June 23, 2024
Weekly: Latest Updates and Insights
Neel Kashkari Discusses Interest Rates and Economic Outlook on “Face the Nation”: In a recent interview on “Face the Nation,” Minneapolis Federal Reserve President Neel Kashkari addressed the decision to maintain unchanged interest rates, emphasizing the need for further evidence to confirm inflation’s trajectory towards the 2% target. He acknowledged the robust labor market while noting potential challenges, including rising jobless claims, and highlighted the complexities of consumer behavior in the current economic landscape.
Consensys Announces Closure of SEC Investigation into Ethereum 2.0 Without Charges: Consensys has revealed that the SEC has concluded its investigation into Ethereum 2.0, confirming that no charges will be filed and that the sale of ETH will not be classified as a securities transaction. This decision follows Consensys’ request for clarification regarding the SEC’s stance after the approval of spot ETH ETFs, and the company continues to seek legal clarity on its software offerings, including MetaMask Swaps and Staking, in ongoing litigation.
German Government Addresses Net Deposit 1,400 BTC to Kraken, Bitstamp, and Coinbase: On June 19, at 16:47 UTC+8, the German Government transferred a total of 2,000 BTC (approximately $130 million) to Kraken, Bitstamp, and Coinbase, as well as an unmarked address 139PoP…H7ybVu, with each receiving 500 BTC. Additionally, at 21:17 UTC+8, the German Government transferred 200 BTC to Coinbase and 1,500 BTC to the unmarked address 139PoP…H7ybVu. As of the latest update, the German Government has withdrawn 310 BTC from a Kraken withdrawal address and 10 BTC from an unmarked address bc1qulc6…parj8, resulting in a net transfer of 1,400 BTC to exchanges and a net outflow of 3,390 BTC, totaling approximately $220 million over two days. The German Government’s address still holds 47,179 BTC, valued at approximately $3.06 billion.
CertiK Discovers Critical Vulnerabilities in Kraken Exchange, Collaborates on Resolution: CertiK, a blockchain security firm, recently identified a series of critical vulnerabilities in the Kraken cryptocurrency exchange that could potentially lead to the loss of hundreds of millions of dollars. The vulnerabilities were related to Kraken’s deposit system.
CertiK disclosed the issues to Kraken and worked with them to resolve the vulnerabilities through a coordinated disclosure process. Kraken acknowledged the findings and stated that no customer funds were at risk during the process.
The timeline posted by CertiK on Twitter provides details on the discovery and resolution of the vulnerabilities. It shows that CertiK found the bug, tested it, and then worked with Kraken to fix the issues and ensure the security of the exchange’s systems.
This incident highlights the importance of security audits and the collaboration between security researchers and exchanges to maintain the integrity of the cryptocurrency ecosystem. It also demonstrates the potential risks associated with vulnerabilities in exchange platforms and the need for continuous security monitoring and improvement.
Original Trump Token Faces Listing Challenges Amid DJT Surge: The team behind the original Trump-themed token, TRUMP, is struggling to secure listings on major exchanges, claiming that political biases are hindering their efforts, particularly with Kraken and ByBit citing “political risks.” Meanwhile, the newly launched DJT token has surged nearly 200% amid speculation of backing from Donald Trump’s campaign, further impacting the market for existing PoliFi tokens like TRUMP and TREMP, which have both seen significant declines.
BitFlyer Negotiates Acquisition of FTX Japan Amid Bankruptcy Proceedings: Japanese cryptocurrency exchange BitFlyer is in negotiations to acquire FTX Japan, the local subsidiary of the bankrupt FTX Trading, which filed for Chapter 11 bankruptcy protection in November 2022. The acquisition, expected to involve billions of yen, is contingent on the progress of the ongoing bankruptcy proceedings in U.S. courts, with BitFlyer aiming to take over operations and potentially rebrand the subsidiary to regain consumer trust.
MicroStrategy Acquires 11,931 BTC for $786 Million, Expanding Holdings to 226,331 BTC: MicroStrategy, led by Michael Saylor, has purchased an additional 11,931 BTC for approximately $786 million, increasing its total Bitcoin holdings to 226,331 tokens valued at nearly $15 billion. This acquisition, funded through an $800 million convertible note offering, reinforces the company’s strategy of adopting Bitcoin as a reserve asset for corporate treasuries.
LayerZero (ZRO) Launches Airdrop and Gains Major Exchange Listings: LayerZero has initiated its airdrop, allowing eligible participants to claim a total of 85 million ZRO tokens, with eligibility determined through Sybil filtering. The ZRO token has been listed on major exchanges, including Binance, enhancing its visibility and accessibility within the cryptocurrency market.
Fundraising
Particle Network Raises $15 Million in Series A Funding Round: Particle Network, a modular blockchain developer specializing in chain abstraction technology, has raised $15 million in a Series A funding round co-led by The Spartan Group and Gumi Cryptos Capital. This funding brings Particle’s total capital raised to $25 million and will support the launch of its mainnet and the introduction of its token, PARTI, later this year.
Sonic Raises $12 Million in Series A Funding at $100 Million Valuation: Sonic, a Solana Layer 2 network focused on gaming, has raised $12 million in a Series A funding round led by Bitkraft Ventures, bringing its total funding to $16 million. The funding round, which included token warrants, has established Sonic’s fully diluted valuation at $100 million, with plans for a mainnet and token launch expected in the third quarter of this year.
Binance Labs Invests in Rango to Boost Cross-Chain Swaps: Binance Labs has made a strategic investment in Rango, a platform focused on enhancing cross-chain swap and bridging capabilities, aiming to facilitate a billion-user expansion. This partnership will enable Rango to improve its technology and user experience, further solidifying its position in the decentralized finance (DeFi) ecosystem.
Renzo Raises $17 Million to Expand Liquid Restaking Services: Renzo has successfully raised $17 million in funding, led by Galaxy Ventures and Brevan Howard Digital Nova Fund, to enhance its liquid restaking protocol. The capital will be utilized to expand its services, including the addition of support for ERC-20 tokens, as part of the growing trend in the restaking ecosystem.
Wasabi Raises $3 Million for Memecoin and NFT Leverage Trading Protocol: Wasabi, a decentralized finance protocol enabling leveraged trading of memecoins and NFTs, has raised $3 million in a seed funding round led by Electric Capital. The funding will support Wasabi’s mission to enhance financial infrastructure for long-tail assets, allowing users to trade with leverage while ensuring all trades are asset-backed to minimize counterparty risk.
Saltwater Games Secures Investment from Animoca Brands: Saltwater Games has received a strategic investment from Animoca Brands to bolster its development of blockchain-based gaming experiences. This partnership aims to enhance Saltwater’s capabilities in creating immersive games that leverage the benefits of blockchain technology.