Bitcoin edges up

Major cryptocurrencies traded in the red early on August 2. The global crypto market cap is $1.06 trillion, a 2.43 percent decrease over the last day. The total crypto market volume over the last 24 hours is $72.57 billion, which is a 0.71 per cent increase over the previous day. The total volume in DeFi is currently $$7.34 billion, 10.12 per cent of the total crypto market 24-hour volume. The volume of all stablecoins is now $68.15 billion, which is 93.91 per cent of the total crypto market's 24-hour volume. Bitcoin's price hovered around 19 lakh. Bitcoin's dominance is currently 41.37 per cent, an increase of 0.33 per cent over the day, according to CoinMarketCap data. Read full here

Nomad token bridge drained of $190M in funds in security exploit

The Nomad token bridge appears to have experienced a security exploit that has allowed hackers to systematically drain the bridge’s funds over a long series of transactions. Nearly the entire $190.7 million in crypto has been removed from the bridge, with only $651.54 left remaining in the wallet, according to decentralized finance (DeFi) tracking platform DeFi Llama. Read details here

SEC Slaps Founders, Promoters of Alleged Ponzi Scheme Forsage With Fraud Charges

The U.S. Securities and Exchange Commission charged 11 people tied to the alleged $300 million crypto Ponzi scheme Forsage with fraud on Monday.

Forsage was launched in January 2020 by four founding members: Vladimir Okhotnikov of the Republic of Georgia, Jane Doe aka Lola Ferrari of Indonesia and Mikhail Sergeev and Sergey Maslakov of Russia. It quickly grew to be one of the most popular decentralized apps (dapps) on the Ethereum blockchain, and at its peak, it consumed roughly a quarter of the blockchain’s bandwidth and caused gas fees to spike, data from Dune Analytics showed, according to the Crypto News.

Celsius Network Custody Clients Tap Lawyer to Reclaim $180M

Customers who held cryptocurrency in custody accounts at Celsius Network, the bankrupt trading and lending firm, have banded together to hire legal counsel in a bid to get their money back. The custody claimants, who account for about $180 million, or just 4% of the overall assets locked up in Celsius, are enlisting the services of Kyle J. Ortiz, a partner at the corporate restructuring firm Togut, Segal & Segal LLP. This ad hoc group has grown to more than 300 members in the weeks since the first bankruptcy hearing and has raised close to $100,000, the retainer for its legal representation. (Coindesk)