headlines
Three Arrows Capital owes 27 cryptocurrency companies a total of $3.5 billion
Hedge fund Three Arrows Capital (3AC) owes $3.5 billion to 27 cryptocurrency firms, according to court documents. The largest creditor on the list is Genesis, which lent 3AC $2.3 billion. Voyager Digital, which recently filed for bankruptcy, followed Genesis in lending more than $685 million (at current prices) to 3AC in the form of Bitcoin and Ethereum.
headlines
Three Arrows Capital owes 27 cryptocurrency companies a total of $3.5 billion
Hedge fund Three Arrows Capital (3AC) owes $3.5 billion to 27 cryptocurrency firms, according to court documents. The largest creditor on the list is Genesis, which lent 3AC $2.3 billion. Voyager Digital, which recently filed for bankruptcy, followed Genesis in lending more than $685 million (at current prices) to 3AC in the form of Bitcoin and Ethereum.
The other major creditors of 3AC and the specific amounts of their respective loans to 3AC are as follows: DRB Panama, the parent company of the cryptocurrency exchange Deribit (1,300 BTC and 15,000 ETH); Celsius (approximately 75 million USDC); CoinList Services (35 million USD USDC) and FalconX ($65 million). (The Block)
Grayscale’s latest survey report shows that the crypto bear market may last for 8 months. Grayscale compared the current bear market to other market cycles in cryptocurrency history to predict when the next bull market will arrive.
cryptocurrency
Grayscale extrapolates that the current market cycle started in 2020, and if previous market cycles repeat, it may last less than 250 days (approximately 8 months). (Cryptopotato)
cryptocurrency
Informed sources: Three Arrows Capital Creditors Committee was established, including 5 members including DCG and Voyager
The committee is comprised of Digital Currency Group (DCG), Voyager, CoinList, Blockchain.com and Matrixport, sources said. Creditors vote according to their voting rights (the size of their claims), and finally elect the above five members.
Celsius: Clients can now file claims, next court appearance will be August 10
Celsius tweeted to disclose the hearing, saying that the U.S. trustee is quickly forming a committee to serve the interests of its clients. Celsius plans to submit a restructuring plan that includes options for customers to hold cryptocurrencies for long periods of time. Clients can now file claims against Celisus through insolvency resolution firm Stretto. Separately, Celsius said his next court appearance would be August 10.
One month after layoffs of 20%, BlockFi launches employee voluntary resignation plan
A BlockFi employee said the company offered to give employees 10 weeks of paid time off and 10 weeks of continuous health coverage (commonly known as COBRA, for Omnibus Harmonization of Budget Act) to get employees to resign. BlockFi confirmed in an emailed statement that the company’s employees are accepting the offer.
A company spokesperson said: “BlockFi launched a voluntary separation program to adapt to the current market environment. This is not an action we take lightly. We want to ensure that employees have the resources to consider the right decision for them.”
Gemini makes second round of layoffs less than two months after cutting 10% of staff
Just seven weeks after laying off around 10% of its workforce due to "volatile market conditions," cryptocurrency exchange Gemini has made a second round of layoffs, with further layoffs likely to follow.
Ethereum Goerli Testnet to Merge on August 11th
zkSync 2.0 testnet now supports Ethereum programming language Vyper
zkSync 2.0 testnet now supports Ethereum programming language Vyper
Perpetual Protocol launches OP retroactive airdrop
Perpetual Protocol, a decentralized perpetual contract agreement, announced that it will retrospectively airdrop OP to users who provide market making from the launch of Perp v2 Curie to June 1, 2022.
The Ethereum Layer 2 expansion solution zkSync announced that the zkSync 2.0 testnet now supports the Ethereum programming language Vyper 0.3.3. Additionally, zkSync said it will make another announcement later this week.
Perpetual Protocol launches OP retroactive airdrop
In addition, according to the agreement's liquidity incentive plan, current liquidity contributors can also apply for OP and PERP rewards at the same time.
