Here's your Thursday edition of Cryptonews Crunch, featuring the latest stories on how a California court filed a class-action lawsuit against Solana Labs, Shiba Inu's brand new stablecoin, and episode 141 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- Crypto turmoil continues to deepen, with further maneuvers at Celsius and Genesis Trading recounting details of how it dodged the Three Arrows Captial (3AC) fallout – while the crypto exchange giant FTX appears set to bail out yet more ailing crypto players with a “few billion” dollars worth of reserve funds.
- Solana Labs has been targeted by a new class-action lawsuit filed with a California court. The suit accuses the company, along with a number of related persons and entities active within the ecosystem, of drawing illegal profits from the blockchain’s native token, and claims that Solana (SOL) is an unregistered security.
- The hacker who exploited Crema Finance, a concentrated liquidity protocol built on the Solana blockchain, has reached a compromise with the DeFi protocol to return the majority of stolen funds while keeping some as compensation. The team announced today that "after a long negotiation," the hacker returned ETH 6,064 (USD 7.19m) and SOL 23,967.9 (USD 892,565), while keeping the remaining SOL 45,455 (USD 1.69m) as "the white hat bounty".
- Bitstamp announced last week that starting August 1, they would charge non-US customers who had balances of less than EUR 200 a 10-euro monthly fee if they hadn't been active for the last 12 months. However, the exchange announced today that they are scrapping the idea, saying: "After listening to our community’s response, we’ve changed course. There will be no inactivity fee."
- The US Securities and Exchange Commission (SEC) Chairman Gary Gensler is “taking investors hostage” with his insistence to deny spot Bitcoin exchange-traded products (ETPs) and exchange-traded funds (ETFs) to launch in the US, the Wall Street Journal said in its editorial piece.
- Shytoshi Kusama, a lead developer behind Shiba Inu (SHIB), said that the team aims to roll out a decentralized stablecoin called SHI, which is designed to avoid issues found in other stablecoins of this kind. The developer also unveiled TREAT, the SHIB metaverse's upcoming reward token. While the coin is tied to the Shiba Collectible Card Game and will be used to reward users, it will also "provide balance to" Shiba's stablecoin.
Meanwhile, Elon Musk's The Boring Company, an infrastructure and tunnel construction services company, will accept Dogecoin (DOGE) as a payment method at its newly-opened transit station in Las Vegas, according to reporting from CNN Business.
- The recently-launched short Bitcoin exchange-traded fund (ETF) BITI saw higher trading volumes last week compared to its launch week. The peak in volume so far happened as liquidations of leveraged bitcoin long positions reached its highest in close to two weeks. Judging from trading data from NYSE Arca and TradingView, more than 1.5m shares of BITI was traded on June 30, making up approximately USD 65.2m in trading volume. On its first day of trading on June 21, BITI saw just 183,284 shares traded, worth approximately USD 7m. That was followed by a spike to 870,000 shares, or USD 35m, on day two.
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Voyage in Paradise ‘VIP’ is the world's first "Listen-to-earn" model. VIP is a collection of VIP NFTs granting holders members-only benefits with the associated artists.
Rave Republic is Asia's biggest DJ duo. Founded by Stas Madorski who left the Fortune 500 company, P&G, to start his entrepreneurial project. Stas is one of the most eclectic and adaptable DJs, owing in part to his strong musical education as well as being a producer signed to Warner Music. The other half of Rave Republic is Mathias Schell who has over 10 years of DJing, all across the world. Matt, as a solo artist, has been involved in big scale projects such as being the music director at the US Open held in New York, music director for the WTA Finals in Singapore, as well as being a resident DJ in the best clubs in Singapore.
Plastik Funk has bought the heat to Dimitri Vegas & Like Mike’s Generation Smash and Don Diablo’s HEXAGON, as well as multi-track signings to Hardwell’s Revealed Recordings including a melding with Eastern artists for a three-pronged ‘Tribute To Asia’ EP. Plastik Funk also appeared on the mainstages of the world’s biggest club World Club Dome and Ultra Europe, as well as performing scorching live sets at some of the scenes' biggest and most exciting events including Tomorrowland and Parookaville.
In this conversation, we discuss:
- Listen-to-earn - Web3 friction in the entertainment industry - Voyage in Paradise - How ViP works - Solana - Crazy DJ'ing stories - Experience with Avicii - ViP NFT - Best track of Summer 2022
Tune In!
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- Reddit is launching a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile pictures for a fixed rate. It said it is releasing 90 different designs with the total number of NFTs going for sale in this early-access phase being “tens of thousands”, but that users will not need a crypto wallet to buy them.
- Web3 game company Planetarium Labs raised USD 32m in a Series A funding round led by Animoca Brands. The funds will be used to build out fundamental tools for community-driven gaming and player governance, they said.
- Gaming blockchain project Oasys completed a private token sale round of USD 20m led by blockchain financing and investment platform, Republic Capital. The funds will be used to strengthen partnerships, invest in new marketing and business development initiatives, and increase local headcount, they said.
- British prime minister Boris Johnson is leaving office as soon as his successor is chosen, after losing support from the majority of his ministers and Conservative lawmakers, per Reuters.
- A legal advisory notice issued by the US Office of Government Ethics bans US officials who are personally invested in crypto from working on crypto-related policies and regulations that could affect the value of their assets. The directive applies to all White House staff and the employees of all federal agencies, including the Federal Reserve and Treasury Department.
- Belgian regulator, the Financial Services and Markets Authority, is seeking comments on its communication on the classification of cryptoassets as securities, investment instruments, or financial instruments.
- Bitcoin miner Riot Blockchain produced BTC 421 in June 2022, an increase of approximately 73% compared to the June 2021 production of BTC 243. As of June 30, 2022, Riot held approximately BTC 6,654, all produced by the company’s self-mining operations, they said.
- Binance.US announced the appointment of Jasmine Lee as Chief Financial Officer. Lee was previously a Chief Financial Officer and Chief Operating Officer of Acorns, a micro-investing app company.
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