Leading stablecoin issuers Tether and Circle have announced they will be supporting Ethereum’s transition to a Proof-of-Stake consensus after the Merge upgrade, labeling the transition as one of the “most significant moments in blockchain history.”

Decentralized Finance (DeFi) protocol Curve.Finance has been hacked for around $570,000 after a hacker or group of hackers managed to change the protocol’s domain name system (DNS) entry to forward users to a fake clone with a malicious contract.

Nasdaq-listed cryptocurrency exchange Coinbase has reported a 63% decline in revenue for the second quarter of the year. The company’s revenue in Q2 was $808 million, down from $2.2 billion a year earlier.

Top stories in the Crypto Roundup today:

• Leading Stablecoin Issuers Support Post-Merge Ethereum
• DeFi Protocol Curve.Finance Hacked for $570,000
• Coinbase Reports 63% Revenue Drop in Q2

Leading Stablecoin Issuers Support Post-Merge Ethereum

Leading stablecoin issuers Tether and Circle have announced they will be supporting Ethereum’s transition to a Proof-of-Stake consensus after the Merge upgrade, labeling the transition as one of the “most significant moments in blockchain history.”

In an announcement Tether, the firm behind leading stablecoin USDT, outlined it will work in accordance with Ethereum’s upgrade schedule, currently set to go through on September 19. Tether’s announcement reads:

“Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it’s important that the transition to POS is not weaponized to cause confusion and harm within the ecosystem.”

Circle, the firm behind the USDC stablecoin, also confirmed its support for a post-Merge Ethereum network, stating that  it understands the “responsibility” it has “for the Ethereum ecosystem and businesses, developers and end users that depend on USDC, and we intend to do the right thing.”

The announcements come after various Ethereum miners started planning to create Ethereum Proof-of-Work (PoW). The move away from PoW is said to make the network cheaper, faster, and more environmentally friendly, however, it will also mark the end of an income stream for Ethereum miners who were being rewarded for securing the network.

In theory, to keep their activities intact and avoid the obsolescence of millions of dollars worth of mining hardware, miners are looking to back an Ethereum fork called EthereumPOW.

DeFi Protocol Curve.Finance Hacked for $570,000

Decentralized Finance (Defi) protocol Curve.Finance has been hacked for around $570,000 after a hacker or group of hackers managed to change the protocol’s domain name system (DNS) entry to forward users to a fake clone with a malicious contract.

The malicious contract, which users were prompted to approve, would then drain their wallets. Curve noted on social media that its exchange was unaffected because if uses a different DNS provider.

Around an hour after users were warned that the protocol’s frontend had been compromised, Curve reported it found the problem and fixed it. Users were advised to revoke past contracts approved on Curve and to use curve.exchange until the propagation of curve.fi reverts to normal.

Binance CEO, Changpeng Zhao, said on Twitter that the protocol was using GoDaddy for DNS, which “is insecure” as it’s “very susceptible to social engineering.”

Coinbase Reports 63% Revenue Drop in Q2

Nasdaq-listed cryptocurrency exchange Coinbase has reported a 63% decline in revenue for the second quarter of the year. The company’s revenue in Q2 was $808 million, down from $2.2 billion a year earlier.

Its number of monthly active customers rose to 9million from 8,.8 million last year, but fell from 9.2 million in the first quarter. The firm reported a net loss of $1.1 billion in Q2, the second quarter in a row in which Coinbase reported revenue declines.

The results emphasize the challenges Coinbase and the wider cryptocurrency industry have been facing so far this year. Leading digital assets have seen their prices crash while a number of businesses in the space succumbed to contagion after the collapse of the Terra ecosystem.

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