Assets Under Management AUM

Binance cuts ties with WazirX and Solana Cyberattack

It has been a hectic week for the cryptocurrency market. The crypto Shiba Inu (SHIB) celebrated its second anniversary this week.

Originally dubbed the “Dogecoin Killer” for sharing the branding of the Shiba dog breed with Dogecoin, Shiba Inu has come a long way to establish itself as a piece of the ecosystem.

However, it was a mix of positive and negative news for the market.

This week’s Solana (SOL) cyberattack has reignited fears of the perils associated with the world of digital currency. The attacks have left investors worried about the security of their crypto assets.

New partnerships, breakouts and ups and downs in the global crypto market, driven by the fluctuating prices of major cryptocurrencies like Bitcoin (BTC) have kept traders on their toes.

Solana cyberattack

In one of the most recent cyberattacks, hackers stole approximately $8 million after gaining access to nearly 8,000 Solana hot wallets. The malware attack has rekindled concerns about online security and the safety of cryptocurrency transactions between users.

To reduce online risk, researchers from Ottsec, a blockchain company, advised users to move their assets to hardware ledgers or centralized exchanges.

Former Pakistani Prime Minister Imran Khan’s Instagram account hacked

Pakistani Prime Minister Imran Khan’s Instagram account has been hacked. The cryptic post on his Instagram page showed Khan thanking Tesla CEO Elon Musk for gifting him three bitcoins. Members of Khan’s party later confirmed that it was a fake post.

Binance cuts ties with WazirX

On August 3, Union Minister of State for Finance, Pankaj Chaudhary, informed the Rajya Sabha that WazirX had received notice from the ED for two matters under the Foreign Exchange Management Act 1999 ( FEMA). Recently, the Directorate of Law Enforcement (ED) searched one of the directors of Zanmai Labs and seized bank deposits worth Rs 64.67 crore from the company.

Following these developments, Binance owner Changpeng Zhao tweeted that his company does not hold any stake in Zanmai Labs, the owner of WazirX.

Bitcoin miners generated $555 million

Research-based company Block reported that bitcoin miners earned $555 million in July this year.

In June, Bitcoin miners earned $667 million. This indicates a 16.7% decline or loss of more than $100 million in mining revenue month over month. July saw the lowest mining revenues ever. On July 13, 2022, mining revenues fell to their lowest level for the month at $13.929 million.

Additionally, on July 20, the total hash rate fell below $190 million, the first drop since March 2022. Data from Block also showed that Bitcoin network issues have decreased since July.

Blackrock partners with Coinbase

Blackrock, a US-based multinational investment firm, has partnered with Coinbase to give its institutional clients easy access to cryptocurrency trading. Blackrock has approximately $10 trillion in assets under management (AUM).

Coinbase Prime will now be integrated with Blackrock’s premium asset management platform ALADDIN (Assets, Liability, Debt and Derivative Investment Network). Some of the services Coinbase Prime plans to offer include advanced agency trading, custody, prime funding, staking, staking infrastructure, data, and reporting.