CoinChapter.com Presents: The Daily Roundup of Crypto News
Dubai Customs Implements Blockchain Platform for Streamlined Supply Chain Operations
Dubai Customs has recently introduced a cutting-edge blockchain platform, aimed at enhancing supply chain efficiency within Dubai and across its borders. This strategic move, announced on July 8th, is part of Dubai’s ongoing commitment to solidify its position as a leading smart city.
The blockchain solution seeks to expedite customs clearance and commercial transactions by simplifying procedures and reducing time and effort. Additionally, it will promote supply chain transparency through secure data sharing and a reduction in paperwork.
Anticipated Decision on Solana ETFs by Mid-March
The U.S. Securities and Exchange Commission (SEC) is expected to make a final ruling on spot Solana exchange-traded funds (ETFs) around mid-March 2025. On July 8th, the Chicago Board Options Exchange (CBOE) submitted applications to list proposed ETFs from VanEck and 21Shares.
CBOE submitted two Form 19b-4 applications, drawing parallels between Solana funds and the recently approved spot Bitcoin and Ether ETFs. The exchange argued that Solana’s decentralization, throughput, and speed make it resistant to manipulation, similar to Bitcoin and Ethereum.
Doja Cat’s Twitter Account Hacked to Promote Solana-Based Meme Coin
The Twitter account of popular American artist Doja Cat was compromised and exploited to promote a Solana-based meme coin. The hack began on July 8th, with the hacker posting over two dozen tweets and removing Doja Cat’s profile picture and bio from her account. Her hacked Twitter account, which has 5.6 million followers, quickly alerted her 24 million Instagram followers that she was not responsible for the posts.
Blockchain data and market information suggest that the new $DOJA token experienced some activity following the incident. In total, fewer than 15,000 transactions generated approximately $2.2 million in volume.
BlackRock’s BUIDL Surpasses $500 Million Market Cap
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) has achieved a remarkable market cap of $500 million, making it the first tokenized treasury fund to reach this milestone. Launched less than four months ago, BUIDL currently holds $502.8 million worth of tokenized Treasury.
BUIDL’s value is pegged 1:1 with the U.S. dollar and distributes daily accrued dividends to investors monthly through its partnership with Securitize. Ondo’s OUSG is the largest BUIDL holder, with $173.7 million. Additionally, stablecoin issuer Mountain Protocol also utilizes BUIDL to back its permissionless yield-bearing stablecoin, known as USDM.
Crypto Exploits Approach $1.4 Billion in 2024
According to cybersecurity firm Cyvers, the total volume of stolen cryptocurrency funds in 2024 is rapidly approaching $1.4 billion, with centralized exchanges becoming the primary target for exploits. In the second quarter of 2024, total crypto losses exceeded $600 million, marking a 100% increase compared to the same period in 2023. This surge was mainly driven by a 900% increase in losses on centralized exchanges.
Access control breaches accounted for the majority of stolen funds, with approximately $490 million lost in the second quarter alone. This figure significantly surpasses losses from smart contract exploits, which drained less than $70 million during the same period. The report also highlighted cross-chain bridges as an emerging attack vector, citing the $1.44 million exploit of XBridge in April.
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