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The largest DeFi hack in history takes an unexpected turn, Venmo offers crypto cashback, and can you guess where the Bitcoin family is hiding BTC? These stories and more are coming this week in Cryptocurrency.
Poly network was the victim of a cyber attack in which $600 million worth of digital assets were stolen, making it the largest DeFi hack in history. Poly Network has called on cryptocurrency exchanges to blacklist any code coming from the hacker’s addresses, but in a strange turn of events, the hacker has since returned the stolen funds, claiming that was the intention all along.
Venmo – PayPal’s credit card issuance division – is unveiling a new crypto cashback program that allows all customers to purchase cryptocurrency with cashback they earn on any purchases they make with their Venmo credit cards. Customers can earn one to three percent back on spend tiers each month.
The stablecoin giant Circle plans to become a “national digital currency bank” — a move that would put it under the direct supervision of the Federal Reserve. According to the announcement, the switch to full reserve banking will boost its stablecoin USDC, which currently has a circulation of more than $27.5 billion.
Nasdaq-listed cryptocurrency exchange Coinbase has released its second quarter report revealing $2 billion in revenue in the second quarter with 95% of its profits coming from trading fees. The cryptocurrency trading platform acknowledged that the period was a solid period of growth on the back of a bull market for cryptocurrencies.
Crypto exchanges BitMEX and Poloniex separately agreed to pay fines to US agencies. BitMEX will pay $100 million to settle allegations that they allowed years of illegal deals and violated anti-money laundering rules. Meanwhile, Poloniex will pay $10 million to settle an SEC investigation for not registering its operations with federal regulators, thus violating investor protection laws.
Footballer Leo Messi has become the latest professional athlete to earn a portion of his salary in cryptocurrency. Messi has signed a two-year contract with French club Paris Saint-Germain and will collect nearly half of his wages in what are known as “PSG” fan tokens, which give their owners voting rights over future team decisions.
Movie theater chain AMC announced that by the end of 2021, customers will be able to purchase movie tickets and franchise products such as popcorn and other treats with bitcoin. AMC is also looking for other ways in which it can join the “burgeoning world of cryptocurrency.”
The Bitcoin family, a Dutch family that fully entered Bitcoin in 2017, has revealed their secrets to protecting their assets. The family explained that they have hidden hardware wallets in many countries so they never have to travel very far if access to a cold wallet is needed. Hiding places are found in Europe, Asia, South America and Australia.
This is what happened this week in cryptocurrency, see you next week.
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