Look Back Crypto Market (Week of July 31 – August 6)

HashKey launches airdrop

HashKey Exchange, part of HashKey Group, became the first company to be licensed in Hong Kong since crypto trading was approved on June 1, 2023. Users can now register and follow the basic steps to get free tokens:

Step 1: Visit HashKey website and create an account (enter your email and password). Open your email and enter the verification code.

Step 2: Visit Hello HashKey website on mobile phone and use the email in step 1 to log in.

Step 3: Complete the tasks: join Telegram, follow Twitter, fill in personal information and complete other tasks  to receive 8 HSK tokens.

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New legislation threatens stability of crypto will come into effect in 2024

A new legislation that  greatly affects crypto traders was approved at the end of 2021. It requires traders who make transactions of $10,000 or more in crypto have to declare their Social Security number or Tax ID. Those who do not complete in 15 days will have to pay fines or even go to jail. This legislation will take effect on January 1, 2024, which is less than 5 months from the time of writing.

USDT was sold off on Curve and UniSwap

On-chain data shows that crypto traders appeared to sell off Tether’s USDT in key stablecoin pools on Curve and Uniswap on Thursday last week. Shortly after, USDT fell to $0.9976 and lost its $1 peg for a long time. In other words, many traders have ditched or sold USDT, therefore, the tokens are in balance in the pools. The USDT balance has now skyrocketed to 59.3% in Curve 3pool, including USDT, USDC and DAI.

“X” won’t launch tokens

“X” (formerly Twitter) will never launch its own crypto token, Elon Musk said.

Binance Labs invests in 4 projects in MVB program VI

Binance Labs announced investing in four high-performing projects from its recent Most Valuable Builder program (MVB) on Aug. 4. The MVB program is an accelerator initiative to foster growth within the BNB Chain ecosystem. The four projects selected for investment are: AltLayer, KiloEx, Kinza, Sleepless AI.

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Polygon, zkSync, Starknet argue over plagiarism

In August 4, Polygon accused Matter Labs, the developer of zkSync, of copying their open source code without citing the source. According to Polygon, Matter Labs has just launched a new verification system called Boojum, but uses source code Polygon’s “Plonky2”. To prove the accusation, Polygon shared many images comparing the code between their product and Matter Labs’ product.

Bitfinex hackers admits pleads guilty, facing 20 years in prison

Ilya Lichtenstein, who last month agreed to forfeit billions in a plea deal for his role in laundering funds from a 2016 hack of crypto exchange Bitfinex, has now admitted he was the hacker. Although it has long been suspected either Lichtenstein or his wife, Heather Morgan, were the ones who stole 120,900 Bitcoin, it’s only now been confirmed.

Worldcoin bug allowed anyone to become Orb operator

Crypto security firm CertiK revealed it recently unearthed a vulnerability in the Worldcoin protocol that allowed an attacker to bypass the verification process to become an Orb operator.

Bitcoin will plunge if this scenario plays out

Grayscale recently released a report on the crypto market, thereby pointing out the core factors that may affect the upcoming crypto market. According to the report, macro factors could be the biggest risk to cryptocurrency value, and the recovery of the crypto market will continue to depend on the ability of the US economy to make a soft landing”, thereby avoiding a great recession.

The US Department of Justice considering fraud charges against Binance

According to Semafor, the US Department of Justice (DOJ) is considering fraud charges against Binance exchange, but they are concerned about the possibility of a bank run like the FTX exchange case in September last year. In a response to this news, Changpeng Zhao tweeted only the number “4” that has confused many people.

Unswap delists HEX token because of the SEC lawsuit

Uniswap delisted the HEX token after the Hex’s founder was sued by the US Securities and Exchange Commission (SEC).

Binance delists 8 BUSD trading pairs

Binance delisted 8 BUSD trading pairs from its margin trading platform. This strategic decision comes amidst a flurry of regulatory scrutiny and recent concerns surrounding Binance’s native token, BNB. Trading pairs have been delisted including: ATA/BUSD, BNT/BUSD, COS/BUSD, DF/BUSD, DOCK/BUSD, OSMO/BUSD, STRAX/BUSD, XNO/BUSD.

Worldcoin banned in Kenya

The Kenyan government has suspended Worldcoin, the project of OpenAI CEO Sam Altman. “An organization calling itself “WORLDCOIN,” which is involved in the registration of citizens through collection of eyeball/iris data,” the Ministry said. Kenyan authorities have begun further investigation to  determine the legality and data security of Worldcoin.

Binance nearly shuttered US exchange

Binance CEO and founder Changpeng “CZ” Zhao came close to shuttering the crypto exchange’s U.S. arm earlier this year in order to protect the wider company,  as The Information reported. The Binance US’s board of directors then conducted a vote, however, they have yet to make a final decision because of mixed opinions from CEO Brian Shroder.

MicroStrategy keeps buying more Bitcoin

Michael Saylor, the founder of MicroStrategy, recently announced the company has bought more Bitcoin. MicroStrategy in July bought a total of 467 BTC ($14.4 million). As of now, the company is holding 152,800 BTC.

CyberConnect (CYBER) and Sei (SEI) are listed on Binance Launchpool

Sei Network (SEI) is the 36th project introduced on Binance Launchpool. Users can start staking BNB, FDUSD, and TUSD to farm SEI at 07:00 AM on August 2. This farming phase will run for 30 days, giving users ample opportunity to earn SEI tokens. Binance will list SEI with trading pairs SEI/BTC, SEI/USDT and SEI/BNB at 07:00 PM on August 15 (UTC).

In addition, Binance announced the 37th Launchpool project, CyberConnect (CYBER).  Binance users can stake BNB, FDUSD and TUSD to farm CYBER from 07:00 AM on August 2 and this phase also ends within 30 days.

Memecoin on Layer-2 Base grows up to several thousand times

The memecoin trend has spread to the Layer 2 network Base. Many memecoins have surged from a few hundred to several thousand times over the past few days. The most prominent – BALD – has increased more than 20,000 times in the past day. BASED also increased 5,580 times while OPTISM increased 435 times. However, BALD then fell as much as 90% as the token’s deployer removed millions of dollars worth of liquidity, data shows. The community said it was a rugpull.

Curve Finance was hacked

According to the announcement from the project, a series of stablepool pools (alETH/msETH/pETH) using the Vyper 0.2.15 programming language have been subjected to a repeated attack.