• Poly Network was robbed over $600 million of its funds, the largest hack in decentralized finance history
  • FalconX raised $210 million, bringing the crypto trading platform to a $3.75 billion valuation

Bitcoin and ethereum remain steady despite the colossal DeFi security breach on blockchain-based platform Poly Network. 

Hackers stole over $600 million in cryptocurrency tokens which some have pegged as the largest hack in decentralized finance history. 

The attack fell on DeFi exchanges Polygon, Binance Smart Chain and Ethereum, Poly Network announced Tuesday.

After $273 million of ethereum tokens were allegedly extorted, ETH fell around 2%. BTC followed suit, shedding 1.5% in the morning. However, the day’s shallow dip did not compromise the cryptocurrencies’ recent bull run.

In a slew of funding news, FalconX raised $210 million, bringing the popular crypto trading platform to a $3.75 billion valuation. TRON, one of the largests blockchain-based decentralized platforms, is set to launch a $300 million fund to invest in future GameFi projects, Blockworks reported.

Infrastructure Bill

Crypto concerns continue for some after the Senate passed the bipartisan infrastructure package on Tuesday.

Controversial language around crypto-related tax reporting requirements in the bill sparked concerns in the digital asset community, resulting in bipartisan groups of Senators proposing amendments to narrow down who has to report customer information to the Internal Revenue System. However, the Senate passed the bill without any of the proposed amendments included.


  • Uniswap is trading at $29.24 with a total value locked of $4,931,346,403 up 0.5% in 24 hours at 4:00 pm ET. 
  • Chainlink is trading at $24.38, advancing 0.4% with trading volume at $1,109,098,980 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 29.8% at 4:00 pm ET.


  • Bitcoin is trading around $45,502.37, up 0.03% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,140.92, advancing 2.25% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.069, up 1.05% at 4:00 pm ET.
  • VIX fell -0.24% to 16.68 at 4:00 pm ET.


President of FTX.US Brett Harrison weighed in on the infrastructure bill and its relationship to crypto, adding that not everyone in the industry believes regulations are a bad thing.

“I think perhaps there’s a misconception that all regulation is either bad or perceived as bad by actors in the crypto industry. For example, for exchanges, we want the regulation. We want the clarity on the different roles we are supposed to play,” Harrison told Blockworks. “Sure, the regulatory agencies can use post-hoc fines and enforcement actions to help enforce certain rules on actors in the industry. But it’s much better if we have a proactive approach where we can lay the ground rules on how people should act and how they [shouldn’t] act if they want to get into the industry.”

BTC and ETH trading over the past day. Source: TradingView


  • Brent crude rallied to $70.74 per barrel, advancing 2.46%.
  • Gold advanced 0.19% to $1,729.


  • The Dow was up 0.46% to 35,264.
  • S&P 500 advanced 0.1% to 4,436.
  • Nasdaq fell -0.49% to 14,788.

Fixed Income

  • US 10-year treasury yields 1.344% as of 4:00 pm ET.


  • The US dollar strengthened 0.07%, according to the Bloomberg Dollar Spot Index.

In other news…

  • Coinbase’s second quarter earnings exceeded analysts’ expectations despite months-long volatility in cryptocurrency markets. The popular trading platform reported $2.23 billion in revenue, beating Wall Street’s estimates by $380 million, after market close on Tuesday. The company’s shares were down 3.85% ahead of Q2 results, trading at $269.67.
  • Financial giant VanEck filed for a bitcoin futures exchange-traded fund (ETF). It’s currently awaiting SEC approval on an ETF that would invest in bitcoin directly. The firm first sought out a BTC-based ETF with the Securities Exchange Commission (SEC) in 2017, but later withdrew. VanEck has roughly $63 billion in assets under management and over 50 domestically-traded ETFs.

We’re watching out for…

  • US consumer price index (CPI) data will be released on Wednesday.
  • OPEC: Oil Market Report is due on Thursday.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

  • Morgan Chittum is a New York-based reporter covering NFTs, the metaverse, play-to-earn gaming and other emerging Web3 tech for Blockworks. Previously she was a street reporter, covering crime at New York Daily News, and a media and journalism fellow at the Poynter Institute. Contact Morgan via email at [email protected]