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Weekly Crypto Wrap: Binance Cuts Ties With WazirX, Solana Cyberattack

From cyberattacks to partnerships, it was a happening week for the crypto world. Outlook Money brings you the highlights.

Weekly Crypto Wrap: Binance Cuts Ties With WazirX, Solana Cyberattack
Weekly Crypto Wrap: Binance Cuts Ties With WazirX, Solana Cyberattack

It has been an eventful week for the cryptocurrency market. The Shiba Inu (SHIB) crypto celebrated its second birthday this week. 

Initially dubbed as 'Dogecoin Killer' for sharing the brand image of the Shiba dog breed with Dogecoin, Shiba Inu has come a long way in establishing itself as an ecosystem coin. 

However, it was a mixed bag of positive and negative news for the market. 

The Solana (SOL) cyberattack this week has renewed fears of the perils associated with the digital currency world. The attacks left investors worried of the safety of their crypto assets.

The new partnerships, break-ups, and the ups and downs in the global crypto market, driven by the fluctuating prices of major cryptocurrencies like Bitcoin (BTC) have kept traders on their toes.

Solana Cyberattack

In one of the most recent cyberattacks, hackers stole around $8 million after gaining access to almost 8000 Solana hot wallets. The malware attack revived the concerns around online security and safety of cryptocurrency transactions among users.

To reduce online risk, researchers at Ottsec, a blockchain firm, advised users to move their assets to hardware ledgers or centralised exchanges.

Pakistan’s Former PM Imran Khan’s Instagram Account Hacked

Pakistan's former Prime Minister Imran Khan's Instagram account was hacked. The cryptic post on his Instagram page showed that Khan was thanking Tesla CEO Elon Musk for gifting him three bitcoins. Khan's party members later confirmed that it was a fake post false.

Binance Cuts Ties With WazirX

On August 3, Union Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha that WazirX had received an ED notice for two cases under the Foreign Exchange Management Act, 1999 (FEMA) Act. Recently, the Enforcement Directorate (ED) searched one of Zanmai Labs' directors and seized bank deposits worth Rs 64.67 crore of the business.

Following these developments, Binance owner Changpeng Zhao tweeted that his company does not own any equity in Zanmai Labs, the owner of WazirX.

Bitcoin Miners Generated $555 Million 

Research-based company, Block, reported that bitcoin miners made $555 million in July this year. 

In June, Bitcoin miners earned $667 million. This indicates a 16.7% decline or a loss of over $100 million in mining revenue month-on-month. July saw the lowest mining revenue ever. On July 13, 2022, the mining revenue fell to its lowest level of the month at $13.929 million.

Furthermore, on July 20, the total hash rate fell below $190 million mark, the first drop since March 2022. Block’s data also showed that Bitcoin network issues have decreased since July. 

Blackrock Partners With Coinbase

Blackrock, a US-based multinational investment firm, has teamed up with Coinbase , to give its institutional clients simple access to trading in cryptocurrency. Blackrock has around $10 trillion dollars worth of assets under management (AUM).

Coinbase Prime will now be integrated into Blackrock's ALADDIN (Assets, Liability, Debt and Derivative Investment Network) premium asset management platform. Some of the services that Coinbase Prime plans to offer include advanced agency trading, custody, prime finance, staking, staking infrastructure, data, and reporting.
 

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