Previously, on May 4, Perpetual Protocol issued a governance proposal. The proposal applied for the allocation of 9 million OPs to promote its development. Specifically, it will be used to encourage lenders to borrow money from market makers, liquidity mining, and encourage the establishment of applications using Perpetual Protocol as the base layer.
Lido Finance, a liquidity staking agreement, launched a new proposal, proposing that Lido sell 2% of the total LDO supply (20 million LDOs) to DAI ($29043051.43) from the DAO treasury at a price of $1.452153 per LDO to provide Lido DAO with Two years of working capital.
After contacting interested parties, Dragonfly Capital said it looked forward to leading the round, LidoDAO said. The proposal shows that LidoDAO will sell 10 million LDOs to Dragonfly Capital, and other strategic participants will get the remaining 10 million LDOs, and the decision of the specific participants will be handed over to DAO. Tokens sold are instantly unlocked with full voting rights.
ConsenSys Smart Contract Auditing Service ConsenSys Diligence Launches TURN Token
ConsenSys has announced the launch of the TURN token for its smart contract audit service, ConsenSys Diligence, which creates a new open marketplace for buyers and sellers of security audits and will be available on August 15, 2022 from 12:00 to 8:00 PM UTC. It will be available on turnplatform.bid at 12:00 noon on the 19th for a limited time.
Tencent has applied for a patent related to encrypted chat using private keys
GameFi and NFTs
The abstract shows that the display method of the chat message includes: displaying the encrypted chat message sent by the sender in the conversation interface; obtaining the private key of the first user; decrypting the encrypted chat message according to the private key of the first user to obtain the decrypted chat message and displayed in the session interface. The embodiment of the present application solves the problem in the prior art that there is still a high risk of leakage of chat messages.
Blockchain Security Company Halborn Completes $90M Series A Funding Led by Summit Partners
According to official news, OpenSea announced the official launch of Solana Launchpad. With this new feature, creators can now host an NFT minting event on OpenSea from start to finish.
Creators can now browse all pre-NFT minting events, a licensed list of community and backers, as well as all post-NFT minting events and secondary sales on OpenSea. Additionally, user Solana collection NFTs will automatically appear on OpenSea and allow users to self-host NFTs.
Investment and Financing
Blockchain Security Company Halborn Completes $90M Series A Funding Led by Summit Partners
Halborn, a blockchain security company, completed a $90 million Series A round led by Summit Partner, with participation from Castle Island Ventures, Digital Currency Group, and Brevan Howard. Halborn declined to disclose its valuation. (Bloomberg)
Bitcoin gaming app ZEBEDEE completes $35 million Series B financing, led by Kingsway Capital
Bitcoin game application ZEBEDEE has completed a $35 million Series B round of financing led by Kingsway Capital, with participation from The Raine Group, Square Enix, Lakestar, and Initial Capital. (Business Wire)
Meow, a New York-based encrypted financial company, announced the completion of a US$22 million Series A round of financing, led by Tiger Global, with participation from QED Investors and FTX.
Meow, a New York-based encrypted financial company, announced the completion of a US$22 million Series A round of financing, led by Tiger Global, with participation from QED Investors and FTX.
Meow primarily provides compliance-first solutions for institutional and corporate investors to participate in emerging cryptocurrency investment opportunities, and ultimately hopes to become a "corporate financing one-stop shop". Previously, Meow also received support from Coinbase Ventures, Gemini Frontier Fund and Lux Capital in its seed round.
In addition to hiring across marketing, sales and engineering teams, Meow is also working on some new products. In the coming months, it will launch a GAAP accounting solution and start rolling out B2B stablecoin suite features, including cross-border payment solutions. (Finextra)
It is understood that FitR is a new AI+fitness+social platform project based on blockchain NFT and AI technology. FitR's first sport is rope skipping. In the future, it is expected to open more categories of AI sports modes and SocialFi's interactive social mode, allowing players to easily earn extra rewards while exercising and socializing. It aims to use Workout To Earn upsurge, promote healthier lifestyles, contribute to the Web 3.0 world and to carbon neutrality.
