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📣 Bitget Issues 8th Asset Reserve Certificate With Total Reserve Of 223%
According to information from Bitget has released the eighth asset reserve certificate (snapshot June 7). The reserve categories include BTC, ETH, USDT, and USDC, with a total reserve ratio of 223%. The snapshot shows that it holds 2311.23 BTC, marking a 7% gain, 11,200 ETH, reflecting a 9% increase, and 346 million USDT, with a 4% increase over May. These tools will allow you to independently test Bitget’s Proof of Reserve and verify that Bitget’s reserves have exceeded known exchange liabilities for all users to confirm viability Bitget payments.
Proof of Reserve is a concept created to make centralized cryptocurrency exchanges more transparent by sharing the money and assets they have in their reserves. It helps the user determine the exchange’s true state to prevent the spread of information. The crash of the FTX exchange is one of the most important reasons behind this idea. This process involves the use of cryptographic proofs, public wallet ownership checks, and periodic audits. Using the Merkle Tree system, an exchange like Bitget stores the details of a user’s account on the system online, allowing the user to verify the report at any time and from anywhere.
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🇺🇸 US Still 'Center of Gravity' for Crypto Industry, Says K33 Research
K33 Research, a division of the crypto brokerage firm by the same name, found that 30% of all crypto workers reside in the U.S., according to a new jobs report. And Andrews Helseth, vice president of K33 Research, said he expects it to stay that way. The report starts by sketching out the industry, which K33 says is comprised of 10,000 companies, employing 190,000 people, and has a valuation of $190 billion. Unsurprisingly, exchanges and brokerages employ the majority of those workers—approximately 60%, or 62,400 people.
The next largest segment is financial services, with 48,500 jobs. The third place spot goes to blockchain analytics and mining firms registering nearly 40,000 employees, and last but not least are NFTs and gaming with 12,000 jobs. An “other” category is assigned 24,800 jobs, landing in fourth place. The report found that the Asia and Australia regions account for roughly 35% of the global crypto workforce. Leading the charge is, surprisingly, India. It has a 20% stronghold on the job market, overtaking China, most likely due to the country’s low salary requirements and strong competence, says K33. Despite recent regulatory turmoil, the research firm found that 30%.
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🇯🇵 Circle Considers Issuing A Stablecoin In Japan Under Strict New Regulations
Circle is planning to expand its business by considering issuing a stablecoin in Japan once the country’s regulatory framework comes into effect on June 1. According to CoinDesk, Circle co-founder and CEO Jeremy Allaire said that in light of the fact that the stable money management law took effect on June 1, Circle is considering issuing a stablecoin in Japan. If the plan is successful, Japan could become an extremely large market if it is applied to cross-border trade, foreign currency trading and global trade.
Circle CEO Jeremy Allaire expressed interest in the Japan partnership he visited last month. In a historic move, Japan’s parliament passed the regulatory framework around stablecoins in early June, providing a safety net for investors. This makes Japan one of the first major economies to pass legislation specifically for stablecoins. Reportedly, Japan’s revised “Payment Services Law” will certify fiat currency-backed stablecoins as “electronic payment methods” and authorize their issuance. The bill provides clarity around the definition of stablecoins, which will now be considered digital currencies and must be linked to a yen or other legal tender, ensuring holders have the right to redeem them at face value.
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💰 "Bitcoin is digitizing gold. Instead of investing in gold to protect against the devaluation of your currency, people can invest in Bitcoin. Bitcoin is an international asset"
Larry Fink on Fox on Bitcoin ETF
➡️ @CryptoMagazine
🇰🇷 South Korea Passes Crypto Bill for User Protection
South Korea's National Assembly passed the Virtual Asset User Protection Act on Friday, marking the country's first step towards building a legal framework for virtual assets. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions.
The bill gives the Financial Services Commission authority to oversee and inspect service providers. The Bank of Korea has the right to request data from service providers. The bill marks the country's first step towards a digital asset legal framework. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions. Virtual assets have come under more scrutiny in the country following an investigation into a domestic lawmaker's crypto holdings and last year's collapse of Terraform Labs.
