A cryptocurrency is a digital currency, an alternative form of payment created using encryption algorithms. Encryption technologies mean that cryptocurrencies function as a currency and a virtual accounting system.
To use cryptocurrencies, you need a cryptocurrency wallet. These wallets can be software that is a cloud-based service or is stored on your computer or your mobile device.
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The wallets are the tool through which you hold encryption keys that confirm your identity and link to your cryptocurrency.
We listed the latest five news. The News is given below with a short description:
1. Network And Token Freeze After Acala Exploit Raise Questions.
2. ‘Dangerous Territory’: Investor Peter Boockvar Warns Recession Is Spreading To Other Parts Of The Economy
3. Korean Regulators Investigate Banks Over $6.5B Tied To Kimchi Premium
4. Dow Futures Ease Ahead of Major Retailer Earnings
5.19 Celebrities Called Out By Consumer Watchdog Group For Shilling NFTs
The Acala hack saw over a billion USD stablecoins minted from thin air, but now community members are wondering how a decentralized protocol would handle the clean-up.
The Acala Network’s a USD stablecoin depegged by over 99% over the weekend and forced the Acala team to pause a hacker’s wallet, raising concerns about its claim of being decentralized.
On Aug. 14, a hacker took advantage of a bug on the BTC/sUSD liquidity pool, resulting in 1.2 billion USD minted without collateral.
This event crashed the USD-pegged stablecoin to a cent, and in response, the Acala team froze the erroneously minted tokens by placing the network in maintenance mode. Read more
There may be no escape from recession. According to investor Peter Boockvar, the latest reports on housing and manufacturing suggest it’s rapidly spreading to other parts of the economy.
“People are not being sensitive enough to this economic slowdown and what it’s going to mean for corporate earnings and profit margins,” the Bleakley Advisory Group chief investment officer told CNBC’s “Fast Money” on Monday.
The National Association of Home Builders/Wells Fargo Housing Market Index dropped into negative territory in August. This is the eighth month in a row builder's confidence fell.
In a news release, NAHB chief economist Robert Dietz said, “Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession.” Read more
South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges.
South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances tied to companies arbitraging cryptocurrency.
According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying significant overseas remittance transactions at the end of June.
The investigation found that most of the $6.5 billion remitted overseas between Jan 2021 and Jun 2022 came from crypto exchange accounts before being sent out of the country.
Some Korean companies are exploiting the "Kimchi premium (kimp)." The Kimchi premium is the gap in cryptocurrency prices in South Korean exchanges compared to foreign businesses. Read more
U.S. stock futures were trading slightly lower during Monday's evening deals after major benchmark averages finished the regular session higher as investors proved optimistic ahead of earnings reports from major retailers later in the week.
By 7:10pm ET (11:10pm GMT) Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were each trading 0.1% lower. In extended deals, Ginkgo Bioworks Holdings (NYSE: DNA) lifted 20.4% after the company reported Q2 losses of $0.41 per share,
more significant than expected losses of $0.05 per share. Revenue was reported at $145 million versus $78.83 million expected. Fabrinet (NYSE: FN) gained 11.7% after reporting Q4 EPS of $1.68 versus $1.54 expected, while revenue came in at Compass Inc (NYSE: COMP) shed 12.4% after reporting Q2 losses of $0.24 per share;
more significant than expected losses of $0.17 per share. Revenue for the quarter came in at $2.02 billion versus the $2.11 billion expected. Read more$587.9 million versus $581.48 million expected. Read more
Consumer watchdog group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media channels is an area "rife with deception."
The not-for-profit consumer advocacy organization said on their website they investigated "celebrities who promote non-fungible tokens (NFTs) on their social media channels", finding that "it is an area rife with deception."
Among the star-studded list are sports stars Floyd Mayweather and Tom Brady, music icons Eminem and Snoop Dog, and several actresses, including Gwyneth Paltrow,
all of whom have been sent letters urging them to immediately disclose any material connections they have to NFT companies or brands they have promoted, stating:
"The promoter often fails to disclose a material connection to the endorsed NFT company." NFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset,
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often an artwork, with many high-profile projects constantly attracting celebrity endorsement and promotion. While no real legal penalty has been attached,
TINA.org noted that it sent letters to the celebrities involved on Aug. 8 outlining their grievances and advising them of the potentially harmful effect shilling NFTs can have on the public. Read more