🔴 The Biggest DeFi Hack in History | This Week in Crypto – Aug 16, 2021

The biggest DeFi hack in history
takes an unexpected turn, Venmo introduces crypto cashback and can you guess where
the Bitcoin Family hides their BTC? These stories and more
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. The Poly Network was the victim
of a cyberattack from which $600 million
in digital assets was stolen, making it the biggest DeFi hack
in history. Poly Network called
on crypto exchanges to blacklist any tokens coming
from the hacker’s addresses, but in a strange turn of events, the hacker has since
returned the stolen funds, claiming that this was
the intention all along. Venmo—a credit card-issuing
division of PayPal— is unveiling a new cashback
for crypto program that allows all customers
to purchase cryptocurrency with the cashback they earn
on any purchases they make with their Venmo credit cards. Customers can earn
one to three percent back on spending categories
for each month. The stablecoin giant Circle
plans to become a "national digital currency bank"— a move that would place it
under the direct supervision of the Federal Reserve.

According to the announcement, the shift to full-reserve banking
would strengthen its stablecoin USDC, which currently has more than
$27.5 billion in circulation. The NASDAQ listed
cryptocurrency exchange, Coinbase, has released
its second-quarter report revealing a revenue of $2 billion
in the second quarter with 95% of its profits
coming from trading fees. The crypto trading platform
acknowledged that the period was a strong one
for growth on the back of a crypto
market bull run. BitMEX and Poloniex
crypto exchanges separately agreed to pay fines
to US Agencies. BitMEX will pay $100 million
to settle allegations that they allowed years
of illegal trades and violated anti-money
laundering rules. Meanwhile, Poloniex will pay
$10 million to settle an SEC probe for not registering its operations
with federal regulators, thereby violating investor
protection laws. Soccer player Leo Messi has become the latest
professional athlete to earn part of his salary
in cryptocurrency.

Messi has signed a two-year
contract with the French team Paris Saint-Germain and will collect approximately
half of his pay in what are known as “PSG”
fan tokens, which give holders voting rights
regarding future team decisions. The AMC movie theater chain
has announced that by the end of 2021, customers will be able to
purchase movie tickets and concessions products such as popcorn and other treats
with bitcoin. AMC is also researching other ways
it could join what it calls the "burgeoning cryptocurrency
universe." The Bitcoin Family, a dutch family that went all-in
on Bitcoin back in 2017 has revealed its secrets
to safeguarding their assets. The family explained that they have
hidden hardware wallets across several countries so that they never
have to fly very far if access to a cold wallet is needed. Hiding spots are in Europe, Asia,
South America and in Australia. That’s what’s happened
this week in crypto, see you next week. If you've enjoyed this video,
leave us a thumbs up and make sure to subscribe
and click the notification bell so you don't miss a review,
news update or the clearest information about Bitcoin
and cryptocurrencies anywhere.

You May Also Like