Crypto Hebdo: from the rebirth of hacks to the NFT initiative of Tiffany, Tops, Flop and Perspectives …

As cryptocurrencies try to ride the wave of July, the resurgence of piracy and other macro events have brought fear back into the cryptocurrency market. Faced with the development of cryptocurrencies in the world of finance, the French authorities would think of establishing their own regulation outside the MiCa law. Adoption continues its journey with the American luxury giant Tiffany who has announced the launch of a jewelry collection supported by the effigy of the CryptoPunks.

Hacks are making a comeback in the cryptocurrency world

The cryptosphere believed it had buried one of the old demons that have haunted the industry since its inception following Harmony’s infamous Horizon Bridge hack in June. But the respite was only short-lived because in early August, another crosschain bridge application suffered a hack that cost it nearly $ 190 million.

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 metaverse giant announced, during the week, that his Instagram account had been hacked.

Chainalysis once again raises the alarm for acts of piracy in the cryptographic 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 by the year 2021.

The applications of inter-chain bridges are those that have undergone the greatest exploitation during this year. According to the report, they accounted for 69% of the piracy acts in the crypto sphere this year. Blame the “central storage points” too vulnerable according to reports Chainalysis.

To find out more, read the following article:

๐Ÿ‘‰: In the crypto field, hacks are multiplying: Nomad and Solana, the latest victims

The Sandbox cornered by its community

Community members of the French metaverse giant did not like the news of the hacking of the platform’s Instagram account. In fact, they denounce The Sandbox’s lack of responsiveness to the incident. Users of the platform complained that The Sandbox didn’t warn them early enough, exposing them to hacker phishing schemes.

It turns out that many people in the platform community had already clicked on the fraudulent links transmitted by the hackers when they took over the French unicorn’s account. These users were deceived because the posts and links shared by the hackers resembled the information used to convey the real account managers. However, no users reported the loss of SAND tokens from their wallets after the incident.

To find out more, read the following article:

๐Ÿ‘‰: The Sandbox draws the ire of his community after hacking his Instagram account

Tiffany goes a little deeper into the NFT world

The American jeweler announced earlier this week that it would be launching a jewelry collection based on the effigy of CryptoPunks’ NFT themes. This will include 250 charms where each of them will be accompanied by an NFT to authenticate the uniqueness of the piece. The jewel will consist of 30 precious stones on an 18K 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 841%. In some markets, including OpenSea, demand for funding increased by 2,127.98%. It has been noted that other NFT collections have grown at a breakneck pace since the news. Super Cool World and Invisible Friends collections increased 970.72% and 1,484.69% respectively on the same day.

To find out more, read the following article:

๐Ÿ‘‰: Tiffany & Co. launches the NFT CryptoPunks collection

Towards a French regulation of the cryptocurrency industry

Outside the framework of the MiCa law, France hopes to put in place its own regulation for the cryptocurrency universe. On the recommendation of Senator Nathalie Goulet, the government wants to impose its own rules in this area. According to the Senate inventory, the French authorities must define three orders of priorities to better regulate the cryptocurrency market. This is really to address issues of anonymity, money laundering and crime as well as unfamiliarity with cryptocurrencies.

While the first two elements are a cause for concern for almost all world authorities, the last seems to be the least of their concerns. But for the French government, a good knowledge of cryptocurrencies is essential to implement the necessary regulations. Eventually, France could adopt much more adequate regulation than that provided by the MiCa law.

To find out more, read the following article:

๐Ÿ‘‰: Crypto regulations: the three objectives of the next French law are under construction

Tops and flops: time for reflection

The first week of August was not entirely positive for the cryptocurrency market. As we recalled during the introduction, a series of events both internal and external to the cryptocurrency universe dampened the upward momentum of the previous month. We are therefore faced with a market in the middle of a โ€œrangeโ€.

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 once again that the bulls did not have enough strength to extend the July bullish trend.

In this battle, the important thing is not to have small victories but rather to win the war. It is clear this year that the bears have the upper hand in this challenging macroeconomic and geopolitical environment. 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 wins to the bulls during the month of July.

From what it looks like, this month of August promises to be exciting for the cryptocurrency market. Will the bears defend their lead or will the bulls come up with new arguments to completely restart the battle?

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at your own risk.

Leave a Comment