Major Security Breach at WazirX Crypto Exchange
Indian crypto exchange WazirX recently experienced a significant security breach, resulting in a loss of over $230 million. The breach, which compromised one of its multisig wallets, led to a substantial loss of user funds. In response, WazirX has temporarily suspended all withdrawals to secure the remaining assets. WazirX acknowledged the breach in a post on X and stated that they are actively investigating the incident. The compromised wallet had been utilising Liminal's digital asset custody and wallet infrastructure since February 2023.
CBOE Announces Launch Date for Spot Ethereum ETF
The Chicago Board Options Exchange (CBOE) has officially announced the launch date for its spot Ethereum ETF. This marks a significant milestone in the mainstream adoption of Ethereum as a tradable asset on traditional financial platforms. The ETF will provide investors with direct exposure to Ethereum, allowing them to invest in the digital asset without needing to manage wallets or understand the complexities of crypto trading. The introduction of the spot Ethereum ETF is expected to attract a broader range of investors, including institutional investors who may have been hesitant to invest directly in crypto assets.
US Bitcoin Spot ETFs See $17 Billion in Net Inflows
US Bitcoin spot ETFs have recorded $17 billion in net inflows, indicating strong investor interest and confidence in Bitcoin as a valuable asset. This surge in inflows highlights the growing acceptance of Bitcoin among mainstream investors and the increasing popularity of Bitcoin ETFs as a convenient investment vehicle.
The substantial inflows into Bitcoin spot ETFs reflect a broader trend of institutional adoption of Bitcoin, as investors seek to diversify their portfolios and gain exposure to digital assets. The success of Bitcoin ETFs is expected to pave the way for the launch of more crypto-related investment products, further integrating digital assets into the traditional financial system and enhancing their accessibility to a wider range of investors.
Stablecoins Expand Beyond Crypto Natives
Stablecoins, originally designed to serve the crypto-native community, are now gaining traction among a wider audience. This shift is driven by the growing recognition of stablecoins as a reliable medium of exchange and store of value. According to the co-founder of Stables, stablecoins are increasingly being used by businesses and individuals outside the traditional crypto sphere for everyday transactions and cross-border payments. This broader adoption of stablecoins is fueled by their ability to offer stability and reduce volatility, which are common concerns associated with other crypto assets. The use of stablecoins in various financial applications is expected to grow, further bridging the gap between traditional finance and the crypto world
TSMC Becomes First Asian Company to Reach $1 Trillion Market Cap
Taiwan Semiconductor Manufacturing Company (TSMC) has become the first Asian company to achieve a market capitalization of $1 trillion. This milestone is a testament to TSMC's pivotal role in the global semiconductor industry and its strategic investments in artificial intelligence (AI) technologies.
The company's growth is driven by its leadership in semiconductor manufacturing and its ability to meet the growing needs of the tech industry. TSMC's achievement is not only a significant milestone for the company but also highlights the vital role of Asian tech companies in the global market.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!
Disclaimer: Crypto-asset or VDA investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
