It has been an eventful week in crypto, especially with the German government on a selling spree while the spot Ethereum ETF applicants in the US gear up for a probable green signal from the SEC. The week also saw increased threats to the security of DeFi protocols through domain registry attacks. Let’s find out more.
Bitcoin
The German government is continuing to sell its large Bitcoin position near the market bottom while it is being absorbed by buyers. This move could be held up in years to come as one of the worst financial decisions by a sovereign country since the UK started to sell more than half of its gold reserves at the bottom of a 20-year bear market between 1999 and 2002.
Justin Sun has offered to purchase the German government's $2.3 billion Bitcoin holdings off-market to prevent potential negative impacts on the cryptocurrency's price.
Ethereum
As requested by the U.S. Securities and Exchange Commission (SEC), several asset managers filed updated S-1 registration statements for Spot Ethereum ETFs, thus taking a step toward potential approval.
Altcoins
Polkadot's June 2024 report highlights a surge in Snowbridge usage, updates on the Alpha Program and parachains, new features in the Generic Ledger app, and strong core metrics supporting its position as the world's largest DAO.
Business
The Web3 Foundation has awarded Dot Play a Decentralized Futures Grant, a significant development for Polkadot’s gaming ecosystem.
Kraken Exchange has partnered with Atlético de Madrid to become the club's official crypto and Web3 partner, as well as the club’s official sleeve partner.
Security
Compound Finance's website was hijacked by hackers, redirecting users to a phishing site, but the protocol's smart contracts and funds remain secure.
A significant domain registry attack compromised the DNS of multiple DeFi applications, including Compound and Celer Network, potentially affecting over 120 protocols using Squarespace domains.
Regulation
Two former executives of the now-defunct FTX exchange, Gary Wang and Nishad Singh, will face sentencing in New York later this year after cooperating with prosecutors in the case against their former colleague, Sam Bankman-Fried.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