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🪙 Bitcoin Cash Trading Volume on Upbit Skyrockets as BCH Soars 120% Weekly
CoinGecko’s data shows that BCH/KRW trading volume on Upbit for the past 24 hours exceeded $560 million. The leading South Korean cryptocurrency exchange – Upbit – has recorded a trading volume of more than $350 million for the Bitcoin Cash (BCH)/Korean Won (KRW) pair for the past 24 hours. In comparison, trades involving Bitcoin (BTC) have been three times less. BCH has been among the best performers in the crypto market lately, with its USD valuation up over 180% for the past two weeks.
According to CoinGecko’s data, the latest figures are even more impressive, with BCH/KRW trading volume for the last 24 hours equaling over $560 million. Trades with Solana (SOL) rank second with 8.4%, whereas Bitcoin (BTC) is third, contributing 7.8% to the total volume. Bitcoin Cash has been highly popular on other Korean crypto platforms, too. BCH/KRW trading volume on Bithumb on a daily basis has surged to $39 million. Trades involving BTC are first, with a mere $300,000 lead. One possible reason behind the increase could be the launch of the Wall Street-backed crypto exchange EDX Markets, which went live on June 21. The platform, supported by finance giants such as Fidelity Digital Assets, Citadel Securities, and Charles Schwab, offers services with four cryptocurrencies, with BCH being one of them.
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🏦 Coinbase stock has rallied nearly 50% since low but it might be 'short lived'
Coinbase's stock price has been on a tear since BlackRock's surprise spot bitcoin ETF filing, but the enthusiasm underpinning the rally may be short lived, according to one analyst who covers the company. The company's stock has appreciated from around $52 per share on June 15 to $71 per share at the time of writing, paring all losses since the US Securities and Exchange Commission announced its lawsuit against the exchange earlier this month.
The rally is underpinned by a broader comeback in the crypto market kicked off by a flurry of ETF filings from companies ranging from asset management firm WisdomTree to crypto-native firms like Bitwise. Still, Berenberg Capital Markets' Mark Palmer said in a note to clients that the enthusiasm around COIN "may prove short-lived." The analyst, who has a hold rating for the stock with a $39 price target, said "investors looking at COIN as a play on increasing engagement by institutions with the digital asset ecosystem should first consider the risks the company is facing that could give rise to negative headlines in the near future that would trigger a reversal of the stock’s recent gains."
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📣 Swiss Authorities Freeze $26M Worth of Do Kwon, Terraform Labs Crypto Assets: Report
Swiss authorities have reportedly frozen approximately $26 million in Bitcoin and other cryptos tied to Terraform Labs, its founder Kwon Do-hyeong, and other key figures within the company. These crypto assets were stored in the Swiss-based digital asset bank Sygnum, according to a report from South Korean news outlet Digital Asset on Saturday, citing unnamed authorities and investigators. Per Digital Asset, Swiss authorities followed requests from the U.S. federal prosecutors of New York.
Decrypt has contacted the Office of the Attorney General of Switzerland and will update this article should we receive a response. This development is the latest chapter in a saga that started with the collapse of Terraform Labs' algorithmic stablecoin, UST, in May 2022. Kwon is accused by the U.S. and South Korean prosecutors of fraud, securities law violations, and several other charges related to the collapse of Terra. While admitting that mistakes were made, Kwon continues to argue he had no intent to deceive investors. Kwon and Chang-joon Han, the former chief executive officer of Terraform Labs, were sentenced to four months in prison by a Montenegrin judge on charges relating to the forgery of travel documents.
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📣 Aussie Crypto Scammers Charged in $5.5 Million Fraud Case, $600K Ferrari Among Seized Luxury Vehicles
Australian authorities have charged two alleged masterminds of a cryptocurrency scam that defrauded $5.5 million from two unnamed companies, a report has said. One of the men, Fabio Sa Alves, was arrested on June 16 in Sydney, and a day later, 6 luxury and classic vehicles, 11 motorcycles, cryptocurrency wallets, and designer watches were confiscated. According to a local report, law enforcement agencies have seized luxury vehicles valued at $2.7 million.
