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Crypto Moves — Bitcoin and Ethereum fluctuate; Dubai’s Nexus project obtains first crypto license

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising by 1.21 percent to $24,863 as of 7:56 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,984 falling by 0.26 percent, according to data from Coindesk.

On Bitstamp, Bitcoin rose to $25,212, the highest since June 13, before falling to $24,863.

Dubai’s Nexus project obtains first crypto license

Nexus Dubai, the decentralized financial payment system disrupting traditional payment systems on the blockchain, has secured the first license in the world for a cryptocurrency exchange business in Dubai, according to a statement.

The project aims to facilitate better interconnectivity and digital technology advancements in the UAE, as well as accelerate the development of digital payments, the statement said.

Tatsuya Takizawa, founder and CEO of NXD,  said in a statement: “The fact that we were able to register the license in Dubai is a major milestone, and also proves Nexus Dubai’s commitment to compliance. We aim to have NXD services in use throughout the UAE within three years.”

There are currently multiple crypto exchanges where Nexus Dubai is listed, including MEXC Global, BingX, BYBIT, and Bitget. On Gate.io, a leading cryptocurrency exchange with over 1400 cryptocurrencies and stablecoins, the NXD token is now available for trading, the statement said.

Using the UAE merchant network, NXD, in partnership with different companies there, allows users to make payments easily in retail stores, restaurants, hotels, and more.

Acala’s stablecoin falls 99 percent after hackers issue 1.3b tokens

The stablecoin of decentralized finance platform Acala, a USD, depegged on Sunday after hackers exploited a bug to mint 1.28 billion tokens, according to Coindesk.

The Acala team disabled the transfer functionality of “erroneously minted aUSD” remaining on the Acala chain after discovering the exploit, Coindesk said.

Approximately 1.27 billion aUSD are still in a wallet believed to belong to the attacker.

Several other users have allegedly stolen thousands of dollars worth of DOT from the liquidity pool in addition to the attacker who made 1.28 billion aUSD.

Coinbase defines DOT as “a protocol that connects blockchains — allowing value and data to be sent across previously incompatible networks.” 

Since its launch earlier this year, aUSD has successfully held its soft peg to the US dollar.

As a result of the attack, aUSD’s price plummeted from $1.03 per token to $0.09 per token.

Whether or not Acala will be able to restore the aUSD peg remains unclear, Coindesk concluded.