PayPal Introduces PYUSD on Venmo; CoinEx Recovers from Hack; Balancer Suffers Attack
Summary:
PayPal has started rolling out its PYUSD stablecoin on Venmo, expected to be fully accessible in the following weeks. Following a significant hack, CoinEx has redesigned its wallet system to facilitate select cryptocurrencies and expects to resume services soon. DeFi protocol Balancer has issued an alert to users not to use its website due to a significant attack that resulted in a loss of over $200,000 in cryptocurrency.
Beginning September 20th, PayPal initiated the process of introducing PYUSD on Venmo, with the plan to make it available to all eligible patrons in the coming weeks. Following a breach that resulted in the theft of $70 million, CoinEx has revamped its wallet system and plans to reinitiate deposits and withdrawals for selected cryptocurrencies. On another note, the DeFi protocol, Balancer, has advised users to abstain from using its primary website due to an alleged attack that resulted in the loss of more than $200,000 in cryptocurrency.
Paypal has officially started the roll-out of the PYUSD stablecoin on its Venmo platform. As per an official statement, select Venmo users already have access to PYUSD, with a complete roll-out planned for subsequent weeks. Ever since PYUSD's introduction to the open market a few weeks back, the stablecoin has made its way into various exchanges, including Crypto.com, Bitstamp, Kraken, and Coinbase.
Following the hacking disaster that led to the loss of $70 million, CoinEx, a cryptocurrency exchange platform, plans to start receiving and releasing user deposits and withdrawals. As a top priority, CoinEx developed a new wallet system to aid the 211 blockchains and 737 tokens it catered to before the breach. Starting from September 21, CoinEx will restart deposits and withdrawals for BTC, ETH, USDT, USDC, and various other tokens.
In the wake of the hefty $70 million theft, the Ethereum-based DeFi protocol, Balancer, has alerted users to avoid using its main website until further discussions. While the company is investigating the details of the attack, valuable sources confirm the safety of Balancer's vault. Despite these assurances, notable blockchain security firms have confirmed the theft of roughly $238,000 worth of crypto. Users have been urged to be cautious as reports suggest the site might prompt them to approve damaging contracts that could potentially empty their wallets.
Published At
9/20/2023 8:33:03 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.