| Hey Cryptonews, here's our curated daily bundle of crypto news. | | BTC supply notes decline to 18-month low as LTH liquidates holdings |  | | On 29 July, Glassnode revealed that BTC's supply had declined to an 18-month low. Before this, the supply last moved between one and two years ago. The decline led to curiosity as long-term holders (LTH) showed unusual behavior. They were liquidating BTC holdings as opposed to sticking to the trusted HODLing method.
BTC has moved in a tight trading range since the recent June rally. As it had not seen any price rise since, most investors possibly sold their holdings at a loss. Glassnode also revealed that loss-making addresses swelled up over the past two weeks. The circulatory supply had also seen a dramatic loss.
Older BTC coins remained dormant in investor wallets while the 1-year and 2-year age bands recorded a drop. At the beginning of 2023, BTC supply held for more than 2 years was at 47% and increased to 56% at the time of writing. Holders who acquired tokens three years ago had kept them locked in self-custody. This age band made up 40% of the total circulating supply.
| | | Learn More | | OpenSea: Sales of Ethereum NFTs log new all-time lows |  | Monthly sales of Ethereum-minted NFTs on the marketplace reached a peak in February Since then, monthly sales volume witnessed an 82% drop
The leading marketplace, OpenSea, has witnessed plunging monthly sale volumes for Ethereum and Polygon-based non-fungible tokens. According to data from Dune Analytic, the metric fell to the lowest point this year.
Monthly sales of Ethereum-minted NFTs on the marketplace reached a peak of $659.02 million in February. Since then, monthly sales volume has witnessed an 82% drop. At press time, the total sales volume was $120.79 million. A similar reading followed NFT sales volume as it broke the record with $109.12 million in February.
On the other hand, Polygon-based NFTs witnessed a decrease in patronage among OpenSea users. This category of NFTs had closed the first quarter of the year with a 98% plummet in sales volume. Despite the shortfall in sales volume, Polygon NFTs this month have surpassed the performance in June in terms of the number sold on OpenSea. In the past 30 days, 296,343 Polygon-minted NFTs have been traded on OpenSea - a 29% jump from the 228,859 total NFTs sold in June.
| | Learn More | | Tron: Daily active addresses metric notes monthly decline |  | Tron's revenue and fees increased, as did its total amount of TRX staked TRX's derivatives market metrics also remained bearish
The Tron blockchain recently received coverage due to an important development. On 27 July, 2,000 individuals signed up for Tron's HackaTRON season 5. While this is a positive development, the reports showed that TRX was going through a phase of multiple declines.
The total number of transactions recently crossed the 6 billion mark, which might be misunderstood for growth. Instead, a look at the number of daily transactions showed a decline over the last month, with daily active addresses following the same downtrend.
Nonetheless, TVL gave the network relief with some upward momentum. Fees and revenue had also increased. As for the staking ecosystem, there was a rise in the total staked amount. The press time staking ratio was at 47.62% with a staking market capitalization of $3,549,822,602.
A look at the price action revealed the crypto was under a bearish influence. CoinMarketCap revealed that TRX was down by more than 1.5% over the last week, trading at a press time price of $0.08264. | | Learn More | | Pro-XRP lawyer claims SEC prioritizes corporate capitalism over investors
|  | | In a recent statement, pro-XRP lawyer, John Deaton, has said that the actions taken by the United States Securities and Exchange Commission against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors. The SEC operates within a framework of misplaced priorities.
John Deaton took to X (Twitter) and said that the SEC has an allocation of limited resources toward Section 5 cases and its focus on targeting the secondary market on exchanges instead of addressing fraud within the crypto space. This potentially impedes the growth of the developing cryptocurrency industry.
