Time Ticks for DOJ in Mashinsky Case ⌛
In today's edition: 🔺 Avalanche's $50 million bet, 🤓 an unconventional security test, 🖲️ Era Lend's $2.7 million exploit, and more!
What’s Poppin’?
by Samyuktha Sriram
U.S. DOJ Has Until October to Process Evidence Against Celsius’ Mashinsky
A U.S. District Judge has granted prosecutors additional time to make their case against former Celsius CEO Alex Mashinsky.
Avalanche Foundation Allocates $50 Million to Tokenized Asset Purchases
The allocation will support the process of creating on-chain digital representations of real world assets using Avalanche’s consensus mechanism, the Foundation said.
Era Lend on zkSync Loses $2.7 Million in Exploit
The attacker drained millions of dollars’ worth of crypto from the lending app using a read-only re-entrancy attack.
Yearn Finance Invites Crypto Twitter to Hack V3 Vault
DeFi protocol Yearn Finance has opened up almost all the permissioned functions on its vault as part of a challenge for users to “rug” the platform.
On the Pod…
Two VCs on Why This Is the Perfect Time to Invest in Crypto
Daily Bits…✍️✍️✍️
👫 The Commodity Futures Trading Commission charged Michael and Amanda Griffis with defrauding over 100 people of $6 million through their falsely represented digital assets commodity pool, "Blessings of God Thru Crypto."
🏦 A section of the impending stablecoin legislation related to a state charter, due for deliberation in the U.S. House of Representatives, is facing opposition from banks and credit unions ahead of Thursday's debate.
👨⚖️ Craig Wright, who purports to be Bitcoin creator Satoshi Nakamoto, is required to pay £400,000 ($516,000) in security for legal costs to continue his case against crypto exchanges Coinbase and Kraken, according to a UK court ruling.
⚖️ Singapore's High Court deemed cryptocurrency as property that can be held in trust, following a case where exchange Bybit accused a contractor of unlawfully transferring 4.2 million USDT and fiat currency.
🔓 On Sunday, Layer-2 blockchain Optimism will release $36 million worth of tokens, triggering a 3.5% decrease in the OP token price, reminiscent of the previous unlock that caused a significant sell-off.
🌉 Bridge protocol LayerZero reached a milestone by facilitating over 50 million messages across different blockchains, underscoring the increasing demand for cross-chain liquidity transfers and swaps.
🙅♂️ Kucoin denied a report that it planned to cut 30% of its staff, stating that any potential downsizing would be part of normal operations.
Today in Crypto Adoption...
🤝 EDX Markets, a Fidelity-backed crypto exchange, is broadening institutional client access by integrating with Talos, marking its first Order and Execution Management System (OEMS) partnership.
📜 Namibia's Virtual Assets Act 2023, which aims to establish a regulatory authority for the cryptocurrency sector, was enacted last Friday but is not yet in effect, marking the country's first legislation pertaining to cryptocurrency.
The $$$ Corner…
💰 Flashbots secured $60 million in a Series B financing round, spearheaded by Paradigm, to further the development of its maximal extractable value (MEV) network, SUAVE.
Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.
What Do You Meme?
Learn 🤓
Literary NFTs: What Are They & How Do They Benefit Writers
Literary NFTs provide a new avenue for wordsmiths to publish and monetize their work.
📈 Your Market Update 📉
BTC is flat, trading at $29,175
ETH is down .3%, trading at $1,850
BTC dominance: 46.59%
Crypto market cap: $1.22 trillion
*All data as of today, 6:20 am ET
Recommended Reads
Laura Shin on the 7-year anniversary of ETC trading
CoinDesk: Riot Platforms at the Heart of Texas' Debate Over Bitcoin Mining's Effect on the Grid
Binance Research: Real-World Assets: State of the Market
ICYMI: On Unchained Premium 💎
⛓️ Join Unchained Premium to get access to:
🎙️ Behind-the-scenes interviews, in which I talk with crypto experts and entrepreneurs to learn all about the latest developments in the industry.
💬 A subscriber-only Telegram group, where you can talk with the other members of the Unchained community, build a network in crypto, and talk directly with me and the Unchained team!
📰 Transcripts of all the shows, for subscribers only.
If You Like What You Read:
👯♀️ refer Unchained with a friend and earn a Premium subscription
👍 follow Laura on Twitter, Facebook, Instagram, TikTok, Mastodon and/or LinkedIn
🎧 subscribe to Unchained on YouTube, Apple Podcasts, Spotify, Google Podcasts, Pandora or wherever you get your podcasts
and/or 📚buy my book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze