Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Regulation news
- The Monetary Authority of Singapore (MAS) reprimanded hedge fund Three Arrows Capital for providing false information to the MAS and exceeding the assets under management (AUM) threshold allowed for a registered fund management company. The watchdog has been investigating these contraventions since June 2021, they said, and the MAS is now assessing if there were further breaches.
- The US Treasury Department and the Internal Revenue Service (IRS) are likely to push off a January date for crypto brokers and exchanges to begin tracking data such as customers’ capital gains and losses, Bloomberg reported, citing undisclosed people familiar with the matter. Under a law passed by Congress last November, crypto firms are supposed to begin recording their clients’ detailed transaction data in 2023, they said.
Investments news
- Crypto investment products assets under management (AUM) reached record lows in June 2022, with exchange-traded funds (ETFs) experiencing the largest drop, declining 52% to USD 1.31bn, according to a report from crypto analytics firm CryptoCompare. Trust products, which have a market share of 80%, fell 36% to USD 17.3bn in June, while exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) fell 37% and 31% to USD 1.34bn and USD 1.61bn, respectively, they added.
- Crypto market maker and lending firm Genesis Trading is facing potential losses into the “hundreds of millions,” CoinDesk reported, citing three undisclosed people familiar with the matter. The losses at Genesis relate in part to exposure to over-leveraged hedge fund Three Arrows Capital and crypto lender Babel Finance, per the report.
- R3WIND, a video platform that wanted to revive former movie rental company Blockbuster in the Web3 space, announced that the company that currently owns the now-defunct business, Dish Network, refused to sell it.
- Investment firm Société Générale-Forge, a subsidiary of banking giant Société Générale, partnered with digital asset infrastructure provider METACO to orchestrate its digital asset custody operations.
- Web3 data lake solution KYVE said it has raised USD 9m in funding and will use the proceeds to build support for more ecosystems.
Security news
- Blockchain analytics firm Elliptic said it has traced just over ETH 35,000 (USD 39m) that has been sent through crypto mixer Tornado Cash, stolen in Harmony’s Horizon Bridge hack, and that their analysis indicates that the hack and subsequent asset laundering are consistent with activities of the Lazarus Group, a cybercrime group with strong links to North Korea.
Exchanges news
- Coinbase is focused on building up its presence in Europe and is in the process of registering in markets including Italy, Spain, France, and the Netherlands, where they intend to have both retail and institutional products, Nana Murugesan, Coinbase’s VP of Business Development and International, told Bloomberg.
Payments news
- Financial services platform Cash App announced Round Ups, a feature that lets customers round each of their Cash Card purchases up to the nearest dollar, using the spare change when they spend to automatically invest in stock, ETFs, or bitcoin (BTC).
Blockchains news
- Blockchain infrastructure provider Klever announced it will launch its layer 1 blockchain KleverChain’s mainnet on July 1st.
Entertainment news
- The OneCoin crypto Ponzi scheme, which reportedly netted its founder Ruja Ignatova around USD 4bn, is getting a three-part documentary series under the working title “Crypto Queen”, per Variety. The documentary also features exclusive contributions from Jonathan Levy, an attorney/solicitor who has represented efforts to secure USD 11bn in compensation from OneCoin, and Timothy Curry, one of the first to warn about the OneCoin scam.
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