Bitcoin Price: US$ 61,763.25 (+12.00%)
Ethereum Price: US$ 2,682.50 (+14.50%)
Security researchers have discovered a method called “Dark Skippy,” which allows hackers to extract private keys from Bitcoin hardware wallets using just two signed transactions, posing significant risks to users across all wallet models, especially if they download malicious firmware. Meanwhile, OpenAI’s GPT-4o model has been found to carry a “medium risk” of influencing political opinions through generated text, although it remains low risk in areas like cybersecurity and autonomy, raising concerns about AI’s role in political persuasion. Additionally, blockchain analysis firm Bitrace has warned of a new QR code-based crypto scam that has already led to the theft of approximately $120,000 in USDT from 27 wallet holders, highlighting the alarming rise in cyberattacks, which have accounted for nearly $1.4 billion in stolen crypto funds in 2024.
Russia has legalised Bitcoin and cryptocurrency mining through a law set to take effect in November 2024, allowing approved firms to register for mining while small miners can operate without registration under certain energy limits, with oversight managed by the Bank of Russia and the Ministry of Finance, alongside a ban on mass cryptocurrency advertising. Concurrently, the BRICS bloc, including Russia, is pushing to reduce reliance on the US dollar and exploring a unified currency for international trade, though the concept faces significant hurdles, such as disagreements among member states and concerns from critics like Lyn Alden about potential monetary debasement with a gold-backed BRICS currency. Meanwhile, Bitcoin mining profitability has hit record lows, with the hashprice dropping below $36 PH/s, posing challenges for large public miners like MARA, Core Scientific, and Riot Platforms, each adopting different strategies, from holding Bitcoin to selling it to cover costs. In a significant move bridging traditional and decentralised finance, Franklin Templeton has launched its tokenised money fund, FOBXX, on the Arbitrum network, offering a fund that holds assets like Treasury bills and further validating Arbitrum as a legitimate platform for financial recordkeeping while expanding access to tokenised real-world assets.
Solana’s first gaming-focused SVM, Sonic, surpassed one million monthly active users during its testnet, driven by the Odyssey campaign that rewarded players for engaging with Web3 games, though its CEO emphasises the need for more “soft” infrastructure and education to tackle mainstream adoption challenges. Meanwhile, the Aave DAO, in collaboration with Trident Digital and others, launched a $100 million onchain fixed-yield loan, addressing traditional digital asset lending challenges by tying interest payments directly to protocol revenue and complementing Aave’s broader initiatives, including the launch of its GHO stablecoin on the Arbitrum network. In contrast, Immutable announced the closure of its NFT marketplace to focus on ecosystem expansion through partnerships, a decision made amid a significant 45% drop in NFT sales volume in the second quarter of 2024, although industry professionals remain optimistic about the future of NFTs.
A U.S. policy group has proposed the creation of a Bitcoin tax-free Digital Economic Zone (DEZ) to bolster the nation’s leadership in the digital economy, advocating for tax-free Bitcoin trading within the zone while ensuring revenue generation through a taxed redemption process. Meanwhile, Japanese investment firm Metaplanet secured a 1 billion yen loan to buy more Bitcoin, continuing its strategy to hedge against Japan’s economic challenges despite facing volatility in its Bitcoin investments. In another development, the New York Stock Exchange American LLC has filed to list options for three Ether exchange-traded funds (ETFs) from Grayscale and Bitwise, aiming to provide investors with additional exposure to Ether and hedging tools, though delays in SEC approval may arise, as similar options for Bitcoin ETFs have yet to be authorised.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
