Cardano surges 8% as crypto market volume falls

Major cryptocurrencies were flatlining early on September 4 as the global crypto market cap declined 0.25 percent to $976.49 billion over the previous day. The total crypto market volume fell 29.24 percent to $44.39 billion over the last 24 hours. The total volume in decentralised finance (DeFi) stood at $3.45 billion, 7.77 percent of the crypto market's 24-hour volume. The volume of all stablecoins was $40.35 billion, which is 90.89 percent of the crypto market 24-hour volume. The price of bitcoin hovered around Rs 16.40 lakh. It dominates 38.83 percent of the market, a decrease of 0.19 percent over the day, according to CoinMarketCap.

Hacker Steals Bill Murray’s Crypto After $185K NFT Charity Auction

Hours after the closing of Bill Murray’s NFT auction that raised 119.2 ETH (around $185,000) for charity Thursday, a hacker stole the funds.
The hacker started to drain Murray’s personal wallet at around 7:00 p.m. ET on Thursday, according to on-chain data from Etherscan and details from Murray’s team. The unknown individual also attempted to take non-fungible tokens from the actor’s personal collection.
The high-profile hack showcases how even well-known celebrities can fall victim to crypto hackers and thieves. In Bill Murray’s case, though, the actor had the benefit of a wallet security team that protected him from the worst of the incident. (Coindesk)

Fed research papers warn about future risks from crypto CeFi and DeFi

The US Federal Reserve's research arm published a pair of papers last week exploring decentralized finance and the ramifications of digital assets for financial stability.The Fed and its leadership have pushed for more oversight of the crypto industry, particularly in the context of its links to the broader financial sector. Its paper on financial stability touched on regulation, with the authors suggesting stricter oversight for firms handling client funds. "Oversight, comprehensive disclosures, and capital and liquidity requirements, where appropriate, could improve the resilience of entities within the digital asset ecosystem," the paper said. "For example, centralized cryptoentities that act as counterparties to retail users in the digital asset ecosystem are generally not subject to capital, liquidity, or comprehensive disclosure requirements. "The stability paper concluded that the crypto ecosystem is "prone to the buildup of financial vulnerabilities," but later added that "financial stability risks are not extensive because the digital asset ecosystem does not provide significant financial services and its interconnections with the traditional financial system are limited." (Crypto News)