Daily News | SEC May Approve Multiple BTC Spot ETFs, Over 66 Counterfeit PYUSD Tokens Circulating in the Market, Moody's Downgrades US Bank's Credit Rating

2023-08-09, 04:20

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## Crypto Daily Digest: Cathie Wood claims that the SEC will approve multiple Bitcoin spot ETFs, there have been frequent hacker attacks, with over 66 counterfeit PYUSD tokens circulating in the market
Yesterday, Ark Invest CEO Cathie Wood stated in an interview with Bloomberg that the US Securities and Exchange Commission (SEC) may approve multiple <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs simultaneously, which may help create a level playing field. Companies such as BlackRock, Fidelity, WisdomTree, VanEck, and Invesco have all applied to launch Bitcoin spot ETFs.

Wood stated that due to the similarity of potential funds, the success of each fund will depend on the marketing skills of the issuer. In June of this year, Ark Invest stated that due to the investment company submitting its application to the SEC earlier, its Bitcoin spot ETF application would be approved first.

Recently, security incidents have been constantly emerging in the crypto space, and all of us should pay attention to preventing risks.

According to CoinDesk, there are currently over 66 counterfeit PYUSD tokens appearing on networks such as <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, <a href="/id/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain, and Base, with most of them circulating on Ethereum.

The fraudsters attempted to use PayPal's US dollar stablecoin PayPal USD (PYUSD) to commit fraud by issuing fake tokens on various networks. The largest "PYUSD" fake token was minted on Ethereum and launched a few minutes after PayPal's announcement. Currently, the trading volume of the token has reached $2.6 million.

PayPal has explicitly stated that PYUSD can only be sent between verified PayPal and other compatible wallets, and these fake tokens are likely a honeypot scam, which means that once investors purchase these tokens, they cannot sell them.

Recently, Paxos announced the contract address of PayPal's US dollar stablecoin PYUSD, and on-chain data shows that 26.9 million PYUSD have been issued, with a total of 8 holders. The contract address is 0x6c3ea903640685206290770BEdFcAbA0e23A0e8.

Yesterday, <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s decentralized ecosystem trading platform Cypher was hacked, resulting in a loss of approximately $1 million in crypto assets. Currently, the contract for this protocol has been frozen, and developers are trying to contact hackers to negotiate a refund of funds.

According to the monitoring of the Beosin EagleEye platform under the blockchain security audit company Beosin, the DeFi protocol Steadefi was hacked, and approximately $1.14 million was stolen. The hacker took control of the protocol deployer's wallet and transferred ownership of all the vaults to the wallet under their control. Presently, the hacker has exhausted all available lending funds on Arbitrum and <a href="/id/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>, and exchanged assets for ETH through a cross-chain bridge to transfer to the Ethereum mainnet. Steadefi is negotiating with the hacker and plans to offer a 10% bounty.

The market is sluggish, and hackers are also very patient. Yesterday, media reported that the hacker organization Lazarus Group stole $37 million from CoinsPaid, an Estonian-based crypto payment provider, through a six-month social engineering hack.

CoinsPaid stated that in March of 2023, CoinsPaid's engineers received a list of issues related to technological infrastructure from a so-called "Ukrainian crypto processing startup." Between June and July, engineers received false job offers. When the employee downloads malicious code, the hacker can access CoinsPaid's system and use software vulnerabilities to successfully forge authorization requests and extract funds from CoinsPaid's hot wallet.

In terms of data, according to the Glassnode report, over 13.3 million BTCs have been dormant on the chain for at least a year, worth $388.7 billion, which is equivalent to 68.54% of the BTC circulation supply (19,451,256 BTCs), indicating a tendency to hold Bitcoin for long-term returns.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1691561921BTC.png)
The 4-hour chart has formed a clear W bottom pattern, with the potential to form an inverse head and shoulders bullish pattern, focusing on the short-term support at $28.5K USD. If it holds, the target is to break through and aim for $36K USD.

### TARA
![](https://gimg2.gateimg.com/image/article/1691561941TARA.png)
The daily chart has surged over tenfold from the bottom, facing resistance at $0.01226 USD. Watch for a potential breakthrough, then targets are as follows: $0.0158 USD, $0.0287 USD, $0.0437 USD.

### UNIBOT
![](https://gimg2.gateimg.com/image/article/1691561957UNIBOT.png)
Short-term positions are established at $137.23 USD and $157.56 USD. Achieving a new all-time high this morning may initiate the second wave of attacks. Subsequent highs are projected at $213.81 USD, $290.16 USD, and $335.56 USD.
 
## Macro: Moody's downgrade of US bank credit rating, spreading panic over the financial crisis
Moody's, one of the three major international rating agencies, has downgraded the credit ratings of ten small banks in the United States by one notch and announced a review of six major banks, bringing negative information to the capital market.

This has sparked concerns about financial risks and crises, especially as the United States experienced a concentrated outbreak of small bank risks in March of this year. People thought that Bank of America was fine, but the downgrade by Moody's has once again sparked market thinking and concern. The risk crisis of small banks will inevitably lead to other important risks, so the market cannot ignore them.

Secondly, the weak trade data in China has led to a decline in international oil prices, which has triggered a series of adjustments in commodity futures prices, which has also affected market sentiment. Overall, the negative sentiment in the US market is mainly due to the impact of the combination of these two bad news. This superposition may amplify the impact of the message, not only bad news but also good news.

Philadelphia Federal Reserve Chairman Patrick Harker believes that the US economy is on a steady downward trajectory and the Federal Reserve may have reached a stage where interest rates can be kept stable. It is expected that the core PCE index will decrease to slightly below 4% by the end of 2023, below 3% by 2024, and reach the target of 2% by 2025. A soft landing for the economy is highly likely.

Richmond Fed Chairman Thomas Barkin stated that the US GDP remains stable and the labor market remains resilient. Inflation is still too high. He doesn't want to 'pre-announce' where interest rates will go.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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