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🇳🇬 Nigerian court defers bail for ailing Binance executive to October
A Nigerian court has postponed the decision on the bail application for detained Binance executive Tigran Gambaryan until Oct. 9. Judge Emeka Nwite issued the ruling on Sept. 4 after hearing arguments from both Gambaryan’s lawyer, Mark Mordi, and the prosecuting counsel, Ekele Iheanacho, who opposed the bail request.
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🔵 Ethervista launches on Ethereum, aims to outshine Pump.fun with secure liquidity locks
Ethervista is a decentralized exchange (DEX) that introduces a novel approach to liquidity management and token launches on the Ethereum network. One of its key features is the 5-day liquidity lock for creators, which helps prevent rug pulls that often occur within the first four days of a project’s launch on platforms like Pump.fun.
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💰 SEC Warns FTX Over Legality of Crypto Asset Distribution in Chapter 11 Plan
The FTX bankruptcy saga is moving along, with creditors now faced with the choice of pursuing claims through either the Bahamas or U.S. processes. Most customers are on track to get their full money back, plus an extra 9% interest for the trouble. For those with smaller claims under $50,000, the process is set to be even quicker, with 98% of customers likely to see their full repayment within 60 days after court approval. As for the bigger distributions, they’re expected to start rolling out in late 2024 or early 2025.
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🇨🇦 Canadian Court Orders Man to Repay $1.2 Million in Bitcoin Loan Dispute
A court in British Columbia, Canada, has ordered Daniel Tambosso to repay Hung Nguyen $1.2 million for a loan of 22 bitcoins made in 2021. Nguyen, a Canadian real estate agent, claimed the loan constituted his entire savings, and Tambosso’s failure to repay has severely impacted his finances and mental health.
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🔵 Telegram held $400 million in digital assets, generated significant crypto revenues in 2023: report
Telegram, the messaging popular among crypto enthusiasts, held $400 million in digital assets at the end of 2023, according to a report from the Financial Times. In the report, which cites copies of Telegram's 2023 financials, it also appears a large portion of the messaging app's revenues were generated from digital asset-related activities, listed under the categories of “integrated wallet” and “sale of collectibles."
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🪙 Ethereum ETFs show positive flows after 9-day losing streak
Spot Ethereum (ETH) exchange-traded funds (ETFs) in the US registered $5.9 million in net inflows on Aug. 28 after nine consecutive days of outflows, based on Farside Investors data. Grayscale Ethereum Trust (ETHE) registered $3.8 million in outflows yesterday, the smallest amount of cash leaving the fund since the spot Ether ETFs debuted in the US on July 23.
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🪙 Memecoin launched by address connected to Ethereum Genesis block rockets to top of Uniswap charts
A wallet connected to the Ethereum network’s Genesis block appears to have launched a memecoin, according to blockchain data sites DEX Screener and Etherscan. The token peaked at a market capitalization of over $125 million after launching around 8:15 a.m. ET. The so-called PHIL token is currently trading on the decentralized exchange Uniswap V2, changing hands for about $0.08 — down from a peak price of $0.10 about an hour after launch.
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💰 Nasdaq and CME Group bolster Bitcoin market with new trading options
Two prominent financial institutions in the US—Nasdaq and CME Group—have launched new Bitcoin-related products as institutional adoption of the top crypto continues. According to an Aug. 27 announcement, Nasdaq has partnered with CF Benchmarks to file with the US Securities and Exchange Commission (SEC) to list and trade Nasdaq Bitcoin Index Options (XBTX).
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💰 Nasdaq-listed Semler Scientific boosts Bitcoin holdings above 1000 BTC to become top 20 holder
Nasdaq-listed medical technology firm Semler Scientific has expanded its Bitcoin holdings by purchasing an additional 83 BTC for $5.0 million, according to an Aug. 26 statement. The company’s chairman, Eric Semler, explained that the acquisition was primarily funded through cash generated from the firm’s operations and supplemented by funds from its at-the-market equity program.
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💰 Bitcoin’s Last Difficulty Drop Likely to Be Erased in 3 Days
Bitcoin’s hashrate is on the rise once again, edging closer to the peak levels seen at the end of July. Despite a recent 4.19% dip in difficulty during the last retarget, current projections suggest that this drop might soon be history. On Aug. 28, the difficulty is expected to bounce back, potentially increasing by 4% or more.
