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  • The R Roundup: Balancer Gets Unbalanced - Issue #103

The R Roundup: Balancer Gets Unbalanced - Issue #103

Issue #103 : Web 3 News Headlines Of The Week

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The R Roundup
August 27, 2023

The R Roundup: Balancer Gets Unbalanced - Issue #103

Last week it broke that Balancer was on the receiving end of a vulnerability report that many users were not expecting.

It was reported that Balancer received a critical vulnerability report which affected several v2 pools. Instantly, they reported that the emergency mitigation procedures was followed resulting in the security for the majority of TVL.

Since then Balancer have advised users to withdraw affected LPs immediately.

Base Fastest Growing L2📈

Following a very successful launch, Base has made the headlines again & this time its due to being the fastest growing L2 to 100,000 users.

56 days after launch the milestone was hit which measures daily active users by unique adresses. dApps booming the industry like Friend Tech contribute to the rapid growth on Base.

Tornado Cash Under The Wind🌪️

Another spanner in the works came out as Tornado Cash’s Storm was arrested by the FBI.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added Roman Semenov, co-founder of Tornado Cash, to its Specially Designated Nationals (SDN) list, which includes sanctioned individuals and companies. Simultaneously, Roman Storm, another co-founder of Tornado Cash, was arrested by the FBI, while Semenov remains at large.

Elliptic Connect, a blockchain analytics firm, reported that sanctioned wallet addresses associated with Tornado Cash processed over $11.5 million in various cryptocurrencies. Both Storm and Semenov face charges related to money laundering, sanctions violations, and operating an unlicensed money transmitting business.

Coinbase Buys Circle Stake⭕️

Coinbase has secured a minority stake in Circle Internet Financial as part of a significant restructuring in the stablecoin arena.

The Centre Consortium, previously jointly managed by Circle and Coinbase, is being disbanded, and Circle is assuming full control over the USDC stablecoin's issuance and governance. This move aligns with Circle's strategy to bring the stablecoin in-house.

Furthermore, USDC is set to expand its reach by integrating with six additional blockchains, increasing its supported network count to 15.

While the specific blockchains are not disclosed in the announcement, Circle had previously indicated its intentions to add Polkadot, Near, Optimism, and Cosmos in 2023. Notably, this development follows the launch of Coinbase's proprietary blockchain, Base.

Details regarding the size of Coinbase's newly acquired stake in Circle remain undisclosed, and it's worth noting that this partnership exchange did not involve a cash transaction.

A Week At RR📆 

Check out last weeks content published to stay up to date with the latest research trends & industry talking points👇

How To Navigate Crypto Meeting Macro & Geopolitics W/ M6 Labs🌏

Degens Wake Up. Macro & Geopolitics Impacts Our Markets. Here’s How

therroundup.beehiiv.com/p/navigate-crypto-meeting-macro-geopolitics-w-m6-labs

Friend Tech Is The New Way To Make Crypto Friends🫂

Friend Tech has attracted over 12,500 individual traders and facilitated well over 5,500 $ETH in volume since its launch

therroundup.beehiiv.com/p/friend-tech-new-way-make-crypto-friends

RRUPDATES📍: USDC Expands Reach Across Six New Blockchains, Bolstering Market Presence💵

$USDC Expands To Polygon, Base, Optimism & More

therroundup.beehiiv.com/p/rrupdates-usdc-expands-reach-across-six-new-blockchains-bolstering-market-presence

RR Files🗂️

Wondering what we are reading this week at RR?

Worry no further!

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

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