Crypto scams fall 65% after gullible noobs exit the market: Chainalysis

Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices and the exit of inexperienced crypto users from the market, a new crypto crime report reveals.  According to an Aug. 16 report from Chainalysis, total crypto scam revenue year-to-date is currently sitting at $1.6 billion, equating to a 65% decline from the prior year period, which appears linked to the declining prices of cryptocurrencies. “Since January 2022, scam revenue has fallen more or less in line with Bitcoin pricing. […] it’s not just scam…

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Optimism fading? Regulatory discussion on stablecoins postponed until fall

Among a rich range of anxieties both for the crypto industry and the global economy at large, the summer of 2022 will be remembered as the time when stablecoins proved themselves to be not so stable and thus came into the focus of regulators’ attention.  The shock of the TerraUSD (UST) depegging in May opened a season of heated-up discussions on stablecoins around the world. The top financial officials from the Group of Seven largest advanced industrial economies had to send their private jets to the 40,000-populated German town of…

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Built to fall? As the CBDC sun rises, stablecoins may catch a shadow

There’s a ferment brewing with regard to central bank digital currencies (CBDCs), and most people really don’t know what to expect. Varied effects seem to be bubbling up in different parts of the world.  Consider: China’s e-CNY has already been used by 200 million-plus of its citizens and a full rollout could happen as early as February — but will a digital yuan gain traction internationally? Europe’s central bank has been exploring a digital euro for several years, and the European Union could introduce a digital euro bill in 2023.…

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Solana and Nomad bridge fall prey to exploits losing millions

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. This past week, the DeFi ecosystem saw two exploits one after another resulting in the loss of millions of dollars. First, cross-bridge token platform Nomad became a victim of what many deemed a decentralized robbery that saw almost $190 million drained out of their wallets. Solana ecosystem became the victim of a widespread unknown attack that saw thousands of wallets getting drained out of…

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3 key metrics suggest Bitcoin and the wider crypto market have further to fall

The total crypto market capitalization has fluctuated in a 17% range in the $840 billion to $980 billion zone for the past 28 days. The price movement is relatively tight considering the extreme uncertainties surrounding the recent market sell-off catalysts and the controversy surrounding Three Arrows Capital. Total crypto market cap, USD billion. Source: TradingView From July 4 to 11, Bitcoin (BTC) gained a modest 1.8% while Ether (ETH) price stood flat. More importantly, the total crypto market is down 50% in just three months, which means traders are giving…

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Bitcoin miner prices will continue to fall, F2Pool exec predicts

The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at major Bitcoin (BTC) mining pool F2Pool.  F2Pool, one of the world’s biggest Bitcoin mining pools that supports 14.3% of the BTC network, released its latest mining industry update on Tuesday. Focusing on June 2022 BTC mining results, F2Pool’s report noted that the majority of Bitcoin mining companies like Core Scientific have opted to sell their self-mined bitcoins recently. Bitfarms, a major Canadian BTC mining firm, sold…

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After Terra’s fall to Earth, get ready for the stablecoin era

Stablecoins were supposed to be the boring uncle of the crypto world — safe, sensible and dull. They’re probably not what Satoshi Nakamoto had in mind, but they’re supposed to be a reassuring haven of calm and utility away from the turbulence of pure-play cryptocurrencies. With values pegged to fiat currencies, stablecoins were intended to be useful rather than to offer get-rich-quick schemes. They play an important role in the cryptocurrency ecosystem by providing a safer place to store capital without having to cash out entirely, and allowing assets to…

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Three Arrow Capital and Celsius fall brings a tsunami of sell-off in DeFi

This past week, the decentralized finance (DeFi) ecosystem faced the brunt of the bears fueled by liquidation rumors of Three Arrow Capital (3AC) and Celsius liquidations. MakerDAO decided to cut off Aave (AAVE) from its direct deposit module as a safeguard in light of the possibility that Celsius folds and crashes the price of staked Ether (stETH). Trading firm 8 Blocks Capital called out to platforms holding funds owned by 3AC to freeze the assets as rumors of 3AC’s insolvency stay afloat. Micheal Saylor believes Bitcoin (BTC) and the Lightning…

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Bitcoin must defend these price levels to avoid ‘much deeper’ fall: Analysis

Bitcoin (BTC) may be attempting to flip $30,000 to support on May 19, but for one group of analysts, attention is focused firmly on a fresh drop. In a tweet on the day, on-chain monitoring resource Whalemap defined the support levels Bitcoin bulls must defend in order to avoid fresh significant losses. Whales dictate “do or die” BTC price support Bitcoin’s current “no man’s land” price behavior has commentators split on whether the next decisive move will be up or down. While some are calling for $32,000 or more next,…

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Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost

The contentious Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit. The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a highly anticipated NFT mint for land in their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens and paid gas fees in Ether (ETH). The Otherside is now below mint price (including gas)… If you got gassed…

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