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German Crypto Exchange Nuri Files for Insolvency Due to Crypto Winter

Daily Market Wrap

  • Crypto market cap: 1.14 trillion, up 4.72%

  • BTC price stands at USD 23,978, up 5.08%

  • ETH price stands at USD 1,859, up 11.88%

  • Top gainer: Celsius (CEL), up 30.15%

  • Top loser: UNUS SED LEO (LEO), down 3.75%

News of the Day

Why it matters:

  • On August 9, the German cryptocurrency exchange Nuri filed for insolvency, citing the prolonged bearish cycle that the crypto market has gone through since the beginning of 2022

  • The exchange claimed that clients can freely deposit and withdraw from Nuri despite the insolvency

  • Crypto winter continues to drag companies into bankruptcy. CoinFlex, another crypto exchange, has reportedly filed for restructuring in a Seychelles court

Crypto Daily Spotlight

Brief introduction: Curve Finance is a decentralised exchange for trading cryptocurrency that focuses on efficient stablecoin trading. Curve’s focus on stablecoins allows investors to avoid more volatile crypto assets. It is an automated market maker (AMM) that maintains low fees and slippage through the use of liquidity pools. Why it matters:

  • On Tuesday, Samczsun, a researcher at Paradigm, reported that the DeFi protocol, Curve Finance, suffered a front-end exploit, with attackers managing to steal around $573,000 in Ethereum

  • The suspected hackers changed the domain name system (DNS) entry for the protocol, forwarding users to a fake cloned site and approving requests to a malicious contract

  • Shortly after that, Curve announced the issue has been fixed and said it is safe to use again

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