AVAX rises with support from Grayscale and Franklin Templeton
Avalanche’s AVAX token (COIN:AVAXUSD) reached $25 before retreating to $24.16 at the time of writing, after Grayscale and Franklin Templeton announced expansions of their products into the Avalanche ecosystem. This recovery reverses some of AVAX’s recent losses, which dropped 24.2% over the past month. Grayscale launched the Avalanche Trust, while Franklin Templeton integrated its tokenized money market fund into the Avalanche network. Despite the rise, AVAX remains significantly below its all-time high of $145 in November 2021.
Ocean Protocol delays launch of Ocean Nodes Incentive Program
Ocean Protocol (COIN:OCEANUSD) has delayed the start of the Ocean Nodes Incentive Program to August 29. The delay aims to implement necessary updates to the monitoring system and fix bugs to ensure a fair experience. The team also improved the Ocean Node Dashboard with new features. The conversion of OCEAN tokens to Fetch (COIN:FETUSD), as part of the ASI merger, has already been completed, awaiting the final stage of the merger.
NEAR Protocol launches “Nightshade 2.0” update to enhance scalability and efficiency
NEAR Protocol (COIN:NEARUSD) has launched “Nightshade 2.0,” a significant update that enhances blockchain scalability and usability. The new “stateless validation” feature allows validators not to maintain a shard’s state locally, optimizing performance and enabling the addition of more shards. The update also promises to quintuple the network’s transaction capacity and reduce operational costs for validators, promoting greater decentralization.
Record Ether ETF outflows surpassed by strong Bitcoin inflows
On August 21, Ether spot ETFs in the US recorded outflows of $18 million, marking the fifth consecutive day of outflows. On Wednesday, Grayscale’s ETF (AMEX:ETHE) saw withdrawals of $31 million, while Fidelity (AMEX:FETH) and Franklin (AMEX:EZET) ETFs saw inflows of $7.9 million and $1 million, respectively.
Meanwhile, Bitcoin spot ETFs in the US recorded their fifth consecutive day of inflows, totaling $39.42 million on Wednesday. Grayscale’s Bitcoin fund (AMEX:BTC) led the inflows with $14.2 million, while the GBTC, also from Grayscale (AMEX:GBTC), was the only one to record outflows, with $9.82 million.
Coinbase to migrate MATIC to POL: Details and timeline of Polygon’s update
Coinbase (NASDAQ:COIN) announced it will migrate the Polygon (COIN:MATICUSD) ticker from MATIC to POL starting August 26. The transition will disable sending and receiving MATIC between August 26 and September 10 to ensure a smooth change. POL, the new token, will be supported on Ethereum until September 4 and aims to optimize functions such as gas fees and staking on the Polygon network.
Justin Sun projects $4 billion revenue for TRON with meme strategy
Justin Sun, founder of TRON (COIN:TRXUSD), predicts the blockchain’s revenue could reach $4 billion next year, driven by a meme-focused strategy. In a post, he highlighted that the network’s daily revenue has already hit a record $5.33 million. Additionally, Sun plans to enhance TRON’s decentralized stablecoin, USDD (COIN:USDDUST), to compete with other stablecoins despite recent controversies over its backing.
Stablecoins could become major holders of US Treasury bonds, says analyst
Juan Leon of Bitwise Invest predicts that stablecoins’ share in the US Treasury bond market, currently at 1%, could grow to 15%. In June, Tether (COIN:USDTUSD) already held $80.9 billion in bonds, surpassing traditional funds. Leon suggests that stablecoins could reach $1 trillion, potentially becoming one of the top three holders of these bonds.
Anchorage Digital launches rewards program for PYUSD holders
Anchorage Digital, an institutional cryptocurrency platform, has introduced a rewards program for investors holding PYUSD (COIN:PYUSDUSD), a dollar-backed stablecoin from PayPal Holdings (NASDAQ:PYPL). Participants can earn competitive rewards without compromising the accessibility or security of their assets, which remain segregated and accessible. The program, initially focused on PYUSD, may expand to other stablecoins. With PYUSD nearing $1 billion in market capitalization, the initiative aims to broaden its utility, especially on the Solana network, where the stablecoin has been rapidly growing.
