🗿 ETH rolls back to $1,600 as the crypto markets experience a broad-based sell-off

🗿 ETH rolls back to $1,600 as the crypto markets experience a broad-based sell-off ✂️ Tether plans to reduce commercial paper holdings to zero by year's end 🚫 Uniswap blacklists 253 fraudulent addresses

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🗿 ETH rolls back to $1,600 as the crypto markets experience a broad-based sell-off ✂️ Tether plans to reduce commercial paper holdings to zero by year's end 🚫 Uniswap blacklists 253 fraudulent addresses

ETH rolls back to $1,600 as the crypto markets experience a broad-based sell-off

And just like that, ETH price is back below $1,600.

What a difference a few days can make in the world of cryptocurrency. Just last week, Ether was on a tear, flirting with the $2,000 mark and giving crypto investors hope that the digital currency might finally be staging a strong recovery after the devastating meltdown in May and June.

But those hopes were dashed this week, as Ether plunged to $1,600 on Friday after a series of bad news ranging from heightened fears about inflation to the monetary policies adopted by the U.S. FED.

The sell-off was widespread, with nearly all major cryptocurrencies posting double-digit percentage losses. Bitcoin, the world’s most valuable cryptocurrency, was hit the hardest, wiping out weeks of gains and plunging to $21,230.

Meanwhile, SHIB kept holding on despite the bears' best efforts. It looks like this is linked to a recent increase in the coin's burn rate. Around 14 million SHIB were burned on August 17th, which then skyrocketed to over 170 million on August 18th.

So, what does the future hold for Ether and other digital currencies? It’s hard to say, but one thing is certain: the crypto markets are once again in a state of flux, the drop in crypto prices is but a reminder that the digital currency market is still highly volatile and susceptible to sharp sell-offs. So make sure to buckle up and hold on tight. It’s going to be a bumpy ride.

Tether plans to reduce commercial paper holdings to zero by year's end

It looks like Tether is finally starting to keep its promise of reducing its commercial paper holdings.

According to a new report from the company, in the second quarter of 2022, Tether slashed its commercial paper holdings by more than 58%, from $20 billion to $8.5 billion.

The report was completed with a member firm of BDO, one of the biggest public accounting networks in the world.

This is a big deal because Tether has been under pressure for a long time to reduce its massive holdings of commercial paper. As part of its ongoing efforts to increase transparency, Tether has announced that it will be reducing its holdings of commercial paper. By the end of the year, the stablecoin issuer plans to have zero commercial paper on its balance sheet.

This is good news for those who have been concerned about Tether's use of commercial paper to back its USDT stablecoin. Commercial paper is unsecured debt, which means that it is more risky than other types of debt.

The move will also help to allay concerns about Tether's solvency. By reducing its exposure to commercial paper, Tether is making itself a less risky investment.

Tether has also announced that it has increased its holdings of cash and bank deposits by 32% in the second quarter of this year. This will further improve its financial stability and reduce the risk of default.

Uniswap blacklists 253 fraudulent addresses

It's not shocking news anymore that DeFi is plagued by scams. We've become so used to it that we just shrug it off and move on. Uniswap, for example, is probably the most popular DeFi project out there, and it's sure been a helpful tool to help scammers defraud the users.

Over the last four months, Uniswap has blocked 253 crypto addresses that were associated with stolen funds. This is a first for Uniswap, as they have never before disclosed data related to wallet blacklisting.

So, Uniswap and TRM Labs have blacklisted a total of 253 addresses and 30 ENS domain names. What's the big deal?

Well, it turns out that these addresses and domains were associated with seven different types of risk factors, including phishing, spoofing, fraud, and malware. And of those seven risk factors, two were considered to be high risk. Some addresses were also associated with transaction mixing services, and were received as part of sanctions from the US Treasury. This data was furnished by Uniswap software engineer Jordan Frankfurt on GitHub.

This news comes at a time when decentralised exchanges (DEXs) are slowly becoming more popular, as they offer a number of advantages over traditional, centralised exchanges. DEXs are often seen as being more secure, as they are not subject to the same hacks and heists that have become all too common in the centralised space.

It's good to see that Uniswap is being proactive in addressing the risks associated with their platform. And while 253 addresses is a drop in the bucket compared to the thousands of scam artists that are active on Ethereum, it's a start.