Today in Crypto: Shiba Inu Plans Stablecoin

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A developer behind SHIB, a popular meme crypto, has teased plans to boost the Shiba Inu ecosystem with a new decentralized stablecoin, CoinDesk reported Wednesday (July 6).

The developer, Shytoshi Kusama, said developers were making a stablecoin called SHI, which would purportedly do away with issues from other “moonshots,” which could refer to the Terra/LUNA implosion from earlier this year.

There will also be a reward token called TREAT and a collectible card game for the company’s metaverse. Shiba Inu is the second most popular dog-themed coin after dogecoin.

In other news, the perpetrator behind an attack on Crema Finance, a Solana-based liquidity protocol, has returned over $8 million in tokens, keeping the $1.68 million as a “white hat” bounty, according to developers, CoinDesk wrote Thursday (July 7).

That comes as the protocol had over $9 million in cryptocurrencies stolen from its platform after a flash loan attack, which lets traders borrow unsecured loans by relying on smart contracts rather than third parties.

The exploit saw the attacker making a fake tick account on Crema, referring to a dedicated account storing price tick data in CLMM, according to the developers. CLMM is Crema’s market-making protocol.

The attackers then exploited a command through writing the data on the fake account, circumventing security measures.

Furthermore, CoinDesk reported Thursday that Bitso, a Latin American crypto exchange, has rolled out a crypto remittance service in Colombia.

This service will let individuals and businesses send and receive digital money, and it’s the first such product available for Colombia right now, according to Bitso.

“These transactions are not affected by volatility at all,” said Emilio Pardo, country manager of Bitso in Colombia. “The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.”

Finally, creditors of Mt. Gox, the defunct crypto exchange, are now getting closer to being repaid, according to a letter from the business’ Japanese bankruptcy trustee.

According to a Bloomberg report Thursday, the trustee wants creditors to register online and then say how they want their repayments to come through.

This comes after Mt. Gox, which used to be the biggest bitcoin exchange, suspended trading and went offline in February 2014. It had lost around 850,000 bitcoin, valued at $500 million at the time.

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