Xita Technology, a blockchain infrastructure development and service company, recently completed the Pre-B round of financing of tens of millions of yuan. This round of financing was led by Qi'an Investment, and the Greater Bay Area Common Home Development Fund and CMB International participated in the investment. This round of financing will be used for the research and development of Xita Technology's underlying core technology in the blockchain, and to create Web3.0 tool components suitable for the service industry.
FEDI Completes $4.2 Million Seed Round Financing
Fedi Inc. announced the completion of a $4.2 million seed round on Tuesday. It is reported that the company is seeking to make Bitcoin available to more users through the Fedi application.
FEDI’s application, which is expected to begin rolling out in the first quarter of 2023, will provide the user interface for Fedimint, an open-source protocol that leverages federated Chaumian Ecash mints to decentralize Bitcoin custody and enhance currency scaling.
Fedimint improves on third-party escrow solutions based on the concept of second-party escrow. Second-party custodial involves trusting a family member or friend to keep one's bitcoins safe. This approach improves on the trust and security inherent in classic centralized third-party custodial solutions. model designed to protect their funds by making users rely on parties they already trust in real life. (Bitcoin Magazine)
Fitchin, a Web3 game ecosystem provider, completes $3.5 million in seed round financing
Web3 game ecosystem provider Fitchin announced the completion of a $3.5 million seed round of financing, with investors from a group of unnamed crypto investors, VCs, gaming celebrities and sports stars. The company intends to use the funds to expand three key businesses: infrastructure, community building, and partnerships. The focus on infrastructure will accelerate the development of its e-sports community center, competition platform, and NFT marketplace. The funds will also be used to bring in the first elite professional esports teams that will join the FITCHIN community through membership cards, hosted tournaments and digital collectibles.
Umami, an open-source privacy network analysis platform, announced the completion of a $1.5 million Pre-seed round of financing, led by Race Capital. As an alternative to Google Analytics, Umami currently has more than 4.6 million downloads on GitHub, and is one of the most popular open source privacy network analysis platforms in the world. (forextv)
Brixie Group, a blockchain real estate financial technology company in Singapore, announced the completion of a seed round of financing exceeding US$500,000. Julien Glassey, founder and CEO of Archer Aviation, Molika Meas, co-founder and group CEO of iCare Benefits Group, and Maximiliano, Director of ADA Business Development Berger, Fireworks Solutions co-founders Lee Tseng Yip and Lee Kok Lim, among others, participated in the round. (Bitcoinist)
Web3 game development company AMGI Studios announced the completion of a new round of financing. Yield Guild Games (YGG), Bitkraft Ventures and Delphi Digital participated in the investment. The specific financing amount has not been disclosed yet. The new financing will be used to further build out AMGI’s Metaverse.
AMGI Studios is currently developing an NFT project called "My Pet Hooligan" and a mobile app Immi, designed to help players create real-time animated characters. AMGI is also working on "The Rabbit Hole," a game that mixes elements of Grand Theft Auto and Zootopia. (Venture Beat)
P2E game developer Hulk Labs completes strategic round of financing led by DV Investment Management
Hulk Labs, a subsidiary of Canadian listed company Tokens.com, completed a strategic round of financing led by DV Investment Management. This is the first time Hulk Labs has raised funds outside of Tokens.com. Tokens.com participated in this round of financing and will continue to hold Hulk More than 90% of the equity of Labs. Funding funds will be used to invest in revenue-generating profitable assets and build out its existing gaming team.
It is reported that Hulk Labs is a subsidiary of Tokens.com, investing in the NFT ecosystem and focusing on P2E chain games. The company takes game tokens and NFTs and monetizes them through staking and game guilds. (Business Wire)
Multi-category AI social sports platform FitR completed seed round financing, with participation from Avalanche Asia Star Fund, HashKey Capital and Kucoin Ventures. The funds raised will be used to further penetrate into the field of Web3.0 lifestyle.
