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Inflation in Eurozone Surges To 25-Year High of 8.9% in July

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Inflation In Eurozone Surges To 25-Year High Of 8.9% In July
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  • On July 21st, the European Central Bank (ECB) stated that it will raise interest rates.
  • The Bank of England has already raised interest rates six times in a row.

Inflation in the Eurozone reached an incredible high of 8.9% in July. The last time it was this high was 25 years ago. From 7.4% in April, 8.1% in May, and 8.6% in June, the CPI has steadily risen. As much as an 8.9% increase was indeed projected by some experts.

The annual inflation rate was estimated to be 39.7%, with energy costs having the highest rate, down from 42.0% in June. The worldwide demand for energy has been negatively affected by the conflict in Ukraine and Russia. Next to energy comes food, drink, and cigarettes, which touched 9.8%, up from 8.9% in June.

Rise in Inflation Across EU

After a small decrease in the previous month, Germany’s inflation rose to 8.5% in July. Both France and Italy have rather high inflation rates right now: 6.8% and 8.4%, respectively. Inflation rates in Estonia are at 22.7 percent, in Lithuania at 20.8 percent, and in Latvia at 21.1 percent.

On July 21st, the European Central Bank (ECB) stated that it will raise interest rates for the first time in eleven years.

The United Kingdom (UK) published its July inflation numbers yesterday. There was a 40-year high in the country’s CPI (Consumer Price Index) increase of 10.1%. In this case, it was the Office of National Statistics that provided the information. Inflation rates across longer time periods in the UK were significantly impacted by the rapid rise in food prices between June and July. The Bank of England has already raised interest rates six times in a row to combat inflation. Inflation will rise to 13.3 percent by October, according to the Bank of England (BOE), before levelling out.

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CertiK Uncovers Suspicious $2.4M Payments Into Tornado Cash

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Certik Uncovers Suspicious $2.4M Payments Into Tornado Cash
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  • The money movement is linked to the October 2021 BXH Exchange breach.
  • GitHub reinstated the Tornado Cash code in “read-only” mode.

On Saturday, crypto security company CertiK said that it had uncovered a suspicious $2.4 million payment into the cryptocurrency mixer Tornado Cash. Information suggests the money movement is connected to the October 2021 BXH Exchange breach. It resulted in a loss of $139 million. Although the U.S. Treasury’s Office of Foreign Asset Control (OFAC) has placed sanctions on the crypto mixer. However, the exchange is still being used to move money.

The theft of over 4,000 ETH worth $139 million from the BXH Exchange at the end of October is likely connected to the transfer of funds.

Hackers Defying Sanctions

The address 0x158F5 is held by a third party and used the Binance Smart Chain and Avalanche staking contract’s privileged method to retrieve staked tokens and withdraw cash. The tokens were then transferred to Ethereum using the address.

CertiK reports that the staking contract holding the funds and locations was previously released by a Telegram group formed by persons affected by the BXH Exchange. Tokens with a bridging ERC-20 standard were converted to ETH at the address in question. To date, almost $2.4 million in value has been transferred into Tornado Cash, represented by 1865 ETH tokens.

Even after the Office of Foreign Asset Control at the U.S. Treasury banned suspicious transactions on Tornado Cash in August, the service is still accepting them. The crypto mixer platform has just received a transfer of 500 thousand DAI from EOA 0x0B789. The money transfer was associated with an exploit in DAO Maker.

After receiving confirmation from the Office of Foreign Asset Control of the United States Treasury, GitHub reinstated the Tornado Cash code in “read-only” mode.

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Whale Alert: 270 Million XRP ($130M) Bought by Whales

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Ripple (Xrp) Price Jumps To New Four-Month High
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  • The largest ever buy was on the Bitso crypto market for 54.1 million XRP.
  • XRP prices have increased by around 50% during the last week.

The native XRP token of Ripple has seen the most growth over the previous seven days. While Bitcoin and Ethereum have both had big price declines recently, XRP has seen a sharp increase. The current price increase of XRP may be attributed to a number of factors. Whales hoarding Ripple tokens is one instance.

Tokens worth around $130.2 million in XRP, almost 270M XRP have been transmitted from several cryptocurrency exchanges to many unknown addresses in the past 24 hours, according to data from Whale Alert. The largest ever buy was on the Bitso crypto market for 54.1 million XRP. Approximately $27.5 million worth of XRP coins were purchased by Whale all at once.

High Volatility Expected After Judgement

However, whales have been buying up XRP on the Bitstamp platform to the tune of nearly $84.1 million. To their XRP holdings, whales have just added more than $41.4 million over many trades. Meanwhile, a massive transaction involving 132 million XRP (about $62.1 million) was also spotted by the whale tracker.

Since the SEC and Ripple submitted their summary judgement papers, there has been a dramatic increase in the whale stockpiling of XRP tokens. The current increase was caused by new court documents. It also noted a surge in the number of active addresses holding between 1 and 10 million XRP tokens in late 2022.

On the other hand, XRP prices have increased by around 50% during the last week. Since word of the case’s resolution circulated favorably across the market, this is the result. At this moment, the price of XRP is $0.5015 as per CMC.

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California Governor Vetoes Crypto Regulation Bill

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Following Aftermath Of Recent Slump Bitpanda Announces Workforce Layoff
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