🦎🚀 Bitcoin is stuck!

Monday, May 8, 2023

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Monday reds 🙁

After pausing bitcoin withdrawals twice in a day, Binance has now resumed withdrawals.

These pauses came after the number of unconfirmed bitcoin transactions hit a record high, nearing 500,000. In order to prevent a recurrence, the fees have been adjusted, and Binance will work on enabling BTC Lightning Network withdrawals.

In today's news, DEUS Finance hacked, Kazakhstan cashes in on crypto mining, and TH staking deposits outpace withdrawals.

Read on!

Most popular types of crypto exchanges

Derivative exchanges prove to be popular in crypto. As of March 2023, derivatives volume had a 74.8% market share of total trading volume in crypto.

24h Hot Searches Worldwide

Floki (-3.6%)
Pepe (-13.8%)
SnailBrook (+35.4%)
Sui (-11.6%)
Arbitrum (-6.8%)
ArbDoge AI (-28.3%)
Turbo (-54.0%)

Will there be an Aptos Airdrop 2.0? :rocket: In this video, let's address the rumor of potential airdrops, including the tokenless dApps in its ecosystem

Check it out here!

Hacked Once More

DeFi protocol Deus Finance has been hacked, suffering losses of over $6 million. The hacker exploited a vulnerability in its stablecoin, DEI (DEI), on BNB Smart Chain (BSC). This was then replicated on the Arbitrum network, leading to a $5 million loss.

The Deus team has since paused all contracts and burned DEI tokens to prevent further losses. It is not the first time the protocol has been hacked, with previous hacks occurring in March and April 2022. Previous exploits resulted in over $16 million in losses.

Cointelegraph

If you can't beat them, legalize them

Following the implementation of a law regulating crypto mining, the government of Kazakhstan received 3.07 billion tenges ($7 million) in tax revenue for the year 2022.

The law was first introduced in 2022, and based on electricity consumption by mining entities. It first came into effect amid frustration with crypto miners' undertaxed usage of the national power grid, with a flurry of miners migrating to the country in 2021.

Cointelegraph

Ethereum Staking deposits continue to outweigh withdrawals

The Shanghai upgrade allowed ETH stakers to finally withdraw their staked ETH.

While large amounts of ETH were withdrawn in the direct aftermath of the upgrade, this has since slowed. In fact, the net amount of ETH being staked is positive, an indicator that more ETH is being staked than withdrawn.

Currently, there is a net positive of 97,586 ETH being staked.

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