5 Huge Developments in the Crypto at the End of August
Last week, there were many important developments in the crypto world. In 2024, the attacks carried out by crypto hackers caused great concern in the market and brought security sensitivities back to the agenda. On the other hand, Celsius, which is in the process of bankruptcy, started to repay its creditors, marking an important milestone in the sector. Gavin Wood continues to take promising steps for the future of the decentralized internet by accelerating his work on Web3 technology.
On the other hand, the Radix team has decided to reduce the number of staff by 15% in order to reduce costs, which has increased uncertainties in the project. In a nutshell, these developments stood out as remarkable dynamics in the crypto world. Let’s take a look at each of them together.
2024 Sees Sharp Increase in Crypto Hacks: $1.2 Billion Stolen So Far
After attacks in August, cryptocurrency hackers have since stolen over $1.2 billion, which raises more doubts about the adoption of cryptocurrencies on a large scale. In 2024, 154 distinct exploits resulted in the loss of digital assets worth a total of $1.21 billion to hackers and rug pulls in the cryptocurrency sector. According to an Immunefi analysis, this is a 15.5% rise over the same period in 2023, when losses came to a little over $1 billion.
Celsius Repays Two-Thirds of Eligible Clients, Disbursing $2.53 Billion
As part of its much-anticipated bankruptcy procedures, Celsius has reimbursed two-thirds of its eligible clients. The bankrupt cryptocurrency lender has reimbursed roughly $2.53 billion to 251,000 creditors, according to a court document dated August 26. About 84% of the $3 billion in assets that the now-defunct cryptocurrency lender owed to more than 375,000 borrowers are represented by this sum.
Gavin Wood’s Dream: A Fee-Free Web3 to Serve the Public Good
Making Web3 technology and cryptocurrencies a socially useful public good is Gavin Wood‘s greatest hope. Wood, a co-founder of Ethereum, Polkadot, and Kusama, believes that cryptocurrency transactions should be free of transaction costs in order for Web3 to achieve its intended goals.
My biggest hope is that we can really make Web3 free for everyone.
Wood
RDX Works Lays Off 15% of Staff as Part of Broader Organizational Changes
The company that created the Radix DeFi platform, RDX Works, has laid off 15% of its employees, claiming a need to reduce expenses. The company’s CEO, Piers Ridyard, reaffirmed in a statement posted on August 29 in the official Telegram group that the employee reductions are part of a more comprehensive set of changes that need to be made and are intended to refocus.
PayPal USD (PYUSD) Hits $1 Billion Market Cap, Strengthening Digital Dollar Adoption
According to CoinMarketCap data, PayPal USD, the US dollar-pegged stablecoin, has a total market capitalization of more than $1 billion. PayPal USD (PYUSD), which was introduced in 2023, is issued by Paxos Trust Company, a US-regulated cryptocurrency custodian, and is backed 1:1 by US dollars.
The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,
Dan Schulman, PayPal’s president and CEO
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