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ETZ adds SUI to IRA Offerings

San Francisco, California, July 24th, 2024, Chainwire

ETZ is transforming retirement planning by making digital assets available to retirees

ETZ, a premier service designed to simplify and enhance digital asset investing in retirement accounts, announced that it would offer SUI, the utility token powering Sui, a high-performance Layer 1 blockchain and smart contract platform, as an investment option integration for holders of its IRAs. ETZ now operates seamlessly with the Sui Network, which means that the SUI token can officially be held as an asset in a Tax-Advantaged Traditional or Roth IRAs, offering an unparalleled solution for investors looking to diversify their retirement portfolios while maintaining all of the tax advantages of keeping their assets in such a fund.

ETZ employs a regulated, state-chartered trust company to hold self-directed IRAs and custody of assets, ensuring a secure and compliant investment environment while facilitating rollovers of IRAs and 401(k)s. Furthermore, ETZ is insured up to $320M, provides institutional-grade asset security, and FDIC insurance on cash balances, providing peace of mind to investors. It also offers digital asset access through a tax-advantaged SEP IRA to help companies attract top talent by providing a more modern and diverse retirement platform as a benefit.

“At ETZ, we believe that increasing access to digital assets for every employee will transform employer incentive plans,” said Jiazi Guo, CEO of ETZ. “Sui’s meteoric rise in the blockchain space, backed by its unparalleled technology, underscores why we are so excited to offer our users the option to add Sui to their portfolios”

“ETZ has done an immense amount of work breaking down barriers to open up a new category of options to real people looking to secure a financial future for themselves and their families,” said Gap Kim, Head of Marketing for the Sui Foundation. “With the unique tooling and products that ETZ has engineered, these retirees now have access to a suite of products that will enable them to diversify their holdings and take advantage of the latest generation of financial innovation.”

ETZ’s integration with Sui is now live and investors can benefit from 24/7 access to their investments with the support of dedicated representatives, advanced security measures, and streamlined tax reporting. 

For more information about ETZ, users can visit https://etzsoft.com/. For more information about Sui, users can visit https://sui.io.

Contact

ETZ, Inc.
samuel@etzsoft.com

Magnify Cash Launches DeFi Protocol and Announces $MAG Token Fair Launch

Singapore, Singapore, July 23rd, 2024, Chainwire

A groundbreaking moment in decentralized finance (DeFi) is here as Magnify Cash unveils its state-of-the-art DeFi protocol and announces the upcoming Fair Launch of its native token, $MAG. As a pioneer in financial technology, Magnify Cash is set to reshape the financial services landscape for individuals and enterprises alike.

The Future of Decentralized Credit Markets

Magnify Cash is spearheading the next evolution in decentralized credit markets, unlocking liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a myriad of digital assets through its innovative, permissionless lending desks.

Solving Key Financial Challenges

  • Limited Liquidity: Bridging the gap for diverse digital assets.
  • Decentralization: Eliminating centralized and custodial lending limitations.

Innovative Products and Solutions

  • Permissionless Lending Desks: Facilitate borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.
  • Decentralized Borrowing Options: Provide lending solutions without intermediaries, ensuring maximum security and transparency.

Universal Collateral and Currency Support

Magnify Cash’s Universal Collateral Acceptance feature supports an extensive array of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can now leverage NFTs and tokenized real-world assets such as art, real estate, bonds, and luxury goods as collateral, unlocking liquidity without the need to liquidate these valuable assets.

Key Features

  • Comprehensive Support: Universal support for lending currencies and loan collateral (ERC-20, ERC-1155, ERC-721).
  • Seamless Operations: Asset-backed borrowing and lending with permissionless creation and management of lending desks.
  • Enhanced Liquidity: Extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens (LSTs), meme tokens, blue chip NFTs, and treasuries.
  • Advanced Risk Management: A dynamic interest rate model utilizing linear interpolation and scaling factors, eliminating the need for oracles.

Robust Security and Compliance

Proven Testnet Success

  • Over 500 lending desks created.
  • More than 500 loans issued.
  • Nearly 5,000 unique users engaged.

Strategic Alliances and Future Roadmap

Magnify Cash collaborates with leading industry partners like LydianLabs, FjordFoundry, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios, amplifying the platform’s capabilities and outreach. Key security audits by Guardian Protocol and Gaslite reinforce Magnify Cash’s commitment to providing a secure and reliable platform.

