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🔥Mystery Whale Burns $8M Worth Of Tokens and NFTs

The Defiant

DeFi Daily

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The crypto community is wondering why nd4.eth chose to burn over $8M worth of digital assets. Meanwhile, Aptos Labs is partnering with Microsoft to offer AI-supported tools.

DeFi lending marketplace Goldfinch may write off a $5M loan as a total loss, serving as a stark reminder of the inherent risks and complexity of engaging with real-world assets in emerging economies.

Finally, the new Seal 911 bot, spearheaded by Web3 security experts, offers an emergency hotline in case of DeFi exploits.

✍️ In today’s newsletter:

  • Crypto community perplexed after nd4.eth throws away millions
  • Markets rally as investor sentiment improves
  • Aptos to collaborate with Microsoft on AI
  • Goldfinch writes down $5M loan
  • Web3 security experts launch 'Seal 911' Telegram bot

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📈 Markets in last 24 hrs:

TickerValue24h
BTC$29,377 -1.35%
ETH$1,846 -0.58%
S&P 500$4,469 0.03%
GOLD$1,947 1.65%
Arch WEB30.89pts +1.67%
FINANCE0.95pts 2.11%
INFRA0.81pts 1.88%
CONSUMER1.03pts -0.02%
Arch WEB3

Learn more about Arch Indices here.

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Ethereum

Mystery Wallet Burns Digital Assets Worth Over $8M

TLDR A mysterious wallet known as nd4.eth has burned various digital assets worth millions, including cryptocurrencies like ETH and NFTs like CryptoPunks and Bored Apes, over the past two weeks. The motive behind these actions is unknown, sparking intrigue and speculation within the crypto community.

SO WHAT Such deliberate destruction of valuable digital assets is likely unprecedented in the crypto space, and highlights the anonymous and irreversible nature of blockchain transactions.


Markets

Markets Rally As Investors Show Renewed Confidence in Crypto

TLDR The crypto market is showing signs of recovery, with Bitcoin and Ether rallying this week. Factors contributing to this positive sentiment include:

  • Applications for Ether-based ETFs by multiple asset management firms.
  • PayPal launching its dollar-backed stablecoin, PYUSD, on Ethereum.
  • Expectations that the Federal Reserve will keep interest rates unchanged in September, with some predictions of a cut in December.

Other notable market movements:

  • Bancor Network's BNT surged 55% after announcing its new protocol, Carbon.
  • Frax Finance's FXS rallied 10% after a proposal to bring Real World Assets to the network.

Layer 1

Aptos Rallies 15% On Microsoft Partnership

TLDR Aptos Labs has partnered with Microsoft to offer AI-supported tools to Web3 developers and users. The partnership includes the creation of Aptos Assistant, a ChatGPT-integrated bot for onboarding, support for the Move programming language in Github's Copilot, and running validator nodes on Azure. Aptos' APT token spiked 15% on the news.

SO WHAT This partnership marks a significant collaboration between a major tech corporation and a blockchain company, aiming to reduce hurdles to Web3 entry. By integrating AI tools and leveraging Microsoft's infrastructure, Aptos may foster greater adoption and innovation in areas like asset tokenization and Central Bank Digital Currencies.


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Real World Assets

Goldfinch Writes Down Failed $5M Loan To Kenyan Taxi Financier

TLDR Goldfinch, an Ethereum-based real-world asset investment protocol, is facing difficulties after Tugende, a Kenyan taxi financing company, defaulted on a $5M loan. Tugende became insolvent after violating the loan agreement by lending funds to its Ugandan subsidiary. Goldfinch's GFI token dropped nearly 20%, and the protocol may write off the entire loan.

SO WHAT The incident highlights challenges and risks with lending to small businesses in emerging economies and integrating real-world assets (RWAs) into DeFi. While the integration of RWAs offers the potential for unlocking new asset classes and generating sustainable yields, it also presents increased counterparty risks and legal challenges.


DeFi

Web3 Security Experts Launch Telegram Bot For DeFi Hack Victims

TLDR A group of Web3 security experts has developed Seal 911, a Telegram bot, to provide an emergency hotline for crypto-related crises. As multimillion-dollar hacks and exploits become increasingly common, with losses in July alone amounting to over $300M, the bot offers an immediate point of contact with security experts. Several specialists from major projects like Paradigm, ConsenSys, MetaMask, Yearn, and Polygon support the initiative.

SO WHAT The creation of Seal 911 represents an important step in addressing the urgent need for reliable security resources in the DeFi space.


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🌍 ELSEWHERE

  • Ripple v. SEC: Why the crypto industry may have celebrated too early (Fortune)
  • Aragon Mulled Sale of Crypto Project, Leaked Screenshot Shows (Coindesk)
  • Crypto Firm DCG, CEO Barry Silbert Seek Dismissal of Gemini Lawsuit (Bloomberg)