Bitrue Bulletin | 14.8.2023–20.8.2023|

Bitrue
4 min readAug 21, 2023

Fake Token Scammer Depletes $226K Through Phishing on New Social Media Platform — The new decentralized social media platform, friend.tech, fell victim to a scam in which a fraudulent friend.tech token was created, leading to around $226,000 or 135 Ether (ETH) being swindled from investors. The exploit involved a significant liquidity removal acting as an exit scam method, as reported by blockchain security firm CertiK on August 19. Despite the real friend tech protocol’s legitimate launch on August 11, cautionary advice from experts in the industry to avoid falling prey to scams has been circulating. The platform managed to accrue over $1 million in fees by August 19, surpassing both the Bitcoin network and Uniswap in the same timeframe. Some cryptocurrency analysts predict that the platform’s initial excitement will likely taper off within six to eight weeks.

Cryptocurrency Values Plunge Amidst Negative Factors and Liquidations — Bitcoin (BTC), which had traded within $29k to $30k USD for a month, saw a sudden dip below $29k USD, hitting $28.3k USD, followed by a sharper decline to nearly $25k USD within minutes before stabilizing at around $26.2k USD by Friday. The drop came after news that SpaceX sold BTC and Evergrande’s bankruptcy filing. Alongside negative news, analysts attributed the slide to market structure and a flood of over $1 billion USD in liquidations across crypto derivatives exchanges within 24 hours. The Federal Reserve’s minutes revealing potential interest rate hikes also contributed to the decline, despite expectations of steady rates in its September meeting.

Bitcoin Mining Firm Canaan Temporarily Shuts Down Kazakhstan Facility, Stock Drops — Bitcoin mining company Canaan has announced the temporary shutdown of two exahashes (EH/s) of computing power at its facility in Kazakhstan to comply with the country’s evolving regulatory framework. Stricter regulations introduced in April by Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry led Canaan to begin the process of turning off mining rigs in the third quarter. The new rules require prospective miners to obtain a specialized license under the Digital Assets in the Republic of Kazakhstan framework. Canaan, based in China, is actively pursuing a Type II license. The company anticipates that this decision will affect its BTC production and revenue due to reduced uptime, resulting in a 12.3% drop in its share price on August 18th, closing at $2.06.

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