/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Already in the first hours of July 3 a crypto project has lost several million dollars in a hack with no apparent impact on the broader market. Meanwhile, widely-followed crypto influencers are bullish about bitcoin ETF approval in the coming months.
Here’s what happened in crypto today.
RELATED: BTC Price Halving Leaves Bitcoin Traders Caught Between Breakout and Drop to $28K
Poly Network’s losses may be twice as large as estimated
Blockchain interoperability platform Poly Network may have lost more than $5 million in a hack exploiting Ethereum (ETH), BNB Chain, Polygon (Matic), Avalanche (AVX), Optimism (OP) and five other blockchains.
According to the latest findings from security firm Beosin, roughly $10 million was stolen by attackers after siphoning off ETH from the Poly network. Nevertheless, they may have failed to liquidate approximately $260 million due to a lack of liquidity in the market.
@polynetwork2 The exploiter has swapped a total of 5,196 $ETH (~$10.1 million) on Ethereum.
Other tokens (~$260 million) could not be redeemed by the attacker due to low liquidity.
The fees for these addresses on Ethereum are from @Bybit_Official, @kucoincom, @fixedfloat, @ChangeNOW_io pic.twitter.com/rTxIvY993P
— Beosin Alert (@BeosinAlert) 3 July 2023
It’s been less than two years since the last hack of the Poly network, which lost an astonishing $600 million, thus making it one of the biggest bridge hacks in Web3 history.
Markets: FileCoin Surge As Most Crypto Assets Stabilize
The Poly Network hack has been unable to scare the crypto bulls if one looks at their market performance on July 3rd.
Notably, the cryptocurrency market capitalization has increased by more than 1.5% to reach an intraday high of $1.17 trillion. Leading these gains among top coins was Filecoin (FIL), which surged 20% to $4.93, its highest level in a month.
Other top performing assets include GraphQL (GRT), which jumped 18% intraday to its one-month high of $0.139.
A wave of bitcoin ETF applications led by star asset management firm BlackRock has fueled bullish sentiments in the crypto market.
Nevertheless, most top cryptocurrencies could come under pressure if the Federal Reserve cuts interest rates by an additional 50 basis points by the end of 2023.
Regulation Update: Thailand, Hong Kong and the UK
July 3rd has been a relatively better day as far as crypto regulations are concerned. For example, Hong Kong regulators appointed a new Web3 task force to oversee and ensure sustainable crypto development in the region.
The announcement has been made to promote the crypto-friendly regulations of Hong Kong. Recently, the Hong Kong Monetary Authority (HKMA) pressured banking firms including Standard Chartered, HSBC and Bank of China to accept crypto exchanges as customers.
Related: Belarus Wants to Ban P2P Cryptocurrency Trading
Meanwhile, days after giving regulators the power to introduce and enforce rules to regulate the crypto sector, the United Kingdom is taking more steps to clarify the definition of crypto in the legal realm.
On July 3, the UK Law Commission proposed creating a special class of personal assets to integrate cryptocurrencies. The commission said the new category would enable them to accurately identify a wide variety of digital assets – from cryptocurrencies to digital instruments.
This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