For his actions, Alves has been charged with three counts of “dishonestly obtaining financial advantage by deception” and for attempting to conceal the stolen funds. A court in Parramatta has since rejected Alves’ bail application and his next appearance is set for Aug. 24. However, Alves’ accomplice was granted bail by a court in Manly. Meanwhile, Gordon Arbinja, the Financial Crimes Squad Commander Detective Superintendent, told residents looking to invest in digital assets to work with approved crypto platforms. “When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details,” Arbinja reportedly said.
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📣 Apple’s App Store Removes Fake Malicious Trezor App
Apple has advised that customers must download iOS applications from the App Store to avoid being victimized by fraudsters. Some programs, however, have managed to avoid the App Store’s review criteria and discreetly sneak their way into the stores. Recently, there was a phony Trezor Wallet program that tricked users into believing it was an official tool for handling Bitcoin and other cryptocurrencies. Trezor is a legal cryptocurrency wallet, however, a fraudulent software dubbed “Trezor Wallet Suite”.
The bogus Trezor wallet software has been withdrawn from the Apple App Store. Previously, Rafael Yakobi, Managing Partner of Crypto Attorneys, issued a security notice about the store platform Apple. Yakobi stated that the software placed first in App Store search results in the United States and the United Kingdom, which is quite concerning. According to him, the first result of a “Trezor” search was a rogue cryptocurrency-stealing software. He advised Apple customers that the phony “Trezor Wallet Suite” program would ask for their seed phrase, enabling its operators to take all of their bitcoin.
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🟠 Binance CEO CZ deems SEC’s request for emergency relief unwarranted
Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as a prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development. Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance.
Binance is obligated to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by the date specified in the court’s ruling. Additionally, the agreement imposes restrictions on Binance global officials, disallowing them from accessing the private keys of all wallets, including cold and hot wallets. Binance in recent times, CZ emphasized the company’s unwavering dedication to ongoing operations. While expressing content regarding the resolution of the SEC issue, the CEO of Binance underlined the assurance that users’ funds have remained, and will continue to remain, safe and secure across all Binance-associated services.
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🏦 Coinbase Boosts Shareholder Value Through $65M Convertible Notes Amid SEC Pressure
Coinbase has just agreed to repurchase a large chunk of its 0.50% Convertible Senior Notes due 2026. Due to the notes’ 29% discount to par value, the company anticipates it will only require $45.5 million in cash to complete the deal. The purchase agreements, which were privately negotiated with select note holders, are part of Coinbase’s continuous efforts to strategically deploy cash and generate value for its shareholders.
Investors’ concerns were heightened by a May 2022 admission that if the company goes bankrupt, customers’ digital assets housed on the platform may be subject to bankruptcy procedures and may be considered unsecured creditors. Coinbase Global Inc. DL-Notes 2021(21/31) issued in September 2021, for example, are now trading at 54 cents on the dollar. This loan, worth over $1 billion, was issued with a coupon rate of 3.625% and a maturity date of October 2023. The current yield on the bond is 15.2%. In conjunction with the original issue of the notes, Coinbase had previously engaged in capped call transactions with select financial institutions.
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🪙 Binance Margin Delists 6 New Isolated Margin Pairs On June 19th
Binance Margin will delist six margin pairs on June 19, 2023 and warns about potential losses. Margin trading will cease on June 19, 2023. Binance Margin also to close users’ positions for six isolated margin pairs. Binance Margin has announced that it will delist six isolated margin pairs on June 19, 2023, including BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD, and STRAX/BUSD. The exchange has also provided a timeline of events leading up to the delisting.
Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders for these pairs. Users are advised to close their positions or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading on June 19, 2023, as they will not be able to update their positions during the delisting process. Binance has warned users that it will not be responsible for any potential losses resulting from the delisting. In the past seven days, Binance experienced significant net outflows of multi-chain assets (excluding Bitcoin) and Binance US. Coinbase and Coinbase Custody also saw significant net outflows.
