The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Over $600 million worth of cryptocurrency has been stolen from decentralized cross-chain protocol Poly Network, which announced the attack on social media. Assets were taken from its wallets across the Binance Smart Chain, Ethereum, and Polygon networks.

PayPal-owned Venmo is expanding its support for cryptocurrency with the launch of a new feature that will let users automatically buy cryptocurrency using the cashback they earn from Venmo credit card purchases.

Coinbase’s net profit for the second quarter of the year was $1.6 billion, up nearly 4,900% from a year earlier, following a volatile trading period in the cryptocurrency space.

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Top stories in the Crypto Roundup today:

DeFi Protocol Poly Network Hacked for Over $600 Million
Venmo to Let Credit Card Holders Convert Cashback to Crypto
Coinbase’s Profits Surge Past $2 Billion in Q2
Daily Movers – AXS, BNB, MATIC
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DeFi Protocol Poly Network Hacked for Over $600 Million

It’s estimated a total of $611 million were stolen, making this the largest DeFi hack to date. The breakdown of the stolen assets is:

$273 million in Ethereum assets
$253 million in Binance Smart chain assets
$85 Million in USDC on Polygon

Poly Network creates a bridge between multiple blockchains, including NEO, Ontology, and Switcheo, allowing them to trade cryptoassets across these platforms. Stablecoin issuer Tether has since blacklisted the around $33 million worth of tokens stolen on the Ethereum network.

Poly Network called on miners to blacklist tokens coming from the addresses associated with the hack, while Binance CEO Changpeng Zhao said the company was coordinating with security partners to remediate the situation.

Blockchain security firm SlowMist has claimed they were able to track down the attacker’s ID and identified their email address, IP address, and device fingerprint.

Venmo to Let Credit Card Holders Convert Cashback to Crypto

These automated purchases will have no transaction fees associated with them. Venmo claims this is not a promotion, but instead part of how its system works, as spread is built into each monthly transaction.

The new “Cash Back to Crypto” option is rolling out on the app and will allow users to convert their funds to BTC, ETH, LTC, and BCH. Venmo has over 76 million users, who first started being able to buy, hold and sell cryptocurrency in April of this year, as part of a larger move from PayPal.

Coinbase’s Profits Surge Past $2 Billion in Q2

Coinbase’s net profit for the second quarter of the year was $1.6 billion, up nearly 4,900% from a year earlier, following a volatile trading period in the cryptocurrency space.

The company’s earnings per share were $3.45, adjusted, excluding stock-based compensation benefits vs. $2.33 expected. Similarly, its revenue surged to $2.23 billion, vs. the $1.78 billion analysts expected.

Coinbase’s revenue grew even as cryptocurrency prices fell over the quarter, as the firm makes most of its money from transactions on its platform. Traders, the company reported, diversified from BTC into ETH and other cryptocurrencies during the quarter.

The Nasdaq-listed exchange said trading volume will be lower in the third quarter of the year.

Daily Movers – AXS, BNB, MATIC

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Axie Infinity Shards (AXS) - Axie Infinity Shards are the governance token of the popular blockchain-based game Axie Infinity. The game was created by SkyMavis and allows players to earn income through non-fungible tokens (NFTs), by breeding, battling, and trading digital pets called Axies.

Binance Coin (BNB) - BNB powers the Binance ecosystem and is the native asset of the Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Designed to be used for a fee reduction on the Binance exchange, its scope was extended over the years.

Polygon (MATIC) - MATIC provides scalable, secure and instant transactions using sidechains based on an adapted implementation of Plasma framework for asset security and a decentralized network of Proof-of-Stake (PoS) validators-

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