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🇺🇸 US crypto firms ramp up lobbying efforts, expenditures up 1386% over 7 years
A recent study has revealed that US crypto companies have significantly increased their lobbying efforts, with expenditures rising by 1386% from 2017 to 2023. According to data compiled by Social Capital Markets, crypto firms spent $40.42 million lobbying for regulatory changes during 2023 alone, signaling the growing importance of government relations in the industry.
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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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📊 Global crypto investment products see $305 million in weekly outflows: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares returned to net outflows last week, totaling $305 million, following net inflows of $543 million the week before, according to CoinShares' latest report. “We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the Fed gets closer to a pivot,” Butterfill added.
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💰 SEC warns FTX against paying creditors back in stablecoins, other crypto
Throughout the FTX bankruptcy, many different avenues have been explored or proposed to maximize creditor recovery, from relaunching the FTX exchange in order to make money back for creditors to distributing claims as tokens in a new venture that can be traded. Some decentralized marketplaces such as Found.xyz and Figure Markets even launched support for tokenized FTX claims trading this summer, in a move that one crypto CEO called "one of the most crypto things" he's ever seen.
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🌏 Asia leads in global crypto adoption due to progressive regulatory approach
Singapore has emerged as the global leader in crypto adoption due to its progressive regulatory approach toward the industry, according to the Henley Crypto Adoption Index 2024. The report, published by investment migration consultancy Henley & Partners, highlighted the city-state’s robust regulatory environment, innovation in financial technology, and widespread public adoption as key factors propelling it to the top of the list.
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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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📱Telegram founder Pavel was indicted and placed on supervised release in France. He is required to pay a €5 million deposit and is prohibited from leaving France.
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🇺🇸 US Bitcoin ETFs Surge by $202M While Ethereum ETFs Bleed $13M in Outflows
U.S. spot bitcoin exchange-traded funds (ETFs) saw inflows of $202.51 million on Monday, marking the eighth consecutive day of gains. In contrast, spot ethereum ETFs experienced a loss of $13.23 million during the same trading session.
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🟠 Binance Prevents $2.4 Billion in Potential Losses from Scams in 2024
Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures. According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7 real-time monitoring using a combination of artificial intelligence (AI) and manual reviews.
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🇺🇸 US Court Denies Kraken's Motion to Dismiss SEC Crypto Securities Lawsuit
The U.S. District Court for the Northern District of California has denied Kraken’s motion to dismiss a lawsuit by the U.S. Securities and Exchange Commission (SEC). The court determined that the SEC “has plausibly alleged” that certain crypto tokens traded on the Kraken exchange could be considered securities, thereby allowing the case to proceed.
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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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💰 Antpool mines consecutive Bitcoin blocks, earns nearly $2 million amid Babylon staking surge
Antpool has recently mined two consecutive Bitcoin blocks, securing nearly $2 million in total revenue from both block subsidies and transaction fees, according to mempool.space. Following that, Block 857911 featured 15.55 BTC in fees, amounting to around $950k. This surge in transaction fees is largely attributed to Babylon, a Bitcoin staking platform that recently gained significant traction.
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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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🇳🇬 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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🇰🇵 FBI warns of North Korean threat to crypto, cautions against potential ETF-related attacks
The Federal Bureau of Investigation (FBI) issued a warning about North Korea’s aggressive targeting of the crypto industry on Sept. 3. The agency detailed the sophisticated social engineering campaigns conducted by North Korean actors against employees of crypto-related businesses, notably DeFi applications.
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⬜️ OKX wins Singapore license, former MAS official takes reins as regional CEO
Crypto exchange OKX’s Singaporean entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former regulator Gracie Lin as CEO, according to a Sept. 2 announcement. To qualify, companies must be registered in Singapore, maintain a permanent place of business with record-keeping, have a minimum capital base of $250,000, and include at least one director who is a Singaporean resident or citizen.
