Auch ein viel zitiertes Stimmungsbarometer belegt inzwischen, dass sich Bitcoin in einer Schwächephase befindet.
Wallet der Bundesregierung schrumpft nach drei Wochen auf 9.000 Bitcoin (BTC)
In kürzester Zeit hat die deutsche Bundesregierung über ihre vermeintliche Krypto-Wallet massiv Bitcoin veräußert und hält nun nur noch 9.000 BTC.
Genesis Trading has moved 12.6k BTC to Coinbase, signaling start of asset liquidations
- Genesis Trading has transferred 12,600 BTC ($719.9M) to Coinbase, possibly for asset liquidations.
- Resent settlement with NY requires $2B repayment, impacting Genesis’ financial strategy.
- The BTC transfer suggests Genesis aims to fulfill legal obligations, reassure investors promptly.
Over the past month, a wallet associated with Genesis Trading has transferred over 12,600 Bitcoin (BTC) totaling approximately $719.9 million to to Coinbase according to data from Arkham Intelligence.
This substantial BTC transfer follows a legal settlement with the State of New York, raising speculation about the firm’s financial strategy and its implications for investors.
Is Genesis Trading planning to liquidate assets?
In May 2024, Genesis Trading reached a pivotal settlement with the New York Attorney General’s office, agreeing to pay $2 billion to resolve allegations related to its Earn program.
The settlement mandated the repayment of defrauded investors and included a ban on operating within New York.
Following this legal resolution, the recent transfers of BTC to Coinbase suggest Genesis Trading may be preparing to honor its financial commitments through asset liquidations to fulfill the restitution requirements outlined in the settlement.
The timing aligns with similar actions taken by other entities under legal scrutiny, where compliance with financial obligations often involves liquidating assets to reimburse affected parties promptly.
What does it mean for Genesis investors?
The sizable BTC transfers to Coinbase indicate a proactive approach by Genesis Trading to address its financial obligations, potentially reassuring affected investors of forthcoming restitution.
This transparency in asset management also underscores the importance of regulatory compliance in the evolving crypto landscape, where legal settlements increasingly shape operational strategies and investor confidence.
Moreover, the scale of these transfers highlights Genesis Trading’s substantial presence in the cryptocurrency market, with holdings totaling $2.28 billion across various digital assets comprising of BTC valued at $1.91 billion alongside significant holdings in Ether (ETH) amounting to $364 million.
Such holdings not only demonstrate the firm’s market influence but also raise questions about its liquidity management and the broader implications for market stability.
As the firm navigates its obligations under the settlement with the State of New York, it remains to be seen how it will do with the moved bitcoins.
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Dough Finance flash loan attack: What we know so far
- Dough Finance lost $1.8M in a flash loan attack due to smart contract vulnerability.
- Attacker exploited unvalidated calldata stealing USDC before converting the assets into 608 ETH.
- Users urged to withdraw funds to secure wallets.
Dough Finance has fallen victim to a significant flash loan attack, resulting in a staggering loss of digital assets worth approximately $1.8 million.
The attack, which exploited vulnerabilities in the protocol’s smart contract, highlights ongoing security challenges within the cryptocurrency space, and specifically within the DeFi space.
What happed in the Dough Finance attack?
The attack, detected on July 12 by Web3 security firm Cyvers, targeted Dough Finance’s “ConnectorDeleverageParaswap” smart contract.
This contract, designed to facilitate transactions within the DeFi platform, failed to adequately validate call data during flash loan executions giving the attacker a chance to manipulate transaction details and illegally transfer of 608 Ether (ETH), valued at approximately $1.8 million at the time of the attack.
The funds, originally in the form of USD Coin (USDC), were swiftly converted into ETH using the zero-knowledge protocol Railgun, complicating efforts to trace and recover the stolen assets.
Who were affected by the flash loan attack?
The Dough Finance flash loan attack primarily affected users who had funds deposited in the exploited contract of Dough Finance.
While the lending pools of Aave, another prominent DeFi platform, remained unaffected, the incident underscores the vulnerability of smart contracts and the potential risks associated with decentralized finance protocols.
Security experts, including Olympix, emphasized the importance of users withdrawing their funds to secure wallets and refraining from interacting with Dough Finance until the platform issues clear guidance on safety measures.
Attention @DoughFina Users: Exploit Alert!
Dough finance has been exploited for roughly ~$1.8 million in USDC! Here’s a breakdown of the situation based on available information:
❓What Happened?
The exploit stemmed from unvalidated calldata within the… pic.twitter.com/NBcCwsMl10
— Olympix (@Olympix_ai) July 12, 2024
Remarkably, the attack on Dough Finance adds to a concerning trend of security breaches plaguing the cryptocurrency industry in 2024.
According to a recent report by CertiK, on-chain attack incidents have already led to losses exceeding $1.19 billion in the first half of the year, with phishing attacks and private key compromises contributing significantly to these figures.
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DWS to unveil Germany’s first regulated euro stablecoin
- DWS plans to have its euro-pegged stablecoin live by 2025.
- The €941 billion ($1.02 billion) assets management firm recently launched a new company called AllUnity that will unveil the stablecoin.
Deutsche Bank-owned asset management firm DWS is planning to release the first euro-denominated stablecoin in Germany, according to Reuters.
Per the report, DWS has created a new platform to be regulated by the Federal Financial Supervisory Authority (BaFin) and which will unveil the euro-pegged stablecoin by 2025.
DWS recently launched AllUnity
Stefan Hoops, the CEO of DWS, said the new company set to launch the new stablecoin is called AllUnity.
DWS partnered with Flow Traders and Galaxy Digital to launch AllUnity in June this year, according to details in the report.
While no official announcement has been published yet, this is a move that could be a major step into the crypto space for DWS. The company is a leading fund manager in Europe, currently managing over €941 billion ($1.02 billion) worth of assets globally.
When unveiled, the new stablecoin will bring its benefits to both digital asset investors and developers, including in industrial applications.
“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops said in a statement.
Stablecoins and MiCA regulation
DWS’s move comes as the EU moves ahead with implementation of the Markets in Crypto-Assets (MiCA) regulation that came into effect on June 30. One of the key regulatory standards is for stablecoins and various issuers and providers have taken steps to align with the law.
This includes getting the necessary licenses and approvals.
USDC and EURC issuer Circle recently became the first stablecoin issuer to secure approval with the Electronic Money Institution (EMI) license.
Binance, on the other hand, moved to delist stablecoins that fail to comply with the MiCA rules. Bitstamp also delisted Euro Tether (EURT) in June.
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