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🇳🇬 Binance's Nigeria Unit Ordered to Halt 'Illegal' Operations by Securities Watchdog
Crypto exchange Binance's Nigerian unit was ordered to immediately halt operations in the country by the local Securities and Exchange Commission, according to a Friday circular. Nigeria's order follows a lawsuit by the U.S. securities watchdog last Monday against the largest global crypto exchange by market capitalization, alleging it failed to register as a broker or exchange, and that it sold offered unregistered securities the general public.
Although Nigeria's SEC had previously said it viewed all crypto assets to be securities by default, this appears to be the first action taken by the regulator against a major exchange platform. In May, Bloomberg reported the country's SEC was processing crypto firms' applications for registration on a trial basis but would not officially start registering them until it has reached an agreement with the country's central bank. "The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter," Friday's order said.
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🪙 Retailers buying more bitcoin than miners can supply
In a bullish display of conviction, retail holders with less than 1 bitcoin, referred to as “shrimps,” are accumulating more coins than miners can issue every month, on-chain data shows. In a tweet, Glassnode’s lead analyst revealed that shrimps are stacking an average of 33,800 bitcoin (BTC) monthly. This means that the retailers effectively remove 1.25 BTC from circulation per every new coin issued, which points to high demand levels that may support prices.
This accumulation pace surpasses that witnessed during the 2017 bull run and the post-FTX-panic period when Bitcoin’s price plummeted to a 4-year low of $15,500. Observers note that the current buying frenzy by shrimps represents the highest dollar-value accumulation since the peak of the bull market. While retail investors display steadfastness, miners have been contributing to selling pressure by offloading their coins on exchanges. Glassnode’s analysis reveals that miners are sending approximately $105 million worth of bitcoin to exchanges, marking one of the most significant USD-denominated transfers on record. The Glassnode analyst also shared information on the activities of bitcoin “crabs.”
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💰 Arbitrum DAO locks up $770 million in ARB tokens into vesting contract
Arbitrum's decentralized autonomous organization has locked up 700 million ARB tokens worth $770 million into a vesting contract. The funds will be released incrementally to the Foundation over a four-year period in a major step for the DAO toward accountability and transparent governance. The move came after the approval of the AIP 1.1 proposal that came amid a controversial governance period within the Arbitrum ecosystem.
Earlier this year, the project faced significant backlash over a "special grants" program in the plan that initially sought to allocate over 700 million ARB tokens directly to the Arbitrum Foundation. The Foundation stated the funds would be used to support initiatives built on Arbitrum’s technology. However, the immense scale of the allocation, which was worth over $1 billion at the time, prompted fears over transparency in a project that’s designed to make collective decisions. That led to a subsequent proposal to return the funds from the Foundation back to the DAO which was rejected. Arbitrum is a Layer 2 scalability solution for Ethereum, developed by Offchain Labs.
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🇬🇧 UK Blazes Trail With New Cryptocurrency Rules
Earlier this month, the U.K.'s financial conduct regulator, the Financial Conduct Authority, or FCA, announced new, near-final proposed rules, following recently-enacted secondary legislation, on financial promotion of crypto-assets within the country. Taken together with the passage of the UK Financial Services and Markets Act 2023 (the “2023 Act”) earlier this week, which brings crypto-assets under the UK’s broader financial regulatory regime contained in the U.K.
Preston Byrne is a corporate partner and practices in Brown Rudnick's Digital Commerce group. This is the culmination of a yearslong effort in the U.K. government to create new rules to govern cryptocurrency business within its borders. As such, it represents something of a departure for the U.K. from its usual approach to crypto asset regulation. Historically, Britain’s financial regulators have not had the power to regulate – and thus have avoided regulating – crypto-assets such as Bitcoin, Ethereum, Cardano, or Cosmos in their capacity as investments, at least in the same manner that they regulated TradFi instruments such as securities. Among many other things, the 2023 Act folds certain types of regulated activities.
