Crypto News of the Week: Polkadot (DOT) Hacked, Ripple (XRP) Collapses, Chronoly.io (CRNO) Increases 690%
August has been an eventful month in the crypto space. Battling the ongoing bear market, the past week has seen many cryptocurrencies caught in a myriad of other events affecting their growth. Let’s look at the top 3 instances in the crypto space last week.
Polkadot (DOT) hacked, 1.2 billion USD minted
On August 14, 2022, the Polkadot (DOT) DeFi Acala network was hacked by a group of malicious actors. When the hackers gained access to the network, they put over USD 1.2 billion.
According to a tweet from the team, the hack exploited a flaw in iBTC, the aUSD liquidity pool.
Immediately after the attack, the value of aUSD, the multi-collateral crypto-backed stablecoin of the Polkadot ecosystem, lost more than 98% of its value. aUSD now has an all-time low (ATL) value of $0.0054.
The attack prompted the Acala community DAO (Decentralized Autonomous Organization) to vote that the network is temporarily entering maintenance mode. The Acala team claimed to identify the account to which this $1.2 billion was transferred and informed users that further action would be taken in this matter.
aUSD, minted through the Collateralized Debt Positions (CDPs) system, was pegged to the value of the USD. Therefore, 1 USD was equal to 1 dollar. On 14 August, however, the USD lost its peg against the dollar.
Ripple (XRP) price falls 90% from all-time high
Ripple (XRP) is suggesting a bearish squeeze as it has been stuck in the $0.30 to $0.39 price range for the past 3 months. The XRP price is currently 89.89% below the all time high of $3.84.
Despite these numbers, Ripple (XRP) has registered a significant increase in daily active wallets. On August 15, 2022, U.Today’s Yuri Mulchan revealed in an article that nearly 300 million Ripple (XRP) tokens were transferred to the top crypto exchanges. According to Whale Alert, a crypto auditor, 50,000,000 of the transactions were directly linked to (Ripple) XRP and transferred to an unknown wallet.
Chronoly.io (CRNO) Sparks Investor Interest, Up 690%
In its third presale phase, Chronoly.io native token (CRNO) has already managed to increase its increases by 690%, despite being met by a brutal bear market. The CRNO token price has increased from $0.01 to $0.079 due to the sheer interest of investors in what is the world’s first watch NFT platform.
The Chronoly.io decentralized platform creates NFTs of luxury watches such as Rolex, Patek Philippe, Richard Mille, among many others. These NFTs are 100% supported of the real watches held in Chronoly’s vault. Investors can rest assured of the authenticity of these NFT watches. When an investor acquires 100% of the NFT, they can redeem the physical watch. Moreover, investors can buy a fraction of these NFTs for as little as $10. The watch NFT can also be sold in an ethereum compatible secondary market to earn returns. Top analysts predict that CRNO could become the next 1000x tokenwith more than 2500% increase in value before the pre-sale phase ends.
For more information on the Chronoly.io presale
Website:
Telegram:
Advance sales:
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not provide, and will not endorse, information about any company or individual on this site. Readers are encouraged to conduct their own research and take any action based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be liable for any damage or loss caused directly or indirectly by the use of any content, products or services mentioned in this press release or sponsored post.
To publish articles on our website, please contact us by email or one of the accounts mentioned below.
