A 'Clearly Targeted Attack'? 😰
Discover more from Unchained
A 'Clearly Targeted Attack'? 😰
In today’s edition: 🔄 Worldcoin's volatile swing, 🔝 BTC fees top Ethereum, 🏁 Fidelity joins ETH ETF race, and more!
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What’s Poppin’?
by Juan Aranovich, and Samyuktha Sriram
dYdX Hit by $9 Million Insurance Fund Breach Amid Alleged YFI Market Manipulation
Decentralized exchange dYdX grapples with a significant loss from its insurance fund following a sophisticated attack targeting the Yearn Finance (YFI) token market.
Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020
On-chain fees for Bitcoin transactions have surpassed those on Ethereum for the first time in three years.
Worldcoin Falls and Rises After Sam Altman-OpenAI Saga
The price of WLD gained 20% in the last day following calls to reinstate Sam Altman as CEO of OpenAI.
In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains.
Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto.
Daily Bits…✍️✍️✍️
🌍 Fidelity filed for a spot Ethereum ETF, joining BlackRock in the race.
💼 WisdomTree updated its application for a Bitcoin ETF with Coinbase as its custodian.
🔍 The SEC delayed decisions on Franklin Templeton and Global X Spot Bitcoin ETFs, moving deadlines to early 2024.
💔 Jump Trading parted ways with Wormhole, scaling back its crypto operations, with key Wormhole personnel leaving the firm.
🔒 Taiwanese trading firm Kronos Research was hacked, resulting in a loss estimated at $25 million after unauthorized access to its API keys.
💸 FTX creditor claims have risen, now valued as high as 65 cents on the dollar, reflecting an improved recovery outlook.
🌐 Republic plans to host its new revenue-sharing tokenized security on the Avalanche blockchain, offering dividends from venture investments.
Today in Crypto Adoption...
💰 Santander Private Bank now offers Bitcoin and Ethereum trading services to high-net-worth clients with accounts in Switzerland.
🇯🇵 Japan's Osaka Digital Exchange is set to start the country's first digital securities trading next month with a new platform launch.
What Do You Meme?
Recommended Reads
Why the Proposed IRS Broker Rule and the Bank Secrecy Act Are Being Questioned for Constitutionality
CoinDesk: New Form 1099-DA: What it Means for Digital Asset Brokers and Their Customers
Unchained: What Are Open-Source Protocols?
📈 Your Market Update 📉
BTC is up 1.9%, trading at $37,121
ETH is up 3.7%, trading at $2,021
BTC dominance: 49.38%
Crypto market cap: $1.47T
*All data as of today, 07:25 am ET
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