Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Over 46,000 individuals have lost a total of more than $1 billion in crypto-related scams since the beginning of 2021, according to the Federal Trade Commission (FTC). Around $680 million in fraud was reported last year, with $329 million reported in Q1 this year. Almost half the victims said it began with an ad, post or message on a social media platform, the most frequently cited being Facebook, Instagram and WhatsApp. The FTC also reported that BTC, USDT and ETH were the most frequently stolen cryptocurrencies.
Saturday’s hack of the Bored Ape Yacht Club (BAYC) Discord server saw the attacker making off with 200 ETH ($360,000) worth of NFTs and possibly a further 145 ETH ($260,000). The project’s community manager Boris Vagner’s Discord account was compromised, after which the hacker used it to post phishing links in the official BAYC and Otherside Discord channels. Twitter user NFTherder traced the stolen funds to four separate wallets, and Yuga Labs has said it is still actively investigating the incident.
To avoid the Terra’s fate, Tron will boost transparency and add collateral. USDD, which debuted last month, now has a total supply of $668 million and collateralization ratio of 206%; Troh said it would maintain a guaranteed minimum collateral ratio of 130%. Founder Justin Sun said “Terra / Luna definitely accelerated and prioritized” Tron’s plan for “USDD to be over-collateralized”. He added that Tron DAO would be “very active” and “less predictable” than Terra, so the market would “feel comfortable” without being given “too much information”.
Majid Al Futtaim, a leading Dubai-based operator of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Asia and Africa, has partnered with Binance to work on a number of crypto and blockchain projects. Binance Pay will be integrated to accept crypto payments at various Majid Al Futtaim properties, and the two companies will work on listing NFTs on Binance’s marketplace and setting up a digital wallet infrastructure to hold crypto from multiple platforms.
The Bank of Uganda has invited Blockchain Association of Uganda (BAU) members to share their knowledge with the central bank by participating in its Regulatory Sandbox. This marks a U-turn in the bank’s attitude towards crypto, after it issued a warning in Apr that crypto transactions opened the door to money laundering and scams. Still, crypto is not banned in Uganda and crypto adoption across Africa rose by almost 1,200% between 2020 and 2021, with 2% of Ugandans reportedly using crypto.
In scaling back its hiring efforts, Coinbase has not only stopped hiring new employees but also rescinded several already accepted job offers, citing “current market conditions and ongoing business prioritization efforts”. At the same time, chief people officer LJ Brock said those laid off would benefit from Coinbase’s “generous severance policy”. This comes amid the continuing crypto market downturn, during which other firms, such as Gemini, have also laid off employees and instituted a hiring freeze.
Show me the money
BTC rose 6.03% to $31,391.33 in the last 24 hours. Within the same period, ETH rose 6.84% to $1,903.48, while other major altcoins also saw increases: ADA was up 14.01%, SOL 11.78% and AVAX 10.29%. Similarly, meme tokens SHIB and DOGE rose in value, with a respective increase of 5.08% and 2.98% in the past 24 hours. After dipping slightly over the weekend, LUNA rose 10.31% to $5.31 in the past 24 hours.