable hacking incidents and legislative actions related to cryptocurrency and digital assets in July.
Zero transfer scammer steals $20M USDT, gets blacklisted by Tether (3 min read)
Zero-transfer scams are becoming prominent in the crypto ecosystem, with over $40 million stolen in 2023.
A scammer stole $20 million worth of Tether using a zero-transfer phishing attack on Aug. 1, but was later blacklisted by Tether.
The intended address that the victim planned to send money to was 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570; however, it was sent to a phishing address instead: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570.
Base’s largest DEX, LeetSwap, halts trading amid exploit concerns (1 min read)
Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000.
Decentralized exchange LeetSwap, which operates on Coinbase’s Base network, has announced a pause on trading, citing concerns about a potential exploit.
SushiSwap furthers cross-chain functionality with Core integration (3 min read)
SushiSwap brings liquidity pools, cross-chain swaps, and its DEX aggregator to the Core blockchain ecosystem.
Decentralized finance (DeFi) platform SushiSwap is set to integrate with the growing blockchain protocol Core, tapping into the protocol’s unique consensus mechanism to provide a broad set of DeFi services to its cross-chain functionality.
BUSINESS
FTX.com releases restructuring plan, hints at rebooted offshore exchange (3 min read)
Reams of dockets from FTX.com have been filed alongside a proposed reorganization plan, which could see FTX resurrected as an offshore exchange.
FTX.com has outlined its intended reorganization plan that will categorize claimants of the bankrupt exchange into specific classes and pave the way for the exchange to become operational as an offshore entity.
BALD token developer denies rug pull as price falls 85% post-launch (4 min read)
The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins.
A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data.
ConsenSys releases ‘fuzzing’ tool to test smart contract vulnerabilities (2 min read)
Diligence Fuzzing lets developers introduce random and invalid data points to find security flaws.
Blockchain technology firm ConsenSys publicly released its “Diligence Fuzzing” tool for smart contract testing, according to an Aug. 1 announcement. The new tool produces “random and invalid data points” to find vulnerabilities in contracts before they are launched.
Curve Finance founder’s $100M debt could trigger a DeFi implosion: Report (3 min read)
Curve Finance founder Michael Egorov has a total of $100 million in debt backed by over 400 million CRV tokens.
Curve Finance is dealing with the consequences of a $47 million hack. In addition, there is another concern for holders of the protocol's token that has surfaced online. This has led to speculation about the possibility of a large sell-off.
QUICK LINKS
Researchers develop blockchain verification service for cultural artifacts (3 min read)
A combination of human expertise, NFTs, and blockchain technology could help humanity protect its priceless artifacts from theft and looting.
Adel Khelifi, a computer scientist from the University of Abu Dhabi, and Mark Altaweel, an archaeologist from University College London, have created a Web3-based verification-as-a-service model. This model helps to confirm and document the authenticity and origin of cultural artifacts.
Chinese city implements plan for blockchain digital infrastructure system by 2025 (2 min read)
The government of Shanghai has implemented a strategic plan to develop its urban blockchain digital infrastructure system between 2023 and 2025.
Shanghai released a plan on July 31 to develop its urban blockchain digital infrastructure from 2023 to 2025.
AI mentions skyrocket in major tech companies' Q2 calls (2 min read)
As major tech companies race to develop and deploy high-level AI systems, mentions of the technology are skyrocketing in company calls.
The mention of artificial intelligence (AI) in earnings calls for major tech companies during the second fiscal quarter has drastically increased compared to the previous quarter, according to a report from Reuters.
Meta to launch AI chatbots with personalities to retain users: Report (2 min read)
As the Big Tech giant Meta focuses on retaining its users, it plans to launch several AI-powered chatbots with different personalities and functions.
Meta, the parent company of Facebook and Instagram, plans to release artificial intelligence (AI) chatbots with human-like personalities as it focuses on user retention efforts, according to a report from the Financial Times.
US defense bill may be problematic for USDC and stablecoins: Analysts (3 min read)
A proposed U.S. national defense bill could subject stablecoin issuers to Know Your Customer and Anti-Money Laundering requirements they would be unable to comply with, says Berenberg analyst Mark Palmer.