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🚨 Fantom Foundation Freezes $60M USDC and $2M USDT In Multichain Wallet
The Fantom Foundation tweeted that they were highly disappointed with the latest Multichain news and immediately froze the assets to avoid risks. In response to the information given by the cross-chain bridge project itself, the team immediately began contacting stablecoin issuers, including Circle (USDC), Tether (USDT), and TrueUSD (TUSD), to freeze their accounts assets in the Multichain wallet. The team has verified that approximately over $60 million in USDC and over $2 million in USDT have been frozen.
The Fantom Foundation is actively engaging with various sources and contacts to gain a comprehensive understanding of the Multichain incident. In addition, a group of existing Multichain employees has been formed to understand the situation from their perspective better and provide assistance where possible. Yesterday afternoon, Multichain officially announced that the Chinese police had confiscated the computer, hardware wallet, phone, and keys of CEO Zhaojun. While the project is still being “protected” by the multi-signature encryption mechanism, the server is still running on the drug account managed by Mr. Zhaojun.
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💰 Polygon Proposed Upgrade: MATIC to POL Token for Superior Scalability and Security
Polygon, the Ethereum scaling solution, has revealed plans to upgrade its native token, MATIC, to a new asset called POL. This proposed upgrade is part of the roadmap for Polygon 2.0 and aims to ensure the scalability of the ecosystem while maintaining a high level of security. If approved by the community, the migration to the POL token will enable validation across multiple chains within the ecosystem, including Proof of Stake (PoS), zkEVM, and Supernets. This upgrade is expected to enhance interoperability and provide a more efficient and secure ecosystem for users.
The transition from MATIC to POL is designed to be straightforward for token holders. Users will be required to send their MATIC tokens to a designated smart contract, which will then return an equivalent number of POL tokens. Polygon has proposed a four-year grace period for token holders to complete the upgrade process, ensuring ample time for users to adjust to the new token. The exact timeline for the migration will depend on community consensus and could commence within a few months. POL will have the capability to validate transactions across different chains, promoting seamless communication between protocols. This enhanced interoperability is expected to result in a more efficient and scalable ecosystem, addressing the growing demands of the Polygon network.
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🆘 Multichain Records $265 Million Withdrawn Across 9 Chains
According to statistics from SlowMist, the outflow of funds from Multichain has reached a staggering $265 million since July 7. The funds have been distributed across various chains, including Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Fantom, Cronos, and Moonbeam. The outflows encompass a range of transactions, such as the transfer of USDT through the Multichain: Old BSC Bridge, as well as USDC, DAI, LINK, UNIDX, USDT, WOO, ICE, CRV, YFI, TUSD, WETH, and WBTC.
Additionally, BIFI has been ported from Anyswap through the Bridge Fantom, while USDC, USDT, DAI, and WBTC have been transferred through the Multichain: Moonriver Bridge. USDC has also been transferred through the Doge Bridge from Multichain. Furthermore, assets including DAI, USDC, BTCB, WBTC, WETH, Dai.e, WBTC.e, USDC Bridge, BTC, fUSDT, ETH, and more have been moved out by the Executor from Multichain. In an interesting twist, certain assets, such as WBTC, USDT, and ETH, were moved from the address marked as Fake_Phishing183873 by Etherscan. However, it is believed that this labeling may be inaccurate, and the address could have previously belonged to the official Multichain account.
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📉 Spot trading pairs decline across exchanges
Cryptocurrency traders have fewer pairs to punt.The number of spot pairs across major cryptocurrency exchanges has declined over the course of the year, according to data compiled by The Block Research. Monthly spot pairs on Binance, the largest exchange by global volume, declined from 1,420 in January to 1,380 in July, according to The Block's data dashboard. Its sister company, BinanceUS, saw monthly spot pairs decline from 337 in June to 184 in July.
The crypto market has seen exchanges end support for trading pairs in the wake of the U.S. Securities and Exchange Commission's suits against Coinbase and Binance earlier in June. The agency alleges that the exchanges traded unregistered securities. Monthly spot trading pairs supported by Coinbase declined from 557 in March to 524 in July. The number of spot pairs has also declined at Kraken, with the number of pairs declining from a high of 668 in February to 651 in July. Monthly spot pairs on Binance, the largest exchange by global volume, declined from 1,420 in January to 1,380 in July, according to The Block's data dashboard. Its sister company, BinanceUS, saw monthly spot pairs decline from 337 in June to 184 in July.
