Top Crypto News Of The Day: Terra $4M Exploit, Grayscale Bitcoin Trading, and More
Terra Blockchain Resumes After $4M Exploit
The Terra blockchain briefly paused operations on Wednesday following a reentrancy attack. This resulted in over $4 million worth of various tokens being stolen. The network halted at block height 11430400 to implement an emergency patch. Validators upgraded their nodes to prevent future exploits, with over 67% voting in favor.
Security firm Beosin reported that the theft included $3.5 million in USDC stablecoin, $500,000 in USDT stablecoin, 2.7 Bitcoin (BTC), and over 60 million Astroport (ASTRO) tokens. The vulnerability exploited in the attack was disclosed in April, targeting the timeout callback of ibc-hooks.
Crypto News: Grayscale Bitcoin Mini Trust Starts Trading
Grayscale Investments launched a mini version of its Bitcoin Trust (GBTC) on July 31, following approval from the U.S. Securities and Exchange Commission (SEC). The new Bitcoin exchange-traded product began trading with the SEC having approved its 19b-4 form last week.
Zach Pandl, head of research at Grayscale, expressed confidence in the product’s potential, highlighting investor interest in low-cost Bitcoin exposure. The new trust is a spin-off of GBTC, with shares distributed to GBTC shareholders as Grayscale contributes Bitcoin to the trust. Both the mini Bitcoin and Ethereum products now trade on NYSE Arca.
Related Post: Shocking! Grayscale’s Ethereum ETF Outflows Double Than Post Bitcoin ETF Launch
Worldcoin Expands World ID Verification to Austria
The Worldcoin Foundation has introduced its World ID verification services in Austria, enhancing access to its “proof of humanness” technology. The eyeball-scanning orbs are now available in multiple locations in Vienna, allowing anyone over 18 to join the 6.3 million participants who have verified their World ID.
The Worldcoin project aims at distinguishing humans from non-human actors online. The project assigns World IDs to those who verify their humanity through an iris scan, rewarding them with WLD tokens. Austria joins Germany in the European rollout, despite regulatory challenges in other countries like Spain and Portugal.
Crypto News: Biden Administration Moves $2 Billion in Bitcoin
The Biden administration recently transferred $2 billion worth of Bitcoin, just days after former President Donald Trump pledged to make the U.S. the “crypto capital of the world” if reelected. Blockchain analysis platform Arkham Intelligence reported that Bitcoin seized from the Silk Road dark web marketplace was moved to an unknown wallet on July 29, with the amount split between two addresses holding 10,000 BTC and 19,800 BTC. This division has led to speculation about an over-the-counter (OTC) auction to avoid market disruption.
Read Full Story Here: Joe Biden Will Dump U.S.’s $15B Bitcoin Holdings Before Elections
SEC Charges BitClout Founder Nader Al-Naji with Fraud
The SEC and the US Attorney’s Office charged Nader Al-Naji with fraud on July 30. They accused the BitClout founder of selling $257 million in unregistered securities through BitClout’s native token, BTCLT. The SEC claimed Al-Naji misused $7 million for personal luxury goods and family gifts. He allegedly leased a Beverly Hills mansion and gave generous cash gifts to family members.
The SEC also accused Al-Naji of misleading investors about BitClout’s operations. He claimed the project as decentralized while secretly controlling it. Al-Naji allegedly tried to avoid regulatory scrutiny by promoting BitClout as decentralized.
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