Bitcoin Price: US$ 29,281.09 (-0.24%)
Ethereum Price: US$ 1,861.79 (-0.99%)
Curve Finance, a prominent decentralised finance (DeFi) platform on Ethereum, recently experienced an exploit that put over $100 million worth of cryptocurrency at risk. The vulnerability was due to a “re-entrancy” bug in the Vyper programming language, impacting certain stablecoin pools used for pricing and liquidity in DeFi services. The attack has raised concerns about the security of other projects using Vyper. Curve operates 232 pools, but only those using specific Vyper versions were affected. As a result of the exploit, the native token of Curve DAO, CRV, suffered a 17% price drop. The incident has also sparked worries about potential repercussions on Aave’s protocol, as it could force the liquidation of a large borrowing position held by Curve’s founder. The exploit’s ripple effects extended to other DeFi projects, with significant losses reported.
The United States banking crisis deepens as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, and the Federal Deposit Insurance Corporation (FDIC) took control. The bank’s four branches will reopen on July 31 as branches of Dream First Bank, with customers becoming part of Dream First Bank and their transactions processed through it. The failure of Heartland Tri-State Bank follows the collapse of First Republic Bank and Silicon Valley Bank earlier this year. Rising U.S. interest rates and poor risk management are believed to be behind the bank’s failure. The FDIC estimates the cost to the Deposit Insurance Fund will be $54.2 million. Meanwhile, the social media platform X (formerly Twitter) is considering accepting payments in Bitcoin as part of its revenue-sharing initiative for creators. Ethereum also celebrated its eighth anniversary since its network’s rollout, having grown to become the second-largest blockchain ecosystem with a market capitalisation of $227 billion.
In July, CME Group recorded its highest monthly volumes for bitcoin futures trading this year, surpassing the previous peak in April, with $53.33 billion worth of contracts traded. Open interest in CME’s bitcoin futures market reached $2.5 billion by July 29, attracting institutional investors like hedge funds and large trading firms. Meanwhile, Massachusetts Senator Elizabeth Warren reintroduced a bill to curb crypto’s use in money laundering, drug trafficking, and funding terrorism, gaining support from the banking policy group, Bank Policy Institute, which represents major banks like Bank of America and Citibank. The bill aims to expand Bank Secrecy requirements to various participants in the crypto market. Additionally, the Department of Justice is seeking to revoke the bond of Sam Bankman-Fried, founder of FTX, after he shared private diaries of former Alameda Research CEO Caroline Ellison with the New York Times, accusing him of attempting to influence witnesses and interfere with a fair trial. His trial is scheduled to begin on October 2, 2023.
Source:
https://coindesk.com
https://cointelegraph.com
https://theblock.co
https://decrypt.co
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