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💰 Genesis Global’ $2 Billion Dispute With FTX Could Delay Creditor Payment Plan
According to Bloomberg News, Manhattan District Bankruptcy Judge Sean Lane said at the bankruptcy hearing of crypto lender Genesis Global that the dispute is worth $2 billion with FTX Trading. Responding to Genesis’ request to approve a creditor payment plan next month, Lane said the timeline “seems very optimistic” and “I understand that those deadlines could be pushed back”. This means that if the dispute drags on, it will affect Genesis’ repayment plans for creditors.
FTX claimed that Genesis owed them about $2 billion, and at the hearing, Genesis and FTX filed lawsuits to settle the claim. However, the Digital Currency Group subsidiary wants Judge Lane to hold a hearing to decide if the alleged debt is lawful and, if so, how much. FTX wants Judge Lane to sue Genesis in Wilmington, Delaware, whose bankruptcy is being overseen by another federal judge. Judge Lane denied both requests and ordered the parties to exchange information about the dispute. Ultimately, Judge Lane could schedule a “review” hearing to rule on FTX’s claim, as Genesis requested. He did not make a final judgment on whether FTX could sue.
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📣 Flare Token Attackers Move 56,200 BNB To Tornado Cash In Recent Transfer
In a recent development, Flare token attackers have successfully transferred 56,200 BNB, equivalent to approximately $13.95 million, to Tornado Cash. The attackers initiated their actions back in November 2022 when they managed to extract a staggering 3.98 billion Flares from specific addresses starting with 0xf99c. Subsequently, they proceeded to exchange a portion of the stolen Flares, approximately 1 billion, for 16.9 million BSC-USD.
Previously, security companies had flagged the Flare token as an exit scam, with the scammers reportedly profiting around $18.5 million at the time. It is important to note that the Flare project on the BSC chain involved in the exit scam should not be confused with tokens or symbols bearing similar names. Consequently, the FLARE token’s price experienced a significant decline of over 95% following the incident. The recent transfer of 56,200 BNB to Tornado Cash adds another layer of complexity to the Flare token attack, raising concerns about the potential misuse of the funds and the efforts taken by the attackers to obfuscate their activities.
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🇸🇬 Singapore Plans To Ban Crypto Staking And Lending To Protect Clients’ Funds
According to Bloomberg, the Monetary Authority of Singapore (MAS) will compel cryptocurrency platforms to store client assets in trusts by the end of the year, as well as go through with a plan to prohibit individual investors from lending and staking. That is part of the endeavor to secure cash after the downfall of FTX in November. In October of last year, right before FTX collapsed, MAS launched a consultation on such proposals. The organization also stated that customers should continue to trade with extreme care.
They must also guarantee that the custody function is operationally separate from other business divisions. In finance, a custodian is a specialized business that retains the assets of clients for safekeeping. Customers will be required to receive explicit disclosures from licensed crypto firms on the dangers associated with having their funds kept by the service provider. MAS also intends to prohibit DPT service providers from assisting the loan or staking of their retail clients’ tokens since these actions are often inappropriate for the general public. Staking is the mechanism through which cryptocurrency businesses lend digital tokens to other companies in the industry in order to earn enormous sums of money.
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🪙 Litecoin’s Unlimited Trading Allowed In Canada
The Canadian government has approved unrestricted trading of Litecoin (LTC) and three other cryptocurrencies on exchanges, which is a huge move for the Canadian cryptocurrency sector. The impending halving event, scheduled for August 2, 2023, adds to the good prognosis for Litecoin. This will be LTC’s third halving event, with the block reward dropping from 12.5 LTC to 6.25 LTC. Although previous halving occurrences have often been connected with price hikes owing to increased scarcity, it remains to be seen how the market will react this time.
Litecoin reached a big milestone as it surpassed the $100 barrier, reaching a 14-month high in price. The hash rate of LTC, which acts as a measure of the blockchain’s processing capacity, is a significant component fueling its increasing pace. Additionally, Litecoin has lately avoided regulatory attention from the United States Securities and Exchange Commission (SEC). Although the SEC has not categorized LTC explicitly, it has raised concerns about unregistered securities, especially those that use the proof-of-work (PoW) mechanism, such as Bitcoin and Litecoin. But, blockchain-based cryptocurrencies like LTC are excluded from this group. In recent days, the price of LTC has risen dramatically against the background of an impending halving event.
