02-08-2024

August 02, 2024

Howdy folks,

🔒🚨 Terra faces another crisis as hackers exploit an outdated security patch to mint tokens, draining over $6M in digital assets, including $3.5M in USDC and 2.7 BTC. Despite identifying the culprit, the community struggles with retrieving funds, highlighting the critical need for timely security upgrades.

The incident has significantly impacted Terra's native cryptocurrency, LUNA, which plummeted to $0.369. 

In other news:

🕵️‍♂️💣 Tucker Carlson has stirred up controversy by promoting a conspiracy theory linking Bitcoin to the CIA. The former Fox News host suggested that the U.S. government might be behind the creation of Bitcoin as a tool for controlling global finance. While Carlson offered no concrete evidence, his comments have reignited debates within the crypto community, with some dismissing the theory as baseless while others see it as a possibility worth exploring.

This highlights the ongoing tension between Bitcoin's decentralized nature and suspicions about its origins.

🌍👩‍⚖️ Do Kwon, co-founder of Terraform Labs, will be extradited to South Korea after the Montenegro Appellate Court upheld the ruling, despite competing claims from the US. The Terra-Luna collapse, which resulted in over $40 billion in investor losses, has led to significant legal ramifications for Kwon.

The United States plans to contest the ruling, indicating further legal battles ahead.

👟💼 Donald Trump has launched a new line of “Trump Crypto President” sneakers, pricing them between $299 and $499 and accepting BTC and other cryptos. This move is part of his self-branded Bitcoin presidential campaign aimed at gaining crypto community support ahead of the 2024 election.

While high-end sneakers quickly sold out, Trump's venture faced backlash, with critics labeling it as mere grifting.

DailyCoin Daily Meme

Mt. Gox Confirms Completion of BTC Payments to 17,000 Creditors

Mt. Gox has provided an update on the ongoing payment process and given a notice to awaiting creditors. Read more on DailyCoin.

Bitcoin’s Dip Below $63K Wipes Out $2.5B in Longs: When Will the Rout End?

Bitcoin has continued to fall despite a dovish Fed.

Man Utd Subs in Fantasy Trading Cards: How to Get Yours for 24/25 Season

Man Utd fans can now buy digital player cards for a new Tezos-powered fantasy football game. Click to read more.

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DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

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