Weekly Report (21 – 27 Aug. 23) | What Happened This Week In Crypto

This Report will provide some essential and quick news about cryptocurrencies happening worldwide.

1) Rapid Expansion Of Binance’s Lightning Network Makes It The Fourteenth Largest Node

As a result of this increase, Binance is now ranked 14th among all Lightning Network capacities. Notable Chinese journalist Colin Wu has reported on some significant updates involving Binance and the Bitcoin Lightning Network…[continue reading]

2) Hacker Gets Away With $400,000 In SVT Flashloan Exploit 

A flashloan vulnerability on SVT tokens caused in a $400,000 loss, according to a study published earlier today by blockchain security company Certik Alert. The investigation claims that the attacker took advantage of a security flaw in an SVT trading contract. The victim of the assault was a naive user who lost money as a consequence…[continue reading]

3) Hashdex Enters The Battle For The Top Bitcoin ETF With Its Own Innovative Approach

Exchange-traded funds (ETFs) are a kind of mutual fund that are traded on a stock exchange and receive their value from a diversified portfolio of assets. Bitcoin exchange-traded funds (ETFs) follow BTC’s price and trade on stock markets instead of cryptocurrency exchanges…[continue reading]

4) JPMorgan Believes The Bitcoin Market Has Reached Its Bottom

Yesterday, experts at JPMorgan expressed hope for the cryptocurrency markets in the near future. They concluded that there is “limited downside for crypto markets in the near term” based on an examination of Bitcoin futures data…[continue reading]

5) Over $6 Million In State ‘Rug Pull’ Funds From Magnate Finance Vanished Without A Trace

Lending project Magnate Finance, which ran on the Ethereum Layer 2 network Base, seems to have perpetrated an exit fraud, stealing an estimated $6.4 million. According to security company PeckShield, this was a “rug pull,” an excuse for the fraudulent departure of cryptocurrency developers with user deposits. Magnate Finance was determined to have hacked the lending protocol’s pricing oracle in order to steal all user funds…[continue reading]