OmegaPro co-founder arrested for $4 billion Ponzi scheme
Andreas Szakacs, co-founder of OmegaPro, was arrested in Turkey in July for his involvement in a Ponzi scheme that allegedly defrauded investors of $4 billion. Szakacs, who changed his name after becoming a Turkish citizen, denies the charges. Authorities seized computers and cold wallets, tracing $160 million in cryptocurrencies. OmegaPro collapsed in 2022 after regulatory warnings in several countries.
FTX secures majority support for reorganization plan as Ryan Salame seeks agreement over Michelle Bond investigation
FTX reported that its amended reorganization plan received majority creditor support, with over 95% of votes in favor. The plan aims to return 100% of amounts plus interest to non-governmental creditors but still faces opposition from customers dissatisfied with asset valuation and potential tax implications. Final confirmation is scheduled for October 7. Additionally, Ryan Salame’s attorneys, the former FTX executive sentenced to 7.5 years, are asking the court to honor an agreement that promised to halt the investigation into his partner, Michelle Bond, or overturn his conviction. Salame claims his confession was induced by the promise of protection for Bond, who is under investigation for campaign finance violations.
Hackers steal $700,000 in scam targeting McDonald’s Instagram account
Cybercriminals hacked McDonald’s official Instagram account (NYSE:MCD), promoting a fake token called “GRIMACE” on the Solana network. They exploited the trust of the brand’s 5 million followers, inflating the token’s value to $25 million before cashing out, driving its value to nearly zero. The hackers withdrew $700,000 in Solana (COIN:SOLUSD). McDonald’s regained control of the account, but the incident highlighted the growing risks of fraud in the cryptocurrency market, which recorded over $1.19 billion in losses in 2024.
Report reveals hacked cryptocurrencies face long-term price declines
A report by Immunefi shows that most hacked cryptocurrencies do not recover well. More than 77.8% of cryptocurrencies affected by hacks continue to see price declines six months after the incident. Additionally, 51.1% experienced losses greater than 50% during this period. The financial impact and the need for reconstruction severely hinder recovery. Centralized finance (CeFi) infrastructure became the primary vulnerability in 2024, accounting for $636 million in losses.
Trump promotes “DeFi” cryptocurrency in new financial strategy
Former President Donald Trump, previously skeptical of cryptocurrencies, is now promoting a “DeFi” project linked to his name in a post on Truth Social. “For too long, the average American has been squeezed by big banks and financial elites. It’s time we take a stand — together. #BeDefiant,” the post read. Trump shared a link to Telegram, highlighting financial decentralization as the answer to big bank oppression. Trump’s adoption of cryptocurrencies aligns with the sector’s growing political support. He owns over $1 million in cryptocurrencies and has previously been involved with NFTs.
The importance of compliance in US cryptocurrency regulation
The growing adoption of cryptocurrencies is forcing US regulators to tighten rules on digital asset reporting and trading. Experts like Blake Benthall suggest that compliance companies like Fathom(x) can educate regulators to avoid overreaching restrictions. Coinbase and Binance are already collaborating to set standards and improve compliance, but challenges remain. The new bill aims to increase the Secret Service’s authority in cryptocurrency-related crimes.
Drake and Stake partnership redefines celebrity success in Web3
A Forbes report highlights that the collaboration between rapper Drake and cryptocurrency casino Stake challenges the common perception that celebrity involvement in Web3 is synonymous with scams. Since 2022, the partnership has been highly profitable, with Drake actively promoting Stake on his social media. This alliance, which combines cryptocurrency gambling and global visibility, highlights the growing maturity of the Web3 industry and Drake’s ability to strategically position himself in new trends.
Ark Labs secures $2.5 million to develop Bitcoin scalability solution
Ark Labs, focused on Bitcoin scalability, secured $2.5 million in pre-seed funding, led by Tim Draper. The project aims to enhance fast and low-cost transactions, potentially benefiting billions. Initially an alternative to the Lightning Network, Ark intends to improve the self-custody experience and utilize trustless servers to optimize infrastructure. The alpha version of the solution is already available on GitHub, with a beta test scheduled for September.
Zellic acquires Code4rena to expand blockchain security audits
Zellic has acquired Code4rena, its first acquisition, to enhance its blockchain security audits. The merger will allow clients to benefit from Zellic’s consultative audits and Code4rena’s broad coverage of competitions. The new offering, called Audits+, aims to raise the standards of comprehensive project reviews, combining the technical expertise and creativity of both market leaders.