Network and token freeze raises concerns after Acala vulnerability
Over a billion aUSD stablecoins were created out of thin air during the Acala hack, but now community members are puzzling over how a decentralized system would handle the clean-up. Concerns regarding the decentralized nature of the Acala Network’s aUSD stablecoin were raised over the weekend when it underperformed by over 99 percent and the […]
O’Leary: Giving up Tornado Cash for institutional adoption worth it
According to Mr. Wonderful. more regulation is needed for crypto and “crypto cowboys” like Alexey Pertsev, the developer of Tornado Cash, should be sacrificed to bring stability to institutional inflows. Shark Tank host and millionaire venture capitalist Kevin O’Leary said that Tornado Cash and similar services are blocking real institutional money from entering the industry, […]
Tornado Cash DAO shuts down after treasury funds vote
Following U.S. sanctions, all platforms—Github, Circle, dYdX, Alchemy, and Infura—took action against Tornado Cash or anyone associated with the mixer. The Office of Foreign Asset Control of the United States Treasury Department recently levied penalties, and many social media users claimed the community was debating how to contest them. This led to the shutdown of […]
ED freezes additional crypto funds over money laundering claims
The Indian Directorate of Enforcement (ED) said that these funds were nothing but illegal gains from predatory lending practices. In order to force Vauld’s Indian branch to account for the illegal gains it sent out of the country, the Indian Directorate of Enforcement (ED) froze $46.4 million in its accounts. The financial accounts of Bengaluru-based […]
Revenue from bitcoin mining increases by 68.6%
Bitcoin mining revenue increased by over 69 percent in a single month, from $13.928 million on July 13 to $23.488 million on August 12. In 2022, the Bitcoin (BTC) mining sector experienced severe financial strain since its profits, when converted to U.S. dollars, were negatively damaged by a protracted bear market. The year’s lowest mining […]