Currently Live on

  • Base Testnet

Exciting Upcoming Launches

  • Base Mainnet: Coming Soon (Including RWAs)
  • Ethereum Mainnet: Coming Soon (Including RWAs)
  • Potential Layer 2 launches: Abstract Chain, Blast Chain, and more.

Fair Launch of $MAG Token

The $MAG token will be launched through Fjord Foundry’s liquidity bootstrapping protocol, ensuring a fair and transparent distribution. The token sale runs from July 23rd, 8:00 PM EST to July 27th, 8:00 AM EST, with over 70% of tokens allocated to the public. This equitable approach encourages broad participation and fosters a strong, engaged community. Active participants, including lenders, liquidity providers, and borrowers, are rewarded with $MAG tokens.

Participation Opportunities

Secure $MAG Tokens: The MAG token sale begins on July 23rd at 8:00 PM EST (July 24th, 8:00 AM Singapore Time). Participants are invited to join the Fair Launch at Fjord Foundry here.

Explore the Ecosystem: Magnify Cash invites interested parties to discover its comprehensive ecosystem by visiting the Website. Access the Pitch Deck, engaging Intro Video, detailed Whitepaper, and technical Documentation.

Engage with Our Community: Magnify Cash encourages joining its vibrant community for real-time updates and support. Follow us on Twitter, join the Telegram group, and participate in discussions on Discord.

About Magnify Cash

Magnify Cash is a non-custodial and permissionless decentralized credit market that empowers users to lend ERC-20 tokens and borrow against non-fungible tokens (NFTs) and Real-World Assets (RWAs) with unmatched flexibility and transparency. Committed to true decentralization, Magnify Cash ensures universal support for ERC-20 tokens as lending currencies and ERC-1155/ERC-721 assets as collateral. The protocol’s innovative approach to on-chain credit markets offers a fresh perspective in the evolving world of decentralized finance.

For more information, users can visit https://Magnify.Cash or follow Magnify Cash on Twitter at X.com/MagnifyCash.

Magnify Media Kit: Link.

Contact

Press Manager
Magnify.Cash
socials@magnify.cash

BitGo Integrates Stacks Blockchain, Paving the Way for Bitcoin-Native DeFi Expansion

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BitGo, a digital asset service provider, has introduced support for the Stacks blockchain, enhancing Bitcoin’s functionality and marking a significant step in institutional adoption of Bitcoin-native decentralized finance (DeFi).

With the integration of the Bitcoin layer-2 (L2) network, Stacks, BitGo users can now earn Bitcoin rewards through “stacking.”

This process allows STX holders to generate native BTC yield directly in their wallets without lending or exposing the assets to additional risks.

Kyle Ellicott, the ecosystem investor lead at Stacks, commented on the partnership: “Allowing institutions to earn native Bitcoin yield with their STX is a huge step for Bitcoin as part of Bitgo’s goal to put institutional capital to work with DeFi and staking.

Making Bitcoin a productive asset is crucial for Bitcoin to succeed long term as rails for a decentralized economy.”

This collaboration offers Bitcoin holders a new way to engage with DeFi protocols, especially those wary of the risks associated with smart contracts and proof-of-stake protocols.

Stacks is known as Bitcoin’s smart contract layer and is the fifth-largest Bitcoin layer-2 solution, with over $95 million in total value locked, representing a 7.9% market share among Bitcoin layer-2 solutions, according to DefiLlama.

As part of this partnership, BitGo will support the new Stacks token standard, sBTC, and become a “Signer” on the network.

This role involves contributing to block production and consensus after the full release of sBTC.

This non-custodial, 1:1 Bitcoin-backed asset aims to enhance the programmability of Bitcoin.

BitGo will facilitate deposits and withdrawals for sBTC and the conversion of BTC to sBTC across layers.

READ MORE: Nigerian Stakeholders Advocate SEC to Classify Bitcoin and Ether as Commodities for Regulatory Clarity

Other sBTC signers include Figment, Blockdaemon, Near Foundation, Luganodes, and Chorus One. The sBTC standard is designed to simplify the development of DeFi applications on the Bitcoin network.

Stacks is preparing to activate its Nakamoto Release, which will pave the way for sBTC and 100% Bitcoin finality. Initiated on April 22, the activation is expected on August 28, according to Stacks’ roadmap.

Ellicott emphasized the significance of this release: “Stacks will inherit 100% of Bitcoin’s security budget, making transactions as irreversible as Bitcoin and enabling sBTC to facilitate decentralized BTC movement into the L2.

