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El Salvador, a small Central American nation known for its dramatic embrace of Bitcoin, has recently made headlines with claims about its commitment to free speech and its expanding bitcoin portfolio.
President Nayib Bukele has been vocal about his country’s position on these issues, asserting that El Salvador offers a unique blend of safety and freedom. These claims come amid the recent arrest of Pavel Durov, the founder and CEO of the messenger app Telegram in France.
In recent statements, President Nayib Bukele has emphasized that El Salvador is a bastion of free speech. Bukele’s assurances of freedom and safety in the country have made rounds on social media.

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NEW: #Bitcoin OTC desk balances for miners have increased 70% since June, reaching a 2-yeah high of 368K BTC in August.

Mango Markets is considering a settlement with the Securities and Exchange Commission (SEC) over alleged violations of U.S. securities laws.

#Mango #SEC

NEW: Recent financial disclosure shows Vivek Ramaswamy owns between $100-$250k of #Bitcoin

Elon Musk was tough on the Fed: It was stupid
Elon Musk, the owner of Tesla, Space X and X, also reacted to the Fed's fact to cut interest rates. Musk tweeted yesterday, “The Fed needs to lower interest rates. It was stupid that they didn't do that until now," he said. Musk also said in another tweet that he wanted to come to Istanbul.
Elon Musk, one of the most successful and rich people in the world, was also added to those who reacted on the grounds that he did not lower interest rates to the US Federal Reserve (Fed). Musk wrote an account, “Warren Buffet is currently sitting on $277 billion in cash. It can get immediately from big shares," he replied to his tweet.
'It was stupid that they didn't download'
Responding to the tweet, Musk said, "Buffet is clearly waiting for a correction move. Or he doesn't think it's a better investment than bonds. The Fed has to lower interest rates. It was stupid that they didn't do that until today," he said.
#elonmusk #fed #btc

NEW: Riot Platforms reported a tripled quarterly loss, reaching $84.4M.

Soaring operating costs, driven by a 68% increase in network hashrate and the #Bitcoin halving, contributed to the decline.

RIOT shares fell 0.3% pre-market, mirroring broader crypto market weakness.

Polymarket Betting to Get Expensive? CEO Shayne Coplan Considers Charging Commissions

Polymarket CEO Shayne Coplan has hinted at the potential introduction of commission fees to boost the company’s revenue.
In a recent interview with Forbes, Coplan said Polymarket is currently focused on expanding its marketplace and improving user experience.
However, he said that the company might explore different monetization strategies, including the addition of platform fees, to boost growth.
Polymarket Sees Surge in Trading Volume
Launched in 2020, Polymarket operates as a decentralized prediction market platform where users bet on the outcomes of real-world events using cryptocurrencies.
Users engage in betting on various events, such as the results of the upcoming United States presidential election in November 2024.
The platform
uses the USDC stablecoin, allowing participants to buy and sell shares in forecasts related to the likelihood of future events.

Additionally, Polymarket offers betting opportunities within the crypto industry, enabling users to predict future prices of cryptocurrencies like Bitcoin.
Polymarket has recently achieved record-breaking trading volumes.
As interest in the US election grows, the platform reached $1 billion in monthly trading volume for the first time, with $343 million recorded in July alone.
This marks a significant increase of over 200% from the $111 million in June and more than 440% compared to $63 million in May 2024.
Despite these impressive trading volumes, Polymarket has struggled with generating sufficient revenue, as highlighted in the Forbes report.
The platform has successfully raised $70 million across two funding rounds, including a $45 million Series B round with participation from Ethereum co-founder Vitalik Buterin.

Crypto Investment Among Italians Soars 10% in Just Two Years

The number of Italians owning crypto has significantly increased, more than doubling in just two years from 2022 to 2024, data released Tuesday by Italian financial regulator Consob showed.

However, this growing popularity doesn’t necessarily mean a corresponding rise in understanding about these digital assets.
A survey of over 2,000 investors conducted earlier this year found that the internet is the primary source of investment information for most Italian investors.

