KuCoin, Gate.io and MEXC Global were in the crosshairs of community members as they expressed their support for the upcoming on-chain LUNC transaction burn. As the upcoming Terra Classic (LUNC) — formerly Terra (LUNC) — burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life. Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning efforts of the Terra community. However, some were unhappy with the announcements, calling out the exchanges. After posting an announcement that the exchange is supporting the token burn, KuCoin was called out by the pseudonymous Terra researcher FatMan, asking what they are doing to support it, given that the tax burn is implemented on-chain. The researcher described the announcement as a “nothingburger PR post” and suggested taxing actual trades instead.
Coinbase says it will ‘evaluate any potential forks’ following the Merge. “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase. Cryptocurrency exchange Coinbase has updated its information related to Ethereum transitioning to proof-of-stake (PoS) to include forks that could arise. In a Thursday update to an Aug. 16 blog post, Coinbase said it would evaluate any potential forks in the Ethereum blockchain on a “case by case basis.” The crypto exchange previously said it planned to “briefly pause” Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, which is expected to occur between Sept. 10 and 20. Exchanges and crypto firms dealing in ETH have made announcements informing clients of any preparations needed ahead of the Merge from proof-of-work (PoW) to PoS. Many expect the blockchain’s energy consumption to drop precipitously, scalability to improve and the network will be less vulnerable to attacks. It’s unclear how crypto users might respond to a forked PoW token listed on Coinbase or any crypto exchange as Ethereum transitions. On Wednesday, the platform launched an ERC-20 token that will allow customers to use staked ETH while earning rewards, called Coinbase Wrapped Staked ETH, or cbETH.
Crypto.com moves forward with multimillion-dollar renovation of Staples Center following staff cuts. Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center. In a Monday tweet, Crypto.com released an artist’s rendering of some of the changes it planned to implement at the iconic arena in a reported “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well as a terrace overlooking the downtown Los Angeles area. The crypto exchange signed a $700-million agreement with arena owner AEG in November 2021, giving Crypto.com naming rights over the venue for 20 years. In October 2021, Hollywood star Matt Damon plugged the platform in an ad campaign that later went viral. However, many in and out of the crypto space subsequently ridiculed Damon’s appearance and Crypto.com’s “Fortune Favors the Brave” tag line. Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced the exchange would be cutting 260 people from its corporate workforce or 5% of all employees at the time. In addition, the company said in May it would be reducing staking rewards for its Cronos (CRO) token for most tiers of its VISA prepaid card. Despite the restructuring, the exchange has moved forward with obtaining regulatory approval in South Korea, Italy, Cyprus and the United Kingdom. Reactions to the arena’s updates were mixed from Angelenos and crypto users on social media, with some hinting at their displeasure with the company’s decision to reduce staking rewards and others making connections to its ad campaign.
Binance recovers the majority of funds stolen from Curve Finance. Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds. Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners. The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved. According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.
Bitcoin.com to introduce Bitcoiners to decentralized finance. Corbin Fraser, an executive at Bitcoin.com, told Cointelegraph that they are also planning to release a prepaid debit card that rewards users with crypto. Crypto platform Bitcoin.com is looking to expand its ecosystem by introducing Bitcoin (BTC) holders to the world of decentralized finance (DeFi) and implementing new services such as a decentralized exchange (DEX) in its platform. Speaking with Cointelegraph’s Andrew Fenton at the Korea Blockchain Week (KBW) 2022, Bitcoin.com's head of financial services Corbin Fraser said that the company is moving from only being associated with Bitcoin Cash (BCH) to becoming a DeFi platform that caters to crypto users across multiple chains. Fraser explained that: “We've got a lot of BTC users and a lot of these people want to do more with their crypto than just hold it. And they know there are opportunities in DeFi, but it's a little bit complicated, a little bit scary.” Because of this, Fraser added that their team is focused on working to make the user experience easier and provide a more "friendly" crypto wallet. In addition to its DEX, the executive also highlighted their plans to release a prepaid debit card and run a token sale.
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