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🟠 Binance Still In Crisis In Europe As Another Banking Partner Leaves
As the crypto exchange Binance continues to undergo regulatory scrutiny throughout the world, banking partners have begun to distance themselves from the exchange. According to Reuters, Paysafe Payment Solutions, the exchange’s European banking partner, said on Thursday that it would discontinue selling its integrated wallet solution to the US cryptocurrency exchange throughout the European Economic Area (EEA) on September 25. Binance will need to change its Euro deposit and withdrawal provider through the Single Euro Payments Area (SEPA).
The claim comes as the exchange is being scrutinized by officials looking to crack down on money laundering. After the Securities and Exchange Commission’s regulatory action earlier this month, the crypto exchange has been losing market share. Yet, Binance retains a leading position over other worldwide cryptocurrency exchanges. Binance is under regulatory scrutiny not just in the United States but throughout the globe. Its derivatives license was revoked by the Australian Securities and Investments Commission in April. After that, local banks and payment partners ceased to engage with Binance Australia. But, last month, Binance stated that it would depart Canada owing to the country’s new cryptocurrency restrictions.
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💰 Paul Tudor Jones cautious about buying more Bitcoin as macro narrative turns
American billionaire hedge fund manager Paul Tudor Jones said he’s sticking with Bitcoin (BTC) but wonders whether regulatory hostilities, falling inflation, and AI developments will hamper future price growth. CNBC’s Andrew Sorkin pointed out that Tudor Jones bought Bitcoin during the health crisis when it was priced at around $8,000, continuing to ride it through the market peaks and troughs since.
However, when asked if he is buying more under current market conditions, Tudor Jones expressed uncertainty due to expectations it may become “boring in the future.” He referenced the ongoing U.S. regulatory hostilities toward the digital asset sector. Also raising the point that inflation “may be done,” meaning Bitcoin’s inflation hedge narrative may no longer carry as much weight as six months ago. The annual U.S. Consumer Price Index (CPI) has been trending down each month since June 2022, leading to a current rate of 4% in May. Adding the rise of AI and its possible “productivity boost” into the mix, Tudor Jones said things are entirely different now compared to the start of the year. For those reasons, he is cautious about buying more.
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📣 Orbiter Finance Stops Events With BitKeep Wallet To Protect Users From Scams
Orbiter Finance corrected that the Twitter account was not hacked, but still announced the suspension of the general event with the BitKeep wallet to protect users. The project said this was just a misunderstanding as fake accounts have started spreading fake airdrop announcements and phishing websites in the comments section of the event tweet that Orbiter partnered with the BitKeep wallet. Orbiter Finance is also contacting Certik to clarify this misunderstanding.
To prevent activity information from being used fraudulently, this activity has been temporarily suspended, and the tweet has also been deleted. In addition, Orbiter has not conducted any airdrops yet, and users must be wary of all scams and fake links. Besides, the layer 2 project also wants to assure its community that Orbiter Finance’s account remains safe and unaffected. The project team is still working to resolve the situation and remove misleading comments. Previously, CertiK Alert claimed that Orbiter Finance’s Twitter account had been compromised and that the account had posted tweets containing phishing websites. Users are currently being informed that there is an exclusive ZKBG lucky airdrop from BitKeep to the Orbiter community with a unique link.
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🇪🇸 Crypto.com Achieves Important Regulatory Win To Expand Services In Spain
Singapore-based cryptocurrency exchange Crypto.com announced that it had obtained the Bank of Spain’s Virtual Asset Service Provider (VASP) registration. The registration came after a thorough examination of the exchange’s compliance with the Anti-Money Laundering Directive (AMLD) and other financial crime legislation, as well as its user protection measures. It will be able to provide a variety of goods and services to Spanish users as a result of this registration.
Crypto.com has announced further progress in obtaining regulatory licenses and approvals across multiple countries and regions. The company has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT), as well as an MPI for e-money issuance, account issuance, and cross-border and domestic money transfer services from the Monetary Authority of Singapore. In addition to these approvals, Crypto.com has also been registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France. The platform has also obtained registration approval as a crypto asset business from the UK Financial Conduct Authority (FCA).
