- Saudi Aramco (SE 🙂 denies rumors of entering mining.
- The USDT is losing its stable market share as the USDC is on guard.
- Binance strengthens its KYC policies.
- Monthly Altcoin registrations :, Polygon, Filecoin.
- CryptoPunks’ NFTs have been lost to the Discord scam bot.
Saudi Aramco denies rumors of entry into Bitcoin mining
Oil mining giant Saudi Aramco has denied rumors it intends to go into Bitcoin mining. The rumors spread after a Brazilian Bitcoin miner made reference to the ongoing negotiations with Aramco. The company claims the reports are “completely false and inaccurate”.
The Saudi state oil company is the world’s largest oil producer and the third largest corporation. The company produces large quantities of flared gas, a by-product of oil production.
This gas could potentially be transformed into energy to mine Bitcoins.
Russian company Gazprom (MCX 🙂 Neft, a subsidiary of state-owned energy company Gazprom, has been using excess gas to fuel BTC mining since January 2021. ExxonMobil CEO Jim Cramer said that the company could use flared gas to mine 5 Bitcoins a month ago.
- Bitcoin mining has become another source of income for the oil giants. The concept is particularly valuable, given that demand is currently unstable due to the pandemic and China’s ever-growing industrial needs. The country is after all the second largest consumer of oil in the world.
USDT loses stable market share as USDC steps on its feet
Tether has been the main stablecoin since its launch. Until early 2018, it remained the only stablecoin to be widely used, obtaining almost 100% of the market share.
According to Block data, the asset share hit an all-time low of 57.39%. Tether’s main competitors are USD Coin (USDC), Binance USD (BUSD) and Dai, with shares of 24.41%, 10.83% and 4.99% respectively.
The coin’s decline may have been influenced by the recent legal scuffle and Circle’s announcement to go public through a deal with SPAC, the company that issues Tether’s main competitor, USDC.
- Stablecoins are undergoing a big change. They face the same pressure from government regulations and user demands for full support. It’s a similar situation to Binance, a whale cannot be eaten by piranhas, but can certainly be severely damaged if no defensive action is taken.
Binance strengthens its KYC policies
Binance has made KYC changes to its verification rules. For those who don’t know, KYC is short for “Know Your Customer,” a customer verification tool used by businesses that require identity checks.
As a result, after August 4, users with only basic account verification will not be able to withdraw more than 0.06 BTC per day. In order to increase the daily withdrawal limit up to 100 BTC, users will need to go through the entire identity verification process.
The change was made to fill a loophole used by hackers to launder money.
- On the one hand, this decision may scare off users concerned with preserving their privacy, but on the other hand, in light of multiple attacks and warnings from state governments, this decision is justified.
Monthly Altcoin Records: Ethereum, Polygon, Filecoin
- Ethereum has hit a new record in terms of transaction volume and average transaction fees. Miners got 505,300 ETH, 6.63% more than in previous months.
- The number of Polygon addresses has doubled. The number has grown from 15 million to over 35 million.
- Hong Kong-based Imperium Group Global Holdings Limited bought 12,000 Filecoins.
- Yes, Mila Kunis probably had to use the Polygon network in her “Stoner Cats” toon in order to avoid skyrocketing gas costs after its successful launch. On the other hand, Vitalik played in the animation, so there was no way to use any other blockchain than the original one from Ethereum.
CryptoPunks’ NFTs Lost to Discord Scam Bot
An NFT holder lost $ 385,000 from NFT CryptoPunks due to a fraudulent bot in Discord. The victim fell after the Discord scam bot offered the chance to earn CryptoPunks’ NFT avatars.
The bot then linked to a fake Metamask wallet, claimed its security was compromised, and requested a seed phrase to restore access. The crooks emptied the victim’s metamask and soon after sold 5 NFT CryptoPunks for $ 385,000.
CryptoPunks is a highly regarded project in the NFT space. A rare example of working CryptoPunks is currently selling for $ 90.5 million.
- A new fancy space doesn’t guarantee protection against the same old scam methods. Critical thinking does, however. While we are sorry for the loss of this user, the matter could serve as a good reminder for others: never share your opening sentence with anyone!
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