Does WazirX Have Enough Funds To Cover Losses From $230M Hack? | Key Points | July 19, 2024
GM. Welcome back toย BitPinas Key Points: easily digestible news in concise formats for easy reading. In todayโs recap: WazirX.
Here are the latest crypto news stories in the last 24 hours.
Market Analysis and Updates ๐
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $63,780.00, down 1.3% over the last 24 hours.
- Ethereum (ETH): $3,411.51 down 0.2% over the last 24 hours.
- Solana (SOL): $159.07, up 0.5% vs the previous day.
Trending Coins Update
- Mantle: $0.8322, up 7.9% vs the previous day.
- Dogwifhat: $2.36, up 6.2% over the last 24 hours.
- XRP: $0.55, down 2.8% vs the previous day.
For the daily price update, check out our post on Facebook.
๐บ Watch: Philippine Peso Stablecoin on Ronin Blockchain
Yesterday, we spoke LIVE to Wei Zhou, the CEO of Coins.ph, and Jeff Zirlin, the Co-Founder of Sky Mavis, on the implications of the launch of PHPC (Peso Stablecoin) on the Ronin blockchain!
We also discuss usecases for the stablecoin, and, near the end of the session we expanded our interview to ask about their insights about CBDC, the U.S. elections, and whether or not it matters what web2 gamers think of web3 games.
This is a one hour interview and I promise this is worth your time. Watch webcast on YouTube or Facebook.
Feature News: Indian Crypto Exchange WazirX Breached, $230M Withdrawn
Indian crypto exchange WazirX experienced a security breach, resulting in over $230 million in withdrawals. The breach affected one of its multisig wallets, causing significant loss of user funds.
The details:
- WazirX confirmed a security breach in a multisig wallet.
- Over $230 million in user funds were withdrawn.
Whatโs the significance? The stolen funds represent over 45% of WazirX’s $500 million reserves reported in June 2024.
- Blockchain analytics firm Elliptic linked the breach to North Korean hackers, indicating sophisticated cyber threats.
By the numbers:
- $100 million in SHIB tokens were stolen.
- $52 million in ETH was lost.
- Additional losses included $11 million in MATIC and $6 million in PEPE.
WazirX’s role as a major exchange for Indian traders makes the impact worst.
- Researcher and analyst Adam Cochran wrote on X:
“Doesnโt look good for WazirX, as no way their valuation comes close to covering these losses to even try an equity bailout.”
- WRX, the token of WazirX has a fully diluted valuation of $141.3 million.
Whatโs the latest: WazirX has paused INR and crypto withdrawals to secure user assets. The exchange has also posted its preliminary findings on X.
Philippine Crypto News ๐ต๐ญ
- BitPinas article: ETH63 recaps Ethereum community meetup in Cebu.
- Coins.ph announced Learn-and-earn opportunity with Creta which will happen on July 24; 100 winners will each take home 400 $CRETA.ย
- PHPC stablecoin is now also live on Katana DEX.
Educational Corner ๐
As the Telegram-Based game Catizen confirms airdrop while its phase 3 starts, check out this article on how to play the game.
- Catizen is a swipe-to-earn game where players combine cats in a virtual cafรฉ to level up and increase earnings.
Regulation Watch ๐
Stay informed about the latest regulatory updates and what they mean for you:
- North Tonawanda, New York, imposed a two-year ban on new cryptocurrency mining operations following unanimous approval from the Common Council.
- Argentina implemented rules for the normalization of previously undeclared assets, including cryptocurrencies, under the recently passed Omnibus Law.ย
- The Internal Revenue Service (IRS) is intensifying efforts to combat tax evasion in the cryptocurrency sector through Operation Hidden Treasure, investigating nearly 400 cases and recommending prosecution for over half of them.
- Taiwan passed new anti-money laundering (AML) legislation requiring crypto service providers to register for AML compliance, with non-compliance punishable by up to two years imprisonment or a fine of up to NT$5 million ($153,800).
- Russia‘s money laundering watchdog advocates for expediting cryptocurrency payment infrastructure amid Western regulatory pressures, ahead of parliamentary review on legislation to enable international cryptocurrency transactions
Community Spotlight ๐ฆ
Meet Dell Omasas: He is the Philippines Lead at ViaWallet and Coinex Charity.ย
- He has been actively involved in the crypto space and previously guested and hosted on the BitPinas Webcast.
His recent appearance was during the 49th episode where they discussed the factors influencing the crypto marketโs performance.
More Web3 and AI News ๐ก
Discover the latest in web3 and AI innovation.
- OKX Wallet announced its support for The Open Network (TON), marking its 100th mainnet blockchain integration.
- Zodia Markets, backed by Standard Chartered’s venture arm, is acquiring Elwood Technologies’ over-the-counter (OTC) trading division to support its daily trading volumes.
- Animoca Brands Japan partnered with BONSAI NFT CLUB to promote Japanese bonsai art in Web3 through marketing and token strategy support, aiming for global recognition via NFTs.
Web3 Gaming Section ๐ฎ
The future of web3 is gaming, and here are the latest news.
- Stardust launched Starbase, a new platform within the Starnet ecosystem, offering 25 missions and partnerships with games like Shrapnel and Cambria.
- Pixelverse launched Pixelchain, the first EVM-compatible Layer 2 solution for the TON blockchain.
- Horizon and Ubisoft partnered for Champions Tactics, Ubisoftโs debut web3 game using Horizonโs Sequence tech stack.
Event Announcements ๐
Donโt Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Our Davao meetup is happening this July 25th, see you there!
- Regional Blockchain Conference 2024 โ July 19, 2024
- Solana Blinks Buidlstation โ July 20, 2024
- GitHub Field Day Philippines โ July 20, 2024
- Mindanao Traderโs Expo โ July 25-26, 2024
- BitBulaga โPortfolio Construction in a Bull or Bear Marketโ โ July 27, 2024
Noteworthy ๐
Key updates and announcements from around the crypto and blockchain world:
- NatureRex introduced $REXN, an eco-oriented cryptocurrency designed to merge financial innovation with environmental responsibility by dedicating a portion of every transaction fee to fund environmental projects.
- The TON Foundation announced TON Teleport BTC, an infrastructure that facilitates transfers between Bitcoin and TON.ย
- Blockchain-friendly Roberta Metsola has been reelected as President of the European Parliament, securing 562 out of 699 votes.
Stay Connected:
- Follow us on Twitter ๐ฆ
- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
Weโd love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas:ย Does WazirX Have Enough Funds To Cover Losses From $230M Hack? | Key Points | July 19, 2024