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💰 Cardano founder Charles Hoskinson goes hunting for aliens and UFOs
Cardano founder Charles Hoskinson is currently searching for an unidentified flying object — or some sort of space entity — that has crashed near the coast of Papua New Guinea in the Pacific Ocean. The project is operating an expedition led by Harvard astronomer Avi Loeb and his student Amir Siraj, who identified a “meteor of interstellar origin” that crashed into Earth from outer space in 2014. The search is part of the Galileo Project, which received $1.5 million in funding from Hoskinson in March.
The object’s interstellar origin has been verified by the United States Department of Defence, and the Galileo team may have already found a couple of its remnants. In a June 16 tweet, Hoskinson confirmed he is currently with the expedition team, saying they have found strange pieces of wire and fragments that could be from the crash. “Plenty of ground to cover and we haven’t even broken out the sluice sled yet,” he said. In a blog post on the same day, Loeb wrote: “Gladly, we already have one anomaly: a manganese-platinum wire with an abundance pattern that differs from common commercial products.”. This isn’t the first time Hoskinson has thrown capital behind a quirky project.
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📣 Do Kwon Can Avoid SEC Charges Thanks To Hinman Emails
Dentons, the legal firm representing Terraform Labs and co-founder Do Kwon, has submitted new documents, including Hinman emails, in support of a motion to dismiss a complaint brought by the Securities and Exchange Commission in the United States (SEC). On June 15, attorneys for Terraform Labs and co-founder Do Kwon, as well as lawyers for the US Securities and Exchange Commission, submitted replies to the request to dismiss the complaint in the US District Court for the Southern District of New York.
Dentons previously represented Do Kwon in opposing a US SEC subpoena in its Mirror Protocol inquiry in 2021 and a class action lawsuit in the Singapore High Court in 2022. Terra is also represented by the legal firm in other litigation. Dentons, the world’s biggest legal company, was engaged by Terraform Labs and Do Kwon to assist with prosecution and investigation by US federal prosecutors. Dentons lawyers, who represent Terraform Labs and co-founder Do Kwon, argue that the algorithmic stablecoin UST (now USTC) is not a security since it was created for practical reasons rather than as an investment contract. The court hearing on Thursday focused on whether Terraform Labs’ digital assets qualify as securities under an investment contract.
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📣 BLUR’s 196 Million Token Will Unlock Tomorrow
According to Token Unlocks, the unlock comprises several allocations, with roughly 115.6 million tokens distributed to previous and future core contributors, 75.4 million tokens allotted to investors, and 4.9 million tokens assigned to advisors. This unlocking event raises concerns about the possible influence on market mood and the purchasing or selling activity of SmartMoney and whales. The company secured $11 million in seed funding in March 2022 from Paradigm, eGirl Capital, 0xMaki, and LedgerStatus.
Many in the cryptocurrency world have speculated on the possible effect of the unlock on the market, with BLUR down over 5% in the previous 24 hours due to pre-emptive whale action. According to Token Economics statistics, the total tokens given to investors presently number 565,633,826 BLUR. In terms of whale activity, “0x06cD,” the eighth-largest holder, has withdrawn 10.5 million tokens from OKX since April 4th, with the most recent transaction taking place two days ago. “0x06cD” now has 13.5 million tokens ($4.3 million). A famous trader, oilysirs.eth, just acquired 100,000 tokens for $0.35, spending 20 ETH. The trader profited from the increase in the price of BLUR by 455 ETH.
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📣 Taiko Launches Community Grants Program to Foster Ecosystem Development
Taiko, an emerging crypto ecosystem, has introduced its community grants program aimed at supporting innovators who contribute to the growth of the ecosystem. Taiko, a promising crypto ecosystem, has unveiled its inaugural community grants program to provide support to community members driving innovation within the ecosystem. This program aims to reward and foster the development of projects that contribute to the growth and advancement.
Taiko has allocated up to 0.2% of its total token supply to the community grants program. Grants awarded through this program will be valid for a period of 6 months. During this time, grantees will need to meet specific milestones every 2 months, which will determine the vesting schedule of the grant tokens. If a project exceeds the 6-month timeframe, any remaining grant funds will be forfeited, and the remaining tokens will be reallocated to other grant initiatives. It’s important to note that previous grant recipients or applicants are still eligible to apply for future grant opportunities. All granted tokens will be subject to a 6-month lock-up period, starting from the Token Generation Event (TGE) or upon milestone fulfillment, whichever comes later.
