#matic
Polygon Sets September Date for Migration to POL Token from MATIC

Polygon Labs, the main developer firm behind the layer-2 network Polygon, said Wednesday that it will be performing the technical upgrade that swaps out its MATIC token for its new POL token starting on Sept. 4.

As part of the network’s migration, Polygon will tested the token upgrade on July 17 in a test network environment, in order to identify or fix any issues before POL is live on mainnet.

🇫🇷 #crypto #bybit
The Bybit exchange has announced that it will cease operations in France.

All services for French users will be suspended, and their open positions will be forcibly liquidated after August 13. Representatives of the platform explained that this is due to stricter regulatory requirements and the difficulty of obtaining the necessary licenses to comply with the new MiCA regulations, which will come into effect at the end of the year.

In March, Bybit was also listed as a questionable exchange in Hong Kong.

#crypto
Coinbase: August is traditionally a challenging month for the cryptocurrency market.

According to analysis by Coinbase experts, the cryptocurrency market typically experiences a decline in activity and a drop in token prices in August.

These conclusions are supported by other experts as well. For example, Jag Kooner, Head of Derivatives at the Bitfinex exchange, mentioned that August 2024 could see a liquidity shortage in many cryptocurrencies.

#crypto
Crypto investor mistakenly received $10 million instead of $100, now facing prison

▪️In May 2021, Jatinder Singh tried to deposit $100 into the Crypto.com exchange using his girlfriend Thevamanogari Manivel's bank account.

▪️The transaction was rejected, but due to an error, $10.4 million was credited instead of $100. Believing they had won the money, the couple withdrew and spent part of the amount on personal needs, including purchasing real estate in Melbourne.

▪️The exchange discovered the mistake only seven months later and initiated a recovery process. Manivel transferred $4 million to an offshore account, suspecting fraud. In March 2022, Manivel was arrested, and later Singh was detained, admitting to spending the money without criminal intent.

▪️Singh is awaiting his sentencing, scheduled for the end of August, while Manivel will perform community service for 18 months.

▪️Crypto.com continues its efforts to recover the funds mistakenly spent by the couple. Previously, the exchange had also made errors in returning funds.

#crypto #defi #aave
The lending protocol Aave demonstrated resilience during the cryptocurrency market downturn, earning $6 million overnight thanks to liquidations.

The founder of Aave highlighted the protocol's reliability under market pressure across various blockchain networks.

The platform successfully passed a stress test across 14 markets. The main driver of revenue growth was the decentralized liquidation mechanism, which provides system stability.

The AAVE token attracted significant interest among traders, with trading volume exceeding $5 billion, outpacing competitors Compound and TrueFi.