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dYdX Token Surpasses $3 Following Platforms Record 24-Hour Trading Volume

The dYdX trading platform became the top decentralized exchange (DEX) as measured by daily trading volume last week. In 24-hour trades, the platform saw a massive $565.85 million spike, briefly overtaking Uniswap for the top spot. Due to the trading volume, the token used on the platform, DYDX, hit above $3 for the first time this year. This success came just two months after dYdX fully launched, easing worries about users switching from the popular Ethereum network to the Cosmos system.

The dYdX platform offers trading in various crypto pairs like ETHER/USD and BTC/USD. Although there's potential for market pressure due to upcoming token releases, dYdX's growth highlights strong user interest and market trust. The platform is known for offering perpetual trading, allowing continuous, fixed-price trades, different from usual spot trading. Overall, dYdX is on the rise in the decentralized finance world, with over $1 trillion in total trades.

🌐👉 For details on how dYdX still ranks among the top three DEXs in the world, check out the full article [HERE].

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Kaspersky Labs Uncovers New Malware Targeting Crypto Wallets on macOS

Security company Kaspersky Labs discovered a new malware targeting macOS users, particularly those downloading pirated software. This malware infects computers and targets Bitcoin and Exodus cryptocurrency wallets by replacing them with malicious versions to steal users' digital currencies and access private keys. The malware affects macOS versions 13.6 and above and is notable for its ability to gain administrator privileges and run harmful scripts.

The threat extends beyond this specific malware, as hackers often disguise malware as legitimate wallets in online stores or fake websites. Kaspersky advises users to download apps only from trusted websites, keep their operating systems updated, and use reliable security solutions. The FBI has issued warnings about such tactics, and the North Korean Lazarus Group has previously targeted macOS users in the decentralized finance community.

🌐👉 To learn more about deceptive malware practices and ways to combat these threats, read the full article [HERE].

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Terraform Labs, Maker of LUNC and TerraClassicUSD, Files for Bankruptcy After $40 Billion Crypto Collapse

Terraform Labs, the company behind the cryptocurrencies TerraUSD and LUNA, has filed for Chapter 11 bankruptcy following a major financial collapse in May 2022. This collapse erased about $40 billion in market value from the company and significantly impacted investors worldwide. The Singapore-based firm's bankruptcy filing lists assets and liabilities between $100 million and $500 million. The bankruptcy aims to help Terraform Labs manage ongoing legal issues, including lawsuits in Singapore and the U.S. while continuing its business operations. Terraform plans to meet its financial commitments to employees and vendors without extra funding and intends to continue developing its Web3 products.

The instability of TerraUSD, a stablecoin supposed to maintain a steady $1 value, and LUNA were major factors in the crypto market's disruption in 2022. Terraform's founder, Do Kwon, now faces legal challenges, including arrest and extradition requests, in connection with the collapse. The company's difficulties were compounded when major exchanges, including Crypto.com and Binance, delisted the Terra Classic token, LUNC. Once platforms announced the halt of the token's trading, the value of LUNC dropped to $0.00009276. This is in contrast with its all-time high of $119.18 in April 2022.

🌐👉 To get more details on the series of events leading up to the collapse of Terraform Labs, read the full article [HERE].

• Gemini Gains Ground in France With Official Digital Asset Service Provider Registration

• The Bank for International Settlements Announces CBDC, Tokenization Projects for 2024

• Cryptocurrency Sector Faces Stricter AML Regulations With EU Provisional Agreement

• South Korea Weighs Crypto Tax Abolition Amid New Income Tax Regime

• Thailand Opens Doors to Retail Investments in Infrastructure-Backed Digital Tokens 

The Editor's Insights

A few articles this week deserve an honorable mention; here are my comments on them.

Tokenizing Real-world Assets Will Make It Easier to Clean Our Closets.

Loading up and clearing out storage units often reminds me to organize my belongings. If I had a record of all my prized possessions, I would feel like I was not wasting time collecting things. Imagine a world where I could lend my old Simpsons cassette tapes, with that era’s commercials included, to anyone and get paid in crypto! My dreams may not be that far away. Digitizing real-world assets onto an open ledger is very much the new wave. While invaluable episodes, like when Homer does on disability, are the first in line, the tokenization of non-performing loans (NPLs) and securities are. Italian startup BlockInvest plans to tokenize distressed Italian mortgages and financing agreements. This process aims to fractionalize ownership, improve liquidity, and create a more accessible and efficiently managed market. BlockInvest, backed by Credit Agricole Italia and using Polygon technology, seeks to minimize the impact of non-performing exposures on financial stability. The $324-billion Italian NPL market has been a concern for years, and efforts to reduce NPL volumes have been partly successful, while more complex loans remain outstanding. The Financial Stability Board has urged the Italian government to continue market support, improve the court system, and allocate more resources to address NPLs.

Meanwhile, Swiss fintech firm Taurus has received regulatory approval to offer tokenized securities to retail clients. This opens up Taurus' TDX trading marketplace to a wider audience, allowing retail and professional investors to participate in capital raises and trade digital assets. Taurus' move is part of a growing trend towards digitizing private markets, making investing in private securities as easy as online shopping. The digitization of real-world assets offers increased accessibility and liquidity but poses regulatory compliance challenges, market stability issues, and technological hurdles. Only time will tell if companies like BlockInvest and Taurus can advance these initiatives enough so I can offer fractional ownership of my taped episode of ‘Two Dozen and One Greyhounds.'