BlackRock Teams Up With Coinbase in Crypto Market Expansion (Bloomberg)
"BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations. Coinbase surged 15% to $92.61 at 1:20 p.m. in New York. The partnership with BlackRock provides some relief for the biggest US crypto-trading platform, whose stock had lost more than two-thirds of its value this year through Wednesday."
Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever (Blockworks)
"Brevan Howard Asset Management has pulled off the largest crypto hedge fund launch yet. The firm’s flagship digital assets-focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter — with the vast majority of the lofty haul timed with the fund’s launch earlier this year. The fundraise by BH Digital, the unit that oversees Brevan’s voluminous crypto trades, would rank annually among the upper echelons of even conventional hedge fund strategies. By digital asset standards — considering overall market capitalizations are far lower — it’s an 'absolutely massive' result, one source said. What’s more, early performance has trounced the competition, according to another source."
Master of Anons: How a Crypto Developer Faked a DeFi Ecosystem (CoinDesk)
"Something about Sunny Aggregator felt off-kilter to the cryptocurrency user known as Saint Eclectic. Sunny was the newest decentralized finance (DeFi) app to hit Solana during that blockchain’s scorching bull run last summer, when its native token jumped fivefold. Sunny was barely two weeks old by early September, but billions of dollars in crypto were flooding this yield farm."
Voyager Approved to Return $270 Million in Cash Deposits to Customers (The Block)
"The bankruptcy court deciding Voyager's Chapter 11 case gave its approval for the firm to return up to $270 million to customers. Judge Michael Wiles, who is presiding over Voyager's case in the US Bankruptcy Court in New York, gave the green light for Voyager to return customer funds held in a custodial account at Metropolitan Commercial Bank (MCB). That figure currently is $270 million, The Wall Street Journal reported."
Meta's NFT Outreach Powers 38% Rally in FLOW Token (CoinDesk)
"The token of Flow blockchain (FLOW) surged over 35% in the wake of Meta's (FB) decision to leverage the blockchain to expand its non-fungible tokens (NFT) initiative. CoinDesk data shows FLOW rose 38% to $2.62 in the past 24 hours. Prices hit a high of $2.84 at point, the highest since May 31. The token ran into buying pressure after Meta announced the international expansion of its recently piloted digital collectibles feature on its photo and video-sharing platform Instagram and declared support for NFTs, digital tokens that represent ownership of physical or virtual assets, created on the Flow blockchain."
Binance Taps Co-Founder Yi He to Head $7.5B Venture Arm (CoinDesk)
"Cryptocurrency exchange Binance has appointed co-founder Yi He to oversee its venture capital arm, Binance Labs, two months after it raised $500 million for a new fund focused on Web3 and blockchain investments. Binance Labs, which focuses on early-stage investments, manages $7.5 billion in total assets across more than 200 portfolio projects, according to a press release. Portfolio companies include Ethereum sidechain Polygon, crypto exchange FTX and security firm CertiK."
Solana Team Traces Exploit Back to Slope Mobile Wallets (The Block)
"An investigation into Tuesday night's hack on the Solana blockchain has revealed affected addresses 'were at one point created, imported, or used in Slope mobile wallet applications,' according to a Twitter account dedicated to Solana blockchain status updates. Developers, ecosystem teams and security auditors carried out the investigation, the group, which goes by the handle '@SolanaStatus,' said on Twitter."
Crypto VC Firm Hashed Confirms Losing More Than $3 Billion in Luna Crash (The Block)
"Crypto venture capital firm Hashed lost more than $3 billion from its investment in the Terra ecosystem's luna token following its crash in early May, CEO and managing partner Simon Seojoon Kim has confirmed. In an interview with Bloomberg published on Wednesday, Kim said Hashed had bought 30 million luna tokens in the blockchain project's early days, which were worth as much as $3.6 billion when luna’s price peaked in early April."
Arnault-Backed VC Firm Aglaé Ventures to Launch €100 Million WEB3 Fund (The Block)
"Aglaé Ventures, the venture capital firm backed by LVMH chairman and CEO Bernard Arnault, is set to launch a dedicated crypto fund. Three people familiar with the matter confirmed Aglaé’s plan. The exact timing of its launch isn't clear, but two of those people said the fund will be between €100 million ($102 million) and €110 million in size."
