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Archive · August 30, 2026

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Story 01

Fogo Blockchain Halts Mainnet After $3M Token Exploit Exposes Smart Contract Flaws

Layer 1 blockchain Fogo suspended its mainnet on August 28, 2026, after an attacker siphoned 400 million FOGO tokens—10% of supply and valued at $3 million—by exploiting a vulnerability in its smart contract code. The breach eroded user trust and drew attention to risks like unchecked contract permissions and insufficient code audits. Competing chains and token issuers now face increased regulatory and user scrutiny, with comprehensive security reviews and insurance coverage becoming standard expectations.

Source: The Block
Also Worth Knowing
№02

Visa and Mastercard Resume Syrian Operations as US Lifts Sanctions

Visa and Mastercard processed their first international card transactions in Syria after the US removed Syria from its state sponsors of terrorism list. By reactivating their networks, Visa and Mastercard are expanding their reach and enabling new transaction flows for Syrian banks and merchants. Regional banks and local fintechs are expected to integrate with these networks, accelerating digital payment adoption and financial inclusion in Syria.

Source: Finextra
№03

Experian and JPMorgan Embed Account Verification to Combat Payment Fraud

Experian and JPMorgan are integrating account and payee verification directly into payment workflows to strengthen authentication and reduce fraud. This initiative sets a new standard for payment security, prompting large US banks and major fintech payment platforms to consider similar upgrades. Merchants and smaller fintechs relying on legacy verification may face higher fraud exposure and customer churn if they do not modernize.

Source: PYMNTS
№04

Bitwise Solana ETF Surpasses $1B AUM, Fueling Blockchain ETF Expansion

The Bitwise Solana Staking ETF reached $1 billion in assets under management less than a year after launch, highlighting strong institutional and retail demand for blockchain-linked investment products. This milestone signals growing acceptance of crypto-native ETFs and is likely to accelerate the introduction of similar funds by asset managers and exchanges, broadening investor access to blockchain ecosystems.

Source: The Block
№05

Ninth Circuit Ruling Weakens CFTC’s Grip on Nevada Sports Betting Regulation

A US appeals court ruled against Kalshi, challenging the CFTC’s exclusive jurisdiction over Nevada sports betting markets. The decision paves the way for state-level regulatory frameworks, potentially fragmenting oversight of betting products. Sportsbooks and fintechs seeking US expansion must now navigate a complex mix of federal and state rules, increasing compliance demands and legal uncertainty.

Source: The Block
The Long Memory
“In 1998, PayPal launched its first referral program, offering $10 per new user, which helped drive viral adoption and shaped early fintech marketing tactics.

Filed under: Payments History · The Long Memory

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