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📣 Kyle Davies evokes karma, says he'll donate some OPNX earnings to 3AC creditors
Three Arrows Capital co-founder Kyle Davies said that karma is guiding him to give back to his creditors. Davies, in a lengthy Twitter Spaces event on Monday, said he'd use the new OPNX crypto trading platform he co-founded with Mark Lamb to "donate" funds back to 3AC creditors, if they get in early. "We've set up the first ever shadow recovery process," Davies explained. "This SRP is a way for Su and I to donate to creditors which are early and supporting. If there are some that don’t want to deal with us, then they don’t have to."
No, not at all. There's no token here." Davies said. "When thinking about life philosophies with Mark and Su, one of the things we really believe in is karma and something greater than all of us. For some people, that can be religion, philosophy, but we have this in common that there's something greater. And so we very much believe that if we do good and we say, to creditors who lost money, they have a way to make more back. If we do bad and they do well, then that's great. And that's good karma, or whatever you want to call it. Three Arrows Capital filed for Chapter 15 bankruptcy protection on July 1, 2022. Court filings revealed that the firm owed $3.5 billion to 27 crypto firms.
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💰 Bitcoin ETFs will be 'winner takes most' market, says Bitwise exec
The list of contenders vying for approval from the US Securities and Exchange Commission to launch a spot bitcoin ETF continues to grow, but only a select few of those products will wind up being successful, according to Matthew Hougan of Bitwise. Typically, the firm that is first to market snags the most assets under management. The largest gold, crude, and crypto equity ETFs were first movers in their respective sectors, with SDPR's Gold Trust currently boasting nearly double the amount of assets of its closest competitor.
Nate Geraci, president of ETFStore, agreed, noting that it can even be difficult for a larger issuer to overcome the second-to-market disadvantage and it usually requires them to undercut on fees by leveraging their scale and broader distribution. "So with bitcoin ETFs, I believe iShares could actually come in late and still take meaningful market share," Geraci noted. "Much, much tougher (nearly impossible) for smaller issuers to come in late.". Cathie Wood's ARK, which filed for a spot bitcoin ETF with European asset manager 21Shares, said last week that it was first in line to get approval from regulators, as noted by Bloomberg News. Still, there is a possibility that the agency could greenlight all the recent funds that filed to level the playing field.
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📣 CME Group Provides Single-Trade Solution With Ether/Bitcoin Ratio Futures Contract
CME Group introduces Ether/Bitcoin Ratio (EBR) futures contract for efficient relative value trading between Ether and Bitcoin. Provides cryptocurrency exposure without directional view, enabling hedging and risk management. CME group has announced the launch of Ether/Bitcoin Ratio (EBR) futures contract. This new contract will allow market participants to efficiently execute a relative value trade between Ether futures and Bitcoin futures contracts in a single trade.
The CME Globex ticker for the new futures contract is EBR, where the ratio is defined as Ether futures price divided by the Bitcoin futures price. The ratio will be calculated using the same expiration month for the underlying Ether and Bitcoin futures contract. The ratio will always be positive and will be available across all listed contract months. The notional value of the contract is found by multiplying the ratio by $1,000,000. Ether/Bitcoin Ratio futures allow traders to efficiently express a view on the relative value of the two cryptocurrencies without a directional bias on the overall cryptocurrency market. This feature makes the EBR futures contract a promising tool for hedging and risk management purposes in the cryptocurrency market.
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📣 Paxos joins Mercado Libre to offer Pax Dollar stablecoin in Mexico
Paxos is teaming up with Mercado Libre to make the regulated Pax Dollar available in Mexico. The stablecoin, which is backed by the U.S. dollar, will be accessible on the Mercado Pago payment platform to all customers in the country, Paxos said Wednesday in a statement. Mercado Pago has nearly 40 million active users and is a leading online payment provider in Mexico. Paxos said the partnership represented the continuation of its investment in Latin America.