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🇪🇺 Stablecoin Issuers Advised to Prepare for 2024 EU Rules
According to bloomberg, the European Banking Authority has advised issuers of stablecoins to take immediate measures to comply with new European Union crypto regulations that will come into effect a year from now. The EBA expects issuers of stablecoins, which are tokens pegged to an asset like the US dollar, to have sound governance and effective risk management in addition to proper arrangements for handling redemptions. Under the EU’s Markets in Cryptoassets (MiCA) regulation, stablecoin operators .
Failure to comply with the new regulations may result in potentially disruptive and sharp business model adjustments at a later stage. The EBA started the first in a series of consultations on its proposed guidelines, which cover areas such as investing in stablecoin issuers.The guidelines aim to ensure that issuers have proper governance, risk management, and redemption arrangements in place. Stablecoins are digital tokens that rely on reserves of assets to maintain a one-to-one redemption value with a less volatile asset like the dollar. There are two types: electronic money tokens and asset-referenced tokens. Issuers should start preparing for the new EU crypto regulations to ensure compliance and avoid potential disruptions to their business models.
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💰 Celsius’s Restructuring Plan Disclosure Under Review on August 10
According to an official tweet from the committee of Celsius Unsecured Creditors, the debtor has submitted a disclosure statement for a joint Chapter 11 reorganization plan. The primary purpose of the hearing is for the Court to determine if the disclosure statement adequately informs creditors about the proposed plan. It will also address whether the debtor has the right to vote on the plan. Furthermore, a confirmation hearing will be scheduled to discuss the plan’s approval, with a proposed date set for September 29.
A hearing has been scheduled for August 10 to review the disclosure statement. During this hearing, the Court will assess whether the statement provides sufficient information for creditors to vote on the plan. On July 17, the Debtor, Creditors Committee, Special Borrower Group, and certain Earnings creditors will engage in mediation before Judge Wiles. The objective of this mediation is to address the treatment of Planned Earnings in comparison to obtaining a loan. The parties hope to reach a mutually agreeable resolution regarding the equitable division of asset value among creditors. To further discuss the reorganization plan, the debtors, the committee, and the Fahrenheit corporation plan to host a Twitter Space event on July 19.
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📣 Three Arrows Capital Liquidator May Try to Claw Back About $1.2B From DCG, BlockFi
The liquidator of Three Arrows Capital (3AC) may try to reclaim about $1.2 billion from Digital Currency Group (DCG) and crypto lender BlockFi, clawing back payments made by the hedge fund as liquidation loomed but before the process started. A confidential July 7 report from Teneo, the liquidator, that CoinDesk reviewed referred to more than $1 billion of “prospective claims” against DCG and its Genesis lending subsidiary consisting of “both preference claims and claims which have resulted.
Teneo declined to comment on any plans to claw back funds. DCG and BlockFi did not return requests for comment. DCG, an investor in crypto companies, is the parent company of CoinDesk. Preference claims come into play if the hedge fund was aware it was making payments that put one or more creditors into a better position than other creditors. In this case, they concern transactions made by 3AC during what's known as the insolvency twilight zone following the collapse of the Terra Luna project earlier in 2022. It also noted more than $220 million of “preferential payments” to BlockFi.
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🪙 FTX Postponing The Sale Of FTX Japan During The Reboot Process
According to Nikkei News, FTX Trading, a major crypto asset exchange that went bankrupt in 2022, is undergoing reconstruction and plans to postpone the sale of its subsidiary FTX Japan in Chiyoda, Tokyo. The company is said to have communicated its intentions to the Japan Financial Services Agency through FTX Japan. If the trading system used by the predecessor QUOINE (coin) of Japan FTX works well, the Japan Financial Services Agency could allow the Japanese company to resume operations before the end of the year.
On the other hand, FTX Japan’s customer asset return process, launched in February, is progressing smoothly. FTX Japan has returned 80% of fiat currency, such as Japanese yen and virtual currency, to customers. Of all the subsidiaries of the 2nd largest crypto empire in the market, only FTX Japan has not been severely affected by its strict adherence to Japanese exchange and reserve regulations. Many people appreciate the FTX platform on a technological level, so it makes sense to attempt to reopen the exchange. The only big obstacle is the huge debt owed to creditors, of which former customers are only a part. Some customers have refused to accept only partial refunds. They could start a new legal proceeding that could delay reopening plans quite a bit.
