Metaliums Will Burn Shiba Token — Curve Finance Hack; Coinbase $1B Loss; Stablecoins Support Merge; Nuri Insolvency Filing; U.S. CHIPS Bill

thecryptocoinreport.com
2 min readAug 11, 2022
Metaliums Will Burn Shiba Token – Curve Finance Hack; Coinbase $1B Loss; Stablecoins Support Merge; Nuri Insolvency Filing; U.S. CHIPS Bill

Read in the Digest:
Metaliums expecting to burn billions of shiba Token with ther NFT collection.

DeFi protocol Curve Finance loses $570,000 in frontend hack.

Stablecoins, USDC, and USDT announce support for the Ethereum merge.

Coinbase posts $1 billion dollar loss in Q2, execs hit with lawsuit.

German crypto bank Nuri files for insolvency; assures users of funds safety.

Biden signs CHIPS bill into law, Nvidia sales decline in the second quarter.

DeFi Protocol Curve Finance Loses $570,000 in Frontend Hack

Curve Finance, an automated market maker that allows users to trade currencies on their websites, reported a malicious attack that affected the service’s nameserver and frontend on Tuesday. As a result, approximately $570,000 worth of ETH was stolen.
Lefteris Karapetsas, the founder of the open source portfolio tracker and accounting tool Rotki, speculates that the hackers compromised the Iwantmyname domain name system (DNS).
The hacker then redirected users to a cloned site and approved a malicious contract. The users were unaware of the cloning, approved the contract, and saw their funds drained from their wallets
However, an hour after the initial warning, the protocol operators announced via Telegram that the source of the problem had been identified and reverted. They also advised investors to opt out of contracts they approved in the past few hours.

Flipsider:

Cryptocurrency exchange Fixed Float reported that it froze $188,505 (112) worth of ETH connected to the hack

Why You Should Care

Users have also been advised to use curve.exchange until the spread of the curve.fi reverts to normal.

Stablecoins, USDC, and USDT Announce Support for the Ethereum Merge

As anticipation brews ahead of the September 19 merge event that will finally see Ethereum finally migrate to a proof-of-stake (PoS) network, stablecoin issuers Circle and Tether have announced support for the shift.
Circle, the issuer of the second largest stablecoin, USD Coin (USDC), wrote in an

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