Today in Crypto: Synapse Protocol Reports Potential Rugpull, IQ.wiki Partners With InvestHK, World Has 88,200 Crypto Millionaires

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated: 

January 8, 2024

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Security news

• Decentralized finance (DeFi) cross-chain bridge Synapse said that an “unknown liquidity provider” dumped their SYN tokens and removed liquidity, causing the coin’s price to plummet. “We’re investigating unusual activity on their wallets and are working to get in touch with them,” said the team. The liquidity provider is allegedly Nima Capital, the project’s long-term partner, as it was found that it had dumped SYN 9 million and gone dark. Users suspect a rug pull. 

Investment news

• IQ.wiki (formerly Everipedia), the popular blockchain encyclopedia and AI-driven knowledge-sharing platform, is partnering with InvestHK, the department of the Hong Kong SAR Government responsible for Foreign Direct Investment, to enhance local and global accessibility, transparency, and understanding of crypto knowledge. The press release said that the collaboration gives IQ.wiki access to the latest news, trends, and case studies showcasing Hong Kong’s burgeoning blockchain environment. “This enables efficient research through its leading product, IQ GPT, the AI search engine built for advanced access to blockchain knowledge, utilizing OpenAI’s GPT-4, making it a one-stop shop for both local and international investors seeking industry resources,” it said.
• There are 88,200 crypto millionaires worldwide, with just under half (or 40,500) holding their fortunes in bitcoin (BTC), according to a report published by international wealth and investment migration specialists Henley & Partners. There are 425 million individuals globally who own cryptocurrencies, the Crypto Wealth Report found. CEO Juerg Steffe said that the firm saw “a significant spike in enquiries from crypto millionaires over the past six months looking to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their own countries and mitigate the risks of aggressive fiscal policies that tax digital assets at source.”

Payments news

• Crypto payments platform Wirex announced that it is using the Polygon CDK (Chain Development Kit) to build its payments-focused App Chain (W-Pay). Per the press release, Wirex chose Polygon CDK, an open-source codebase for launching ZK-powered layer 2 (L2) chains for Ethereum, to build its own payments-focused L2. All chains deployed using the codebase are interoperable, with automatic access to the unified liquidity of all Polygon chains and one-click access to the entire liquidity of Ethereum, it added.

Blockchain news

• Blockchain startup accelerator Cronos Labs will launch its third cohort for the Cronos Accelerator Program, tapping Google Cloud, Amazon Web Services, CertiK, PeckShield, and others as mentors. Per News Direct, the 12-week remote program is backed by $100 million of investment, and it aims to support eight early-stage crypto projects by providing them with mentorship and funding opportunities. The recruitment phase began with the start of Korea Blockchain Week on September 4. 

Mining news

• CleanSpark released its unaudited bitcoin mining and operations update for August, reporting BTC 659 mined. The company sold BTC 43 last month at an average of approximately $28,200 per coin. Sales of the crypto equated to proceeds of approximately $1.2 million. August daily BTC mined averaged 21.26 and reached a high of 22.11, it said.