The week of 11/12 in brief. The news concerning Bitcoin and cryptocurrencies is constantly in flux. It can happen that vital information gets lost in the daily flow of information and that you miss important points. This format is here to remedy that. We return to the news from last week in‘Weekly Crypto in order to keep you informed on the current situation of cryptocurrencies.
Crypto news in brief
▶ 13 years ago, Satoshi Nakamoto published his last message online before disappearing. Since then, the mystery surrounding his identity has remained intact and his legacy endures.
▶ Disagreement between FTX buyers and the American tax authorities. In fact, the American institution is demanding 24 billion dollars from the platform. For their part, FTX’s lawyers call the request “absurd and baseless”, stating that the company has never made profits that would justify such a sum.
▶ Ordinals added to US National Vulnerability Database as a cybersecurity risk. Developer Luke Dashjr, known for his battle against the Ordinals, stated that he was not the originator of this addition.
▶ Do Kwon, the founder of Terra Luna will be extradited. However, the destination still remains unknown. He could just as easily be extradited to the United States as to South Korea, to be tried for his actions and his disastrous management of the Terra Luna project.
▶ Airdrop on Base, the Seamless protocol distributes its SEAM token to its early users. At the same time, the Coinbase exchange platform announced support for the token on its trading platforms.
▶ Integrating a zkEVM into the heart of Ethereum, Vitalik Buterin’s crazy idea. According to him, this could significantly help the development of second-layer solutions on Ethereum.
▶ Ledger suffered a vulnerability this week. This impacted the wallet connection library to DeFi. Fortunately, the Ledger teams quickly corrected this flaw. This did not prevent the loss of funds.
▶ We continue our series of crypto projects to follow in 2024.
The 5 metrics of the week
➤ 161it’s about number of wallets that have been frozen by Tether for non-compliance with OFAC rules. In the future, Tether will freeze any wallets that are singled out by OFAC. A dramatic situation for users who, for example, wish to protect their anonymity via protocols like Tornado Cash.
➤ $316 millionit’s the amount that was liquidated during the fall of BTC from $44,000 to $40,000 which occurred this week. Thus, the brief drop in price led to the liquidation of numerous long positions on the market.
➤ $258 millionit’s the outgoing flow recorded by the HTX platform. Indeed, it seems that the hacks that recently targeted the platform have shaken user confidence who prefer to massively withdraw their funds.
➤ 82%it’s here increase recorded by the AVAX token of the Avalanche blockchain. Indeed, the recent enthusiasm around Avalanche, and in particular the Registrations which are made there, have relaunched the activity on this channel emblematic of the previous bullrun.
➤ $1.4 millionit’s about amount that was lost by Yearn Finance following a faulty multisig script. Fortunately, the funds belonged to the protocol’s treasury and not to users.
Have a good week on the Journal du Coin! 🙂