Saturday, Aug 20, 2022
Outlook Money

Binance Leads Fund Raising To Bail Out Victims Of Axie Infinity Hack, ETH Falls Over 4%

Binance, other investors join hands to reimburse users affected by Axie Infinity hack. Goldman Sachs to provide over-the-counter trading option for Ethereum (ETH).


Binance, the world’s largest crypto exchange by volume, is reportedly leading a contribution drive to put together a bailout fund for the Axie Infinity blockchain game hack victims. 

Click here to read more about the hacking incident, which cost users approximately $615 million.

In other news, Goldman Sachs is set to offer an over-the-counter Ethereum (ETH) trading option to its institutional clients.

Meanwhile, the global crypto market cap decreased by 4.52 per cent to $1.99 trillion at 8.50 am. The global crypto volume was, however, up by 9.12 per cent to $121.06 billion, as per Coinmarketcap data. 
“Bitcoin (BTC) retraced to almost $42,000 and is currently trading slightly above $43,000. The market leaders have fallen by about 5 per cent and the market's in the red,” says Gaurav Dahake, CEO and founder, Bitbns.

Cryptocurrency Prices

BTC, the world’s oldest cryptocurrency, was trading at $43,256.56, lower by 4.41 per cent in the last 24 hours. ETH was also trading lower by 4.94 per cent at $3,179.76.

Among other major coins, Cardano (ADA) was down by 7.41 per cent at $1.06, but Algorand (ALGO) was trading with a loss of 4.38 per cent at $0.7758. Binance Coin (BNB) was down by 4.01 per cent at $423.30, Solana (SOL) lost 8.66 per cent to $113.27, and Polkadot (DOT) was also trading lower by 7.39 per cent at $19.94.

Today’s top gainer was Metacyber (METAC), which was up by 700.14 per cent at $0.0000009002. The top loser was Dark Matter (DKMT), which was down by 98.18 per cent at $0.0001298.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 11.66 per cent at $0.1511. Its volume to market cap ratio stands at 0.1592. Rival Shiba Inu (SHIB) was down by 0.77 per cent at $0.00002433.

Dogelon Mars (ELON) was down by 5.39 per cent at $0.0000009189, and Floki Inu (FLOKI) gained 9.21 per cent at $0.00003211. Samoyed Coin (SAMO), however, lost 8.61 per cent at $0.02011. 

In the DeFi segment, YFI ( was trading with a loss of 6.51 per cent at $21,498.19. Terra (LUNA) was also down by 7.05 per cent at $108.47. Avalanche (AVAX) lost 6.57 per cent at $83.38, Uniswap (UNI) was down by 7.76 per cent to trade at $9.98, and Aave (AAVE) fell 5.49 per cent to trade at $200.71.

Latest Update

Sky Mavis, a Vietnam-based blockchain company and developer of Axie Infinity said that they would reimburse the money lost by users in the hack through internal balance sheet funds and $150 million raised from Binance, a16z and others. "Sky Mavis is committed to reimbursing all of our users' lost funds and implementing rigorous internal security measures to prevent future attacks," said Trung Nguyen, CEO of Sky Mavis, as per various media sources.

Andrei Kazantsev, global head of crypto trading at Goldman Sachs, said at a webinar that the bank is preparing to offer ETH over-the-counter trade option for its institutional clients in due course. Goldman does not provide a spot crypto trading product, but it intends to use European and Canadian exchange-traded products as a proxy to offer its over-the-counter crypto product, reported Bloomberg.