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Crypto Daily Roundup, 26 Feb: Ethereum Surges Above $3,000

26-Feb-2024 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrency values increased in the last 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)

Crypto News Key Highlights:

  • BitForex, a Hong Kong-based crypto exchange, suspends withdrawals for three days, prompting concerns after $56 million is withdrawn. Users report account access issues. Inactive since May 2023, the exchange's website faces blockage. BitForex previously faced regulatory scrutiny. AAX, another HK exchange, ceased operations, with its executives arrested for misappropriating funds.

  • KyberSwap hacker shifts millions in digital assets between blockchains. PeckShield detects movement of 798.8 ETH, nearly $2.5 million, and $826,500 worth of Dai stablecoin. The 2023 attack resulted in $49 million losses. Hacker demanded control over KyberSwap and KyberDAO, leading to a grant for victims and layoffs.

  • South Korean regulators and the U.S. SEC plan discussions on Bitcoin ETFs and NFTs, reflecting the evolving digital finance landscape. Uncertainty surrounds South Korea's NFT classification. Critics fear stifling innovation with stringent regulations, while privacy concerns arise over increased surveillance. Deliberations aim to balance innovation with regulatory oversight.

  • Ethereum Layer-2 DeFi platforms surge as Ethereum prepares for Dencun upgrade, promising network enhancements. Top DeFi tokens like UNI, COMP, COTI, SUSHI, and AAVE gain momentum. Mantle (MNT) registers a 20% surge, focusing on Ethereum Virtual Machine compatibility and enticing airdrops for stakers. Dencun upgrade introduces cost-effective transactions, benefiting Layer-2 scalability.

  • Shiba Inu community pushes for a Grayscale Investments Shiba Inu ETF, citing high search popularity and regulatory compliance. Petition garners over 500 signatures. However, hurdles exist as Grayscale assesses crypto offerings, and SEC emphasizes availability on regulated exchanges like CME for ETF approval, potentially lowering SHIB ETF prospects.

  • MicroStrategy's Twitter account fell victim to a phishing attack, luring investors to a fraudulent airdrop link, resulting in a reported loss of $440,000. Twitter hacks targeting crypto firms have become common, highlighting security vulnerabilities. Recently, the SEC's compromised account falsely announced the approval of a Bitcoin ETF.

  • Montenegro's high court casts doubt on Terra founder Do Kwon's extradition to the U.S., suggesting potential reversal despite prior decisions. The Public Information Officer notes the appellate court's authority to revoke, hinting at delays if upheld. Kwon retains appeal rights, adding to legal complexity and uncertainties surrounding his extradition.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. #Cryptocurrency and #NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also read - 24 Crypto Update, 25 Feb: Ethereum Surges to 20-Month High

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