Crypto news

The DeFi protocol Convergence was hit with a hack on August 1, stemming from its team removing a single line of code to optimize gas fees for users. A hacker noticed the deletion of the code and took advantage to mint and drain $210,000 worth of tokens and $2000 worth of staking rewards. Blockchain security and analytics firm PeckShield took to X to report the occurrence, “It seems @Convergence_fiwas just exploited (w/ ~$210k loss) to mint 58m $CVG (58,718,395.05681812), which are swapped to...

MicroStrategy, the world’s largest public Bitcoin holder, has announced plans to raise up to $2 billion through the sale of its class A shares. The company made this revelation in a regulatory filing with the U.S. Securities and Exchange Commission on August 1. Details From the Filing MicroStrategy has not disclosed the specific timeline for the sale of its class A shares. However, the company stated in its filing that the funds raised would be allocated for “general...

Marathon Digital (MARA) observed declining stock price as it did not meet Wall Street’s profit expectations. The price fell as much as 8% on Thursday with the announcement of its second-quarter revenues. It reported $145.1 million, falling short of the $157.9 million estimate. Marathon faced numerous obstacles, including operational ones that hampered its ability to mine at its usual capacity and the reduced mining rewards caused by April’s halving event. In a statement, Marathon CEO Fred...

TL;DR Input Output launched the alpha v1 release of the partner chains toolkit for Cardano to enhance network security by leveraging stake pool operators (SPOs). Despite the disclosure, Cardano’s native token ADA remained around $0.38, with no significant price change. The Alpha V1 Release Input Output – a technology company responsible for the research and development of the Cardano blockchain – launched the alpha v1 release of the partner chains toolkit. The move aims to...

The Casper network has resumed operations after being halted for a few days due to an attack on 26 July. The attacker conducted illicit transactions worth $6.7 million before the core team behind the blockchain noticed suspicious activity. Since then, it has identified the vulnerability, offered a fix, which its validators have manually updated, and scanned the entire chain for illicit transactions from its genesis block. “We are happy to report that Casper has resumed consensus, and network...

Coinbase reported a total revenue of $1.449 billion for the second quarter, surpassing the market consensus estimate of $1.396 billion. However, this figure represents an 11% decrease from the first quarter, partly attributed to falling consumer transaction revenues. Coinbase Q2 Revenue Drops 29% Coinbase’s Q2 consumer transaction revenues fell 29% to $665 million, down from $1.07 billion in Q1. However, stablecoin revenue increased to $240.4 million from $197.3 million. The...

The volatility in the cryptocurrency industry continues, with the leading digital asset plummeting from $65,600 to $62,300 for the second time in the past day or so. The main driver behind the latest price plunge could be attributed to the developments on US soil, as the jobs data was weaker than expected, and the stock market crashed. JUST IN: Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession. This is...

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Bitcoin continues to grab the world’s attention and increase its adoption levels, especially through the exchange-traded funds tracking its performance. In the latest major news on the ETF frontline, Morgan Stanley reportedly informed its financial advisors that they will be able to offer two Bitcoin ETFs to wealthy clients. Recall that the US Securities and Exchange Commission greenlighted 11 spot Bitcoin ETFs at the start of the year. Since then, the products have...

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