POKKET: Crypto Market Update (Aug 11)

crypto news, bitcoin price

Bitcoin is -0.6 at $45.6k, while ETH is +1% to $3160. Movers are AXS +46%, ALICE +22%, BQX +14%, BAND HOT +13%, FET AKRO +12%, CND CHR CRV BRD +10%, CTSI -13%.

In one of the largest crypto hacks in history, $600M of TVL was syphoned from PolyNetwork overnight. Security experts and forensics are hard at work to find the path of the hack, with some saying its an inside job and others calling a security flaw in the multi-sig setup. Either way, the hacker has managed to convert some of the $600M already into other tokens, of which $33M is blocked by Tether, and is taunting everyone with messages in the Ethereum blockchain writing “WHAT IF I MAKE A NEW TOKEN AND LET THE DAO DECIDE WHERE THE TOKENS GO”.

Bitmex has settled civil charges with the CFTC and FinCEN for a $100M fine, although the “US vs. Hayes et al.” is still in motion and will be tried next year.

Coinbase posts a record profit of $1.6B in Q2 as Ethereum trading fees surpassed Bitcoin. A source within PNC Bank has said they plan to offer crypto investment services to clients through Coinbase.

VanEck has filed for a futures Bitcoin ETF after the SEC chair Gary Gensler dropped hints recently this was the easiest way to get approved.

Check out today’s interest rates at POKKET and earn interest on your crypto with our crypto savings account.

Like POKKET’s market commentary?
Follow us on Twitter to get the latest news, or email us your thoughts.