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🪙 TRON’s First RWA Product stUSDT Exceeds $22 Million in Pledges on Launch Day
According to official data from the TRON website, the total pledged amount for stUSDT has already surpassed $22 million. stUSDT, running on the decentralized platform JustLend, aims to establish a strong connection between individual and institutional investors in the cryptocurrency world and the real world. By leveraging smart contracts, the platform aspires to provide a fair and accessible RWA investment channel for everyone. The launch of stUSDT marks a significant step forward in TRON‘s ecosystem.
The early success of stUSDT shows the growing interest and confidence in TRON’s RWA products, as investors understand the potential for big returns while delving into real-world asset investments inside the blockchain ecosystem. This is evidenced by the fact that the early success of stUSDT has been reflected in the early success of stUSDT. stUSDT paves the way for an investing landscape that is more accessible and egalitarian in the field of decentralized finance (DeFi), which is being driven by TRON’s ongoing efforts to develop and expand its product offerings. stUSDT platform, an upcoming welfare event with dates ranging from July 10th to August 10th has been announced.
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🆘 BiSwap LP Migration Pool Attack Results In $710,000 Losses
In a recent incident, BiSwap, a popular decentralized finance (DeFi) platform, fell victim to a migration pool attack, resulting in significant losses of approximately $710,000. The attack exposed vulnerabilities in the BiSwap migration contract, allowing the attacker to manipulate assets and deceive users. However, BiSwap swiftly responded to the incident and resolved the Migrator contract vulnerability, ensuring the safety of user funds.
Security company Fairyproof conducted a brief analysis of the attack, revealing that the BiSwap migration contract lacked essential verifications. Firstly, the unverified migration allowed anyone to replace legitimate migration transactions. Secondly, the unverified parameters of the tokens and pairs enabled the attacker to forge token0, token1, and Pair, facilitating the attack. The attacker employed a two-step process to carry out the exploit. Initially, they used real pairs and fake tokens to initiate the migration function, leaving users’ LP assets burned within the contract. By adding only two fake tokens, the attacker formed their LP pool, while the user’s assets remained trapped.
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🇰🇷 South Korea Integrates 19 Cryptocurrency Bills For Investor Protection
South Korea passed the first independent cryptocurrency bill to strengthen investor protection, integrating 19 cryptocurrency-related bills, including imposing penalties for violations such as the use of non-public information, market manipulation, and unfair trading practices, Insurance, reserves, and necessary record keeping are required. South Korea’s parliament recently passed the Virtual Asset User Protection legislation to boost investor protection and regulate crypto.
The legislation comes just over a year after the implosion of tokens created by South Korean crypto entrepreneur Do Kwon exacerbated a $2 trillion crypto-market rout. Kwon was recently sentenced to four months in jail in Montenegro for trying to travel with a forged passport. He is wanted by South Korea and the US after the 2022 collapse of his TerraUSD and Luna coins wiped out at least $40 billion. Investors were recently reminded of the risks in the digital-asset sector when two crypto lenders with links to South Korea halted withdrawals in quick succession in June. In March, a high-profile Seoul murder case linked to crypto investment losses stoked calls for politicians to accelerate new rules.
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📣 Voyager Crypto Exchange to Pay $1.1M in Legal Fees!
Kirkland & Ellis charged Voyager Digital $1.1 million in legal fees for work done on the crypto lender’s bankruptcy case in April. The firm’s highest-paid partners are charging upwards of $2,000 an hour for their work on the case, while some billed hundreds of thousands of dollars in fees for the month. George W. Hicks Jr., P.C, one of Kirkland & Ellis’ litigation partners, billed $153,211 in fees across 87.8 hours of work, while Nicholas Adzima, an associate, billed 118 hours and totaled $147,906 in compensation for the month.
Kirkland & Ellis is one of the world’s largest law firms, and has brought in over $6 billion in revenue, according to a report by Law.com. The firm is representing a number of crypto companies in restructuring that fell into Chapter 11 during the bear market of 2022, including Celsius and BlockFi. The series of bankruptcies brought on by the 2022 bear market has been a boon for law firms. According to Bloomberg Law, FTX’s bankruptcy fees have already topped $200 million, while Celsius has already racked up over $50 million in fees in its proceedings. Some critics have pointed out that the long processes and high legal fees mean that creditors lose out as the dwindling pot of money is eaten up by attorney fees.