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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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💰 Bitcoin volatility likely to ease as market anticipates Fed rate cuts, says QCP Capital
Bitcoin price volatility is expected to decline as market participants prepare for the potential start of a rate-cutting cycle by the U.S. Federal Reserve next month. "In the lead-up to next week’s U.S. non-farm payroll report, we expect market volatility to continue its downtrend as the market positions itself for potential rate cuts by the Fed." QCP Capital analysts said.
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🪙 Spot Ethereum ETFs end nine-day outflow streak with $5.8 million in net inflows
Spot Ethereum exchange-traded funds in the U.S. reported daily net inflows of $5.84 million on Wednesday, ending a nine-day streak of outflows. The Grayscale Ethereum Trust (ETHE) recorded a daily net outflow of $3.81 million, countered by inflows of $8.4 million into BlackRock’s spot ether fund and $1.26 million into Fidelity’s FETH, SoSoValue data showed.
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🟠 Binance CEO Calls Nigeria's Detention of Tigran Gambaryan Unjust
Binance CEO Richard Teng has said that Tigran Gambaryan, a former U.S. federal agent working for Binance, has been unjustly detained in Nigeria for six months. Teng reiterated claims that Gambaryan’s physical and mental health has deteriorated significantly while in detention. The CEO criticized the Nigerian government’s justification for detaining Tigran as baseless.
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🇲🇽 Coinflip Expands Cryptocurrency ATM Services to Mexico
Coinflip has officially launched its digital currency kiosks, otherwise known as automated teller machines (ATMs), in Mexico, marking its second expansion in North America. The latest expansion follows the company’s entry into the Canadian market in 2022.
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🪙 Ethereum Foundation reveals spending after speculation over massive transfer
Ethereum Foundation (EF) contributor Josh Stark posted a breakdown of the organization’s expenditures for the past two years on social media on Aug. 27. Stark shared the information after growing speculation that the foundation might plan to sell a large amount of Ethereum. The rumors sprang up after a wallet linked to the foundation made a large transfer.
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🇷🇺 Russia Set to Launch Crypto Payment Trials Next Week, Report
Russia is reportedly set to start trials for cryptocurrency exchanges and digital token payments on Sept. 1 to mitigate payment difficulties caused by international sanctions. These trials will involve the National Payment Card System and could lead to the establishment of crypto trading platforms if successful. Legislation was recently passed to legalize crypto mining and regulate digital tokens for cross-border transactions under the central bank’s oversight.
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👑 WazirX says external parties are attempting to prolong its restructuring efforts
Indian cryptocurrency exchange WazirX said external parties not invested in the platform may try to prolong its restructuring process for their gains. In a post on X, the exchange said these parties intend to create and maintain “uncertainty” rather than find a resolution.
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💰 Bitcoin ETFs Soar With $252M Influx, Ether ETFs Experience Another Day of Losses
Spot bitcoin ETFs achieved their highest inflow since late July, with the 12 funds collectively pulling in $252 million on Friday. Leading the charge, Blackrock’s IBIT added $86.83 million to its coffers, bringing its total net inflows since Jan. 11, 2024, to an impressive $20.71 billion. Fidelity’s FBTC followed, gathering $64 million, while Grayscale’s Mini Bitcoin Trust absorbed $50.83 million.
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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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🏦 Coinbase to support Polygon token upgrade from MATIC to POL
Crypto exchange Coinbase said it would support the Ethereum layer-2 network Polygon planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL). During the migration, sending and receiving MATIC on the Polygon network will be disabled between Aug. 26 and Sept. 10. This measure aims to ensure a smooth transition from MATIC to POL.
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🪙 Tether expands fiat portfolio with new UAE Dirham stablecoin
USDT issuer Tether plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED) in collaboration with the Phoenix Group and Green Acorn, according to an Aug. 21 statement shared with CryptoSlate. This new asset will be a digital representation of the UAE Dirham, pegged 1:1 and backed by reserves held within the UAE.
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