Other than JPMorgan stepping into the crypto economy, Bitcoin has had a slow week. However, it was a memorable week for Ethereum, with the launch of their new London hard fork upgrade. So let’s dive in and check out everything else that happened this week in the crypto world.
Bitcoin
Banking giant JPMorgan Chase has launched a new Bitcoin trading fund for private clients. According to reports, the fund will be passively managed and offered in partnership with Bitcoin powerhouse NYDIG.
Ethereum
The much anticipated Ethereum Improvement Protocol 1559 or “London hard fork” went live on August 5th. The London hard fork plans to introduce several Ethereum Improvement Proposals, the most hotly anticipated of which is the EIP-1559 which aims to make transaction fees more predictable and will introduce a base-fee burning mechanism which will effectively work to limit supply and is expected to create a deflationary aspect to Ethereum.
DeFi
Popsicle Finance has become the latest DeFi protocol affected by a bug that has enabled hackers to extract $25 million by exploiting the reward debt mechanism.
Business
Brian Brooks has announced his resignation as CEO of Binance.US, the American branch of Binance, the global cryptocurrency exchange, which has been the subject of recent regulatory oversight across the crypto industry.
Altcoins
The Bitcoin SV blockchain was the target of two 51% attacks this month, further tarnishing its reputation in the crypto community. The latest attack began on 3rd August 2021, when a group of miners initiated a chain reorganization. The miners ended up creating three different versions of the blockchain, and all three of the chains were being mined by different mining pools simultaneously.
Regulations
The final vote on the $550 billion infrastructure legislation bill was delayed as disagreements continued over tax-based reporting requirements for cryptocurrency transactions and other issues.
Blockchain Credit Partners (BCP) has settled over $12 million worth of disgorgement after consenting to a cease-and-desist order from the US Securities and Exchange Commission. The SEC order states that the now defunct firm offered and sold mTokens and DMG governance tokens without proper disclosures on its forward-looking statements, such that the digital assets were sold and offered despite price volatility, growing the risk of imbalance between its actual generated income and the amount of appreciation to be covered for investors’ principal.
NFT
As part of a celebration marking its 200 year anniversary, Luxury brand Louis Vuitton is launching a video game that includes artwork from the well-known NFT artist Mike ‘Beeple’ Winkelmann. The NFT based game contains historical and anecdotal stories of the founders life, with the player of the game going on a quest to reach a special destination.
Other
Former Monero developer Riccardo ‘Fluffypony’ Spagni has been arrested on non-crypto fraud charges from 2011.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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