The DeFi Cross-Chain Bridge Synapse Investigates Unusual Activity
The team at Synapse, a DeFi cross-chain bridge, is currently investigating unusual activity on their wallets. An “unknown liquidity provider” dumped their SYN tokens and removed liquidity, causing the coin’s price to drop significantly. The team is working to get in touch with the liquidity provider, who is allegedly Nima Capital, the project’s long-term partner. It has been discovered that Nima Capital dumped 9 million SYN tokens and went dark. Users suspect a rug pull, which refers to when developers abandon a project and take off with investors’ funds.
IQ.wiki Partners with InvestHK to Enhance Crypto Knowledge
IQ.wiki, the popular blockchain encyclopedia and AI-driven knowledge-sharing platform, has partnered with InvestHK to improve the accessibility, transparency, and understanding of crypto knowledge. This collaboration gives IQ.wiki access to the latest news and trends in Hong Kong’s blockchain environment. With its AI search engine, IQ GPT, powered by OpenAI’s GPT-4, IQ.wiki becomes a comprehensive resource for both local and international investors seeking blockchain information. This partnership aims to enhance research capabilities and provide valuable industry resources.
The Rise of Crypto Millionaires and Their Concerns
According to a report by Henley & Partners, there are 88,200 crypto millionaires worldwide, with nearly half of them holding their fortunes in bitcoin (BTC). The report also states that there are 425 million cryptocurrency owners globally. Henley & Partners CEO Juerg Steffe mentioned the increasing number of inquiries from crypto millionaires looking to protect themselves against potential bans and aggressive fiscal policies targeting digital assets. This highlights the growing concerns among crypto millionaires and their efforts to safeguard their wealth.
Wirex Utilizes Polygon CDK for Payments-Focused App Chain
Wirex, a crypto payments platform, has chosen Polygon CDK to build its payments-focused App Chain (W-Pay). By leveraging Polygon CDK, an open-source codebase for launching layer 2 chains for Ethereum, Wirex aims to create its own payments-focused layer 2 solution. These chains will be interoperable and provide easy access to the liquidity of both Polygon chains and Ethereum. This partnership highlights the commitment to enhancing payment solutions within the crypto space.
Cronos Labs Launches Accelerator Program for Crypto Startups
Cronos Labs, a blockchain startup accelerator, is launching its third cohort for the Cronos Accelerator Program. The program has secured backing of $100 million in investment and has enlisted mentors such as Google Cloud, Amazon Web Services, CertiK, and PeckShield. The 12-week remote program aims to support early-stage crypto projects by providing them with mentorship and funding opportunities. The recruitment phase began during Korea Blockchain Week, signaling the program’s commitment to fostering innovation and growth in the crypto industry.
CleanSpark’s Bitcoin Mining Update for August
CleanSpark, a company involved in bitcoin mining and operations, has released its unaudited update for August. The report states that they mined 659 BTC during the month and sold 43 BTC at an average price of around $28,200 per coin. The sales resulted in proceeds of approximately $1.2 million. CleanSpark’s mining operations maintained an average daily production of 21.26 BTC, reaching a peak of 22.11 BTC. This update showcases CleanSpark’s ongoing involvement and success in the bitcoin mining sector.
Hot Take
The crypto industry continues to experience both exciting advancements and challenges. Unusual activity and concerns surrounding rug pulls highlight the importance of due diligence and caution in the DeFi space. Partnerships between knowledge-sharing platforms like IQ.wiki and government entities like InvestHK contribute to the growth and understanding of cryptocurrencies. The rise of crypto millionaires and their efforts to protect their wealth demonstrate the need for regulatory clarity and stability in the industry. Payment-focused solutions like Wirex’s App Chain and accelerator programs like Cronos Labs support innovation and development in the blockchain space. CleanSpark’s bitcoin mining update reflects the ongoing profitability of mining operations. As the crypto industry evolves, staying informed and proactive is crucial for investors and enthusiasts alike.
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