It is understood that FitR is a new AI+fitness+social platform project based on blockchain NFT and AI technology. FitR's first sport is rope skipping. In the future, it is expected to open more categories of AI sports modes and SocialFi's interactive social mode, allowing players to easily earn extra rewards while exercising and socializing. It aims to use Workout To Earn upsurge, promote healthier lifestyles, contribute to the Web 3.0 world and to carbon neutrality.
The income protocol veToken Finance announced the completion of the seed round of financing. DegenDAO, OWL Ventures, Fisher 8 Capital's 2x, Mr. Block and Issac (Nansen COO), as well as Curve, Yearn Finance, and Perpetual Protocol team members participated in the investment. Funds raised will be used to help expand the team and more.
global regulation
The income protocol veToken Finance announced the completion of the seed round of financing. DegenDAO, OWL Ventures, Fisher 8 Capital's 2x, Mr. Block and Issac (Nansen COO), as well as Curve, Yearn Finance, and Perpetual Protocol team members participated in the investment. Funds raised will be used to help expand the team and more.
Chairman of the US SEC: SEC has clear regulatory rules for cryptocurrencies
Gary Gensler, chairman of the US Securities and Exchange Commission, said that the US Securities and Exchange Commission has clear regulatory rules for cryptocurrencies. He also said that a large number of companies in the encryption field have non-compliance issues. Many cryptocurrency exchanges lack basic investor protections. Increased competition is good for the stock market. (Golden Ten)
The Monetary Authority of Singapore (MAS) said it will seek comments on proposed measures to regulate the crypto industry in the coming months.
The Korea Internet and Security Agency plans to formulate NFT usage standards by the end of this year
The Korea Internet and Security Agency (KISA) plans to develop NFT usage standards by the end of this year. Lee Kang-hyo, chief researcher of the agency's blockchain revitalization department, revealed at today's Blockchain Meetup conference: "We are developing a standard proposal that includes NFT copyright and scope of use, and plan to present the results by the end of the year. There are many copyright-related issues in the process of digitizing real content, and we plan to supplement this part with the draft NFT standard." At the same time, KISA plans to extend the NFT standard to mainnets such as Ethereum and Klaytn. (Token Post)
South Korea's Financial Services Commission to set up virtual asset special committee as early as this month
The committee includes officials from the legal and academia, including FSC officials, but a full list of participants has yet to be identified. The special committee is expected to be established as early as this month.
According to the report, the Special Committee on Virtual Assets may expand to other institutions in the future because the issuance of CDBC, which is currently under discussion, also requires the participation of the Bank of Korea and the Ministry of Finance. “As the virtual asset market grows, there is a possibility that the committee will be transferred from the Financial Services Commission to an agency under the President’s Office,” said a political official. (Chosun Biz)
A statement issued by the Sango Innovation Company in the Central African Republic stated, “Sango coins will be launched on July 21. The minimum amount to buy Sango coins is 500 US dollars and will be received in the form of cryptocurrencies, including Bitcoin and Ethereum."
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Not only that, but you can also obtain citizenship of the Central African Republic through Sango coins-according to the initiative of the Central African Republic, foreign investors only need to buy Sango coins at a price of 60,000 US dollars and hold the pledge within five years to obtain citizenship. Or get a three-year "e-residency" in the Republic for $6,000. Those who purchased Sango coins but did not spend them will be able to get their money back in other cryptocurrencies. (International Financial News Exchange)
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Jeremy Fox-Geen, chief financial officer of USDC issuer Circle, revealed that regardless of market conditions, Circle is expected to go public through a SPAC (Special Purpose Acquisition Company) in the fourth quarter of 2022. Currently, the S-4 filing, which contains all of the company's information, is under review and review by the US SEC, and the latest amended document was published last Monday.
It is reported that Binance has offices in cities such as Bahrain, Dubai and Paris. (Decrypt)
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