Crypto Weekly Buzz: Hacks, Meme coins, Bans, & the Dynamic Crypto Market

Crypto Weekly Buzz

Welcome, crypto buffs! It’s time for ‘Crypto Weekly Buzz’ as we take a thrilling journey through the past week’s highlights in the crypto world. Buckle up as we bring you the most exciting and adventurous updates from the week gone by. Get ready to be informed and entertained in this weekly crypto roundup!

Curve Finance Undergoes Rebranding Following High-Profile Hacking Episode:

A Recap to Hacking:

A few days ago, the crypto world was shocked to witness one of the most significant hack incidents of recent times with Curve Finance. Around $62 Million worth of tokens were stolen by hackers, causing people to raise questions about the security of the DeFi (Decentralized Finance) system. The primary reason behind the security failure is Vyper versions 0.2.15, 0.2.16, and 0.3.0. Curve Finance was using Vyper versions to write smart the blockchain. However, an ongoing investigation and a big update on Vyper versions will be shared soon. That was a recap.

An Entry of Problematic Hacker in the Story:

But, the most exciting thing about this hacking incident is related to the hackers themselves. After two days after the incident, hackers returned 73% of the stolen tokens. Ironically, the hackers send a message about their decision to return hacked funds. The message goes by,

I saw some ridiculous views, so I want to clarify that I’m refunding you not because I don’t want to ruin your project; maybe It’s a lot of money for a lot of people, but not for me; I’m smarter than all of you.”

Curve Finance Making Efforts to Reestablish Themselves:

After this hacking incident, Curve Finance lost around 70% of its tokens in a few hours. Many crypto analysts were confused, ‘about how Curve Finance will rise again’ or is will ever rise again or not. However, Curve Finance pours cold water on all rumors as it has started to rebrand itself. According to close sources, Curve Finance is breaking all deals and contracts with Vyper versions and will soon launch the stable swap pool. Unlike any other DeFi platform, Curve Finance is asking its community and customers to vote on whether this feature should be included or not.

Moreover, Michael Egorov (the founder of Curve Finance) has taken an enormous debt to restore the position of their platform. Ultimately, the efforts of Curve Finance to rebrand itself are going in the right direction as the price level of its tokens is boosting.

BALD: A Tale of Swift Ascent, Abrupt Descent, and Swirling Debate

Short Lived Success for BALD:

It takes years for any new meme coin to get wide acceptance, highly publicized controversy, and get canceled for once, but BALD did it in just a few weeks of its launch. So, on July 29th, a Twitter handle named ‘BALD’ introduced a meme coin called ‘BALD.’ Within 14 hours of trading, BALD saw a significant 289,000 % rise on Coinbase. However, the success of BALD was short-lived. After two days, BALD saw a drop in their prices by 85%.

Sudden Downfall and Liquidity Accusations:

Furthermore, netizens on Twitter started accusing the developers of BALD for liquidity. In response, the statements came out from the Coinbase side that the base network for BALD is still in its developmental stage. However, investors were the ones who invested in BALD in a rush to gain profit.

Entry of Sam Bankman Fried & FTX into the Scene:

This scandal has taken a wild turn, with numerous conspiracy theories flooding Twitter behind the discovery of BALD’s developer. The theory that makes the most sense is related to Sam Bankman Fried, an FTX founder. Many blockchain professionals investigated and found some links with SBF, as thousands of tokens in ETH were funded to FTX. Well, let’s wait and watch who exactly is the developer of BALD.

The Perpetual On-again, Off-again Saga of Binance:

Binance is again in the news, not for their latest controversies, but this time, for a ban. Yes, Binance, the leading creep exchange platform, is banned in Nigeria. Moreover, in an official statement, The Nigerian Government stated that Binance’s activities are illegal, and any citizen is also prohibited not to consider Binance. Since Nigeria was witnessing a sudden rise in its citizens being interested in crypto, it was important for Binance to crack into the country.

On one side, where Binance saw a ban; on the other side, various developments are happening in Dubai and Japan. Furthermore, recent sources are indicating India being Binance’s next target.

Kenya Declines Adoption of Sam Altman’s Worldcoin Project:

Sam Altman became an overnight intent sensation with the launch of Chat GPT later this year. But, the success of Chat GPT not seems replicated by Sam’s Worldcoin. Branded as a cryptocurrency that will not share or store data with any government or institution, Worldcoin aimed to revolutionize the crypto industry. However, Worldcoin’s policy on not sharing data didn’t work out in Kenya. Therefore, Kenya’s government banned Worldcoin. The thing that made noise was Worldcoin’s hypocrisy. Earlier, it stated that the platform would not share data with anyone. But now, Worldcoin is amending its statements by proposing they can share data with companies or governments. Worldcoin states,

An individual’s personal data will not be sold, but it can be shared with any government or particular company.

What’s the difference between selling and sharing? You better know the answer to this.

Crypto Market Movers: Highlighting the Leading Gains and Losses

Top Gainers Top Losers
Roll bit Coin (RLB) Compound (COMP)
Kaspa (KAS) Litecoin (LTC)

What’s for Next Week?

The Crypto world is dynamic, like ever-shifting tides of innovation. We’ll likely witness major updates on BALD’s developer, more control, series, and exciting news. On a pricing note, predictions are indiacting Bitcoin to make a significant jump, and ether remains stable, while altcoins will also show a good jump. Some of the important dates to remember for:

August 16th- Sustainable Blockchain Summit

August 21st- Bitcoin Infinity Day