Robinhood CEO Shuts Down FTX M&A Chatter, Says He Has Money to Do His Own Deals (CoinDesk)
"The chief executive officer of Robinhood Markets (HOOD), the brokerage whose stock has lost about three-quarters of its value since its debut last year, tried to shut down speculation Wednesday that his firm might become a takeover target of crypto giant FTX. FTX's billionaire founder Sam Bankman-Fried took a 7.6% stake in Robinhood in May. Bloomberg reported in June that FTX was exploring whether it could purchase the company, bolstering FTX's nascent efforts to offer stock trading to customers."
Solana Wallets Targeted in Latest Multimillion-Dollar Hack (TechCrunch)
"Solana, an increasingly popular blockchain known for its speedy transactions, has become the target of the crypto sphere’s latest hack after users reported that funds have been drained from internet-connected “hot” wallets. An unknown actor drained funds from approximately 8,000 wallets on the Solana network, Solana’s Status Twitter account said. It’s estimated the loss so far is around $8 million."
Barclays Snaps Up Stake in $2bn Cryptocurrency Firm Copper (Sky News)
"Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former chancellor Lord Hammond among its advisers."
Michael Saylor to Step Down as Microstrategy CEO, Shift to Executive Chairman Role (The Block)
"Michael Saylor is set to step down as CEO of MicroStrategy and assume a new role as executive chairman, the company's earnings report revealed Tuesday. The firm, which holds more than 129,699 BTC, said that revenues came in at $122.1 million for Q2, compared with $125.4 million in the second quarter of 2021. Michael Saylor’s firm recently purchased an additional 480 bitcoin worth around $10 million at an average price of $20,817."
Ethereum Developers Address Potential Glitch Ahead of the Merge (CoinDesk)
"During Ethereum’s 92nd Consensus Layer Call, developers discussed some solutions to a potential wrinkle in the smooth execution of the network’s impending Merge, when Ethereum moves from its current proof-of-work (PoW) protocol to the Beacon Chain proof-of-stake (PoS) blockchain.Alex Stokes, a researcher at the Ethereum Foundation, raised concerns over a possible MEV-boost failure. The vulnerability could affect the way that relay operators, which are intermediaries between block builders and validators, communicate with each other. As a result, the orderly addition of blocks to the blockchain could be disrupted."
NFT Exchange Magic Eden Expands to Ethereum (CoinDesk)
"Non-fungible token (NFT) marketplace Magic Eden is going multi-chain, on Tuesday integrating Ethereum-based NFTs into its previously Solana-only platform. The marketplace said it will offer the same 'go-to-market' benefits for Ethereum NFT creators as it does for its Solana users, including its popular minting toolkit, whitelisting tools and marketing support. The company is also prepping a 'cross-currency trading product' that will allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency, along with its own cross-chain analytics dashboard."
Crypto Exchange BitMEX Offers Strategy on Potential 'ETHPoW' Split as China Miner Contests Ethereum Merge (CoinDesk)
"It’s little more than speculation now that some Ethereum miners might break away when the world’s second-biggest blockchain shifts as soon as September to a new 'proof-of-stake' system that’s supposed to be better for the environment. But with the Ethereum 'Merge' still at least a month away, some analysts are already sharpening their pencils on various strategies to profit from any revolt in the ranks."
Crypto Bridge Nomad Drained of Nearly $200M in Exploit (CoinDesk)
"The cross-chain token bridge Nomad was exploited Monday, with attackers draining the protocol of virtually all of its funds. The total value of cryptocurrency lost to the attack totaled near $200 million. Nomad, like other cross-chain bridges, allows users to send and receive tokens between different blockchains. Monday’s attack is the latest in a string of highly publicized incidents which have drawn the security of cross-chain bridges into question."
Coinbase to Add ETH Staking Option for Us Institutional Clients (The Block)
"Institutional clients of Coinbase Prime based in the US will now be able to stake ETH on the platform, with funds secured in the firm's cold storage vault. ‘Clients can create a wallet, decide how much to stake, and initiate staking from the ETH asset page on their Coinbase Prime account,’ a blog post published today by the firm said."
SEC Charges Forsage Founders, Promoters in $300 Million Crypto Ponzi Scheme Lawsuit (The Block)
"On Monday, the Securities and Exchange Commission charged 11 people as part of an alleged $300 million global crypto pyramid and Ponzi scheme. Retail investors were allegedly bilked by Forsage, which claims to be a decentralized smart contract platform, the SEC said. The four founders of the company, who were last known to be living in Russia, the Republic of Georgia, and Indonesia, were charged, as were three U.S.-based promoters who endorsed Forsage on its website and social media platforms. Several are members of the so-called Crypto Crusaders, a promotional group for the alleged scheme that operated in at least five U.S. states."
