FBI warns of hacking risks in crypto ETFs
The FBI revealed that North Korean hackers are targeting cryptocurrency ETFs, raising concerns about the security of these funds. Despite billions in investments, many ETFs lack sufficient insurance to cover potential losses. Hackers, like the Lazarus Group, have already attacked exchanges and blockchain protocols, and may view ETFs as a target due to the custody of digital assets. Coinbase (NASDAQ:COIN), a leading custodian, has limited insurance, and centralization among a few providers may increase systemic risks.
Cudos may join ASI Alliance as the fourth member
The ASI Alliance, formed by SingularityNET (COIN:AGIXUSD), Fetch.ai (COIN:FETUSD), and Ocean Protocol (COIN:OCEANUSD), is considering adding Cudos (COIN:CUDOSUSD), a decentralized cloud computing provider. The decision will be made via a vote between September 19 and 24. If approved, the integration will merge Cudos and FET tokens, enhancing computing power and promoting decentralized AI solutions. The goal is to reduce reliance on centralized providers and strengthen the Alliance’s decentralized cloud infrastructure.
Nu suspends Nucoin trading after 97% drop
On September 10, Nu Holdings (NYSE:NU) announced the suspension of trading for Nucoin, its native cryptocurrency, following a 97% decline over the past year. Launched on the Polygon blockchain in October 2022, Nucoin’s value plummeted from $0.59 to $0.0158. The bank is offering clients until December 9 to convert their Nucoins into Bitcoin or USDC. After the suspension, remaining cryptocurrencies will be retained for a future rewards program to avoid market volatility.
Osmosis unveils Polaris: Solution for token fragmentation in DeFi
Osmosis, a leader in Cosmos DEXs (COIN:ATOMUSD), launched Polaris, a “Token Portal” designed to address digital asset fragmentation across blockchains. The platform offers a unified interface for trading and managing tokens across multiple networks, supporting cross-chain transactions and multi-chain portfolio management. Polaris simplifies gas token acquisition and uses bridge and DEX abstraction to optimize liquidity. Introduced at Solana Breakpoint 2024, Polaris aims to integrate existing solutions and enhance user experience in the DeFi ecosystem.
Aave evaluates Coinbase’s cbBTC integration
Aave DAO (COIN:AAVEUSD) has received a proposal to integrate cbBTC, a Bitcoin wrapper from Coinbase, into its V3 platform on Ethereum and Base. The initiative seeks to expand options for Bitcoin holders, aligning with Aave’s strategy to offer high-quality assets. However, concerns have been raised about cbBTC’s readiness and potential regulatory risks. The proposal aims to boost liquidity and attract new users but faces criticism regarding the verification process.
Ethereum fee decline criticized, but experts remain optimistic
Despite criticisms about the decline in fee revenue and competition from Layer 2 solutions, key Ethereum figures remain confident in its future. Researcher Justin Drake believes Ethereum could reach 10 million transactions per second in the coming years, boosting its market cap. Rollup and L2 integrations allow for scalability, even amid concerns about fragmentation and diverging incentives. The roadmap aims to improve interoperability and keep Ethereum competitive.
Charles Hoskinson debunks myths about Cardano staking
Charles Hoskinson, founder of Cardano (COIN:ADAUSD), debunked false claims regarding ADA staking, which alleged tokens were locked. In a post, he emphasized that the network supports liquid staking, keeping tokens accessible and usable. PRIDE, a stake pool operator, also defended Cardano’s self-custody of assets, unlike other networks. The recent controversy arose after a discussion on a podcast about ADA’s market capitalization.
Bitcoin falls and recovers: 0.12% rise after initial drop
On September 11, Bitcoin (COIN:BTCUSD) fell below $56,000 but quickly recovered, rising 0.12% to $57,734.51 at the time of writing. Meanwhile, the Nasdaq rose 0.77%, the S&P 500 remained stable, and the Dow Jones dropped 0.47%. Despite positive US data showing August’s Consumer Price Index (CPI) at 2.5% inflation, the lowest in 12 months, expectations of a potential Federal Reserve rate cut did not immediately boost Bitcoin. However, the rebound suggests slight market recovery. The disconnect with gold and risk-averse environments continues to influence the cryptocurrency’s price.
Bitcoin mining difficulty hits new all-time high
Bitcoin mining difficulty reached 92.67 trillion on September 11, marking a 3.04% increase in the last 24 hours. This record reflects growing competition among miners, who now require more computational power to find valid hashes. The rising difficulty demonstrates strong demand for block rewards, even in a challenging market.
PancakeSwap launches prediction bot on Telegram amid growing interest
PancakeSwap (COIN:CAKEUSD) launched its first prediction bot on Telegram on September 11, allowing users to conveniently predict the future price of BNB (COIN:BNBUSD). The launch aims to tap into the growing interest in prediction markets, driven by the upcoming US presidential elections. Initially focused on BNB predictions, the bot plans to expand to other chains. This development precedes PancakeSwap’s fourth anniversary and offers rewards to users participating in predictions.
Ellison’s lawyers recommend light sentence for cooperation
Caroline Ellison’s lawyers have recommended a time-served sentence with three years of supervised release due to her cooperation with the government. The former CEO of Alameda Research pleaded guilty to seven charges related to FTX’s collapse. The request includes support letters and highlights that Ellison has contributed over 700 hours of volunteer service, posing no risk to public safety.
Binance.US adopts Fireblocks technology to bolster security and staking
Binance.US is partnering with Fireblocks to enhance customer asset security and compliance. Fireblocks’ technology will be used for hot and cold custody, as well as deposits and withdrawals. The integration will also expand staking services on the exchange. This move responds to regulatory scrutiny over custody transparency and private key control, aiming to meet security requirements without compromising user experience. Fireblocks will help Binance.US scale its staking operations safely and efficiently.