This release will begin another renaissance of new Bitcoin builders, technical upgrades, and growth in user interest, providing a promising spotlight for the future of Bitcoin DeFi.”

Bitcoin DeFi is expanding the crypto space with innovative products like Hermetica’s Bitcoin-based synthetic dollar, USDh, which debuted in June with a 25% annual percentage yield, derived from futures funding rates.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The UK’s Ambitious Plan for a Crypto Hub

When the UK government revealed its ambitious plan to establish the country as a “crypto hub” in April 2022, there was significant anticipation for rapid regulatory development. However, over two years later, the UK still lacks a comprehensive regulatory framework for the cryptocurrency sector. Industry leaders fear that the recent change in government will further delay the legislative process.

Industries Leading Crypto Adoption in the UK and Beyond

Various industries worldwide have been at the forefront of crypto adoption. The financial services sector is a notable leader, with several banks and investment firms integrating blockchain technology to enhance security and efficiency. The retail industry is also embracing cryptocurrencies, with an increasing number of merchants accepting digital currencies as payment. 

Additionally, the tech industry is heavily invested in developing blockchain solutions, and the entertainment sector, including online gaming, gambling, and sports betting, is leveraging crypto for innovative customer experiences. Online casinos that leverage crypto are called crypto casinos, allowing players to buy in, wager, and withdraw winnings in digital currencies. In his UK BTC casino guide, crypto and gambling expert Kane Pepi explains that these sites offer an anonymous gaming experience and unique bonuses. Additionally, Pepi shares that the best crypto casinos are usually registered internationally, but that players from within the UK can still access them. As crypto adoption advances within the UK, these sites may become more widespread. 

It’s clear that there are many industries worldwide adopting crypto in various ways. As the UK works to place itself as a crypto hub, businesses in the UK like online casinos and retail shops will be able to take advantage of crypto and its many benefits. 

Timing and Legislative Challenges

Timing is a crucial factor. The general election has disrupted progress for both the Treasury and the Financial Conduct Authority (FCA). Konstantinos Adamos, group lead legal counsel at Revolut, highlighted that dealing with a complex and technical policy issue like this understandably takes time. He stressed the importance of the new government ensuring the UK does not fall behind the EU in establishing a regulatory framework for crypto.

Labour’s Stance on Crypto

Labour’s victory in the 4 July general election represents a significant shift in the UK’s political landscape. Although crypto was not specifically mentioned in Labour’s manifesto, the party has shown support for tokenization and a central bank digital currency. Some leaders within the industry like the Managing Director of Kreken’s UK, Bivu Das, believe that despite political changes, the crypto sector will largely continue as usual. However, Das also pointed out that while the policy framework for crypto is mostly designed, the pending legislation means time is running out for the UK.

Government Efforts and Regulatory Progress

In October of the previous year, the UK government announced plans to regulate crypto similarly to traditional assets. The FCA published a discussion paper on stablecoins in November, but the timeline for implementing these regulations remains unclear. Despite this uncertainty, the FCA has been enhancing its crypto expertise, with over 100 staff members now working in this area.

The FCA’s Stringent Approach

The FCA has maintained a stringent stance on crypto authorisations, with some firms waiting over 750 days for a decision. Data indicates that only four out of 30 crypto applications were approved in the last 12 months. This strict approach has prompted several crypto firms to exit the UK. Bybit, for instance, suspended its UK operations in October 2023, and digital asset trading platform Luno ceased certain services for UK clients around the same time.

The Road Ahead for the UK as a Crypto Hub

These obstacles make the UK’s aspiration to become a leading crypto hub increasingly challenging. The prolonged regulatory process and recent governmental changes have created a sense of urgency among industry stakeholders. The new government must act swiftly to finalise and implement a comprehensive regulatory framework that matches the EU’s pace and encourages innovation and growth within the UK’s crypto sector.

Asia’s First Bitcoin Futures Inverse ETF Launches in Hong Kong

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On July 23, Hong Kong will launch Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).

This new exchange-traded fund (ETF) by CSOP Asset Management, one of China’s largest asset managers, aims to provide investors a way to profit from declines in Bitcoin’s price.

The introduction of this inverse ETF follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, marking another step in the firm’s expansion in the Asia-Pacific region.

The CSOP Bitcoin Futures Daily (-1x) Inverse Product is crafted to offer investment results that closely mirror the inverse daily performance of the S&P Bitcoin Futures Index.

