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
German crypto exchange Nuri has filed for insolvency due to the crypto winter.
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
DeFi protocol Curve Finance suffers $570,000 loss in DNS hack.
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
Daily Sector Tracker
Daily News Roundup
NFT Platform Pinata Closes $21.5 Million Series A Round https://bit.ly/3bKlKik
PlayStation Eyes Move into NFT World https://bit.ly/3vUiY0S
Elon Musk Sells 6.9 Million Tesla Shares Worth $7 Billion https://bit.ly/3P95Hbn
Mercado Libre Plans to Expand Crypto Trading Across Latin America https://bit.ly/3SHMznO
Tether Announces Support for Ethereum Proof-of-Stake Transition https://bit.ly/3Abp0g3
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
We have launched the beta version of our platform. If you would like to know more, please sign up here.