Here Are the Top Crypto News of the Day Curated by CoinChapter.com
Solana Whale Continues Large-Scale Token Sell-off
A Solana whale has been regularly selling tokens since January, depositing a total of 594,000 SOL (worth $84 million) to major exchanges like Coinbase, Binance, and OKX. The latest sale was 20,000 SOL (about $2.8 million). The whale has been selling tokens at least once per week.
Crypto News: Venezuelan Government Blocks Binance
Following a disputed presidential election on July 28, which saw Nicolás Maduro re-elected, Venezuela has blocked access to several websites, including the crypto exchange Binance. The censorship, detected on August 9, also affects social media platforms, encrypted communication tools, and e-commerce sites.
This block significantly impacts Venezuelans who rely on Binance for financial stability amidst severe bolivar devaluation. Binance has assured users that their funds remain secure and is monitoring the situation closely. Meanwhile, Venezuelans are turning to VPNs to bypass the restrictions and access these platforms.
Read Full Story Here — Venezuelan Censorship Hits Binance Amid Post-Election Chaos
Three Arrows Capital Liquidators Sue Terraform Labs
Liquidators of the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) have filed a $1.3 billion claim against Terraform Labs in Delaware federal court. They allege that Terraform Labs misled 3AC about the stability of tokens in the Terra ecosystem, including TerraUSD (UST) and Terra Luna (LUNA).
The liquidators argue that these misrepresentations induced 3AC to invest heavily in Terra just before its collapse in May 2022. They are seeking damages for direct purchases of UST and Luna, as well as associated losses from the crash’s impact on 3AC’s other cryptocurrency investments. This claim follows recent legal actions against Terraform Labs co-founder Do Kwon.
Crypto News: PayPal’s Stablecoin Grows on Solana, Surpassing Ethereum Supply
PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen significant growth on the Solana network, surpassing its supply on Ethereum. The Solana-based PYUSD tokens now exceed 377 million, compared to 356 million on Ethereum. This growth comes just months after PYUSD expanded to Solana in May 2024.
Launched on Ethereum in August 2023, PYUSD’s total supply across both networks has more than tripled since the end of 2023, now surpassing 733 million tokens. This rapid expansion has made PYUSD the fourth-largest centralized stablecoin issuer, following Tether (USDT), Circle (USDC), and First Digital (FUSD).
Australian Jailed for Spending Mistaken Crypto.com Refund
Jatinder Singh, 39, has been sentenced to three years in jail for stealing $4.4 million mistakenly refunded by Crypto.com. In May 2021, a staff error led to Singh’s partner, Thevamanogari Manivel, receiving AU$10.47 million instead of AU$100. The couple spent lavishly on luxury goods, property, and gifts before being caught seven months later.
Singh claimed he thought he’d won an online raffle. He will be eligible for parole after serving two years, with 361 days of presentence detention recognized. Manivel previously served 209 days in prison and received an 18-month community corrections order for her involvement.
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