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Ferrari is set to expand its cryptocurrency payment option to European dealerships. The Italian luxury carmaker aims to launch this service by month-end. The company plans to offer crypto payments at more international dealerships by the end of 2024. This expansion will target countries where digital currencies are legal. Ferrari kicked off crypto payments in the US last year. The move proved successful. The decision comes as wealthy clients show growing interest in using digital currencies for big-ticket purchases. "It's a no-brainer for us," a company spokesperson said. Ferrari sees this as a natural next step. They want to help dealers meet changing customer needs. Many blue-chip firms are still wary of crypto due to its volatility. Ferrari, however, is pushing ahead. Most European dealers have already adopted the new payment system. Others are in the process of doing so. Ferrari acknowledges challenges like patchy regulation and high energy use. But they're not letting that stop them. Countries with strict crypto rules, like China, won't be part of this rollout. No surprises there. For its US launch, Ferrari teamed up with BitPay. This crypto payment processor handles Bitcoin, Ethereum, and USDC transactions. BitPay converts crypto to traditional currency right away. This shields dealers from price swings and saves clients from extra fees. Ferrari hasn't spilled the beans on whether they'll use other payment processors in Europe. As the crypto market bounces back from its 2022 nosedive, more companies are jumping on the bandwagon. Fintech giant Stripe recently got back into crypto payments after a six-year break. They had initially tested Bitcoin back in 2014 but bailed in 2018. Other payment firms are also getting in on the action. Singapore-based Triple-A plans to add PayPal's stablecoin to its supported tokens by June. Meanwhile, Bitcoin payments app Strike has just set up shop in the UK. The crypto payment scene is heating up, and Ferrari's not about to be left in the dust.

Rho Markets, a liquidity layer and lending protocol on Scroll, has been hit by an exploit. The damage? A cool $7.6 million in USD Coin. Ouch. The hack happened on July 19. A bad actor got their hands on the protocol's blockchain oracle. Cyvers, a blockchain security firm, spilled the beans on X. "Rho Markets has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform!" Cyvers said. "Root cause of this incident seems to be an oracle access control by a malicious actor!" Rho Markets didn't waste time. They've already hit pause on their platform. Better safe than sorry, right? This hack isn't an isolated incident, it's part of a bigger, messier picture. Just days ago, WazirX, an Indian crypto exchange, got taken for a ride. The damage there? A whopping $230 million in crypto. That's the second-largest crypto heist of 2024 so far. Crypto hackers are having a field day. This week has been their second most profitable in 2024. Let's break it down: July 18: WazirX loses $230 million. The attacker has already moved $149 million worth of Shiba Inu. Talk about a dog with a bone. July 16: Li.Fi protocol gets hit. $10 million in crypto goes poof. It was a smart contract exploit, but they've got it under control now. And if that wasn't enough, players of Hamster Kombat, a viral Telegram-based clicker game, are getting targeted too. Kaspersky, a cybersecurity firm, says phishing attacks and fake crypto airdrops are trying to steal user credentials. It's like whack-a-mole out there. Let's zoom out for a sec. Crypto hacks are a massive thorn in the side of decentralized finance. They're putting a real damper on widespread crypto adoption. The numbers are eye-watering: Since June 19, 2011 (the date of the first known crypto hack), nearly $19 billion in digital assets have been nicked. That's spread across 785 reported hacks and exploits. It's not pocket change, folks. February 2024 saw a real doozy. PlayDapp got hit with a $290 million security breach. That's the biggest single crypto heist in the past two years. Makes you wonder about their security setup, doesn't it? And 2024? It's shaping up to be a banner year for the wrong reasons. The first quarter alone saw $542.7 million in stolen funds. That's up 42% compared to the same period in 2023. At this rate, 2024 might just top 2023 in the crypto theft league. The Rho Markets hack is just the latest in a long line of crypto heists. It's a stark reminder that in the world of digital assets, security can't be an afterthought. It needs to be baked in from the ground up. For now, Rho Markets users are left holding the bag. The platform's paused, and there's no word yet on if or when they'll get their funds back. It's a familiar story in the crypto world, and one that's likely to keep repeating until the industry gets serious about security. As for the hackers? They're probably laughing all the way to their digital banks. But here's hoping their winning streak comes to an end soon. The crypto world could use a break from all this drama. In the meantime, crypto enthusiasts are left with a familiar mantra: "Not your keys, not your coins." Maybe it's time to add another line: "Not your security audit, not your peace of mind." The crypto rollercoaster keeps on rolling. Buckle up, folks. It's going to be a bumpy ride.

