Crypto Weekly Roundup: Horizon Hacked, Solana’s Crypto Phone, OSC’s Crypto Exchange Crackdown, Ronaldo’s NFT Endeavour, And More

The market is still in recovery mode. Regulators across the globe are getting strict about compliance issues. On the other hand, another cross-chain protocol fell susceptible to its vulnerabilities. Let’s find out more.

Bitcoin

Binance CEO Changpeng Zhao is trying to be the voice of reason, saying that the market fluctuations are a part of a nascent industry like crypto. 

Colombia has elected a pro-Bitcoin president who had strongly favored the digital currency in his speeches. 

DeFi

Harmony’s cross-chain protocol, the Horizon Bridge, has been hacked, leading to a loss of funds of around $100 million. 

DYdX has announced that it is parting ways with Ethereum to launch its own standalone blockchain.

Leading DeFi protocol Bancor has come under fire after it paused the impermanent loss protection program, citing extreme market conditions.

Altcoins

Solana Labs has partnered with OSOM to develop a new android device, which will function as the first mobile phone for the Solana network. 

Cardano developers have announced that the Vasil Hard Fork upgrade has been pushed back by a month to iron out a few minor bugs. 

Technology 

Facebook CEO Mark Zuckerberg has expressed that he wants to build a “creator economy” that will attract a billion people by the end of the decade.

Tether has announced that it will roll out a sterling-backed stablecoin next month while the UK attempts to make London a world crypto hub.

Business

Coinbase is shutting down the professional branch of its trading platform, Coinbase Pro while bringing the professional trading features to Coinbase.com.

Banking giant Citibank has announced that it has partnered with Swiss firm Metaco to develop a digital asset custody platform. 

Regulation

The Ontario Securities Commission has taken enforcement action against the two crypto exchanges, Bybit and KuCoin, on charges of securities law violation and unregistered operations. 

SEC Commissioner Hester Peirce has stated that she does not support crypto company bailouts and that it is better to “let these things play out.”

The incoming governor of the Philippines’ central bank is not a fan of cryptocurrencies and has said that these digital assets are based on the “greater fools theory.” 

NFT

Global football megastar Cristiano Ronaldo has signed an exclusive NFT partnership with the leading crypto exchange, Binance for enhanced fan experiences. 

Despite the lack of activity in the NFT space due to the market downturn, Uniswap has acquired the NFT marketplace aggregator Genie for an undisclosed sum. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.