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- 23-08-2024
23-08-2024
Fernando Fierro
August 23, 2024
Howdy folks,
🍔🔒 McDonald's official Instagram account fell victim to a hack, promoting a fake Solana-based memecoin called GRIMACE, which caused a temporary market cap surge before crashing dramatically. The scam exploited the growing trend of Solana memecoins, riding on the heels of widespread celebrity promotions and resulting in substantial financial losses for many.
This bold attack highlights the urgent need for caution in the crypto space, especially with the rising prevalence of such fraudulent schemes.
In other news:
⚖️🚀 ASIC has triumphed in its legal battle against Kraken’s local operator, Bit Trade Pty Ltd, for non-compliance with margin trading product regulations. The Federal Court of Australia ruled that Bit Trade breached the Corporations Act by offering a margin extension product without a target market determination.
ASIC emphasizes this as a critical victory and a solid reminder that consumer protection in the crypto industry is paramount.
🚀📈 Binance is set to hire 1,000 employees by the end of 2024, focusing significantly on compliance and customer service roles. CEO Richard Teng announced this massive hiring effort, which underscores Binance’s optimistic outlook on market growth despite the challenges of the 2022 crypto crash.
However, with crypto markets being notoriously unpredictable, the success of this expansion remains uncertain.
📉📈 Ethereum ETFs are facing significant challenges with consistent outflows, totaling approximately $18 million recently, while Bitcoin ETFs continue to thrive with solid inflows. Grayscale's ETF ETHE is the main contributor to Ethereum's decline, losing $31.1 million, despite minor inflows from Fidelity and BlackRock.
This disparity in performance reflects broader market sentiment and raises questions about investor confidence in Ethereum ETFs compared to Bitcoin ETFs.
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