Top Crypto News of the Day curated by CoinChapter.com.

Taiwan is planning a CBDC prototype test.

Taiwan’s central bank aims to test a central bank digital currency (CBDC) prototype by late 2024 or early 2025.

Central Bank Governor Chen Longyang announced plans to collaborate with the Ministry of Digital Affairs to integrate the CBDC into a digital voucher platform. This system, likely to be launched in October 2024, could be a precursor to the implementation of CBDC.

The digital ministry will manage the distribution of vouchers, while the central bank will oversee payment and settlement after spending vouchers from consumers’ digital wallets. Government institutions can issue digital vouchers through this system in future.

While there is no set timeline for full CBDC deployment, the digital voucher system could begin testing in August 2024. Industry sources suggest that this could be a “warm-up” for the eventual CBDC pilots.

Crypto News: CoinStats Hacker Transfers Nearly $1M in Tornado Cash

An exploiter linked to the June CoinStats hack has transferred approximately $959,000 worth of Ethereum to TornadoCash, a cryptocurrency mixing service. Blockchain security firm CertiK reported that two wallets linked to the exploit transferred a total of 311 ETH to Mixer.

Crypto mixers like TornadoCash anonymize transactions by pooling funds from multiple sources, often used by hackers to launder stolen assets.

You May Also Like: CoinStats Security Breach Affects 1,590 Wallets

Elliptic Uncovers $11B Scam Network

Blockchain analytics firm Elliptic has revealed that Huione Guarantee, an online marketplace operated by Cambodian conglomerate Huione Group, has facilitated more than $11 billion in transactions linked to money laundering and cyber scams in Southeast Asia. provided

The platform, operating primarily in Chinese, offers services critical to cyber scams, including the sale of personal data, money laundering, and scam website development. It also provides tools used in fraudulent compounds for worker imprisonment and torture.

Although the marketplace uses a variety of payment methods, it primarily relies on Tether for transactions. Tom Robinson, co-founder of Elliptic, noted that the transparency of the blockchain allowed for the quantification of these cryptocurrency transactions, making them more traceable than traditional financial flows.

Crypto News: Bitcoin transaction fees are at four-year lows.

On July 7, 2024, Bitcoin transaction fees fell to their lowest level since 2020, averaging $38.69 per transaction. The decline was a result of lower demand for block space and lower data volumes.

Cost per Bitcoin transaction, 1-day average. Source: Blockchain.com

Miners processed 673,752 transactions that day, accounting for 89.7 percent of the Bitcoin transaction network activity. The remaining bandwidth was used by protocols such as Ordinals, BRC-20, and Runes.

Despite the lower average transaction cost, miners benefited from a reduction in network complexity, allowing for more efficient transaction processing.

Starknet will begin staking on the Mainnet in Q4 2024.

StarkWare CEO Eli Ben-Sasson announced at EthCC that Starknet plans to introduce staking through the Starknet Improvement Proposal (SNIP) by the end of 2024. If approved, staking will begin on the testnet before going live on the mainnet in Q4.

The purpose of the staking feature is to allow token holders to participate in core network activities, with responsibilities and rewards gradually increasing over time. Users can become stickers by meeting the minimum staking amount or by assigning existing stickers.

Rewards will follow a pre-recommended minting curve, which aims to balance participation incentives with inflation control. The staking mechanism is designed to encourage network participation while ensuring that enough STRK tokens are available for other activities.

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