Television follows at a distant second, with social media and financial platforms sharing the third spot. Meanwhile, print and online newspapers are more popular than information from financial institutions.
Most Financial Decision Makers Are Men Over 50, Consob Data Shows
Further, Consob said that social media is a more significant source of financial information for younger adults, women, lower-income households, and those with less financial knowledge. However, while it influences initial research, its impact on final investment decisions is minimal, with only 3% of respondents relying on social media advice.

The study points out that typically, the person making financial decision
s in a household is the highest earner, who also manages the finances. In 78% of these cases, this individual is a man, averaging 51 years old.

Most investors prioritize capital preservation over growth, with 81% focusing on protecting their investments compared to 55% seeking to increase their wealth.

Italian Central Bank to Enforce EU MiCA Law with New Crypto Guidelines
Italy is taking steps to increase oversight of the cryptocurrency market. In June, the country announced plans to introduce strict regulations, including hefty fines for market manipulation.

Additionally, the Italian central bank is developing guidelines to implement the EU Markets in Crypto Assets (MiCA) law, which is set to take effect later this year. #bitcoin #italy $BTC

Terra Blockchain Suffers Security Breach, With $5.28M in Estimated Losses

The Terra blockchain suffered a security breach that resulted in the unauthorized access and theft of millions of tokens.
The exploit targeted a vulnerability within a third-party module known as IBC hooks, a crucial component facilitating cross-chain contract calls and token movements within the network, crypto researcher Rarma said in a recent post on X.
The breach led to the illicit transfer of assets, including USDC stablecoin and Astroport tokens.
Initial assessments suggest that approximately $5.28 million worth of tokens may have been compromised.
Terra Enacts Emergency Measures in Response to the Breach
In response to the breach, Terra deployed an emergency patch to address the suspected exploit and fortify its defenses against future attacks.
“We will be working with the validators on Terra to apply an emergency patch thereafter to remediate a suspected exploit,” affirm
ed Terra in a statement addressing the incident.

The vulnerability that was exploited had been identified several months prior and subsequently patched across the broader Cosmos ecosystem in April.
However, a subsequent upgrade on Terra in June inadvertently omitted this critical patch, leaving the platform vulnerable once more and paving the way for the nefarious activities that followed.
“Terra blockchain was exploited for ~60M $ASTRO, 3.5M $USDC, 500k $USDT, and 2.7 $BTC,” smart contract audit firm Beosin said in a post on X.

“There was a vulnerability in IBC hooks discovered by Composable Finance in April,” Zaki Manian, co-founder of Sommelier Finance, said.
He added that it was patched across Cosmos. Terra was patched then.

Terra was hard forked from the Terra Classic network following a major financial collapse in 2022, which was triggered by its algorithmic stablecoin, UST, losing its supposed peg to the US dollar. #luna #lunc #terra

NEW: Trump raised $25 million for his campaign at the Bitcoin Conference in Nashville, making it his second-highest grossing fundraiser across three presidential campaigns. #Bitcoin #DonaldTrump $BTC

PAUL KRUGMAN: "The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless: A 2022 survey found that transactions involving crypto assets "are seldom used for payments outside the crypto ecosystem." A couple of exceptions to its uselessness are money laundering and extortion."

NEW: #Bitcoin ETF flows totaled 💵 $122M on July 29th, led by a $203M inflow into BlackRock's IBIT, offset by outflows from Grayscale (-$54M), Bitwise (-$21M), and Fidelity (-$5M).

#MyFirstSquarePost Crypto Ecosystem Lost $269M to Hackers in July, 87% Stolen in Single CeFi Hack

In July 2024, the crypto ecosystem lost nearly $269.5 million in 14 specific hacking incidents, according to the latest report by major bug bounty and security services platform Immunefi.

Notably, centralized finance (CeFi) surpassed decentralized finance (DeFi) with a single incident.