Crypto Market Overview Jule 7th | Dex-Trade

Crypto Market Overview Jule 7th | Dex-Trade

Hacker Crema Agreed to Return $8 Million, But He Didn’t Forget About Himself

Representatives of Crema Finance, a DeFi protocol created on the Solana blockchain, announced the conclusion of a deal with a hacker who withdrew just over $9 million in digital currency from the platform last week. Under the terms of the deal, the kidnapper received a "reward" of $1.7 million, which was deducted from the stolen funds and in turn returned the remaining $7.6 million to their rightful owners. By the way, the hacker agreed to work without “commissions”, and still keeps his own share in SOL. There are 45455 “Ethereum killers” on his account now. The funds stolen from the platform were returned in 4 transactions with Ether and Solana tokens. The first transaction on each network was a test transaction with a small amount, and the next one consisted of most of the funds sent. Crema management also said that the team will develop and publish a compensation plan for affected users by July 8. By the way, the hacker’s “reward” of 45,455 SOL is equivalent to a generous 16.7% of the $9.6 million initially lost by Crema, and this fact really scared the project managers, so they announced that today the protocol is forced to suspend servicing the accounts of its users. Although, the very fact of an agreement with the hacker can be considered an incredible success...



Musk Will Support Dogecoin "Wherever Possible"

In response to the recent news that The Boring Company, owned by a popular entrepreneur, will begin accepting Dogecoin as payment for trips on tunnel routes, Elon Musk said that he will continue to "supporting Doge wherever possible." And it’s hard not to believe this statement, because even in the most difficult times for the crypto, the businessman actively boosted its course with loud statements. From April 2019, when Musk declared that the meme coin was his favorite cryptocurrency, to this day he is a strong supporter of Dogecoin and even talks about mining DOGE at home with his children. But what is the reason for this commitment? Most likely, in addition to proven connections with the developers and management of Dogecoin, as well as the fact that the meme-coin is “just cool,” Musk supports the interests of a certain group of people who may be associated with the businessman’s companies. But, in order not to get stuck in a conspiracy swamp, it’s important to clarify that in May of this year in an interview with U.Today, the businessman said: “I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. I'm responding to those people." Whatever that means, Musk's biggest companies, namely SpaceX, Tesla and The Boring Company, are already accepting DOGE as payment for a range of products and services. And it seems like this is just the beginning.



FTX Only Has 'A Couple of Billion' Left to Support the Crypto Industry

At least this is what the CEO of the cryptocurrency trading platform, Sam Bankman-Fried, says. In a recent interview, one of the youngest billionaires in the world talked about the deteriorating industry and how FTX has saved some reserve to help cryptocurrency companies of all sizes, which are now on the verge of bankruptcy everywhere due to the protracted bear market. However, the position of FTX is now also very unenviable. According to Bankman-Fried, earlier their reserves were much larger and one could be sure of their stability. The company has already spent about $1 billion to help companies like BlockFi, Voyager, and others. But now its fund is limited to the remaining $2 billion, and the market is far from recovering. In addition, the businessman reminded the representatives of the crypto business that a financial boost can only work if the business development strategy is properly chosen. It’s important to remember that this is a single event and, if funding is not allocated to the right areas, a one-time assistance may have absolutely no impact on the position of the company. It's a good idea, but it still sounds sad...