Daily Crypto News | August 4th, 2022

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Welcome to Barmy’s Daily Crypto News – August 4th, 2022

1. Starbucks Teases Web3 Integration To Rewards Program

Starbucks CEO Howard Schultz stated that Web3 will have a role in the popular rewards program at Starbucks in the future. Schultz claims that the business will introduce the new digital endeavor on September 13 in Seattle at its annual Investor Day gathering.

According to Schultz, the effort will enable Starbucks to expand its “digital third place community” strategy and provide a wider range of rewards while also bringing new techniques for emotionally connecting customers. The CEO claims that these prizes include one-of-a-kind experiences and digital collectibles with the Starbucks brand as a reward and a component of community building.

2. Voyager CEO Traded $30M Worth Of Company Shares During 2021 Peak

According to a CNBC review of Canadian Securities Exchange documents, Steve Ehrlich, CEO of the now-bankrupt crypto broker Voyager Digital, sold more than $30 million in company shares in 2021.

The company’s stock frequently traded around $1 after it was listed on the Canadian Securities Exchange in 2019 at a price of $0.62 per share under the ticker VYGR. However, upon VYGR’s transfer to the Toronto Stock Exchange in 2021, the stock shot up to an all-time high of $27.39 in the spring of that year, right about the time Ehrlich made a profit.

Selling firm stock by a CEO is neither unusual nor suspicious. Insider transactions totaled $69 billion last year, according to a CNBC study based on InsiderScore/Verity research of Securities and Exchange Commission filings. However, in the case of the bankrupt Voyager, this should give us new insights.

3. Bitcoin Miner Riot Gained $9.5M In Texas Heatwave Shutdown

Riot Blockchain was well compensated last month for pausing mining activities at its Texas location as requested.

According to a company announcement on Wednesday, the industrial cryptocurrency miner received $9.5 million in power credits for its curtailment activities, or around 439 Bitcoin based on the average July price of $21,634.

Riot’s unimpressive production of 318 Bitcoin last month, which was down 28% from the 443 mined in July 2021, is more than made up for by the payout.

The payment is a component of a demand response program accessible to Texas miners that compensates them for resupplying the grid with electricity when system overload is imminent. According to Bloomberg, such a situation occurred on July 8 when a widespread heatwave caused power demand to reach a record high of 78,206 megawatts.

4. Slope Mobile Wallet App To Account For Solana Hack

There is now a likely explanation for why thousands of Solana users lost over $4.5 million worth of SOL and other tokens between Tuesday night and early Wednesday: it is being attributed to a private key attack linked to the mobile app wallet Slope.

“It appears affected addresses were at one point imported, created, or used in Slope mobile wallet applications”, according to preliminary results provided on Wednesday afternoon by the official Solana Status Twitter account, which was developed in consultation with developers and security experts.

5. Self-Proclaimed ‘World’s Most Secure’ Exchange ZB.com Lost $5M To Possible Hack

In a suspected hack, the hot wallet of digital asset exchange ZB.com had about $5 million taken from it.

Data showing that $4.8 million in more than 20 cryptocurrencies, including SHIB, USDT, and MATIC, had been transferred out of the exchange on Tuesday was posted by security firm PeckShield on Twitter on Wednesday.

According to PeckShield, the tokens were subsequently exchanged for Ethereum on a variety of decentralized markets. ZB.com has not acknowledged any hacking activity.

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