Mallucryptologist

US House to Probe DeFi, Enforcement, and "Pig Butchering" in September The US House Financial Services Committee is gearing up for a series of crypto-focused hearings in September. These hearings will delve into the world of Decentralized Finance (DeFi), examine the US regulatory landscape, and address the growing issue of "pig butchering" scams. The committee's focus on these crucial areas highlights the increasing scrutiny of the crypto industry and the need for clear regulations to protect consumers and ensure financial stability. Coindesk

El Salvador's Bitcoin Bet Pays Off: $265M Profit, Inclusion Up El Salvador's President Nayib Bukele announced a $265 million profit from the country's Bitcoin investment. The nation's initial $135 million investment has grown to $400 million, benefiting both the government and individual Salvadorans who have adopted Bitcoin, leading to increased financial inclusion. El Salvador's bold experiment with Bitcoin continues to draw global attention. Cryptoslate

Polymarket vs BET: Crypto Prediction Markets Clash in the Election Betting Arena Polymarket, a leading Ethereum-based prediction platform, boasts over $750 million in bets on the US election, leveraging Polygon for scalability. Newcomer BET, launched this month, has attracted $22 million with its unique features. Both platforms highlight the growing popularity of using blockchain technology for decentralized prediction markets. Cryptoslate

Trump's New Crypto Venture Promises 'High-Yield' Investments: World Liberty Financial Former President Donald Trump's latest business venture, World Liberty Financial, is a crypto DeFi platform promising high-yield investments. The website's metadata explicitly states its connection to Trump, proclaiming it the "only crypto DeFi platform supported by Donald J. Trump." While details about the platform's offerings are scarce, the claim of high-yield investments has raised eyebrows, especially given the volatile nature of crypto markets. Coindesk

BET on Solana Hits $20M Trading Volume, But Is It Sustainable? Solana-based prediction market BET, launched two weeks ago, has surpassed $20 million in daily trading volume. However, trade count has declined in the past three days. Users have wagered over $23 million on political bets, with over $20 million specifically on Kamala Harris winning the popular vote. While this indicates strong engagement, the declining trade count warrants further observation. Cryptoslate

Binance and Bybit Fuel Solana Liquid Staking Speculation with Cryptic Teasers Binance and Bybit hinted at new Solana products, sparking speculation about their entry into the Solana liquid staking market. Binance posted a cryptic "BNSOL" message, while Bybit announced "bbSol," suggesting potential liquid staking offerings. The crypto community linked these to a possible partnership with Sanctum. Cryptoslate

Trump Teases Crypto Project, "World Liberty Financial", Details Remain Under Wraps Former U.S. President Donald Trump has hinted at a new cryptocurrency project called "World Liberty Financial." He plans to reveal his vision to make the U.S. the "crypto capital of the planet" this afternoon. Trump's sons, Don Jr. and Eric, have also hinted at their involvement, but specifics remain under wraps. The Trump family's involvement has generated buzz and speculation in the crypto community about the project's form and implementation. Coindesk

NFLPA Sues DraftKings for $65 Million Over Reignmakers NFT Shutdown The NFL Players Association (NFLPA) is suing DraftKings for $65 million after the sports betting company abruptly shut down its Reignmakers NFT platform. The lawsuit claims DraftKings breached its licensing agreement by halting payments owed. The Reignmakers platform, which allowed users to buy, trade, and use NFTs linked to NFL players in fantasy sports, was shut down in July after a court ruled the NFTs might be unregistered securities. Cryptoslate

Congressman Nickel Slams SEC Crypto Enforcement, Fears Innovation Stifling Congressman Wiley Nickel (D-NC) has criticized the SEC for its "regulation by enforcement" approach to crypto, accusing the agency of undermining trust and stifling innovation. Nickel, a crypto advocate, claims the SEC's aggressive tactics, like the Wells Notice issued to OpenSea, are creating uncertainty and hindering progress in Web3. He believes a clear regulatory framework is crucial for consumer protection and responsible growth in the industry. Cryptoslate

Uniswap, Across Team Up to Tackle Ethereum Liquidity Fragmentation Uniswap Labs and Across Protocol are tackling Ethereum's liquidity fragmentation with ERC-7683, a new token standard introducing "intents," automated blockchain actions. This standard enables effortless cross-chain token swaps, eliminating manual bridge and exchange navigation. ERC-7683 facilitates smoother cross-chain transactions, enhancing user experience in the growing cross-chain application landscape. Cryptoslate

