It has been an eventful week for the cryptocurrency market. The Shiba Inu (SHIB) crypto celebrated its second birthday this week.
Originally called the “Dogecoin Killer” to share the brand image of the Shiba dog breed with Dogecoin, Shiba Inu has come a long way in establishing itself as an ecosystem coin.
However, it was a mixed bag of positive and negative news for the market.
The Solana (SOL) cyber attack this week has renewed fears about the dangers associated with the digital currency world. The attacks made investors worried about the security of crypto assets.
The new partnerships, breakups and ups and downs in the global crypto market, fueled by the fluctuating prices of major cryptocurrencies such as Bitcoin (BTC), have kept traders on their toes.
Solana cyber attack
In one of the latest cyberattacks, hackers stole around $8 million after gaining access to nearly 8,000 Solana hot wallets. The malware attack revived concerns about online security and security of cryptocurrency transactions among users.
To reduce cyber risk, researchers at Ottsec, a blockchain firm, advised users to move their assets to hardware ledgers or centralized exchanges.
Pakistan’s former Prime Minister Imran Khan’s Instagram account hacked
Pakistan’s former Prime Minister Imran Khan’s Instagram account was hacked. The cryptic post on his Instagram page showed Khan thanking Tesla CEO Elon Musk for giving him three bitcoins. Khan’s party members later confirmed that it was a fake post.
Binance Cuts Ties With WazirX
On August 3, Union Finance Minister Pankaj Chaudhary informed the Rajya Sabha that WazirX had received an ED notice for two cases under the Foreign Exchange Management Act, 1999 (FEMA) Act. Recently, the Enforcement Directorate (ED) raided one of Zanmai Labs’ directors and seized bank deposits worth Rs 64.67 crore from the business.
Following this development, Binance owner Changpeng Zhao tweeted that his company does not own any shares in Zanmai Labs, the owner of WazirX.
Bitcoin Miners generated $555 million
Research-based company Block reported that bitcoin miners earned $555 million in July of this year.
In June, Bitcoin miners earned $667 million. This indicates a 16.7% decline or a loss of over $100 million in mining revenue month-on-month. July had the lowest mining revenues ever. On July 13, 2022, mining revenue fell to its lowest level of the month at $13.929 million.
Furthermore, on July 20, the total hash rate fell below $190 million, the first drop since March 2022. Block’s data also showed that Bitcoin network problems have decreased since July.
Blackrock partners with Coinbase
Blackrock, a US-based multinational investment firm, has teamed up with Coinbase to provide its institutional clients with easy access to cryptocurrency trading. Blackrock has assets under management (AUM) worth around $10 trillion.
Coinbase Prime will now be integrated into Blackrock’s ALADDIN (Assets, Liability, Debt and Derivative Investment Network) premium asset management platform. Some of the services that Coinbase Prime plans to offer include advanced agency trading, custody, prime finance, staking, staking infrastructure, data and reporting.