This is achieved through a futures-based replication strategy, which involves direct investment in spot-month Chicago Mercantile Exchange Bitcoin Futures.

As per a CSOP announcement on July 22, the product will be listed on the Hong Kong Stock Exchange (HKEX) at approximately 7.8 Hong Kong dollars per unit.

Tristan Frizza, Founder of Zeta Markets, told Cointelegraph that the launch of the inverse Bitcoin ETF underscores the “increasing sophistication of crypto financial products” globally.

“By enabling bets against the market, financial instruments like this have the potential to balance speculative activities and contribute to long-term market stability, which is crucial for the maturation of the crypto sector and the acceptance of crypto as established investment assets.”

READ MORE: WazirX Launches Bounty Program to Recover $235 Million in Stolen Cryptocurrency Assets

Since late 2022, HKEX has been trading spot crypto ETFs, starting with CSOP’s Bitcoin Futures ETF and Ether Futures ETF.

Both products track BTC futures and Ether futures cash-settled contracts traded on the CME, and were followed by Samsung Asset Management Hong Kong’s Bitcoin future ETF in January 2023.

Together, these three futures products have garnered HK$1.3 billion ($170 million) in assets under management as of April 29.

On July 5, the Hong Kong Securities and Futures Commission (SFC) issued warnings about seven crypto exchanges operating illegally in the region.

These exchanges were flagged for providing services without operational licenses and listed under “Suspicious virtual asset trading platforms” on the SFC’s alert list.

The SFC’s goal is to mitigate fraud and scams by maintaining public records of registered, unregistered, and illegal crypto trading entities.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Sui Builders Now to Run on AWS Blockchain Node Runners

Grand Cayman, Cayman Islands, July 23rd, 2024, Chainwire

Sui joins an exclusive list of AWS-integrated blockchains

Sui Foundation, the organization dedicated to the advancement and adoption of the layer 1 blockchain of the same name, today announced the integration of Amazon Web Service’s (AWS) Blockchain Node Runners on Sui, providing developers with a self-managed node deployment solution. 

Through this integration, builders on Sui will be able to easily set up and deploy Sui full nodes within the AWS environment, benefitting from the high availability, scalability, and reliability of AWS’s robust cloud infrastructure. AWS Blockchain Node Runners simplifies the process of running blockchain nodes, allowing users to easily deploy, scale, manage, and monitor secure blockchain nodes. As of today, Navi, a leading liquidity protocol, will be engaged as a Node Runner user to deploy full nodes on Sui. 

Kathryn Van Nuys, Global Head of Startups in Specialized Segments at AWS, said, “AWS Blockchain Node Runners was designed to support builders at all stages of the application lifecycle, offering blueprints to meet specific requirements, from enhanced security and compliance to ease of deployment and monitoring. We are excited to bring these and other features to empower developers to deploy and manage Sui nodes on the AWS cloud.”

Node Runners offers several key technical advantages for deploying blockchain nodes. It provides validated, best-practice deployment templates for scalable node operations across multiple geographies. High availability is ensured through multi-node deployment options across different availability zones. The deployment code is fully open-source and available on GitHub, allowing users to review it before deployment. Integrated with the AWS Well-Architected Framework, Node Runners helps organizations build secure, high-performing, resilient, and efficient node infrastructures. Full nodes on Sui validate on-chain activities such as transactions, checkpoints, and epoch changes, as well as store the stake and history to better service client queries. By offloading query servicing from validator nodes, validators are able to focus on transaction processing and updates to the nodes when new transactions are completed. 

Navi, a leading liquidity on Sui, is one of the first users to engage with Node Runners on Sui, and have deployed their first node via AWS’s service as of today. 

As part of AWS and Sui Foundation’s commitment to empowering Sui builders, developers and startups who utilize AWS Blockchain Node Runners or are building on Sui may be eligible for up to $5,000 in Activate credits. Sui Foundation has also joined the AWS Web3 Provider program, which offers access to tools, resources, content, and credits to Sui developers

Henrik Johansson, Global Head of Community at Sui Foundation, said, “The integration of AWS Node Runners on Sui marks a pivotal advancement to enhancing blockchain infrastructure. Sui nodes are fundamental to the operation and accessibility of Sui. This integration with AWS not only provides developers with more tools to simplify node deployment but also financial support to utilize and develop on AWS.”