Opera's mobile browser, Opera Mini, is upgrading its cryptocurrency wallet MiniPay to include two of the world's most popular stablecoins - Tether's USDT and Circle's USDC. Users can switch between USD Coin and cUSD with minimal fees. The process uses a simple drag-and-drop motion. Jørgen Arnesen, Opera's executive vice president of Mobile, explained the feature. "It abstracts assets swapping in Web3," he said. "Users can effortlessly swap between all 3 stablecoins." Just to remind you, MiniPay was launched in September 2023 inside Opera Mini browser and run on the Celo blockchain. It uses Mento's cUSD, pegged to the US dollar. A kind of an own stablecoin, to be precise. The wallet initially targeted African markets. Opera said from the beginning that the browser wallet aimed to facilitate stablecoin transfers using mobile numbers. Arnesen discussed the rationale behind this focus. "We recognized the significant potential of blockchain-enabled peer-to-peer solutions within the continent," he stated. He noted common concerns among consumers. These included high fees, unreliable services, and lack of transparency in local payment options. All of that is supposed to be overcome by Opera's wallet built in the popular browser. MiniPay has also launched a Discover Page for decentralized applications (DApps). It organizes native DApps, providing direct access to various tools. Since its launch, MiniPay has seen rapid growth. It has over three million wallet activations across several African countries. Arnesen highlighted Africa's potential for digital asset adoption. He cited its young population and widespread smartphone use. Opera Mini is the most downloaded mobile browser in Africa. It boasts nearly 100 million users.

Circle has obtained registration as an electronic money institution in France. This grants the firm a crucial license to issue stablecoins under the European Union's new stringent crypto regulations. And thus Circle's USDC might finally get an edge over Tether's USDT. The approval comes from France's banking regulator, ACPR. Circle is now the first global stablecoin issuer to comply with the EU's Markets in Crypto-Assets (MiCA) framework, which many crypto fans have already dubbed 'demonic', 'unhealthy' and even 'orwellian'. The license enables Circle to issue its USDC and EURC tokens in the EU. These will now comply with MiCA's stablecoin rules. Circle is also launching its Circle Mint service in France. Jeremy Allaire, Circle's CEO, called the approval "a huge milestone". He emphasized the company's commitment to regulatory compliance since its founding and now this long-term investment has paid off. Stablecoins are cryptocurrencies pegged to traditional assets. They offer stability in the volatile crypto market. Traders use them to move quickly between cryptocurrencies. The EU passed MiCA last year. It's the world's first comprehensive crypto law. Also deemed as one of the harshest ones. MiCA outlines investor protection rules and safeguards against market manipulation. Stablecoin provisions under MiCA were approved last week. These rules are particularly strict. They limit trading volumes for certain stablecoins, especially those denominated in US dollars. Circle's French registration allows it to offer services throughout the EU. This includes minting and redeeming USDC via Circle Mint. MiCA permits crypto businesses to "passport" their services across the bloc. The remaining MiCA obligations will apply from December 30, 2024, but crypto companies will have until July 2026 to achieve full compliance. Two years isn't a very long period for the world of finance, to say the least. USDC is the second-largest stablecoin globally. It has $32.4 billion in circulation. Tether's USDT remains the largest, with $112.7 billion in circulation. Yet, Tether hasn't done crucial steps to comply with MiCA demands, and we will have to wait and see how it ends for the leading stablecoin. As well as for its competitors.