Tether hits back at insolvency demands, EU struggles to rein in inflation

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The biggest news in the cryptoverse for August 30 includes the FBI warning against using DeFi protocolsthe liquidation of $20 million worth of Bitcoin longs and Tether’s fightback against WSJ insolvency claims.

Top CryptoSlate Stories

FBI warns against DeFi after data reveals sector accounts for 97% of $1.3 billion stolen in Q1

The United States Federal Bureau of Investigation (FBI) has warned investors against using DeFi protocols due to the rise in cybercrimes. He pointed out that 97% of the $1.3 billion stolen in cryptocurrencies in 2022 was diverted from DeFi protocols.

The FBI, however, has recommended that investors who want to proceed with DeFi services do their due diligence on protocols and access potential risks and audit reports.

DeFi protocols, on the other hand, have been urged to perform periodic monitoring and testing to reduce smart contract risks.

Tether responds to WSJ insolvency request, says its US Treasury assets are safe

With Tether’s reserve exceeding $191 million, the Wall Street Journal had claimed that a 0.3% decline in asset values ​​could lead to the insolvency of the USDT issuer.

In response, Tether said a large portion of its reserve assets are held in US Treasuries which have remained “the number one safe asset for several decades”.

LUNA Classic pumps 70% on ambitions to erase the past, relaunch the channel

After the withdrawal of the UST in May, developers working on the LUNA Classic fork introduced high yield staking rewards and token burns to regain investor confidence.

Investors have reportedly shown support for the stimulus package as the LUNC token has gained 54% in value over the past 30 days and is up 70% since its August 19 low.

Selling Bitcoin Leads to Liquidation of $20 Million Longs

In a quick response to Bitcoin’s price action over the past 24 hours, the bears forced BTC back to $19,600. As a result, $20.28 million longs were liquidated, according to Glasscoin.

CryptoSlate also highlighted Open Interest by Strike price metrics, which revealed that derivatives traders expect BTC to fall below $19,500, which will trigger the sale of their contract holdings. here on August 31.

Crypto Lender Nexo Allocates $50 Million To Buy Back Its Native Token

Nexo said it would use $50 million to buy back its native token on the open market over the next six months. The approval is an ongoing initiative that has seen Nexo spend over $112 million executing takeovers between 2020 and 2021.

Nexo co-founder Antoni Trenchev said the takeover will help stabilize its token price and generate more rewards for investors.

Research Highlight

The European sovereign debt crisis 2.0

CryptoSlate Research has detailed how continued interest rate hikes and debt buying by the European Central Bank (ECB) can raise energy and food prices, forcing EU countries to struggle. against a recession.

During a recession, the European economy could see a massive outflow of funds into more tangible assets like Bitcoin.

Study shows 62% of the Bitcoin network is zero-emission

Bitcoin research firm Batcoinz conducted a study which found that Bitcoin is becoming more carbon neutral. The carbon neutral impact of the Bitcoin network stands at 62%, indicating a 41% increase since March 2021. Similarly, the use of carbon negative sources creates a -4.2% impact on emissions of bitcoin carbon.

Overall, Bitcoin’s energy consumption and carbon emission levels are expected to continue to gradually decrease as it approaches zero emissions.

CryptoVerse News

Ripple’s real estate partnership with Colombia could be interrupted

Ripple previously partnered with the Colombian government to help register land title for the XRP ledger. The newly elected government noted that the project could be halted as it is not among its priorities for 2022, as reported by Forbes.

Crypto.com mistakenly transfers $10.4 million to a client

Seven months ago, Crypto.com, in an effort to repay Ms. Manivel $100, mistakenly transferred $10.4 million to her account. The error was discovered during its audit at the end of 2021.

Crypto.com filed a lawsuit against the woman, who allegedly spent $1.35 million on a luxury apartment and transferred $10.1 million from her account. The Supreme Court of Victoria is overseeing the case now.

Meta activates the NFT storefront on Facebook

Social media giant Meta has rolled out support for digital collectibles on Facebook. Users can now post their NFTs to Facebook and Instagram by simply connecting their digital wallets to the app.

Meta added that users will not be required to pay any fees to post or share their NFTs on their social networks.

The United States had more than 5.5 million jobs in July

US labor statistics released on August 30 show that the number of available jobs in July stood at 11.24 million, while available workers were 5.67 million.

As the demand for labor exceeds the supply, limited workers are offered higher compensation, which adds more pressure on the economy.

In expectations for labor market data, Fed Chairman Jerome Powell noted that ongoing rate hikes could lead to “some easing of labor market conditions.”

Crypto Markets

Bitcoin was down -1.72% on the day, trading at $19,837, while Ethereum traded at $1,532, reflecting a decline of -0.31%

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