For more information on utilizing AWS Blockchain Node Runners on Sui, users can visit https://aws-samples.github.io/aws-blockchain-node-runners/docs/Blueprints/Sui.

Contact

Sui Foundation
media@sui.io

Bitcoin Targets $68,000 Amid Bullish Sentiment from Chinese Rate Cuts

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Bitcoin aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut bolstered bullish sentiment in the crypto market.

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) targeting range highs after dipping below $67,000 earlier in the day.

This upward shift coincided with mixed performances in Asian stocks as China announced unexpected interest rate cuts.

The People’s Bank of China (PBoC) confirmed it would cut the seven-day reverse repo rate by 0.1% to 1.7%, alongside reductions in the one-year and five-year loan prime rates (LPR), as reported by sources including Reuters.

“The cut today is an unexpected move, likely due to the sharp slowdown in growth momentum in the second quarter as well as the call for ‘achieving this year’s growth target’ by the third plenum,” Larry Hu, chief China economist at Macquarie Group, told the publication.

Commenting on the market’s reaction, Holger Zschaepitz noted the rarity of such a cut. “Chinese stock market not really enthusiastic,” he wrote on X.

Global interest rate reductions are crucial for the performance of risk assets, including crypto. Despite China and Europe’s rate cuts, the United States has not yet initiated a similar cycle, with expectations set for September.

TMXC Trades offered a more cautious perspective, suggesting that China’s rate cuts might not yield the anticipated results.

READ MORE: WazirX Launches Bounty Program to Recover $235 Million in Stolen Cryptocurrency Assets

“Coming into 2024, traders were betting on a massive coordinated global easing cycle… Here today in mid-July, virtually none of that has come to pass,” it stated.

Bitcoin, meanwhile, faced its final resistance cluster before reaching all-time highs, with $69,000 being a key level since late 2021.

“Bitcoin has cancelled out almost the entirety of the -25.6% retrace,” popular trader and analyst Rekt Capital noted in his latest X analysis.

“It took two weeks to almost fully cancel out a five-week retrace.”

“Accompanying charts compared recent BTC price behavior to other bull market retracements, identifying the latest as the deepest of the uptrend.

“Any dips to retest $65,000 would not be out of the ordinary,” Rekt Capital added, anticipating potential upside to $71,500.

Rekt Capital reiterated the case for new all-time highs by September “at the latest.”

“Bitcoin is back in the range and provides a lot of strength,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, commented.

He emphasized $65,000 as a crucial support level, with $61,000 as the next line of defense.

“If that’s going to happen this week, then we should be good for continuation toward the ATH,” he predicted.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Real Bedford FC Boosts Bitcoin Holdings to $5.37 Million in Latest Acquisition

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Real Bedford Football Club, known for its strong support of cryptocurrency, has recently boosted its Bitcoin holdings significantly.

As per a post on X by club chairman Peter McCormack, the club acquired 66.9 Bitcoin at an average price of $67,220 per coin, totaling $4,500,420.69.

With this new acquisition, Real Bedford’s total Bitcoin holdings have reached 82.7 BTC, bought at a cumulative cost of around $5.37 million.

The club’s average purchase price now stands at approximately $64,925 per coin.

McCormack shared that out of the total Bitcoin holdings, 15.8 BTC is allocated for football-related operational purposes.

The remaining balance is securely stored in the club’s treasury, emphasizing Real Bedford’s strategy of integrating Bitcoin into both its financial and operational frameworks.

READ MORE: Bitcoin Surges as Wall Street Opens Amid Biden Reelection Uncertainty

Real Bedford FC is a non-league football club based in Bedford, UK. McCormack took over the team in 2021 and aimed to propel it into the football league.

This recent Bitcoin acquisition is in line with the club’s broader vision of leveraging cryptocurrency for stability and growth.

The proactive approach of Real Bedford FC towards cryptocurrency mirrors a broader trend among various organizations looking to diversify their assets and explore innovative financial strategies.

The club’s adoption of Bitcoin sets an example for other clubs and businesses contemplating similar financial avenues.

In the broader crypto landscape, businesses are also “stacking” Bitcoin in recent purchases, and sellers are increasingly hesitant to part with their holdings.

For instance, the Bitcoin investment firm Metaplanet recently bought 21.88 BTC on July 16.

According to analysts, Bitcoin’s price is currently only 8% below its all-time high, buoyed by the news of United States President Joe Biden stepping down as the Democratic party nominee for the 2024 election.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Ethereum Poised for Bullish Surge with Imminent Launch of First Spot Ether ETFs

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The Ethereum ecosystem might be entering its most bullish phase with the upcoming launch of the first spot Ether exchange-traded funds (ETFs).

