The early hours of July 3 already saw a crypto project lose several million dollars in an attack with no visible impact on the broader market. Meanwhile, widely followed crypto influencers are sure of the approval of a Bitcoin ETF in the coming months.
This is what has happened in crypto today.
Related: Bitcoin Traders Torn Between Breakout and $28K Drop as BTC Price Stalls
Poly Network Losses May Have Been Double Than Forecasted
The Poly Network blockchain interoperability platform may have lost more than $5 million in a hack that blew up Ethereum (ETH), bnb String, Polygon (MATIC), Avalanche (AVAX), Optimism (OP) and five other blockchains.
According to the latest findings from security firm Beosin, the attackers stole around $10 million after liquidating ETH from the Poly Network. Nonetheless, they may not have been able to liquidate around $260 million due to poor market liquidity.
@PolyNetwork2 the operator has exchanged a total of 5,196 $ETH (~$10.1M) on Ethereum.
The attacker may not redeem other tokens (~$260 million) due to low liquidity.
The fees for these addresses on Ethereum are @Bybit_Official, @kucoincom, @FixedFloat, @ChangeNOW_io pic.twitter.com/rTxIvY993P
— Beosin Alert (@BeosinAlert) July 3, 2023
Just under two years have passed since the last hack of the Poly Network, in which it lost a staggering $600 million, making it one of the largest bridge hacks in history. Web3 history.
Market: Filecoin Grows as Most Crypto Assets Stabilize
The Poly Network hack has failed to scare away crypto bulls if one looks at its performance in the market on July 3rd.
In particular, the cryptocurrency market capitalization has risen more than 1.5% to an intraday high of $1.17 trillion. Leading these gains among major coins is Filecoin (FIL), which has risen 20% to $4.93, its highest level in a month.
Other high-yield assets include Graph (GRT), which is up 18% intraday to hit its one-month high of $0.139.
TO wave of Bitcoin ETF applications led by star asset management firm BlackRock has fueled bullish sentiments in the crypto market.
However, most major cryptocurrencies may come under pressure if the The Federal Reserve delivers 50 basis points of additional interest rate tightening by the end of 2023.
Regulatory Updates: Thailand, Hong Kong, and the United Kingdom
July 3rd has been a relatively better day when it comes to crypto regulations. For example, Hong Kong regulators fixed a new Web3 working group to oversee and ensure sustainable cryptographic development in the region.
The announcement comes in a bid to push Hong Kong's crypto-friendly regulations. Recently, the Hong Kong Monetary Authority (HKMA) held down banking firms, including Standard Chartered, HSBC, and Bank of China, to accept crypto exchanges as clients.
Related: Belarus wants to ban P2P cryptocurrency transactions
Meanwhile, the UK is taking further steps to clarify the definition of crypto within legal realms, days after giving regulators the power to introduce and enforce rules to regulate the cryptocurrency sector.
On July 3, the UK Law Commission proposed to create a special category of personal property to integrate cryptocurrency. The commission said the new category would allow them to accurately recognize different types of digital assets, from cryptocurrencies to digitized instruments.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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