Vesting NFTs jumped to the top of CryptoSlam’s daily sales chart on BNB Chain, highlighting demand for liquidity solutions in token lockups. Vesting NFTs surged to the top of data aggregator CryptoSlam's daily sales volume rankings on Friday, generating over $12.4 million on BNB Chain. The sharp spike placed the niche non-fungible tokens (NFTs) product ahead of legacy digital art collections like CryptoPunks and Pudgy Penguins, signaling that investors are showing interest in new forms of liquidity for vested tokens. The activity surge also made BNB Chain the top network for daily NFT sales with about $14 million, almost doubling Ethereum’s $7 million for the day. Read more
UK Finance launched a tokenized deposits pilot in partnership with six major banks, including Barclays, HSBC and Lloyds Banking Group. UK Finance, a trade association representing over 300 financial services firms in the United Kingdom, has launched a joint pilot project for tokenized sterling deposits (GBTD). The trade group began the pilot phase for the tokenized deposits project, which aims to provide a digital representation of traditional British pound commercial bank money, it announced on Friday. The pilot was launched in collaboration with six major banks operating in the UK, including Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander. Read more
Aster reimbursed traders after an XPL glitch caused liquidations, as its perpetual DEX drove daily trading volumes to a record of more than $100 billion. BNB Chain derivatives decentralized exchange (DEX) Aster completed reimbursements to traders hurt by a glitch in its Plasma (XPL) perpetual market that briefly drove prices above market levels. According to Abhishek Pawa, the CEO of Web3 agency AP Collective, the issue stemmed from a misconfigured index hard-coded at $1. With the mark price cap lifted before the fix, XPL futures on Aster spiked to nearly $4 while other venues remained $1.30. The sudden Friday price discrepancy triggered unexpected liquidations and abnormal fee charges, causing losses to users. However, the platform moved quickly, assuring its users that all funds were safe and promising to compensate them for any losses. Read more
AI threat detection and enhanced wallet management may save crypto firms from North Korean infiltrators, cybersecurity experts told Cointelegraph. Cryptocurrency companies need to strengthen defenses against North Korean hackers who are seeking jobs at major Web3 businesses to stage large-scale exploits, security experts told Cointelegraph. Hiring North Korean developers may open a crypto project’s infrastructure to the threat of hacks and data breaches similar to the Coinbase data breach in May, which exposed the wallet balances and physical locations of about 1% of the exchange’s monthly users, potentially costing the exchange up to $400 million in reimbursement expenses. To fight this growing threat, the industry needs to adopt enhanced wallet management standards, real-time AI monitoring for the early prevention of exploits and more secure employee vetting practices, crypto security experts told Cointelegraph. Read more
DBS Hong Kong CEO Sebastian Paredes warned that Hong Kong’s new stablecoin KYC and AML rules will largely block their use in onchain derivatives trading. Hong Kong’s stablecoin regulatory framework limits their use for derivatives trading on blockchain networks, according to Sebastian Paredes, CEO of DBS Hong Kong. According to a Friday report by local news outlet The Standard, Paredes said that Hong Kong regulations on stablecoin Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements will significantly restrict their use for onchain derivatives trading. He said the bank would monitor developments, but focus instead on building broader stablecoin capabilities in Hong Kong. His comments followed the rollout of Hong Kong’s new stablecoin rules on Aug. 1. The rules immediately criminalized the promotion of unlicensed stablecoins and established a public registry of authorized issuers. Read more