Hello, ApolloXplorer!
Have you seen today’s key headlines yet?
<h2 id="header-0">#1. Crypto market tumbles back below $1T</h2>
Crypto suffered a correction on Tuesday, with the Ethereum ecosystem taking a big hit.
The dip comes as markets brace for major earnings reports, the next Federal Reserve meeting, and the Q2 GDP print over the next few days.
After the dip, the value of the crypto market has fallen back below $1 trillion.
Source: <a href="https://cryptobriefing.com/crypto-market-dips-below-1t-recession-fears-loom/" rel="noopener noreferrer nofollow">Crypto Briefing</a>
<h2 id="header-1">#2. NFT platform HARTi rolls out NFT insurance</h2>
Japanese NFT Platform HARTi and insurance group Mitsui Sumitomo will roll out NFT insurance within the HARTi app.
HARTi is responsible for the premium payments. Under the scheme, Mitsui Sumitomo will compensate owners if their insured NFTs are compromised by unauthorized third-party access or by bugs or glitches during transfers.
The policy will payout compensation to the NFT owner based on the exhibition price of each item and up to a maximum value of 500,000 yen ($3,661).
Source: <a href="https://cointelegraph.com/news/harti-and-mitsui-sumitomo-roll-out-nft-insurance-coverage-for-claims" rel="noopener noreferrer nofollow">Cointelegraph</a>
<h2 id="header-2">#3. NFT projects targeted by mostly the same hackers</h2>
Web3 security firms TRM Labs and Halborn have found it likely that recent NFT project hacks were led by mostly the same group of hackers.
On-chain data suggest many of the Discord compromises are linked to the same hacker that targeted the Bored Ape Yacht Club in June.
Cyber attacks against NFT collections have cost the NFT community over $22 million in May alone.
Source: <a href="https://decrypt.co/106024/nft-projects-lost-22m-to-hackers-in-one-month-via-discord-report" rel="noopener noreferrer nofollow">Decrypt</a>
<h2 id="header-3">#4. IMF suggests further volatility ahead for crypto</h2>
The International Monetary Fund (IMF) has forecasted a slowdown in global economic growth due to “higher-than-expected inflation” and a contraction of global output, and thus volatility for digital assets.
While the economic outlook looks gloomy, it pointed out that the sell-offs in crypto since May have had little impact on other financial systems.
This suggests that broader financial systems can have a massive effect on crypto, but the same cannot be said the other way around.
Source: <a href="https://cointelegraph.com/news/imf-global-outlook-suggests-dark-clouds-ahead-for-crypto" rel="noopener noreferrer nofollow">Cointelegraph</a>
<h2 id="header-4">#5. US Treasury investigates Kraken exchange</h2>
Crypto exchange Kraken is reportedly under investigation by the U.S. Treasury Department for allegedly allowing Iranian users to utilize its services in violation of federal sanctions.
The Treasury Department is likely to impose a fine against the exchange, though it did not suggest a timeline for the enforcement action.
Federal sanctions are a tool for the U.S. government to block individuals or nations from accessing the global financial system.
Source: <a href="https://www.coindesk.com/policy/2022/07/26/kraken-under-investigation-for-alleged-sanctions-violations-report/" rel="noopener noreferrer nofollow">CoinDesk</a>
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Crypto News of the Day: Crypto market back below $1T, Kraken investigated by U.S. Treasury

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