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💰 Bitcoin accumulation addresses see steady rise
Bitcoin’s accumulation addresses have experienced a notable decline in 2024. Historically, these addresses steadily increased, reflecting long-term holder confidence as Bitcoin’s price appreciated over the past decade. By 2022, accumulation addresses almost surpassed 800,000, growing further in 2023 to a peak of around 846,000 at the start of 2024.
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📊 Crypto investment products saw $528 million in net weekly outflows amid recession fears: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net outflows for the first time in a month last week, totaling $528 million, according to CoinShares' latest report. The outflows were “a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes,” CoinShares Head of Research James Butterfill said. “The price correction from Friday’s close saw $10 billion wiped off total ETP AUM.”
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🪙 US-traded spot Ethereum ETFs amass $2 billion in inflows
Spot Ethereum (ETH) exchange-traded funds (ETFs) inflows surpassed $2 billion in nearly four weeks, when excluding Grayscale’s ETHE outflows of nearly $2.5 billion, based on Farside Investors’ data. ETF Store CEO Nate Geraci highlighted that if this cumulative value is considered under one ETF, it would equate to the fourth-largest ETF launch to date.
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🪙 Grayscale outflows overshadow Ethereum ETF inflows
Despite initial enthusiasm, spot Ethereum ETFs haven't quite met market expectations, with significant outflows overshadowing positive inflows. The on-chain holdings of Ethereum ETFs are substantial, yet they've faced a net outflow of 136,700 ETH since their launch, a drag largely due to Grayscale's ETHE. Ethereum's price has reacted predictably, dropping sharply post-launch before finding some stability.
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🪙 Ether has underperformed bitcoin by 44% since switch to proof-of-stake: CryptoQuant
Ether has underperformed bitcoin by as much as 44% since the Ethereum blockchain's 'merge' to proof-of-stake almost two years ago, according to analysts. "Next week will mark two years since Ethereum switched to a proof-of-stake network, an upgrade known as The Merge. Since then, Ethereum has underperformed bitcoin by 44%," CryptoQuant analysts said.
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🪙 Grayscale unlock hindered Ethereum ETFs but inflows suggest brighter future
The US-traded spot Ethereum (ETH) exchange-traded funds (ETFs) registered $476 million in negative net flows during the first month of trading, failing to overcome the outflows stemming from the unlock of Grayscale’s ETHE. Bloomberg senior ETF analyst Eric Balchunas the “heroic” performance of the Newborn Nine spot Bitcoin (BTC) ETFs, which recorded enough inflows to heavily overshadow the massive outflows experienced by GBTC.
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💰 Metaplanet teams up with Japan’s SBI for enhanced regional Bitcoin custody and trading
Bitcoin investment company Metaplanet has formed a strategic partnership with Japan’s financial giant SBI through its crypto investment service, SBI VC Trade, for Bitcoin trading and custody, according to a Sept. 2 statement. Metaplanet emphasized that this partnership aligns with its ongoing strategy to engage with key industry players in Japan who support its corporate Bitcoin accumulation plan.
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📊 Bitcoin ETFs log monthly loss, Ethereum ETFs are ignored after outflow streak
Despite an eight-day streak of positive net inflows, U.S. spot bitcoin exchange-traded funds logged a red candle for the month of August, logging a total net outflow of about $94 million. That sum is well within the bounds of a single good or bad day though, according to data from SoSoValue. Spot bitcoin ETFs netted over $250 million on Aug. 23, the best day for the funds this month, while the funds lost $237 million on their worst day, Aug. 2.
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🇸🇻 El Salvador’s Bukele says ‘Bitcoin hasn't had the widespread adoption we hoped for'
Nayib Bukele, the president of El Salvador who passed the bill to legalize bitcoin as legal tender in the Latin American nation, said the monetary experiment has had mixed results so far. “Bitcoin hasn't had the widespread adoption we hoped for. Many Salvadorans use it. The majority of large businesses in the country have it,” Bukele said in a wide-ranging interview with TIME Magazine when asked if bitcoin monetization has “been a success.”
