Vol.4 Cwallet Crypto Weekly Recap | Hashdex ETF Decision Delayed
The crypto world is never short of surprises, and last week was no exception. From costly user errors to regulatory delays, here’s a recap of the most important events that shaped the industry over the past week.
1. Costly Gas Fee Error on Ethereum
A crypto user accidentally spent nearly $90,000 in gas fees for what should have been a simple $2,200 transfer of Ether (ETH). The user paid 34.26 ETH in gas fees, massively overpaying due to a likely input error. This occurred despite Ethereum gas fees hitting their lowest levels in five years, with some transactions costing less than $5. This incident serves as a stark reminder of the importance of double-checking transaction details.
2. U.S. Regulators Delay Decision on Hashdex Crypto ETF
The U.S. Securities and Exchange Commission (SEC) postponed its decision on the Hashdex Nasdaq Crypto Index ETF, which, if approved, would become the first diversified spot crypto fund trading on U.S. markets. This ETF includes major cryptocurrencies like Bitcoin and Ether, along with altcoins such as Litecoin and Uniswap. The decision delay highlights the ongoing regulatory caution in the U.S. regarding crypto-based financial products.
3. Tether Mints Over $1.3 Billion USDT
In response to the recent crypto market crash, Tether has minted over $1.3 billion worth of USDT since the market bottomed on August 5. This significant minting activity suggests that investors are preparing to buy the dip, potentially signaling incoming buying pressure. The influx of stablecoins into centralized exchanges like Kraken and Coinbase could help stabilize or even push Bitcoin’s price above the $65,000 mark.
4. New Security Threat: The “Dark Skippy” Attack
Security researchers unveiled a new method for extracting private keys from Bitcoin hardware wallets, dubbed “Dark Skippy.” This method requires only two signed transactions and can potentially affect all hardware wallet models if the attacker can trick the victim into installing malicious firmware. This vulnerability underscores the importance of vigilance and using trusted sources for firmware updates.
Last week’s events emphasize both the opportunities and risks in the crypto space. Whether you’re a seasoned investor or new to the market, staying informed is key to navigating this dynamic landscape.
