Read in the Digest:
- Rockefeller exec says Bitcoin will rebound – BTC exchange deposits hit 2-year low.
- KuCoin denies rumours of job cuts – plans to employ 300 as it focuses on Web 3.0.
- Over $8 million stolen from Uniswap V3 LPs and users in phishing attack.
- Revolut launches incentivized “crypto learn and earn” courses.
- G20 regulators FSB to present the first global regulatory framework in October.
Rockefeller Exec Says Bitcoin will Rebound – BTC Exchange Deposits Hit 2-Year Low
Despite losing over 70% of its value over the last eight months, Ruchir Sharma, the international chairman of Rockefeller, believes that Bitcoin will weather the ongoing storm and come out stronger.
Sharma also likens the fluctuating Bitcoin prices to the downward trajectory of Amazon (NASDAQ:AMZN). He believes that, just as Amazon experienced a resurgence, so too will Bitcoin.
In the short term, Sharma expects the decline to continue a while longer, however. He adds that Bitcoin may eventually be an alternative that replaces the U.S. Dollar as the leading currency in the future.
Flipsider:
- Although predictions for the future of Bitcoin are bright, the present remains uncertain, as BTC weekly exchange deposits dropped to a 2-year low of 2,021.750 BTC.
- The decline of Bitcoin exchange deposits coincides with the 151k BTC leaving crypto exchanges, as whales and other investors continue accumulating the asset.
Why You Should Care
Although Bitcoin may still experience capitulation and possible short-term losses, investors remain convinced of the asset’s long-term propsects.
KuCoin Denies Rumours of Job Cuts – Plans to Employ 300 as It Focuses on Web 3.0
Cryptocurrency exchange KuCoin has denied the rumors of plans to reduce its head count. The speculation surfaced soon after it was reported that the exchange was battling insolvency.
KuCoin CEO Johnny Lyu stated that the exchange has no plans to reduce its staff. According to Lyu, KuCoin recently even onboarded 400 new employees, and is looking to add a further 300 to its books.
The new hires are in line with KuCoin’s goal of expanding into Web 3.0. KuCoin aims to go beyond simply being a centralized exchange, and is looking to expand in Web 3.0 with new capital and new partnerships.
On June 28th, KuCoin announced the launch of its ‘KuCoin Wallet’ App. According to KuCoin, the new KuCoin Wallet app was designed to “offer users a unique Web 3.0 experience.”
Flipsider:
- The rumors of KuCoin halting withdrawals due to insolvency resulted in traders selling off the exchange’s KCS token, causing its value to tank.
Why You Should Care
Despite the harsh crypto environment, KuCoin continues to grow by relying on an effective business strategy, and its focus on releasing new products.
Over $8 Million Stolen from Uniswap V3 LPs and Users in Phishing Attack
A sophisticated phishing attack targeted at the Liquidity Providers (LP) of the Uniswap V3 liquidity pool (LP) resulted in a hacker, or group of hackers, making off with NFT positions worth over 7,500 Ether (approximately $8.1 million USD).
Impersonating Uniswap’s website, the hacker managed to dupe an LP into signing malicious transactions. Harry Denley, a security researcher with MetaMask, was one of the first to report the attack.
According to Denley, 73,399 addresses were sent a malicious token on July 11th, with the affected users believing they would be rewarded with Uniswap tokens. Using these fraudulent tokens, the hacker was able to steal funds from Uniswap V3 users.
Founder of Binance Changpeng “CZ” Zhao, reported the security breach, noting that $4.7 million had been Phished from Uniswap users. In the hours that followed, $8.1 million worth of funds were stolen.
Flipsider:
- In its Q2 report, Uniswap was able to disclose more positive results, as its trade volume dropped by just 8.7%, while that of other leading crypto exchanges tanked by more than 50%.
Why You Should Care
Uniswap creator Hayden Adams has confirmed that the phishing attacks were not linked to any breaches in the Uniswap protocol.
Revolut Launches Incentivized “Crypto Learn and Earn” Courses
Revolut, a London-based fintech firm with a $33 billion valuation, has announced the launch of its ‘Learn & Earn’ courses. Revolut’s 18 million customers will be rewarded with Polkadot (DOT) for taking the courses.
“Crypto Basics” is the first of the two short courses offered on the platform, and explains the basic concepts of cryptocurrency, the difference between crypto and fiat currency, decentralized systems, cryptography, blockchain technology, and risks associated with crypto investments.
The second course covers the Polkadot multi-chain network and how it helps unite blockchains across Web 3.0. The course uses visual materials such as interactive cards and videos to educate users on the Polkadot blockchain and its ecosystem.
Crypto General Manager at Revolut Emil Urmashin believes the initiative will help users to better understand both the risks and potential associated with crypto. The new Revolut courses also give users the chance to earn up to $15 in DOT tokens simply by completing the courses.
Flipsider:
- The announcement comes just two weeks after Revolut launched a buy now, pay later (BNPL) product in Ireland for its 1.9 million customers in the country.
Why You Should Care
The courses from Revolut are aimed at incentivizing users to learn about essential topics in the blockchain industry.
G20 Regulators FSB to Present the First Global Regulatory Framework in October
Amid the recent downturn of the crypto market, the Financial Stability Board (FSB), a global financial regulator representing all G20 countries, announced its plans to propose a set of “robust”, global rules for cryptocurrencies in October.
The FSB further stated that crypto-assets and markets must be subject to effective regulation and oversight proportional to the risk they bring at the domestic and international levels.
The G20 underlined that they are committed to promoting the international regulation and supervision of crypto asset activities. The G20 regulators will work toward developing a risk-based, technology-neutral policy that encompasses the wide spectrum of crypto-assets,
The FSB noted that crypto assets, including stablecoins, are fast evolving, so the recent collapse of the crypto market may have ripple effects of varying degrees on essential aspects of traditional finance, such as the short-term funding markets.
Flipsider:
- Pedro Herrera, a senior blockchain analyst at DappRadar, spoke against the incoming regulations. Herrera stated that rules are how creativity is stifled, and freedom is curtailed.
Why You Should Care
The FSB, via its international framework, is looks to curb crypto’s “structural vulnerabilities, volatility, and increasing links to the broader financial system.”