"Mexico is one of the most active marketplaces for digital assets with millions of users tapping into the ecosystem to gain access to key financial services," Paxos head of Latin America Arnoldo Reyes said in the statement. Paxos is teaming up with Mercado Libre to make the regulated Pax Dollar available in Mexico. "The launch of USDP within Mercado Pago represents another way that Mercado Libre continues to democratize access to commerce and financial services through innovative digital asset solutions throughout Latin America.” Paxos said in April that it would exit the Canadian market. Paxos said the partnership represented the continuation of its investment in Latin America.
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💰 Tiny Issuer to Debut the Only US Double-Bitcoin Futures ETF
Volatility Shares is planning to launch the 2x Bitcoin Strategy ETF (ticker BITX), which would offer double the performance of the S&P CME Bitcoin Futures Daily Roll Index each day. The debut is potentially slated for Tuesday, according to the company’s website. Stuart Barton, its chief investment officer, confirmed to Bloomberg News that the fund is expected to start trading on June 27. While other funds with amped-up returns already exist, Volatility Shares, which manages $160 million across three funds.
BITX would carry a 1.85% expense ratio, according to data compiled by Bloomberg. The ETF would not hold Bitcoin directly, but would look to benefit from increases in the price of Bitcoin futures contracts each day, according to a filing. BlackRock Inc.’s shock filing for a US spot Bitcoin exchange-traded fund, which some market-watchers see as a potentially good sign for such a product to finally get approval from regulators, given the asset manager’s stature — though nothing is assured at this point, as plenty of issuers have been rebuffed by the US Securities and Exchange Commission in the past. The price of Bitcoin on Friday, though, reached its highest since June 2022, touching $31,410 at one point.
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🪙 MakerDAO's DAI has reduced its dependence on USDC as collateral
MakerDAO’s decentralized U.S. dollar stablecoin, DAI, has significantly reduced its reliance on USDC as a collateral asset over the last few months. The amount of USDC used as backing within MakerDAO’s peg stability module (PSM) has fallen significantly since the start of the year. The PSM allows users to deposit USDC and mint DAI at a 1:1 ratio, helping to keep the stablecoin pegged to the U.S. dollar. In January 2023, about $2.4 billion of USDC was locked in the PSM, per DeFiLlama data.
Now, this number has shrunk to around $520 million — indicating a 78% decline in the amount of USDC directly used to back DAI in its own contracts. That said, the project still has some extra exposure to USDC through its agreement with Coinbase. Notably, USDC’s overall share for DAI's collateral reserves has dropped from around 50% to merely 8%, according to DeFiLlama data. The current supply of DAI stands at 4.7 billion. The reduction was largely caused by MakerDAO's move to diversify its balance sheet with real-world assets, the core team said. It highlighted that MakerDAO has utilized $1 billion worth of its USDC reserves to purchase U.S. Treasury bills and moved an additional $500 million worth of USDC, transferring it to Coinbase Custody to earn rewards.
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💰 Bitcoin Miner Iris Energy Revives High-Performance Computing Strategy Amid Booming Interest in AI
Iris Energy (IREN) said it is reviving its strategy around hosting high-performance computing alongside bitcoin miners in a Tuesday press release, as interest in artificial intelligence (AI) continues to boom.Several miners, including Applied Digital Corporation (APLD), Crusoe Energy and Hut 8 Mining (HUT), have recently branched out into other types of compute. Demand for data center space for AI is estimated to grow to $76 billion by 2028, with large language models such as OpenAI's ChatGPT becoming increasingly popular.
Iris Energy plans to increase its data center capacity to 9.1 exahash/second (EH/s) by early 2024, from its current 5.6 EH/s, the miner said. "Significant time was invested in exploring" a strategy for high performance computing about three to four years ago, "including signing a strategic memorandum of understanding with Dell Technologies in March 2020 to test and develop potential data center solutions for energy intensive compute applications, including leveraging Dell Technologies’ HPC and artificial intelligence expertise," said Iris Energy. Miners' access to cheap energy and data center infrastructure may make it seem like it would be easy for them to pivot to AI and cloud computing.