Another case of misplaced priority was partiality in dialogue. SEC's Chair Gary Gensler had engaged in multiple dialogues with Sam Bankman-Fried, former FTX CEO. However, the SEC has not yet actively engaged with Coinbase. Moreover, with the SEC's opposition to retail investors participating as amici curiae in the Ripple case, Deaton suggests a reluctance to consider the views of retail investors. This further indicates that the regulatory body prioritizes the interests of larger financial institutions.
| | US DOJ seeks bail revocation for SBF over witness tampering allegations |  | According to the filing, SBF leaked ex-colleague Caroline Ellison's diary to The New York Times He also attempted to contact FTX US's current general counsel, who could potentially serve as a witness in the trial
According to a 28 July court filing, the United States Department of Justice (DOJ) is seeking to revoke Sam Bankman-Fried's bail, accusing him of witness tampering and leaking ex-colleague Caroline Ellison's diary to The New York Times. He had been released on bond in December, 2022 but later requested multiple bail modifications.
According to the filing, SBF also contacted FTX US's current general counsel via email and encrypted messaging app Signal in January 2023. In the communication, he expressed interest in using each other as resources and providing mutual input on different matters.
Furthermore, SBF allegedly used Signal for obstructive purposes, with the app's auto-deletion feature complicating the investigation. In light of these events, the court expressed concerns about the risk of witness tampering.
Former SEC Office of Internet Enforcement chief, John Reed Stark stated, Judge Lewis Kaplan could see SBF's actions as witness tampering and make further bail modifications or revoke his bail entirety. He added, keeping SBF free may lead the judge to reinforce previous warnings. | | Reentrancy attacks drain $47M from Curve Finance pools |  | Several stable pools on Curve Finance using Vyper were exploited Vyper confirmed versions 0.2.15, 0.2.16, and 0.3.0 were susceptible to malfunctioning reentrancy locks
On 30 July, several stable pools on Curve Finance using Vyper were exploited, resulting in losses exceeding $47 million. Vyper confirmed versions 0.2.15, 0.2.16, and 0.3.0 were susceptible to malfunctioning reentrancy locks. Vyper wrote on X,
"...The investigation is ongoing but any project relying on these versions should immediately reach out to us"
Security firm Ancilia analyzed the affected contracts, revealing 136 used Vyper 0.2.15 with reentrant protection, 98 used Vyper 0.2.16, and 226 used Vyper 0.3.0. Initial investigations revealed that these versions of the Vyper compiler have a faulty implementation of the reentrancy guard, allowing multiple functions to be executed simultaneously and thus, leading to reentrancy attacks and the draining of funds from a contract.
Curve Finance CEO Michael Egorov confirmed a loss of 32 million CRV tokens worth over $22 million from the swap pool. Notably, multiple DeFi projects were impacted by the attack, causing panic in the DeFi ecosystem, leading to a surge of transactions and a white hat rescue operation. | | BNB Smart Chain hit by copycat attacks following exploit on Curve Finance |  | Blockchain security firm BlockSec reported that approximately $73,000 worth of cryptocurrencies were stolen on BSC This, across three exploits
Following the exploit on DeFi protocol Curve Finance, the BNB Smart Chain (BSC) experienced copycat attacks. Blockchain security firm BlockSec reported that the vulnerabilities in the Vyper programming language led to approximately $73,000 worth of cryptocurrencies being stolen on BSC across three exploits.
The vulnerability was caused by a malfunctioning reentrancy lock in Vyper versions 0.2.15, 0.2.16, and 0.3.0, used by several DeFi pools. Notably, as the most widely used programming language for Web3 projects, mainly designed for the Ethereum Virtual Machine, this vulnerability could potentially affect other protocols using the same Vyper versions.
Since the exploit news emerged, white hat and black hat hackers have engaged in on-chain battles to disrupt exploit attempts or fund recovery efforts. One such whitehat, "c0ffebabe.eth," retrieved some funds and offered to return them to affected protocols. As per one transaction, the wallet returned nearly 2,900 Ether, valued at over $5 million to Curve Finance so far.
| | Bears lurk around Bitcoin & co. |
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