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🏦 Coinbase Loses Market Share in Ether Staking as Regulatory Pressure Mounts
Crypto exchange Coinbase has lost market share in the booming ether (ETH) staking business as mounting pressure from U.S. regulators weighs on its staking service. The exchange’s share in ETH staking slipped to 9.7%, the lowest level since May 2021, according to a Dune analytics chart by digital asset investment product-issuer 21Shares. This is a significant drop from the 13.6% recorded on April 12.
The downturn has happened as the demand for ETH staking – locking up tokens to participate in securing the blockchain while earning a passive income on holdings – was soaring. The Shanghai upgrade unleashed a wave of deposits to staking, with inflows outpacing withdrawals by some 3.5 million ETH, worth $7.3 billion at current prices. “A potential reason could be that investors do not want to be exposed to regulatory risk by using Coinbase’s staking services,” Tom Wan, analyst at 21Shares, told CoinDesk in a note. Coinbase, however, suffered a net outflow of $517 million (272,315 ETH).
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💰 Bitcoin Whales Acquire $3.5 Billion Worth Of BTC Despite Market Crash
As the cryptocurrency market tries to recover from the downturn it has been going through in recent weeks, it is interesting to note that the largest holders of Bitcoin (BTC) have been taking the opportunity to increase their holdings while the prices remained relatively low. This has been observed in the activities of Bitcoin whales, or crypto wallets holding between 1,000 and 10,000 BTC, who have collectively amassed around 131,600 BTC (presently worth over $3.5 billion) in the last 11 weeks.
Large part of the above accumulation took place in the last week alone, when Bitcoin holders with 1,000 – 10,000 BTC added more than 60,000 BTC to their holdings, worth nearly $1.62 billion, as per the information shared by crypto trading expert Ali Martinez in a tweet published on June 20. This trend is quite significant, as these Bitcoin whales have brought back their collective accumulation supply levels to seven-week highs, soaring from around 4.51 million BTC in early April to close to the 4.65 million BTC at the time of publication. Interestingly, during this time, the price of Bitcoin slightly declined and remained relatively stagnant, as the chart suggests.
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🇺🇸 Binance.US And SEC Reach Agreement On Access To US Customers’ Money
According to Coindesk, Binance, Binance.US and the Securities and Exchange Commission (SEC) have announced an agreement to ensure that only US-based employees can access customer funds. Under the proposed agreement, Binance.US will ensure that no employee of Binance Holdings (referring to Binance exchange) has access to the private keys for critical wallets, hardware wallets, or other access rights – administrative access to Binance.US Amazon Web Services tools.
Furthermore, the US crypto exchange platform will share details on business expenses, including cost estimates, in the coming weeks. This proposed settlement comes in response to the SEC’s proposal to freeze the assets of Binance.US while pursuing the exchange over securities-related allegations. The regulator said it was concerned that funds could be moved overseas or that records would be destroyed if a temporary containment order (TRO) was not issued. Lawyers for Binance.US protested, arguing that freezing all of their assets would be tantamount to a “death sentence.”. On Thursday, the two sides released a report saying the parties worked hard to reach an agreement.
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💰 Cardano Developer IOG Adopts New Venture Studio Model, June 12
Cardano developer Input Output Global (IOG) has recently undergone restructuring, transforming into a “venture studio” with a smaller core business model. As a result of this change, the company has laid off some of its employees. Charles Hoskinson, IOG and Cardano co-founder, explained that the restructuring has resulted in many spin-offs, such as a wallet division, Lace, and an identity framework called Prism, and Cardano-related infrastructures.
Although Hoskinson did not specify the number of employees affected by the restructuring, he did note that executive staff at the IOG level were mostly the ones affected. However, the company has hired CEOs for Midnight and RealFi and these new hires have recruited additional staff. Hoskinson also revealed his long-term vision for the company, stating that he expects to spin out an average of 3-5 companies per year. Under this new business model, the strategy and commercial aspects will not be monolithic, but will be delegated to the spinouts under the CEOs. This will enable IOG to focus on its core business while still exploring new ventures that will benefit the company and its clients in the long run.
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