PYUSD Stablecoin Faces Limited Adoption, FTX Reports Data Breach, and Pepe (PEPE) Memecoin Plunges Amid Rug Pull Concerns
Summary:
Limited adoption of PayPal's PYUSD stablecoin, data breach at FTX involving claims agent Kroll, and a sharp price drop for the Pepe (PEPE) memecoin after suspicious token movements. Concerns about rug pull arise.
PayPal's stablecoin, PYUSD, has seen limited adoption since its launch nearly three weeks ago, with the majority of the supply still held by Paxos Trust. Only a small percentage of PYUSD is circulating on exchanges, and adoption among institutional investors is negligible.
FTX crypto exchange has reported a data breach involving its bankruptcy case claims agent, Kroll, which resulted in the exposure of non-sensitive customer data. FTX assures customers that their account passwords, systems, and funds remain unaffected and is actively monitoring the situation.
The price of the memecoin Pepe (PEPE) took a sharp dive as concerns about token movements and the possibility of a "rug pull" by developers emerged. $16 million worth of Pepe tokens were sent from the developers' wallet to various exchanges, causing alarm among investors.
Blockchain investigator ZachXBT has reported that FTX clients are already receiving fraudulent emails, indicating that personal information may have been compromised. In a separate incident, crypto lending platform Celsius Network also experienced a data breach, impacting its ongoing bankruptcy reorganization process.
FTX has partnered with Galaxy Digital to enhance its selling, staking, and hedging efforts, aiming to mitigate risks associated with market volatility and optimize returns from its Bitcoin holdings.
The transfer of a significant amount of Pepe tokens to exchanges raised eyebrows, especially considering the subsequent changes made to the team's multisig wallet, which still holds a substantial amount of Pepe tokens.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
Published At
8/25/2023 7:48:10 PM
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