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According to a report by JPMorgan (NYSE:JPM), liquidation of long positions in CME bitcoin futures appears to be nearing its end, indicating limited downside for crypto markets in the near term. Factors such as the SEC-Ripple ruling, dubious moves in technology, and the cancellation of SpaceX’s stake in bitcoin played into the recent market correction. The future SEC decision on Ripple also may bring more uncertainty to the industry.
Following reports suggesting possible approval by the US regulator, ARK Invest and 21Shares have filed applications for two Ethereum futures ETFs, named “ARK 21Shares Active Ethereum Futures ETF” and “ARK 21Shares Active Bitcoin Ethereum Strategy ETF”. Both focus on Ethereum and Bitcoin futures contracts.
The New York bankruptcy court rejected the valuation of the Celsius token (COIN:CELUSD) at $0.80, as suggested by token holders, alleging market manipulation. The Celsius company argued that the value could even be zero. The attempt by Santos Caceres and Otis Davis to influence bankruptcy talks was also denied. Judge Martin Glenn declined to comment on CEL’s regulatory status. Celsius now values CEL at $0.25 as it plans a sale to cryptocurrency consortium Fahrenheit.
Following Judge Torres’ decision in the SEC v. Ripple Labs, indicating that XRP (COIN:XRPUSD) is not a security, there was a significant sale of XRP. A “whale” transferred 29 million XRP, valued at over $15 million, to Bitstamp exchange. XRP price has turned down, breaking key supports, and is currently hovering around $0.51.
Following a 15% drop in the price of the PEPE memecoin due to changes to a multisig wallet and manipulation concerns, a prominent holder bought 640 billion PEPE tokens (COIN:PEPEUSD) for 320 Ethereum (COIN:ETHUSD), valued at $ 529,000. This is the third significant movement by the same whale in recent months. Wallet changes, which previously required five out of eight signatures for transactions and now only need two, have raised eyebrows. As a result, the value of PEPE fell by more than 30% in 1 month.
After warnings about a possible rug-pulling scam, Magnate Finance, a platform on Coinbase’s Base protocol (NASDAQ:COIN), withdrew $6.5 million from users. The protocol ended its activities in social networks and its website. ZachXBT linked Magnate’s address to Solfire’s previous $4.8 million scam. The company PeckShield tracked the stolen funds, showing transfers to Ethereum L2 and BNB Smart Chain. Rugpulls have been on the rise, with losses totaling $656 million in the first half of 2023.
Tether (COIN:USDTUSD), the issuer of the stablecoin USDT, revealed in a report that it has a liquidity buffer of $3.3 billion, spread across 15 blockchains, to sustain its ecosystem and gain investor trust. Solana (COIN:SOLUSD) leads the issuance pre-clearance with $1.57 billion, followed by Ethereum (COIN:ETHUSD) and Tron (COIN:TRXUSD).
Num Finance, originally from Argentina, has launched nCOP, an overcollateralized stablecoin pegged to the Colombian peso and based on Polygon, targeting the Colombian remittance market, which moves over US$6.5 billion annually. This is the company’s third stablecoin, following previous releases linked to the Argentine peso and the Peruvian sol.
Cryptocurrency custodian Prime Trust lost $6 million of client funds and $2 million of its own treasury when investing in the stablecoin terraUSD. CEO Jor Law also revealed a 2021 bug where customers transferred funds to the wrong wallet, costing the company $76 million in Ether (COIN:ETHUSD). Prime Trust’s questionable management resulted in significant deficits and its intended acquisition by BitGo was canceled due to financial concerns.
Blockchain credit platform Centrifuge is facing a possible default on tokenized loans, threatening MakerDAO’s $1.84 million investment. Due to a legal dispute, the main debtor’s payments were frozen. While the potential loss should not affect the stability of the DAI, it does highlight the risks of investing in real-world assets, especially after similar incidents with MakerDAO in the past.
Roman Storm, co-founder of Tornado Cash, a cryptocurrency mixing service, has been released on bail following his recent arrest by the U.S. Department of Justice on money laundering charges. His lawyer, Brian Klein, expressed displeasure with the accusation, highlighting concerns about the legal implications for software developers.
Singaporean cryptocurrency exchange Vauld, which has been in bankruptcy since 2022, has gained court approval to reshuffle its board. Darshan Bathija, co-founder, announced the approval in X. Vauld faces allegations of money laundering and seizure of funds in India, as well as a bank run that resulted in massive withdrawals. Now, he is trying to resolve a debt of US$ 400 million with his creditors.
Kroll, FTX’s bankruptcy agent, suffered a cyber breach, compromising “non-confidential” information from FTX users and crypto lender BlockFi. Both companies emphasized that their passwords and internal systems remain secure. Customers were advised to be alert for phishing attempts and fraud. Compromised data includes personal details and, in the case of FTX, account balances.
Binance has addressed low-liquidity tokens, seeking to improve liquidity on its platform as part of a “risk management initiative.” The exchange has discussed with projects about partnerships with market makers and the possibility of allocating 1-5% of the circulating supply of tokens to its savings pool. While the pool aims for security and offers users interest earnings, similar products have faced regulatory issues. Binance, under regulatory scrutiny, defends its actions focused on user security.
Asia-based cryptocurrency exchange HashKey will begin offering Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) trading services to retail customers in Hong Kong on August 28. This decision comes after HashKey became the first exchange in Hong Kong to obtain regulatory licenses for such a service. Investors will be able to allocate up to 30% of their net worth in cryptocurrencies through the platform.
The Hong Kong Monetary Authority (HKMA) released findings from Project Evergreen, studying the impact of tokenization of securities on the market. The report highlights potential improvements, such as increased efficiency, liquidity and transparency. Eddie Yue, chief executive of the HKMA, highlighted the potential of DLT, but also noted challenges such as the need for greater integration and possible regulatory adjustments: “ Existing legal and regulatory regimes may also need to be adjusted to keep up with – and facilitate – the adoption of technology ”.
The Bank of Korea (BOK) will unveil a design for its CBDC in September after completing a successful pilot focused on CBDC interoperability with banks and payment applications. Working since May, BOK is ready to announce CBDC infrastructure plans. Despite initial resistance and concern over the excessive power of the BOK, the rapid adoption of China’s digital yuan may have influenced Seoul to accelerate its own CBDC.
SingularityNET and VeChain announced a strategic partnership to integrate artificial intelligence (AI) with blockchain with a focus on reducing carbon emissions. The collaboration intends to combine VeChain’s data with SingularityNET’s AI algorithms, optimizing processes and providing real-time information. Combining both technologies can offer innovative solutions to persistent environmental challenges.
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