What Happened To Crypto And NFT In A Week

We continue to conduct a selection of weekly news on our website.

News from the world of cryptocurrencies

Whale miracle

2.379 billion USDT ( $ 2,379,978,000) has been injected into the Binance exchange via the Tron blockchain, the most significant transfer of stablecoins to the exchange.

 screenshot from CryptoQuant website

Blockchain is being integrated into the state structures of the Russian Federation.

The Federal Tax Service introduces a new registry system. According to the official website, they plan to integrate the innovation to simplify the exchange of powers of attorney with the Federal Customs Service. 

“The purpose of the experiment is the use by the customs service of a single database of machine-readable powers of attorney of interested parties. This will automate the control of the validity of powers of attorney of participants in foreign economic activity and provide the possibility of their verification in electronic documents.”

Online scammers

Over the past 7 months, hackers have stolen $1.9 billion worth of cryptocurrencies. Some hacks were carried out in DeFi protocols, including the game Axie Infinity

The Chainalysis report states that $1 billion was stolen by hackers from North Korea.

Return to the zenith

2022 has been a challenging year for Solana. The test was interrupted, and even falls. In the period May-June, the network lay 2 times for several hours. Naturally, this affected the value of the currency. 

However, developers have found ways to support the network and are now actively working on their implementation. The Firedancer project will keep the Solana ecosystem running smoothly for the next 12 months.

Without a sledgehammer and a drill

Hackers have found a way to break into cryptocurrency ATMs using a zero-day vulnerability, a flaw in the system against which protection has not been developed.

Having gained access to the administration network of General Bytes (a company that produces cryptocurrency ATMs), hackers redirect the currency credited through the terminal to themselves. 

NFT News

Digital gold

A Bored Ape Yacht Club member purchased a new token from the collection. 

The purchase subject was Bored Ape #5383, for which they paid 777 ETH ($1,478,000 at the time of the transaction). Many users were at a loss – why did NFTs get purchased at such a difficult time, even for one and a half million dollars? However, this purchase demonstrates the optimism of BAYC club members in the current market situation.

Sea level decline

Daily sales volume on the OpenSea marketplace fell by 95%. The dependence of indicators can be traced in the analytics of interest in NFTs. The general drop in demand inevitably leads to a decrease in trading volume. We hope it doesn’t dry out.

Trick or Treat

Tokens of the most famous NFT collections, CryptoPunks and BAYC, can burn. The fact is that the BendDAO lending service, which accepted the aforementioned NFTs as collateral, cannot afford to go negative against the background of a general fall in the value of cryptocurrencies. Some tokens have lost more than 50% in 3 months; therefore, the loan ratio is decreasing – at the moment, it is close to 1. As a result, debtors are advised to repay the debt as soon as possible. Otherwise, NFTs will go on sale.

Welcome to Africa!

Africa is launching its metaverse called Africarare.

This project is a virtual reality based on the idea of ​​market user interaction. A person buys land in the Ubuntuland and then can place outlets on it, produce resources, provide services, and communicate in every possible way with other participants in the virtual market. 

“A more measured approach.”

The world leaders in the technology industry, Apple and Meta, are slowing down the pace of work on the metaverse, weakening the search for qualified personnel. Mark Zuckerberg said the company is facing a lack of revenue, while Apple says it needs a more intelligent approach to recruiting.  

Stay in touch, and new collections will be waiting for you soon!

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