TON Halted Twice in One Day: Over $550 Million in DOG Token Distribution Causes Chaos The Open Network (TON) experienced two block production halts in a single day, with the latest outage lasting over four hours. The official TON profile attributed the disruptions to the minting and distribution of DOGS, a token given to Telegram users as a reward. The distribution resulted in the largest daily active user count in TON's history, according to TON Ventures head Ian Wittkopp. Despite the blockchain outages, TON is down by only 1% over the last 24 hours. Cryptoslate

Vitalik Buterin Pushes for Blockchain Identity in Fairer Crypto Airdrops Ethereum co-founder Vitalik Buterin advocates for blockchain identity frameworks in crypto airdrops, using zero-knowledge (ZK) systems to ensure fair distribution to genuine community members. Buterin believes projects like Worldcoin should incorporate proofs of community membership to prevent reward misappropriation. His advocacy could reshape token distribution and community engagement in crypto projects. Cryptoslate

OpenSea Fights Back: $5 Million Defense Fund Against SEC NFT Crackdown OpenSea CEO Devin Finzer has announced that the firm has received a Wells Notice from the US Securities and Exchange Commission (SEC) claiming that the NFTs on the platform are securities. OpenSea is prepared to fight the SEC's broad action against creators and artists with a $5 million defense fund. The SEC's move is seen as venturing into uncharted territory, and the outcome of this fight will have significant implications for the NFT market. Cryptoslate

OpenSea Faces SEC Suit: NFT Market in Turmoil? The SEC is threatening legal action against OpenSea, the leading NFT marketplace, for potential securities violations. The move is part of a broader SEC crackdown on crypto, drawing harsh criticism from industry figures like Tyler Winklevoss, who likened the agency's approach to "a war on crypto." The SEC's focus on NFTs as securities has ignited concerns about the future of the entire NFT market. Coindesk

Cypher Capital Leads $3.5M Seed Round for Echelon DeFi Lending Protocol Cypher Capital led a $3.5M seed round for Echelon, a decentralized lending protocol for Aptos and Sui. The round included participation from Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. Echelon aims to enhance capital efficiency, integrate with other DeFi applications, and offer innovative yield strategies within the Move ecosystem. This investment underscores Cypher Capital's support for innovative DeFi and blockchain solutions. Lara on the Block

Powell's Dovish Tone Could Reignite Bitcoin Bull Run, Says Bitwise CIO Bitwise Asset Management CIO Matt Hougan believes recent dovish comments from Federal Reserve Chair Jerome Powell could spark a new bull market for Bitcoin. Powell's hints at interest rate cuts, easing uncertainty, has encouraged investors who see lower rates as beneficial for Bitcoin. This sentiment suggests a potential resurgence in the cryptocurrency market. Cryptoslate

TON Back Online After $550M Airdrop Causes Network Outage The Open Network (TON), linked to Telegram, resumed operations after a six-hour outage caused by heavy traffic. The outage coincided with Telegram CEO Pavel Durov's arrest in France for alleged illegal transactions and non-cooperation with law enforcement. While speculation about a connection exists, TON confirmed its restoration on August 28th, stating the network is back online and functioning normally. Cryptoslate

OpenSea Faces SEC Crackdown: NFTs Deemed 'Securities' OpenSea, a leading NFT marketplace, is facing a potential lawsuit from the SEC. The SEC alleges NFTs traded on OpenSea are securities, a claim OpenSea disputes. OpenSea CEO Devin Finzer expressed surprise at the SEC's action, citing potential harm to artists. The Wells notice marks a significant development in the regulatory landscape surrounding NFTs, raising concerns about the future of the industry and the SEC's scrutiny of digital assets. Coindesk

Toncoin Outperforms Bitcoin and Ether as TON Blockchain Resumes After Downtime Toncoin (TON) has recovered from a nearly five-hour blockchain downtime, outperforming Bitcoin and Ether. The downtime, partially attributed to the popularity of the DOGS airdrop, a campaign to raise awareness for Pavel Durov's arrest, did not significantly impact the protocol's native token. While the CoinDesk 20 index, representing major cryptocurrencies, dropped over 6.5%, TON managed to limit its losses to less than 1%. Coindesk

Trump Launches New NFT Series Featuring Bitcoin and "America First" Theme Former US President Donald Trump launched "Series 4: The America First Collection," a new NFT series featuring 50 digital cards, each costing $99. The cards depict Trump, including him holding Bitcoin. Buyers can earn physical rewards, such as gold Trump-themed sneakers or dinner with Trump, by purchasing multiple cards. A notable perk includes a physical card containing a piece of Trump's suit from the June 27 debate for a 15-card purchase. Cryptoslate