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- Crypto Broker Attacked for $15 Million & USDT Depeg
The cool side of the blazing crypto ecosystem.
A crypto newsletter covering the latest news that matters.
What’s in today’s cooler:
Crypto Broker Attacked for $15 Million
USDT Loses Peg From US Dollar
More On Tap News
Crypto Broker PKG Attacked for $15 Million
Floating Point Group (FPG), a crypto broker has stopped everything on their platform. Over the weekend they suffered a $15 million cyberattack which lead them to stop withdrawals, deposits, and trading.
Floating Point Group had this to say on Twitter regarding the attack.
4/5 We are working with the FBI, the Department of Homeland Security, our regulators, and Chainalysis to understand how this occurred and to recover assets. As this is an ongoing investigation with law enforcement, we cannot share specifics at this time.
— Floating Point Group (@fpgcrypto)
6:26 PM • Jun 14, 2023
We all are waiting to here the outcome for FPG and hoping for the best.
USDT - Tether loses Peg From US Dollar
On Thursday, June 15th, USDT lost its peg from the dollar. This occurred from two stablecoin trading pools on Curve became very imbalanced.
This stablecoin trading pool consisted of USDT, DAI, and USDC, and on-chain data points that traders have been exchanging millions of USDT for other stablecoins.
Stablecoin pools on Curve show major imbalance
Markets are edgy in these days, so it’s easy for attackers to capitalize on this general sentiment.
But at Tether we’re ready as always. Let them come.
We’re ready to redeem any amount.
Some major key things to note are:
USDT currently owns over 65% of the market share for stabelcoins.
There have been many debates that USDT has enough reserves to back a one-to-one peg.
USDT is the 3rd highest market cap at $83 million.
Many important aspects are tied into this depeg. As shown the CTO and others are skeptical but not worried a bit. Only time will tell.
Read more in depth here.
On Tap News
BlackRock is near the end for Bitcoin ETF Application - Sounds like good news to skeptical crypto investors and crypto as a whole.
SEC & Binance.US are reaching an agreement? - Good news for the lawsuit or good news for investors? Why not both!
10 Ways AI and Crypto can benefits each other? - At this point it seems AI and benefit ANYTHING.
Crypto lender has been insolvent since March! - Is this lender in big trouble and been doing shady stuff the past months?
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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.
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