The Protocol: Okx Slashes Native Token Supple in Half

In this Issue:

• Okx Slashes OKB TKEN SUPPLY by 50% with $ 7.6b Burn, Price Surges
• Eth Transaction Volume Climbs on Price Rally, Cheaper Defi Costs
• Weaponized Trading Bots Drain $ 1m from Crypto USers Via Ai-Genered YouTube Scam
• Babylon introduces trustless bitcoin vaults for btc stinging protocol

Network NewsOkx Slashes Token Supple in Half: OKB, The Token of Cryptocurrency Exchange Okx, More Than Tripled to a Record High After The Company Execurated A One-Time Burn of 65.26 Million OKB, Cutting The Suppply. Burning The Roughly $ 7.6 Billion Wrth of Tokens Permanently Reduces the Maximum Supply to 21 Million, in Line with The Hard Cap Coded Into Bitcoin. The Burn, or Sending the Tokens to A Wallet Address That Can’S Be Accessed, Was Carred Out From Okx’s Reserves and Represents One of the Largest Deflantary Events in Exchanger. The Effect of the Burn Was Instant. OKB Jumped to $ 142 from $ 46 Before Retrenting to About $ 102. Trading Volume Skyrocketed 13,000% to $ 723 Million As Traders Attempted to Capitalize on the Supply Shock. The Strategy Mirrors that of Bnb, the Token of Bnb Chain, WHICH IS Associated with Rival Exchange Binance. That undergoes quarterly burns that offen precede short-term Rallies. – Oliver Knight Read More.

Eth Transaction Volume Climbs : Ethereum’s Transaction Volume Has Been Overall On An Upward Tradery, Closing in ITS All-Time High of 1.9 Million Transactions in a Single Day in January 2024. The Latest Surge. Institutional Observers, AS It Reflects A Confluence of Technical Improvements, Favorable Market Sentiment, and A Renewed Appetite for on -chain Activity. Accorging to Data from Ethercan, Daily Transaction Counciations Have Been Consistently Trender Higher Over The Past Several Weeks. Other Data Shows Seven-Day Avers of Daily Transactions Have Already Surpassed Their Previos Records. Analysts Suggest That This Momentum Is Being Fueled by A Combination of Factors: A Recent Increase In Network Capacity, Rising Ether Prices, and A Reduction in Transaction Costs, PartiLarly Force. Protocols and Stablecoin Transfers. One of the Biggest Enablers of the Current Spike Has Been A Substantial Capacity Boost on Ethereum’s Mainnet. The Fidelity Digital Assets Research Team Told Coindesk that “Ethereum’s Layer 1 is Seeing a Surge in Transactions Largely Due to A 50% Increase In The Gas Limit Since March, Which Allows March block. ” This Upgrade has significantly increased ThroughPut, Enabling More Efficient Settlement and Reducing Congformation. As a result, Stablecoin Transfer Costs have Fallen Consistently Below a Dollar, Making DEFI ACTIVITY AND PEER-TO-PEER PAYments Far More Affordable. Fidelity Digital Assets Notes That Defi Currently Tops The Charts for Eth Burns, UnderLining ITS Central Role in Driving Network Activity. – Margaux nijkerk Read More.

Weaponized Trading Bots Steal $ 1M from Crypto USers: Over $ 1 Million Has Been Sipned from Unsuspecting Crypto USers Through Malicious Smart Contracts Posing as Mev Trading Bots, Accounting To A New Report By Sentinellabs. The Campaign Levered Ai-Genered YouTube Videos, Aged Accounts, and ObfusCated Soligity Code to Bypass Basic User Scrutiny and Gain Access to Crypto Wallets. Scammers Appeared to Be Using AI-Generated Avatars and Voices to ReduCe Production Costs and Scale Up Video Content. These Tutorials Are Published on Aged YouTube Access Populated with Unrelated Content and Manipulated Comments to Give The Illusion of CredIbility. In some cashes, the Videos are unlisted and likely Distributed Via Telegram or DMS. At the Center of the Scam Was A Smart Contract Promotted As a Proficiency ArbitCitrage Bot. Victims Were Instruced Via YouTube Tutorials to Deploy the Contract Using Remix, Fund It with Eth, and Call A “Start () Function. In reality, However, The Contract Routed Funds to a Concealed, Attacker-Controlled Wallet, Using Techniques Such as Xor Obfuscination Decimal-to-Hex Conversions (Which Convert Large Numbers Into Wallet-Readable Address Formats) to Mask The Destination Address (Which Makes Fund Recovery Trickier). – Shaurya Malwa Read More.