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🪙 Tether issued $11.6 billion of loans between 2019 and May 2021
Stablecoin issuer Tether issued $11.6 billion of collateralized loans between June 2019 and May 2021, according to documents released this week by the New York Attorney General that relate to a legal settlement. Out of the 694 loans, 89% of the total amount of loans was issued against bitcoin as collateral, while 9% had ether as collateral. The remaining 2% was split between Tether Gold (XAUT) and unnamed securities. Tether received a cumulative total of 450,000 BTC in collateral and 1.1 million ETH.
"Tether has historically engaged in lending transactions – disclosed in our independent, third party assurance attestations – to a select group of larger Tether customers," Tether said in a statement earlier today. It noted that the loans were overcollateralized. In December 2022, Tether said it was reducing secured and overcollateralized loans in its reserves to zero during the course of 2023. "Tether is professionally and conservatively managed and this will be demonstrated once again by successfully winding down the lending business without losses (since all loans are over-collateralized by liquid assets)," it said at the time.
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⚪️ Lido Doesn’t Use LDO As A Reward In The Month Of June
According to the June budget update released on the official website of the liquid staking protocol Lido, its budget starting in June will use wstETH to replace LDO as the reward token for DeFi integration. The update states that this month’s reward budget is in line with the overall reward cap of up to 4 million DAI set in the Lido-v2 Ongoing Grant Request. Importantly, this is the first month of rewards distributed in wstETH, which comes from the DAO’s fees, not the LDO.
The tokens for distribution in June have already been approved and transmitted to the Ethereum reWARDs multisig through a prior governance motion and DAO vote 2. As such, this is an operational update to planned distributions and other higher-level alerts rather than a proposal that will be included in the EasyTrack governance motion, as past rewards budgets were. Since they are in a different denomination, the customary leftovers on the operating reWARDs multisigs at the end of each month will not roll over to the following month’s rewards requirements. Instead, they will be restored to the Lido DAO’s treasury. The returns will be conducted on the multisigs in June, with an update issued in this thread.
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🇺🇸 SEC Lawsuits Fuel Bitcoin and Ethereum Exodus From Exchanges: Nearly $1 Billion Withdrawn in 7 Days
It has been six days since Binance faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), and five days since Coinbase encountered a similar legal challenge. In the wake of these events, a substantial amount of bitcoin and ethereum has been withdrawn from exchanges, with data revealing that nearly $996 million worth of ETH and BTC has been removed from centralized trading platforms.
Less than a week has passed since the SEC took action against two of the world’s largest exchanges, with Binance’s lawsuit occurring on June 5, 2023, and Coinbase’s lawsuit following suit on June 6. As previously reported by Bitcoin.com News, record outflows from Binance have been observed, and cryptocurrency enthusiasts have been extensively withdrawing bitcoin (BTC) and ethereum (ETH) from centralized exchanges. According to data collected from cryptoquant.com, 2.155 million BTC were held on centralized trading platforms the day prior to Binance’s lawsuit. Since then, however, 22,263 BTC valued at $574.15 million using current exchange rates have been withdrawn.
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📣 Hut 8 Says Repairs to Damaged Crypto Mining Equipment Are Taking Longer Than Expected
Hut 8 Mining (HUT) said repairs to damaged equipment at its Drumheller, Alberta site are taking longer than expected because of power shortages and equipment failures. “Progress in bringing the equipment back online has been slower than expected given frequent curtailments and hardware failures due to power surges,” the Toronto-based company said on Friday. “As individual miner hashboards are repaired and re-installed.
The company, which is in the process of merging with U.S. Bitcoin Corp., said last month that the site was running at 15% of its installed hashrate, with a restoration expected in 10-12 weeks. That timeline won’t be met, the crypto miner said, without giving a new estimate. The delays are impairing the miner's hashrate and bitcoin production. The problems were first reported in March. “As individual miner hashboards are repaired and re-installed, other hashboards are failing and require repair, which is impairing our hashrate and production.”
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