Crypto Wallet Maker Ledger Seeks New Funding at Higher Valuation (Bloomberg)
"Ledger, which makes hardware wallets for crypto investors, is in talks to raise at least $100 million in a funding round that will give it a higher valuation than what it commanded at its most recent financing, according to people familiar with the plans who declined to be identified discussing confidential matters."
Socios Owner Invests $100M in FC Barcelona's Web3 Efforts (CoinDesk)
"Chiliz, the owner of blockchain-based fan rewards platform Socios.com, has invested $100 million in FC Barcelona's non-fungible tokens (NFTs) and metaverse efforts. The Gzira, Malta-based company, whose blockchain network focuses on sports applications, said Monday it acquired a 24.5% stake in Barca Studios, the Spanish soccer giant's digital-content creation arm."
Tighter Bank Rules Give Dubai’s Crypto Shops a New Allure (Bloomberg)
"In the lobby of a Dubai skyscraper, a doorman fields queries about an increasingly popular crypto shop, directing clients to office 501, down a grubby corridor on the fifth floor. Inside, staff are busy operating Coinsfera, an over-the-counter exchange that’s emerging as a favorite for Russians, Iranians and others who struggle to transfer money through banks due to Western sanctions or local restrictions, according to bankers, lawyers and crypto executives familiar with the matter."
Lender Babel Finance Lost $280M Trading Customer Funds (CoinDesk)
"Babel Finance, the Hong Kong crypto lender that suspended withdrawals last month amid 'liquidity pressures,' reportedly lost $280 million in proprietary trades with customer funds, The Block reported, citing a restructuring proposal deck. The firm lost around 8,000 bitcoin (BTC) and 56,000 ether (ETH) in June in forced liquidations as the crypto market plunged to an 18-month low, sending bitcoin below $20,000, the deck shows, according to The Block. The trades were unhedged in what was described as a 'volatile trading week.'"
Dixon Takes Over Katie Haun’s Board Seat at OpenSea (The Block)
"a16z's Chris Dixon has joined the board of non-fungible token trading platform OpenSea, according to a blog post published Saturday. 'I’m excited to formally welcome Chris Dixon to the OpenSea Board of Directors,' co-founder Devin Finzer wrote in a blog. 'Chris has been extremely influential in shaping my views on web3.'"
Charles Schwab's $655B Asset Management Arm to Start Trading Crypto-Related ETF This Week (News Bitcoin)
"Schwab Asset Management, a subsidiary of The Charles Schwab Corp., announced last week the launch of the Schwab Crypto Thematic ETF (NYSE Arca: STCE), calling the new product “its first crypto-related ETF.” Charles Schwab is a major American brokerage, banking, and financial services company. Schwab Asset Management has over $655 billion in assets under management as of March 31, according to its website. It is the third largest provider of index mutual funds and the fifth largest provider of exchange-traded funds (ETFs)."
Aave Dao Votes to Approve Creation of GHO Stablecoin (The Block)
"Aave DAO, the governance body for the Aave DeFi protocol, voted in support of a proposal to create a stablecoin called GHO. The Snapshot vote, which ended today at 06:00 a.m. EDT, passed with almost unanimous approval from the DAO. Data from the voting page shows DAO members with a total of 501,000 AAVE tokens were in favor of the proposal. This amounted to 99.99% of the total votes cast during the three-day polls."
Tiffany & Co. Announces NFT-Backed, Limited Edition Cryptopunk Pendants (The Block)
"Luxury jewelry firm Tiffany & Co. is set to sell non-fungible tokens (NFT), which give CryptoPunk holders the right to turn their NFT into a custom pendant, containing gemstones and diamonds. The 250 tokens are part of a limited edition campaign, the company announced on Sunday. The campaign was prompted by the company's vice president Alexandre Arnault, who owns CryptoPunk #3167, turning his NFT into a pendant which he shared on social media in early April."
Nearly 75% of Retailers Plan To Accept Cryptocurrency Payments Within the Next 2 Years (CNBC)
"From Starbucks to Lamborghinis, consumers are using cryptocurrency to pay for a variety of goods — and retailers are taking notice. Nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years, according to a June survey conducted by Deloitte titled “Merchants getting ready for crypto.”"
FTX US Opens Stock Trading to All US Users (Coinspeaker)
"Following a successful beta test, crypto exchange FTX US has opened its stock trading to all users across all states in the US. The company’s President Brett Harrison announced the launch in a tweet. The FTX US executive noted that the stock trading is open to “residents of all 50 states (yes, including NY!) as well as PR and USVI can sign up”."