This launch is expected to mitigate most of the risks associated with Ether, as noted by Raman in a July 22 post on X:

“In hindsight, the second half of 2024 will be the most obvious bullish setup for the Ethereum ecosystem in recent history. Three headwinds that have held ETH back will become tailwinds, starting this week.”

ETFs can significantly enhance the value of the underlying crypto asset.

For instance, by February 15, Bitcoin ETFs had accounted for about 75% of new investment in Bitcoin, helping it surpass the $50,000 mark.

The introduction of Ether ETFs is anticipated to bring new capital to the crypto industry from both institutional and retail investors. Raman highlights this:

“Retail only wants to invest passively, and institutions only want to invest after regulatory clarity. The ETH ETF will unlock new inflows from both in one fell swoop.”

The launch of these ETFs will likely end the current “regulatory purgatory,” providing much-needed regulatory clarity for Ether.

Charles d’Haussy, CEO of the dYdX Foundation, suggests that Ether ETFs could capture around 25% of the assets under management (AUM) of existing spot Bitcoin ETFs.

READ MORE: Bitcoin Surges as Wall Street Opens Amid Biden Reelection Uncertainty

Additionally, Raman believes the launch could mark the end of the United States Securities and Exchange Commission’s (SEC) “regulatory witch hunt against ETH,” fostering more innovation within the Ethereum ecosystem.

Moreover, Ether’s price could benefit from a broader macroeconomic shift towards risk-on assets during the latter half of 2024, driven by potential interest rate cuts in the United States.

Over the past two years, investor capital has moved towards safer, large market-cap companies like Nvidia due to interest rate hikes and monetary tightening. Raman indicates this trend is poised to reverse:

“The political view of crypto – which has been unabashedly hostile for years – is changing.

“The largest capital markets in the world are finally embracing crypto, and new institutional + retail capital will flow into ETH + BTC, with the ETFs as the safest on-ramps.”

Despite Ether’s current struggle to breach the $3,500 resistance line, it is up over 4.5% on the weekly chart, according to CoinMarketCap data.

Other analysts, like Matt Hougan, chief investment officer of Bitwise, are also optimistic, predicting Ether will reach a new all-time high shortly after the ETF launches.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Rho Markets Hit by $7.6 Million Hack Amid Surge in Crypto Heists

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Rho Markets, a liquidity layer and lending protocol on Scroll, has suffered a significant breach, losing over $7.6 million in USD Coin and USDT.

This incident is another major setback for the cryptocurrency industry.

The breach occurred when a malicious actor gained access to the protocol’s blockchain oracle, according to a July 19 post on X by blockchain security firm Cyvers.

Cyvers reported, “@RhoMarketsHQ has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform! Root cause of this incident seems to be an oracle access control by a malicious actor!”

READ MORE: German Government’s Rapid Bitcoin Sales Impact Market, Price Recovers After Supply Depletion

This attack follows closely on the heels of a hack on Indian cryptocurrency exchange WazirX, which lost $230 million worth of cryptocurrency, making it the second-largest crypto heist of 2024.

This week has proven particularly profitable for cryptocurrency hackers, marking the second most lucrative week for stolen funds in 2024.

On July 18, WazirX was hacked for over $230 million, with the attacker converting $149 million worth of Shiba Inu tokens and other altcoins into Ether.

Just two days prior, on July 16, the Li.Fi protocol was exploited, resulting in over $10 million worth of cryptocurrency being drained through a smart contract exploit. This incident has since been contained.

Further compounding the week’s challenges, players of the viral Telegram-based game Hamster Kombat were targeted by phishing attacks and fake cryptocurrency airdrops, designed to steal user credentials, according to cybersecurity firm Kaspersky.

Crypto hacks remain a significant issue in the decentralized finance space, impeding the broader adoption of cryptocurrencies.

Over the past 13 years, nearly $19 billion worth of digital assets have been stolen in 785 reported hacks and exploits since the first known crypto hack on June 19, 2011.

In February 2024, PlayDapp experienced a $290 million security breach, the largest single crypto heist in the past two years.

Additionally, 2024 may surpass 2023 in terms of stolen funds, with $542.7 million worth of cryptocurrency stolen in the first quarter alone, representing a 42% increase compared to the same period in 2023.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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