As cryptocurrencies try to ride the wave of July, the resurgence of piracy acts and other macro events have brought fear back to the crypto market. Faced with the development of cryptocurrencies in the world of finance, the French authorities would think of setting up their own regulations outside the MiCa law. Adoption continues its path with the American luxury giant Tiffany which announced the launch of a collection of jewelry backed by the effigy of the CryptoPunks.
Hacks are making a comeback in the crypto world
The crypto sphere believed it had buried one of the old demons that have haunted the industry since its inception after Harmony’s infamous Horizon Bridge hack in June. But, the respite was only short-lived because at the beginning of August, another crosschain bridge application suffered a hack that caused it to lose nearly 190 million dollars.
Two days later, it was the turn of the Solana network, where a hacker stole 8 million from the Phantom and Slope applications. As if that weren’t enough, The Sandbox, the giant of the metaverse announced, during the week, that its Instagram account had been hacked.
Chainalysis is once again sounding the alarm for acts of piracy in the crypto sphere. According to its latest report, after 7 months, hackers have already stolen more than 2.89 billion from various industry platforms. We are already approaching 3 billion in stolen funds for the year 2021.
Inter-chain bridge applications are the ones that have suffered the most exploitation during this year. According to the report, they accounted for 69% of the piracy acts that occurred in the crypto sphere during this year. The fault of “central storage points” too vulnerable according to what Chainalysis reports.
To learn more, read the following article:
👉: Hacks are multiplying in the crypto sphere: Nomad and Solana, the latest victims
The Sandbox cornered by its community
Members of the French metaverse giant’s community did not appreciate the news about the platform’s Instagram account being hacked. Indeed, they denounce The Sandbox’s lack of responsiveness to the incident. Platform users have complained that The Sandbox didn’t notify them early enough, exposing them to hacker phishing schemes.
It turns out that many people in the platform’s community had already clicked on the fraudulent links relayed by the hackers when they took over the French unicorn’s account. These users were deceived because the post and the links shared by the hackers resembled the information that are used to conveying the real managers of the account. However, no users reported leaking SAND tokens from their wallets after the incident.
To learn more, read the following article:
👉: The Sandbox draws the wrath of its community after the hacking of its Instagram account
Tiffany goes a little deeper into the world of NFTs
The American jeweler announced earlier this week that it would launch a collection of jewelry based on the effigy of CryptoPunks’ NFT themes. This will include 250 pendants where each of them will be accompanied by an NFT to authenticate the uniqueness of the piece. The jewel will be composed of 30 precious stones on an 18 carat gold support. We also learn that all the colors of the CryptoPunks collection will be represented in the coin.
In less than 24 hours after the announcement, CryptoPunks’ NFT sales volume skyrocketed by 841%. On some marketplaces including OpenSea, demand for the collection increased by 2,127.98%. It was noticed that other NFT collections grew at a dizzying rate after the news. The Super Cool World and Invisible Friends collections increased by 970.72% and 1,484.69% respectively during the same day.
To learn more, read the following article:
👉: Tiffany & Co. Flares the NFT CryptoPunks Collection
Towards a French regulation of the crypto industry
Outside the framework of the MiCa law, France hopes to put in place its own regulation for the universe of cryptocurrencies. On the recommendation of Senator Nathalie Goulet, the government wishes to impose its own rules in this sector. According to the inventory of the Senate, the French authorities must define three orders of priority in order to better regulate the crypto market. This is indeed to address issues of anonymity, money laundering and crime as well as unfamiliarity with crypto.
If the first two elements are points of concern for almost all world authorities, the last seems to be the least of their concern. But for the French government, a good knowledge of cryptocurrency is essential to put in place the necessary regulations. In the end, France could adopt much more adequate regulation than that provided for under the MiCa law.
To learn more, read the following article:
👉: Crypto regulations: the three objectives of the next French law under construction
Tops and Flops: Time for reflection
The first week of August was not all successful for the crypto market. As we recalled during the introduction, a series of events both internal and external to the cryptocurrency universe have dampened the upward momentum of the previous month. We then find ourselves in front of a market in the middle of a “range”.
The bulls will tell you that this consolidation is important to drive another move up from the pivot at the top of the range. The bears will tell you again that the bulls did not have enough strength to extend the uptrend of July.
In this battle, the important thing is not to have small victories but rather to win the war. This year, it is clear that the bears have the upper hand in this difficult macroeconomic and geopolitical context. But, the bulls still have good cards to play. One of them is probably Ethereum’s The Merge which, as we have seen, provided small victories for the bulls during the month of July.
From what it seems, this month of August promises to be exciting for the crypto market. Will the bears defend their lead or will the bulls come up with new arguments to completely restart the battle?
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