Crypto News Digest for August 22, 2024

Market Updates

On August 22, 2024, Bitcoin (BTC) was trading at $60,890, showing a 3% increase over the last 24 hours. Ethereum (ETH) also saw a rise of 2.4%, making its new rate $2,630. The previous trading day saw $39.42 million flowing into Bitcoin spot ETFs, while ETH funds experienced outflows amounting to $17.97 million.

Key Headlines

BlackRock’s ETH ETF Surpasses $1 Billion

BlackRock’s iShares Ethereum Trust (ETHA) has become the first Ethereum ETF to exceed $1 billion. Grayscale ETHE saw total outflows of $440.5 million during this period.

Brazil Approves Second Solana ETF

Brazilian regulators have greenlit a second Solana ETF managed by Hashdex, enhancing Brazil’s market position amid regulatory challenges for Solana in the U.S.

Binance Faces Legal Action

Binance and its ex-CEO Changpeng Zhao (CZ) are now facing a class-action lawsuit. The suit alleges that the exchange’s management aided in laundering stolen cryptocurrencies.

Terraform Labs Nears Bankruptcy

The company is set for a crucial bankruptcy hearing on September 19, 2024, following a $4.5 billion settlement with the U.S. SEC.

Tether to Introduce Stablecoin in UAE

Tether announced a partnership with Phoenix Group PLC and Green Acorn Investments Ltd to launch a stablecoin pegged to the UAE dirham (AED).

El Salvador Launches Training Program

El Salvador’s National Bitcoin Authority has initiated a program to certify 80,000 government employees, aiming to enhance their understanding and management of Bitcoin as legal tender.

Binance Adds DOGS to Launchpool

Binance has introduced the meme token DOGS to its platform, making it the 57th project on Launchpool. Trading starts on August 26.

SunPump Generates $1.1 Million in Revenues

SunPump, a platform for launching Tron-based meme tokens, has generated $1.1 million in revenue within 11 days. It has facilitated the creation of over 18,000 digital assets, increasing the Tron network’s daily revenue to $3.84 million.

Conflux and China Mobile Launch Blockchain-based Video Ringtones

Conflux (CFX) and Migu, a subsidiary of China Mobile, have partnered to roll out blockchain-based video ringtones and other innovative digital products.

Major Holder Loses $55 Million

Cryptokit lost $55.47 million in DAI stablecoin due to a hacker attack. Lookonchain and CertiK analyzed the unauthorized transfer of ownership of a Maker vault.

McDonald’s Instagram Hacked

Hackers attacked McDonald’s Instagram account, posting about a Solana-based token called Grimace. The token’s market cap surged to $30 million before crashing below $1 million.