DeFi Token YAM Falls Victim to Bug, $750K Lost – August 13

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,591

Bitcoin price faked-out traders overnight with a sharp move into the $11,200s, before rapidly recovering and surpassing yesterday’s prices.

Top-20 altcoins are mostly in the green, with Ethereum rising 4%, while XRP is down less than 1%. Chainlink has pumped 23%, while Cosmos re-enters the top-20 with a 10% rise.

Top Stories for August 13, 2020 πŸ”₯

πŸ‘‰ DeFi Token YAM Falls Victim to Bug, $750K Lost

DeFi Meme token YAM has fallen victim to a bug its its code, resulting in the complete loss of its platform governance system.

$750,000 worth of Curve tokens stored in the project’s treasury have been stuck in the protocol and are lost forever, according to the team.

YAM are now planning to audit and re-release the protocol, seeking funding from the community.

πŸ‘‰ Coinbase Announces Cash Loans, Backed by Bitcoin

Coinbase has announced that they will soon be offering fiat-currency loans to its US customers, secured by Bitcoin as collateral.

Customers will be able to borrow up to 30% of the value of the Bitcoin they tie up with Coinbase, in loans up to $20,000. Interest rates will be 8%, with loan terms of one year or less.

πŸ‘‰ 1M Koreans Now Have Blockchain-Based Drivers Licenses

It has been reported that one million South Koreans have opted-in to using blockchain-based drivers licenses, which are used with a mobile app called PASS.

The project only kicked off in May, launched by the National Police Agency and the Korea Road Traffic Authority. The licenses can also be used for proof-of-age purposes, including purchasing alcohol and cigarettes.