White hat hackers have returned $32.6M worth of tokens to Nomad bridge

Mere hours after the Nomad token bridge published an Ethereum wallet address last week for the return of funds following a $190 million hack, whitehat hackers have since returned approximately $32.6 million worth of funds. The vast majority of funds consisted of stablecoins USD Coin (USDC), Tether (USDT) and Frax, along with altcoins.  According to research published by Paul Hoffman of BestBrokers, the vulnerability of the Nomad protocol was highlighted in Nomad’s recent audit by Quantstamp on June 6 and was deemed “Low Risk.” As soon as the exploit was…

Read More

Nonfungible tokens don’t live on the blockchain, experts say

As nonfungible tokens (NFTs) are advertised as blockchain-based technologies, there are misconceptions on how they are stored according to two experts. They argued that technically, these tokens do not exist in the blockchain but are actually stored elsewhere.  In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, discussed decentralized storage, the future of the NFT space and investing in NFTs. According to Victor, main chains are very limited in size and storing data on the blockchain can be very expensive. Because…

Read More

Is it a good time to buy nonfungible tokens? Expert answers

As the floor prices of popular nonfungible token (NFT) collections took a nosedive along with the broader crypto market, an NFT expert believes that this is a good opportunity for investors within the space.  In a Cointelegraph interview, Ahren Posthumus, the CEO of NFT marketplace Momint, shared his thoughts on compelling NFT use cases, its role in contributing to climate action and what NFT investors should focus on during the current bear market. Posthumus believes that fractionalization of bigger assets may be the next big thing for NFTs. Citing the…

Read More

XRP In Bearish Mode As Ripple Unlatches 1 Billion Tokens From 2 Wallets

Ripple (XRP) is in bearish mode and was down 1.93% as seen overnight. Moreover, Ripple has recently freed up over 1 billion XRP tokens coming from two separate escrow wallets. Currently, the crypto trades at $0.38 on the biggest spot exchanges. Ripple has evidently locked over 55% of XRP’s total supply in escrows way back 2017. Analysts believe that its bearish sentiment or weakness is relevant to Bitcoin’s failure to surpass the $24,000 mark as opposed to the controversial unclasping of new tokens that happened recently. In effect, Ripple is…

Read More

Backlash as Harmony proposes minting 4.97B tokens to reimburse victims

The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.  The proposal has been met with a significant amount of backlash from members of the community, with many highlighting concerns that such a large issuance of new tokens would result in inflationary pressure on the asset and bring its value down. This proposal is disappointing. There is no other options. Seems to be either minting more…

Read More

LidoDAO rejects sale of 10M LDO tokens to Dragonfly Capital

LidoDAO, the governance body that controls Lido Finance, has voted to reject a proposal that would have sent 1% of the LDO token supply to Dragonfly Capital in exchange for about $14.5 million in DAI. LDO is the native token on the Lido Finance protocol, which issues the Lido Staked Ether (stETH) token. DAI is the dollar-pegged stablecoin issued by the Maker Protocol. If it had passed, crypto VC Dragonfly Capital would have received 10 million LDO tokens at $1.45 each. A total of 609 votes were cast across three…

Read More

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week   3AC founders reveal ties to Terra founder, blame overconfidence for collapse After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating…

Read More

SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC

Caroline Pham, one of five commissioners with the United States Commodity Futures Trading Commission, or CFTC, has expressed concerns about the possible implications of a case the Securities and Exchange Commission, or SEC, brought against a former product manager at Coinbase. In a Thursday statement, Pham said the SEC complaint against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and an associate Sameer Ramani “could have broad implications” beyond the case, given its labeling nine tokens as “crypto asset securities” falling under regulatory body’s purview. The complaint alleged…

Read More

RUNE Pumps 18% as THORChain deactivates non-native tokens

Cross-chain exchange and proof-of-bond network THORChain has finally activated the killswitch that will progressively wind down support of the BEP-2 and ERC-20-based variants of the RUNE token.  BNB.RUNE, and ETH.RUNE, also known as IOU Tokens, are being swapped out for the upgraded and completely native RUNE token after THORChain’s long-awaited mainnet late last month. Moving forward, these tokens will progressively lose their value over the next 12 months as the project aims to foster adoption of its fully unified variant of RUNE, enabling stronger asset interoperability. Users who hold their…

Read More

GBTC premium hits -34% all-time low as crypto funds ‘puke out’ tokens

The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market. Data from on-chain analytics resource Coinglass shows GBTC shares down 34% versus BTC/USD on major exchanges as of June 17. GBTC suffers in market downturn Amid continued turmoil in DeFi spilling over to infect the crypto market, conditions have deteriorated for investors big and small. The latest figures now show that institutions have definitively failed to avoid the contagion, and the already underperforming GBTC has hit new lows.…

Read More