By Kapil Rajyaguru
Crypto Funds Surge with $436 mn Influx, Reports CoinShares.
CoinShares, Europe’s largest digital asset management firm, reported a significant influx of $436 million into cryptocurrency funds last week. This influx marks a reversal from the previous week’s trend of $1.2 billion in outflows.
Analysts attribute this recovery to changing market expectations regarding a possible 25 basis point interest rate cut scheduled for September 18, with some anticipating a shift to a 50 basis point reduction.
Bitcoin emerged as the primary beneficiary, attracting $436 million after a cumulative outflow of $1.18 billion over ten days. Conversely, Ethereum faced a $19 million outflow, underscoring the ongoing challenges for the second-largest cryptocurrency.
UTONIC Protocol Achieves $100 mn in Total Value Locked.
TUTONIC Protocol, a blockchain-based restaking platform, has reached $100 million in total value locked, thanks to support from key investors, validators, and institutions. As the first restaking solution on The Open Network (TON), UTONIC aims to decentralize the blockchain ecosystem, enhancing the security and efficiency of staking in the network.
KuCoin Airdrops KCS Tokens to Typhoon Yagi Victims.
KuCoin is launching a relief initiative to support Northern Vietnam towns affected by Typhoon Yagi, offering up to 10,000 US$20 KCS tokens as aid. Eligible recipients are Vietnamese users who completed KYC3/KYB verification and transacted between August 1 and September 12, 2024. The aid will be distributed as vouchers redeemable for KCS tokens through KuCoin’s app within 30 days.
Bybit Bags Provisional Crypto License From Dubai Regulator.
Bybit, the world’s second-largest crypto exchange by derivatives volume, has received a temporary non-operational license in Dubai, two years after setting up its headquarters there. Granted by the Virtual Asset Regulatory Authority, this move aligns with Dubai’s ambition to be a global crypto hub with supportive policies. As of September 9, licensed virtual asset service providers (VASPs) in Dubai can serve the entire UAE.
Hedera Contributes Entire Codebase To Linux Foundation.
Hedera has joined the Linux Foundation’s new decentralized trust initiative as a founding prime member, contributing its full source code, including its hashgraph consensus algorithm and essential tools. This effort, named “Hiero,” aims to foster the global development of decentralized trust technologies in an open-source environment, promoting innovation and collaboration across the blockchain ecosystem.
Base DeFi Project Disappears After Rug Pull.
BaseBros Fi, a DeFi protocol on the Base blockchain, vanished after an unauthorized smart contract exploited customer funds. The project shut down its website and social media accounts on September 13. Chain Audits revealed that BaseBros executed a rug pull via an unaudited Vault contract, stealing $130,000, which was laundered through Tornado Cash, a crypto mixing service.
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