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Brazil has made history as the first country to approve a spot XRP exchange-traded fund (ETF), signaling its growing influence in the crypto market. The fund, managed by Hashdex, will soon be available on the B3 stock exchange, with Genial Investimentos overseeing administration. XRP ETF Approved in Brazil According to the report by Portal do Bitcoin, the new XRP ETF was approved by the Brazilian Securities and Exchange Commission (CVM) and officially established in December 2024. It is currently in its early stages. While an official launch date remains unknown, Hashdex has assured investors that trading details will be announced soon. The approval highlights an increasing institutional interest in XRP and strengthens Brazil’s position in digital asset adoption. The country has already solidified its position as a key player in Latin America’s cryptocurrency surge. It has also witnessed significant growth in terms of institutional investment. Between late 2023 and early 2024, transactions of more than $1 million grew by nearly 48.4% amidst increased interest from major financial entities. As reported earlier, the country ranks just behind Argentina in total cryptocurrency value received, which reached approximately $90.3 billion between July 2023 and June 2024. Stablecoin adoption is also strong, with Brazil accounting for 59.8% of the region’s transaction volume during the same period. XRP ETF in the US The latest development appears to be a natural progression for the country, given its history of supporting Bitcoin ETFs and a favorable regulatory system. This approval also coincides with a surge of spot XRP ETF applications in the United States, where the Securities and Exchange Commission (SEC) is currently reviewing proposals from companies like 21Shares, Bitwise, Grayscale, and CoinShares. According to fresh insights from Polymarket, there is an 80% likelihood that the SEC will approve an XRP ETF in 2025, reflecting high confidence among bettors. This projection is notably higher than the 65% probability assigned by Bloomberg analysts Eric Balchunas and James Seyffart. Beyond XRP, the securities watchdog in the US has also acknowledged applications for spot ETFs featuring other altcoins, such as Solana and Litecoin. The post Brazil Leads Latin America with Historic Approval of XRP ETF appeared first on CryptoPotato.

Trading Activity Shifts to the Sonic Chain Ecosystem The latest troubles with Solana ($SOL ) meme tokens led traders to look for other chains with heightened activity. The Sonic L1 chain ecosystem is offering a platform for new launches, recently increasing its DEX activity.  Sonic, one of the relatively new L1 chains, is having a revival as traders seek new platforms with DEX potential. The Shadow exchange is the main driver of Sonic adoption, increasing its volumes 10 times in the past month.  Sonic is now on track to join the top 5 chains with the biggest DEX activity, lining up just after Arbitrum. The ecosystem even surpassed more promising high-profile launches like Sui and Berachain.  The success of Sonic took a short time, as the chain increased its activity in the past week, with the migration of users. Sonic increased its DEX activity by over 84% in the past week as the Shadow DEX started building up its liquidity pairs.  Sonic ($S ), formerly Fantom (FTM), reaped success with its rebranded name and new ticker, S. The S token rallied by over 16% in the past day to trade at $0.89. S had a short-term peak above $0.97, recovering from lows of $0.40 in the past weeks. Previously, Sonic lagged as the L1 narrative slowed down. The recent chain revival follows the ability to launch new tokens for fast trading with growing liquidity. Sonic sees increased DEX activity The pairs on Shadow DEX went vertical, locking in $118.5M. While this DEX size is relatively small, the rapid pace of inflows signaled renewed interest in Sonic. The rebranded chain is EVM-compatible, already bringing in $142.9M in stabelcoins.  The shift to Sonic shows demand for fun on-chain activities with low fees and low expectations. The low performance of altcoins, legacy memes, and other narratives is fueling the shift of liquidity to a new space. Sonic draws in a mix of legacy users from Fantom and new traders looking for a liquid DEX. The other reason for the inflow of users is the Sonic chain airdrop campaign, launched in January. The increased daily usage and demand for tokens are currently in their hottest phase, raising questions about sustainability. Sonic points will be rewarded for interactions with all apps and a selection of assets in the Sonic ecosystem. Sonic may continue its activity in the first half of 2025, as the farming period will extend until June. After that, the immediate token unlocks will award 25% of the tokens, with the rest vested for 270 days as NFT positions, with a linear unlock.  The main assets that may grant airdrop points are the wrapped versions of scETH and scBTC, issued against the collateral of the same assets. Traders can also generate Sonic-native stablecoins scUSD against the collateral of other assets like USDT and USDC. During the airdrop period, Sonic DEX increased its daily volumes to over $262M, with activity mostly from large-scale wrapped assets.  In addition to the major tokens, Sonic’s Shadow DEX carried a new selection of on-topic memes. KNUCKLES, EGGS, and GOGLS are all in the green, drawing in the fun-loving traders. The tokens have relatively low activity compared to Ethereum or Solana DEX but are still seen as a community effort with low expectations.  Sonic already carries the Degen Express launchpad, a simple app similar to Pump.fun offering bonding curve technology and the possibility to raise liquidity. Degen Express is turning into the main launchpad on Sonic, and a badge verification system will be introduced soon. Sonic prepares for new tokenomics Sonic is still an early-stage network, where S tokens are still swappable for FTM. From March 18 onward, the swap between legacy FTM and S will become one-way. After June 18, the supply of S will grow in accordance with the new tokenomics. Currently, the tokens can be upgraded via a dedicated portal.  The new S token will launch with 3.175B, after which the supply will expand by another 6%. Another 47.6M tokens will be minted for six years, resulting in 1.5% annual inflation. The current airdrop will distribute 190.5M tokens. S tokens will be stackable for passive income and to limit the available supply.

