Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 13, 2023

Crypto Market Update

Written by Van

Table of Contents

Crypto Exchanges and Platforms

• Uniswap Employee Fired for "Rugging" FrensTech Memecoin
• KuCoin Teases Listing Shiba Inu Ecosystem Tokens
• Aragon Launches DAO Developer Tools on Coinbase's Network
• THORChain's 20% Surge Driven by Tech Progress and Market Volatility

Banking and Regulatory Updates

• Brazilian Congress Approves Overseas Crypto Tax Amendments

Investments and Financials

• Former President Trump Reportedly Holds $250,000 in Ethereum
• Cardano's DApp Growth and NFT Decline in Q2 2023
• CertiK Alert Tracks Steadefi Exploit and Recovery Efforts

Security and Fraud

• San Diego State University Uncovers 95,111 Crypto Scams

NFT Market Insights

• NFT Market Sales Reach $106.87 Million; Ethereum Dominates

Uniswap Employee Fired for "Rugging" FrensTech Memecoin

An employee at decentralized exchange Uniswap has been fired after it was revealed they "effectively rugged" a memecoin. The employee, developer AzFlin, deployed the FrensTech memecoin on Base and subsequently moved 14 Ether ($25,900) off Base. Uniswap founder Hayden Adams stated that the individual was no longer with the company and that their behavior was not supported or condoned.

KuCoin Teases Listing Shiba Inu Ecosystem Tokens

Major centralized crypto exchange KuCoin is hinting at the possibility of listing tokens from the Shiba Inu ecosystem, coinciding with the launch of the Layer 2 solution Shibarium. The exchange posted a teaser image featuring a Shiba Inu dog and a bone, symbolizing the BONE token. 

Speculation suggests that KuCoin may list multiple tokens, including FUND and LEASH, based on the empty cells in the teaser image. Meanwhile, meme-inspired cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) have recently experienced significant price increases, diverging from Bitcoin and other altcoins. 

Aragon Launches DAO Developer Tools on Coinbase's Network

Blockchain framework Aragon is launching two decentralized autonomous organization (DAO) developer tools, Aragon App and Aragon OSx, on Coinbase's Ethereum Layer 2 network Base. The tools aim to reduce the amount of code needed to launch and manage a DAO, making it easier for users to participate in blockchain-based organizations. Aragon has experienced setbacks in its decentralization plans, with a planned token sale being postponed after a 51% attack and accusations of financial missteps.

THORChain's 20% Surge Driven by Tech Progress and Market Volatility

THORChain (RUNE) has experienced a significant surge in the past week, with a nearly 20% daily gain and a 45% weekly gain. Factors contributing to this rally include substantial progress in technology, protocol enhancements, ecosystem expansion, and heightened market volatility.  

Brazilian Congress Approves Overseas Crypto Tax Amendments

The Brazilian Congress has approved amendments to a bill that would levy higher taxes on cryptocurrencies held overseas. If the legislation is passed, cryptocurrencies held abroad by Brazilians will be subject to the same tax rules as traditional assets. The new tax rates would exempt earnings up to 6,000 Brazilian reais, with higher rates applied to higher earnings. 

The changes would only apply to cryptocurrency exchanges without offices in Brazil and could potentially attract foreign players to establish offices in the country. The bill is set for a vote on August 28, with the new taxation taking effect in January 2024.

Former President Trump Reportedly Holds $250,000 in Ethereum

According to Watcher.Guru, financial records show that former President Donald Trump holds $250,000 worth of Ethereum (ETH). Trading volume decreased by 15.44%, reaching $3,145,343,749. Ethereum fees have increased by 176% in 2023, outpacing its price rise of 53%. 

According to a tweet from Glassnode Alerts, Ethereum (ETH) has recently achieved an 8-month high in its realized cap. The post states that the realized cap of the leading altcoin has reached $181,606,579,492.76.

Cardano's DApp Growth and NFT Decline in Q2 2023

As per Messari, in the second quarter of 2023, Cardano experienced a 49% increase in daily decentralized application (DApp) transactions, reaching an average of 57,881. It also saw a nearly 10% rise in total value locked (TVL) at $151.7 million. However, Cardano witnessed a decline in non-fungible token (NFT) activity, with a 35.7% decrease in average daily NFT transactions and a 41.9% decrease in total NFT quarterly trading volume. These NFT trends are said to align with the broader market.  

CertiK Alert Tracks Steadefi Exploit and Recovery Efforts

CertiK Alert has observed transactional activities connected to the recent Steadefi exploit, with an EOA depositing 100 ETH into TornadoCash after Stedefi was hacked for $334k. Steadefi has offered a bounty to the hackers and promised to withdraw from involving law enforcement agencies if the proposal is fulfilled. 

Steadefi has recovered $418k of users' funds and reported the matter to the authorities. The hackers compromised Steadefi's protocol deployer wallet, enabling them to transfer ownership of all the vaults.

San Diego State University Uncovers 95,111 Crypto Scams

Researchers from San Diego State University discovered that there were 95,111 scam lists created from 87,617 accounts on X over the course of one year, resulting in an estimated $870,000 in financial losses. The researchers developed a scam detection system called GiveawayScamHunter to uncover these scams. They found that nearly 44% of the spam accounts were still active at the time of their report.

Top Altcoin Gainers and Losers

Gainers:

THORChain RUNE (+19.14%)

Toncoin TON (+9.08%)

Radix XRD (+8.26%)

Losers:

Rollbit Coin RLB (-10.89%)

ApeCoin APE (-2.74%)

XDC Network XDC (-2.73%)

NFT Market Map

NFT Market Sales Reach $106.87 Million; Ethereum Dominates

The NFT market saw a slight increase in sales, reaching $106.87 million in the past week. Ethereum-based NFTs accounted for 56.35% of the total sales, while Polygon-based NFTs came in second place. Solana, Mythos, Immutable X, BNB Chain, and Bitcoin also made sales contributions. The top-selling NFT collection this week was Draftkings on Polygon. Interestingly, all of the top-selling NFTs were built on the Ethereum blockchain.

This article has been refined and enhanced by ChatGPT.