Babylon introduces trustless bitcoin vaults: Bitcoin Project Babylon Took Another Step Toward Offering A Decentralized Finance (Defi) Experience On Its $ 5 Billion Staking Protocol AKIN TO THAT SEEN ELSEWhere. The Latest Development is the Introduction of Trustless Vaults, Designed to Allow Btc Holders to Deposit Their Tokens Without Relying on a Centralized Entity, As Outlined in A NEW. In defi ecosystems, Trustless Vaults Are a form of Digital Asset Storage or Management that Removes the Need for USers to Trust A Central Authority or Intermediary. Institute, The Systems Use Smart Contracts to Enseure Security and Enforce The Rules of the Vault. Babylon Says Its Wills Will ALLOW BITCOIN to be Used as collateral in defi of Applications Such as Lending and Stablecoin Issuance, As Well As the Staking things Protocol Provides. USERS CAN ALSO EARN YIELD ONIR BTC HOLDINGS BY STAKING IT TO SUPPORT The OPERATION OF PROOF-OF-STAKE NETWORKS. They Ten Receive Rewards Paid in Baby, Babylon’s Native Token. The Development Forms Part of the Broader Movement to Utilize the Enormous Value Held in Bitcoin to Power Defi Activity Across Other Blockchains. – Jamie crawley Read More.

In Other News

• Sentient, A New York-Based Artificial Intelligence Company, Has Introduced The Grid, an Open-Source Network Designed for Building and Monetizing Artificial. The Company Says the Platform is Aimed at Providing A Decentralized Alternative to Closed Ai Marketplaces from Froms Such as Openai. Developers can Plug in their Ai Agents, Models, or Tools and Earn Token-Based Rewards, with USAGE FEES and SUBSRIPTIPATIONS AVAILABLE as Option Monetization Routs. At the Time of Its Debut, The Grid Hosts Over of 40 AI Agents, 50 Data Sources, and More Than 10 Models, Spanning Both Web2 and Web3. TheSe Include Tools Like Napkin, A Generative Graphics Engine, and Exa, A Search Startup, As Well As Blockchain-Connected Agents Deployed Across Base, Polygon, Abitrum, Abitrum, Abitrum. Users Can Access Tese Through Sentient Chat, An Interface for Discovering and Combining Agents Into Workflows Capable of Handling Tasks Such as Calendar Cordination, Code of Generation, and Data. – Oliver Knight Read More.
• Stripe has appointed matt huang, co-founder and managing Partner of Crypto Venture Capital Firm Paradigm, AS The Chief Executive Officeer of ITS UPCOMING BLOCKCHAIN TEMPO. Huang, Who ALREADY SITS ON STRIPE’S Board, Will Retain His Paradigm. That’s accounting to fortune, Citing Sources Familiar with the Project. The Move Aligns with A Growing Trend of Developing Stablecoin-Focused Blockchains. THESE INCLUDE Plasma, whol recently attracted over $ 373 Million in an oversubscribed token sale, and tether-focused Blockchain Stable.—- Francisco Rodrigues Read More.

Regulatory and Policy

• Terraform Labs Founder Do Kwon Pleaded Guilty to Conspiracy to Commit Fraud and Wire Fraud in Manhattan on Tuesday Morning, Three Years After The Dramatic $ 60 Billion Collapse. EcoSystem. The 33-YEAR OLD South Korean National Arrived in Court in Handcuffs and A Canary Yellow Prison Jumpsuit, A Metal Chain Armund His Waist. He admitted that he “Knowingly Englished in a scheme to defraud and did in fact defraud” purchassers of the terrausd stablecoin. Under the CARGES IN THE ORIGINAL INDICTMENT, WHICH INCLUDED SEVEN Other Charges Such as Securities and Commodities Fraud, Kwon Faced A Maximum Sennce of 135 Years in Prison IF. KWON’S PLEA AGREEMENT CHACK or conCurrently – But ProseCutors will ask for a maxumum of 12 years. After Serving Half his Sennce in the US, Kwon Will Be Eligible to Apply to Serve the REST OF HIS SENTENCE IN HIS Native South Korea. – Nikhilesh de & cheyenne ligon Read More.
• President Donald Trump’s Crypto Adviser, Bo Hines, Has Departed After Only MONHS on the Job, and The Next in Line – his deputy, patrick witt – Will Apparently Be Shepiticting. It Still Seeks Industry-Wide Regulations and the Institution of a Federal Crypto Stockpile. Witt Shares a Remarkably Similar History with Hines-Both Ex-Football Stars Who Played at Yale Before Secking Degreees and Falling Short in Bids for Congressional Seats. Witt Had A Brief Stint As a Free-Agent QuarterBack for the New Orleans Saints After Leading the Yale Bulldogs Team that Hines Later Played On As Wide Receive. Bots-ohletes tied their political careers closeers Closely to Trump in Recent Years, and Witt Will Now Be The Chief Industry Liaison for Trump’s White House, Accounting Tonn-Media Pro. Hines Left Begind. – Jesse Hamilton Read More.

Calendar

• Sept. 22-28: Korea Blockchain Week, Seoul
• Oct. 1-2: Token2049, Singapore
• Oct. 13-15: Digital Asset Summit, London
• Oct. 16-17: Europe Blockchain Convention, Barcelona
• Nov. 17-22: Devconnect, Buenos Aires
• Dec. 11-13: Solana BreakPoint, Abu Dhabi
• Feb. 10-12, 2026: Consensus, Hong Kong
• May 5-7, 2026: Consensus, Miami