Here's your Monday edition of Cryptonews Crunch, featuring the latest stories on how Tron founder Justin Sun is ready to spend up to USD 5bn on acquisitions, Grayscale & SEC legal battle might last two years or longer, and episode 142 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- Tron (TRX) founder Justin Sun said that he was prepared to spend up to USD 5bn and that Tron was “engaging an investment bank” to “advise on potential deals.” Meanwhile, Celsius allegedly used USD 534m of its customers’ cryptoassets to carry out “high-risk leveraged crypto trading strategies.” The strategies, however, returned “apparent losses of USD 350m when the asset manager returned capital” – a figure that has further shrunk following the market crunch, according to Arkham Intelligence. In more news, CoinFlex is ready to do legal battle with an unnamed client widely believed to be Roger Ver, the Bitcoin Cash proponent.
- In a press release from the Financial Stability Board (FSB), which advises the G20 on economic policy matters, the body claimed it was “working to ensure” that cryptoassets were “subject to robust regulation and supervision.” The FSB added that it intends to report to the G20’s finance ministers and central bank governors in October on “regulatory and supervisory approaches to stablecoins and other cryptoassets.”
- A major legal battle between digital asset giant Grayscale Investments and the US Securities and Exchange Commission (SEC) over the rejected application to convert the Grayscale Bitcoin Trust (GBTC), the world's largest BTC fund, to a spot exchange-trading fund (ETF) might last even two years or longer.
- Elon Musk said he's terminating his agreement to buy Twitter in a USD 44bn deal. In a filing, Musk said he has sought the data and information necessary to "make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform." However, the company vowed to fight back. "The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery," Bret Taylor, Chairman of Twitter, said.
- The removal of some trading fees on Binance is believed to be the reason behind a surge in trading volume on Friday that ended up barely moving the price at all. Now, Binance CEO Changpeng Zhao (CZ) promised to remove incentives for people to wash trade, such as the ability to earn elite status with the exchange for trading bitcoin without paying fees. This course of action is to combat so-called wash trading on his exchange. The move to eliminate such incentives was later confirmed by Binance, calling it necessary to “ensure a fair trading environment for all users following the launch of Zero-Fee Bitcoin Trading.”
- According to a survey by Bloomberg Markets Live, 60% of respondents said they believe Bitcoin will fall to USD 10,000 before any significant rise in price is likely. 40% saw it the other way, claiming that a rise to USD 30,000 is the most likely next move for the number one crypto.
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RUNNER is a media3 NFT project of a futuristic world where speed is the currency of power and four nations compete for this power by becoming the fastest in the ultimate race - the Omega Race.
Blaise Hemingway, Bryan Unkeless and Bryce Anderson are the Co-Creators of RUNNER. Bryan is a producer and founder of Clubhouse Pictures that has a track record of producing high-quality content such as Birds of Prey, I, Tonya, Bright, Dollface, and Kate. Previously, he spearheaded the development and co-produced the record-setting phenomenon The Hunger Games series. Bryce is the Production Executive at Clubhouse Pictures and has worked on titles like Kate, Birds of Prey, and I, Tonya. Blaise is a screenwriter and producer best known for Clifford the Big Red Dog, Vampires vs. the Bronx, and The Settlers of Catan.
In this conversation, we discuss:
- Media3 - Synergies between Hollywood and Web3 - Clubhouse Pictures - The creative process - How NFTs will change story telling - RUNNER - Metaversal - Launching NFT projects - Having control and interactivity over stories - Creating the Sandbox, not the sand castle
Tune In!
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- Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC) might have fled Singapore and their whereabouts are unknown, Bloomberg reported, citing a bankruptcy filing of 3AC. The filing in the United States Bankruptcy Court of the Southern District of New York also stated that 3AC managed USD 3bn in digital assets as of April 2022 and requested a stay on efforts by creditors to seize its assets, per the report.
- Vauld said their legal counselor has filed an application in the Singapore Courts on behalf of Defi Payments Pte. Ltd., a Singaporean entity of Vauld, to seek a moratorium order under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to prohibit for the period of 6 months.
- Voyager Digital confirmed that it's still unknown how much crypto their clients might get back, as "the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets." Also, the company noted that its reorganization plan "is subject to change, negotiation with customers, and ultimately a vote." "In Voyager’s case, customers are the primary creditors and will have an opportunity to vote on the proposed Plan of Reorganization," they said.
- Securities regulators in Texas and Alabama are expanding their investigations into Voyager Digital and Celsius Network to check whether they properly disclosed material information on their loans and the creditworthiness of the borrowers, per Bloomberg.
- The International Organization of Securities Commissions (IOSCO), an association of securities regulators from around the world, is developing policy recommendations for crypto. Two working groups, one headed by the US Securities and Exchange Commission (SEC) and the other by the UK Financial Conduct Authority, have agreed to publish reports with recommendations for DeFi and cryptoassets by the end of 2023.
- Grayscale Investments announced the updated fund component weightings for each product. In their Digital Large Cap Fund, they said they sold certain amounts of the existing fund components in proportion to their respective weightings and removed Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), and Uniswap (UNI), without adding any new tokens to it.
- More than ETH 1,300 (USD 1.5m) has been stolen in an attack on NFT protocol OMNI, per blockchain security firm PeckShield. The protocol claims that no customer funds were lost, only internal testing funds were affected, and that the protocol has been suspended until the investigation is completed and reviewed by external security and auditing firms.
- DeFi project Yam Finance said that they have successfully thwarted an attempted attack on their Yam DAO, a decentralized autonomous organization. An unverified contract was deployed and a governance proposal submitted via internal transactions to make it harder to notice, but the attack was noticed and the proposal has been canceled, they added.
- BIFROST, a provider of cross-chain liquidity for staked assets, announced that there was an attack on the BTC address registration server of their BiFi service, where the attacker was able to borrow ETH 1,852 (USD 2.1m) with a fake deposit. They added that the BIFROST Foundation will cover all losses caused by the attack and that they will not pursue legal action if the attacker returns at least 90% of the stolen funds.
- Binance continued to process trades by clients in Iran despite US sanctions and a company ban on doing business there, Reuters reported. In November 2018, Binance announced it would no longer serve Iranian traders, but seven crypto traders told the news agency they continued to use their accounts until as recently as September last year, only losing access after the exchange tightened its anti-money laundering checks a month earlier.
- OKX will be the Official Training Kit Partner for English football club Manchester City from the 2022/2023 season.
- MoonXBT implemented a zero-fee policy on multiple trading pairs for the spot market indefinitely.
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