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💰 Bitfarms Takes Control of Its First US Mega-Site to Expand Bitcoin Mining Capacity
Bitfarms Ltd., a bitcoin mining company, announced on Tuesday that it has taken control of its new data center in Sharon, Pennsylvania. “This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW,” the company said. Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the site offers low-cost, flexible power ideal for bitcoin mining, high-performance computing, and artificial intelligence (AI).
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🪙 Vitalik Buterin advocates blockchain identity for fairer crypto airdrops
Ethereum co-founder Vitalik Buterin sees crypto airdrops as a promising initial use case for blockchain-based identity frameworks. In an Aug. 28 post on X, Buterin outlined the goals of airdrops as distributing tokens to genuine community members, rewarding project contributions, and ensuring fairness. He suggested that projects could leverage ZK-based identity, credential, and attestation frameworks to achieve these aims.
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🟠 Celsius bankruptcy distributions exceed $2.5 billion to 251,000 creditors
Defunct centralized crypto lender Celsius has now distributed over $2.53 billion in liquid cryptocurrency and cash owed to its creditors — some 93% of the eligible $2.73 billion value. Roughly 251,000 of 372,000 (68%) total eligible creditors from 165 countries have now received distributions, the firm claims, with the remainder mainly involving smaller amounts, Celsius’ bankruptcy plan administrator confirmed in a status report filed late Monday.
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🪙 Ethereum trading volume and transaction count decline in August
Trading volume and daily network transactions on Ethereum have declined throughout August. The Block's Data Dashboard indicates that the seven-day moving average of daily trading volume on the Ethereum network has declined by around 55% over the past month. The seven-day moving average of daily economic throughput on the Ethereum blockchain in U.S. dollar terms fell from $6.56 billion on July 26 to $2.9 billion today.
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🇺🇸 Hex Founder Richard Heart’s Bid to Dismiss SEC Fraud Lawsuit Fails
The US Securities and Exchange Commission has contested Hex founder Richard Heart’s attempt to dismiss its $1 billion securities fraud lawsuit, asserting its jurisdiction over the case. In its opposition brief, filed in a New York federal court on August 22 but dated July 8, the SEC contended that Heart’s motion to dismiss fails to address the well-supported allegations in the complaint and ignores relevant legal standards.
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🇺🇸 SEC pushes back against Richard Heart’s bid to dismiss $1 billion fraud case
The SEC aggressively opposed Richard Heart’s attempt to dismiss a $1 billion fraud case, arguing that his widespread promotion of unregistered digital assets like HEX, PulseChain, and PulseX directly targeted US investors. According to the SEC, Heart, also known as Richard Schueler, allegedly raised over $1 billion from investors worldwide by selling unregistered securities and then misappropriated millions for personal luxuries, including cars and what he called the world’s largest black diamond.
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🔴 Grayscale unveils investment trust for Avalanche’s AVAX token
Grayscale Investments has expanded its portfolio of crypto investment products and launched the Grayscale Avalanche Trust. This new investment vehicle aims to offer accredited investors exposure to AVAX, the native token of Avalanche's blockchain network. The trust, now open for daily subscriptions, operates similarly to Grayscale’s existing single-asset investment products, focusing exclusively on AVAX, the firm said in a press release shared with The Block.
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🚨 Hackers compromise McDonald’s Instagram account to conduct $700k rug pull
Fast food chain McDonald’s’ Instagram profile promoted a scam memecoin deployed on Solana (SOL) after being compromised. The token — called GRIMACE — hit a $25 million market capitalization within two hours of its launch before it was rugged and lost more than 95% of its value. The scammers, who identified themselves as “India_X_Kr3w,” claim to have snagged roughly $700,000 from investors who believed the memecoin was an official McDonald’s’ token.
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💰 VanEck’s Solana ETF Plans Remain Active Despite Cboe’s Filing Removal
Asset manager VanEck remains committed to launching a Solana exchange-traded fund (ETF) despite recent developments that have sparked speculation about the project’s future. He acknowledged that the 19b-4 for the VanEck Solana ETF has been taken off the CBOE website but confirmed that the S-1 prospectus for the product is still active. This indicates that the company is continuing with its plans, and the ETF remains in play.
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