The hacker or team of hackers who stole $600 million from cross-chain decentralized finance protocol Poly Network and then started returning funds, has delayed returning a final tranche worth over $235 million through a multisig wallet.

Fitch Ratings has warned El Salvador that its move to embrace bitcoin as legal tender poses a serious risk to the country’s insurance companies.

Over $170 million worth of the second-largest cryptocurrency by market capitalization, ether, have been burned since the Ethereum network’s London hard fork went live on August 5.

Sponsored: Global GT, the 1st regulated Hybrid Broker offers 8 assets classes, catering to the needs of both FX and Crypto traders, two of which include the exclusive GTi12 Index and Synthetic Cryptos.

Top stories in the Crypto Roundup today:

• Poly Network Hacker Prolongs Return of Funds
• Fitch Warns El Salvador Embracing Bitcoin Will Hurt Local Insurers’ Credit Ratings
• Over $170 Million in ETH Have Been Burned So Far
• Looking at mAsset Liquidity
• Sponsored: Synthetic Cryptos & GTi12 Index, two new trading trends offered by Global GT

Poly Network Hacker Prolongs Return of Funds

The hacker or team of hackers who stole $600 million from cross-chain decentralized finance protocol Poly Network and then started returning funds, has delayed returning a final tranche worth over $235 million through a multisig wallet.

Poly Network had previously offered the attacker $500,000 to return the money taken across three blockchain platforms as a reward, but the hacker initially declined the offer and started returning funds anyway.

A final key for a multisig wallet containing over $235 million worth of cryptoassets, however, hasn’t been shared by the hacker. Poly Network is, in effect, holding these funds in joint custody with the hacker – who they refer to as “Mr. White Hat” – without being able to move them.

In messages signed on the Ethereum blockchain, the hacker said:

”I WILL PROVIDE THE FINAL KEY WHEN _EVERYONE_ IS READY. MY IDEA IS NOT CHANGED, BUT I DO WORRY IT MIGHT BE AN ENDLESS WAR. SO I MIGHT RELEASE IT EARLIER AS LONG IF THE COMMUNITY UNDERSTANDS EVERYTHING.”

In separate messages, the hacker said they would accept the $500,000 bounty and use it to pay other hackers to target Poly Network, adding they trust “some of their code” but never trusted their whole team.

Fitch Warns El Salvador Embracing Bitcoin Will Hurt Local Insurers’ Credit Ratings

Fitch Ratings has warned El Salvador that its move to embrace bitcoin as legal tender poses a serious risk to the country’s insurance companies.

Bitcoin is set to become legal tender in the country on September 7, but Fitch warned that the move will leave insurance companies vulnerable to fresh credit risks with the main one being exchange-rate volatility.

As the law requires businesses and tax collectors to accept bitcoin, insurers may be under pressure to quickly convert BTC to dollars to avoid price risk. If they fail to do so quickly, they could face steep losses, Fitch noted.

El Salvador’s president, Nayib Bukele, has reassured Salvadorans that using bitcoin will be optional and payments can automatically be received in dollars. Yet, Fitch described the process as “unnecessarily rushed,” leaving insurance companies with “very little time to adapt.”

The rating agency said in issuing its rating for Salvadorans insurers that it will consider bitcoin a risky reserve asset over the cryptocurrency’s “lack of transparency.”

Over $170 Million in ETH Have Been Burned So Far

Over $170 million worth of the second-largest cryptocurrency by market capitalization, ether, have been burned since the Ethereum network’s London hard fork went live on August 5.

According to data from the tracking website Watch the Burn, at the time of writing 55,660 ETH had been burned, equal to $176 million. More than 3 tokens have been burned every minute, with issuance still being above that level.

The London hard fork included the implementation of Ethereum Improvement Proposal (EIP) 1559, which changed the way transaction fees on the network work. Instead of an auction system, users now pay a base fee for their transaction to be processed by miners, and can alternatively tip miners to get their transactions to be processed faster.

Miners aren’t paid the base fee as it could incentivize them to artificially congest the network to keep it high and earn more. Instead, the base fee is burned, effectively removing ether from circulation forever. It rises when there’s higher demand, and drops when demand is lower.

The supply reduction helps Ethereum’s inflation rate drop and could make the cryptocurrency deflationary if the burn rate gets high enough. Data shows so far that out of 103,748 ETH issued, over 55,660 have been burned.

Looking at mAsset Liquidity

This submission looked to find out just how impactful the news that Uniswap would blacklist mAssets was to liquidity on the platform. To find out, MarneeSeaweed explored the number of transactions that involved the buying or selling of an mAsset, as well as the net liquidity provided to mAssets after July 23.

As we can see in the graph above, the net liquidity of mAssets continued to rise. What’s more, the number of transactions involving the purchase of an mAsset also increased. Based on these factors, MarneeSeaweed concluded that the Uniswap news had no tangible impact on users’ confidence in mAssets.

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