Ethereum Layer 2 platform, Abstract, has released an initial post-mortem on a security incident that resulted in the compromise of approximately $400,000 worth of ETH across 9,000 wallets interacting with Cardex, a blockchain-based game on its network. The report clarified that the breach stemmed from vulnerabilities in Cardex’s frontend code rather than an issue with Abstract’s core infrastructure or session key validation contracts. Cardex Wallet Compromise The incident revolved around the misuse of session keys, a mechanism in the Abstract Global Wallet (AGW) that allows for temporary, scoped permissions to improve user experience. While session keys themselves are a well-audited security feature, Cardex made a critical error by using a shared session signer wallet for all users, a practice that is not recommended. This flaw was further amplified by the exposure of the session signer’s private key to Cardex’s frontend code, which ultimately led to the exploit. According to Abstract’s root cause analysis, attackers identified an open session from a victim, initiated a buyShares transaction on their behalf, and then used the compromised session key to transfer the shares to themselves before selling them on the Cardex bonding curve to extract ETH. Importantly, only the ETH used within Cardex was affected. Meanwhile, users’ ERC-20 tokens and NFTs remained secure due to session key permissions limitations. The timeline of events indicates that the first signs of suspicious activity were flagged at 6:07 AM EST on February 18th when a developer posted a transaction link showing an address draining funds. In less than 30 minutes, Cardex was suspected as the source of the exploit, and security teams quickly mobilized to investigate. Within hours, mitigation steps were taken. This included blocking access to Cardex, deploying a session revocation site, as well as upgrading the affected contract to prevent further transactions. Abstract has outlined several measures to prevent future incidents of this nature. Going forward, all applications listed in its portal must undergo a stricter security review, including front-end code audits to prevent the exposure of sensitive keys. Additionally, session key usage across listed apps will be reassessed to ensure proper scoping and storage practices. Documentation on session key implementation will be updated to reinforce best practices. What’s Ahead In response to this breach, Abstract is also integrating Blockaid’s transaction simulation tools into AGW, which will help users to see what permissions they are granting when creating session keys. Further collaborations with Privy and Blockaid are underway to improve session key security. A session key dashboard will also be introduced in The Portal, which is expected to give users a centralized interface to review and revoke their open sessions. The post Ethereum Layer 2 Platform Abstract Reports $400K Crypto Breach in Cardex Incident appeared first on CryptoPotato.

The post Hashdex Receives Approval for World’s First XRP Spot ETF in Brazil appeared first on Coinpedia Fintech News In a recent development, Hashdex has received approval from the Brazilian Securities and Exchange Commission to launch the world’s first XRP spot ETF. The HASHDEX NASDAQ XRP INDEX FUND is in its pre-launch phase, marking an important milestone for both the cryptocurrency market and Brazil’s financial sector, according to Portal do Bitcoin. The listing date on the Brazilian stock exchange B3 is yet to be announced. The fund will be administered by Genial Investimentos, though further details are yet to be disclosed.