Daily on-chain Briefing | August 4

The current sentiment in the cryptocurrency market is neutral, with the fear and greed index at 53, indicating a balanced investor mindset, with neither extreme fear nor excessive optimism.

Today's News:

1. The White House released a comprehensive cryptocurrency policy framework.

The U.S. President's Working Group on Digital Assets has released a report aimed at strengthening the country's leadership in the digital finance sector. It recommends granting the Commodity Futures Trading Commission (CFTC) the authority to regulate the spot digital asset market, supporting the development of DeFi technologies, modernizing bank regulations, clarifying tax rules for digital assets, and supporting the GENIUS Act to regulate stablecoins, while prohibiting central bank digital currencies (CBDC) through the "Anti-CBDC Surveillance National Act."
Mentioned projects: Chainlink ($LINK), Ondo ($ONDO), Hedera ($HBAR), XRP ($XRP), implying policy focus.

Impact: This framework is expected to bring regulatory clarity, promote innovation and institutional investment, but the CBDC ban and privacy regulations may spark controversy. In the short term, related projects might receive funding attention, while the long-term effects depend on the implementation of policies.

2. Arkham reveals the $3.5 billion Bitcoin theft case from 2020

Arkham Intelligence revealed that the LuBian mining pool was hacked in 2020, resulting in the theft of 127,426 BTC, which was worth around $3.5 billion at the time and is now valued at approximately $14.5 billion, possibly the largest cryptocurrency theft in history. The hackers exploited a private key generation vulnerability, with over 90% of the BTC transferred out on December 28, 2020, and subsequently stole $6 million worth of BTC/USDT. LuBian attempted to contact the hackers through on-chain messages, indicating ownership disputes. Most of the stolen BTC remained silent, with the last major transfer occurring in July 2024.

Impact: This event exposes early security vulnerabilities in cryptocurrency, which may prompt the industry to strengthen mining pool security measures. Although the short-term market impact is limited, it may affect investor confidence, especially regarding Bitcoin-related assets.

Choose the right track and run alongside for the long term.

No matter how the market fluctuates, remember to stay rational, manage risks well, and don't let emotions influence your investment decisions.

Wishing you successful trades, always remember to DYOR!