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July 01,2024

Web3 Fundraising Deals - 25th June To 1st July, 2024

Astria secured $12.50M in strategic funding via Placeholder Ventures on July 1st, 2024. Astria is building a sequencing layer that can be shared amongst multiple rollups.



Sun Protocol received an undisclosed amount in seed funding by DFG on 30th June, 2024. Sun Protocol brings together the main technological architecture of Web3 and dApps on the same network.



MegaETH raised $20.00M in seed funding with support by Dragonfly Capital on 27th June, 2024. MegaETH is an EVM-compatible blockchain that brings Web2-level real-time performance to the crypto world for the first time.



XProtocol received $800.00K in strategic funding by Cogitent Ventures on 27th June, 2024. XProtocol is an entertainment-focused modular blockchain leveraging OP's Superchain for mass adoption.



Rebar Labs closed a $2.90M seed round with investment by @6th Man Ventures. Rebar Labs empowers Bitcoin's ecosystem to address MEV, ensuring fair and transparent markets for users and miners.



Fenix secured $300.00K in seed funding by Orbs on 27th June, 2024. Fenix is an AMM platform optimizing liquidity pool deployment and trading efficiency.



Bluefin announced an undisclosed M&A transaction with Flow Traders on 27th June, 2024. Bluefin (formerly Firefly) is a decentralized, orderbook-based exchange for financial products.



ORA completed a Series A round with $20.00M led by Polychain Capital 26th June, 2024. ORA is a verifiable oracle protocol that integrates AI and complex computations into blockchain environments. 

June 30,2024

Altcoins Keep Bleeding As Bitcoin Drops To $60K

The cryptocurrency market is seeing widespread declines with numerous coins showing relatively modest drops. Besides low trading volumes across the board, Bitcoin (BTC) is approaching $60K, while most alternative cryptocurrencies are gradually losing value. The total market capitalization has decreased to $2.37 trillion.


Declining Towards $60K

Bitcoin has fallen by 1.3% in the past 24 hours, contributing to a weekly loss of approximately 6%. As of now, the leading cryptocurrency is edging closer to $60K amidst generally subdued trading volumes. The last 24 hours have witnessed around $100 million in liquidations, with BTC leading with $37M.

Several major altcoins are also recording minor declines. For instance, ETH is down by 1.8%, BNB by 1.6%, SOL by 2.5%, TON by 1.7%, among others. Some altcoins are experiencing more significant losses, such as UNI, which has dropped by 6%. Meme coins, a unique segment in the cryptocurrency space, are similarly down by over 3% in the past day, with DOGE and SHIB declining by 1.3%. PEPE has decreased by 5.2%, while BON is down by 3%.

Notably, LDO is the worst performer, plummeting by 15%. ENA follows with a 9.2% decline, and STRK is down by 6.4%. Conversely, QNT token is the top performer, surging by 10% in the day. AR comes in second with a 4% increase.

Overall trading volumes have dipped to around $67 billion over the past day, a typical occurrence during weekends. The focus now turns to whether bullish sentiment will strengthen or if further corrections lie ahead.


Other Markets

Asia is cracking down hard on high-speed traders and short sellers, while collateralized loan obligations (CLOs) find themselves awash with cash but struggling to find worthwhile investments. Analysts are turning to a handful of charts to divine the future of the stock market after a rollercoaster first half of the year. Over in the US, job growth is expected to taper off along with wage increases.

Meanwhile, China is sending warning signals with yet another contraction, underscoring broader economic anxieties. Singapore bids farewell to its last public golf course, making way for urban redevelopment, a poignant symbol of change. In Japan, the roaring stock market rally of early 2024 is predicted to lose steam in the coming months. Lastly, Tanzania steps up to aid drought-stricken Zambia by selling a substantial amount of corn.


June 29,2024

Solana ETF Race Gets Underway As 21Shares Files Application

Global investment firm 21Shares announced its participation in the race to launch a Solana exchange-traded fund (ETF) last Friday by filing a registration with the U.S. Securities and Exchange Commission (SEC), the primary regulator overseeing crypto ETFs. This move followed closely after VanEck filed for a Solana ETF, which immediately boosted the market price for SOL.


Huge Potential

If approved by the SEC, the first Solana ETFs in the U.S. would provide mainstream investors with exposure to the fifth most-traded cryptocurrency in the world, which currently holds a market cap exceeding $65 billion, according to CoinGecko. This potential launch builds on the success of bitcoin ETFs, which began trading in January and have already attracted $14.45 billion in investments.

The registration by 21Shares follows the successful introduction of a Solana exchange-traded product in Europe, which remains the largest product offering for the firm. Both 21Shares and competitor VanEck submitted S-1 forms this week, a prerequisite for ETFs to publicly trade in the U.S., signaling heightened institutional interest in funds based on Solana.


The Importance Of ETFs

Andrew Jacobson, VP and Head of Legal at 21Shares, said that the company is enthusiastic about the prospect of a U.S.-based ETF that provides exposure to the Solana ecosystem, before adding that this is a pivotal development for the crypto industry.

Jacobson is not wrong, as ETF approval has vastly benefited the crypto sector in the past and will most likely do it again. The Solana ETF potentially being approved also aligns with the overall goal of 21Shares which is to focus on introducing accessible financial products focused on crypto assets to the market.

June 28,2024

Biden Vs Trump Debate Heats Up As Multiple Issues Brought Forward

President Joe Biden and former President Donald Trump shared the stage in Atlanta for a heated debate that also touched on crypto politics in the United States. At the outset, Biden greeted Trump before diving into a critique of the conservative leader when questioned about inflation.

On the topic of climate change, Biden criticized Trump for environmental ignorance and criticized his decision to withdraw from the Paris Climate Accord. Trump defended his stance, arguing it saved the US trillions of dollars.


Back And Forth

Biden argued that Trump encountered significant flaws during his tenure, including problematic relations with Putin and efforts to tackle prescription drug costs and insulin affordability. Trump defended his economic policies, particularly highlighting tax cuts that he claimed spurred economic growth.

Biden directly questioned what the economic legacy for Trump is, stating that he left the Biden administration grappling with an economy in decline. He trivialized the pandemic, suggesting injecting bleach. Responding to what Trump said about Ukraine and Gaza, Biden dismissed his statements as ill-informed, especially concerning NATO. Trump countered by bringing up legal issues involving Hunter Biden, alleging criminal activity.


Ethics And Finance

During the debate, Trump spoke for 23 minutes and 6 seconds, while Biden spoke for approximately 18 minutes and 26 seconds, according to CNN. In a contentious exchange, Biden reminded Trump of ongoing legal issues and financial penalties, questioning his ethical conduct. Trump pledged to secure the release of journalist Evan Gershkovich, currently on trial for espionage in Russia, if elected.

During their debate, Donald Trump emphasized his support for fostering innovation in cryptocurrency and blockchain technology, advocating for minimal regulation to promote growth and economic opportunity.

On the other hand, Joe Biden expressed concerns about the risks associated with cryptocurrency, highlighting the need for regulatory measures to protect consumers and ensure financial stability. He suggested exploring ways to harness blockchain technology while addressing its potential pitfalls.


June 28,2024

Hackers Target Elden Ring Parent Company In Ransomware Attack

Kadokawa Corporation, the parent company of Elden Ring publisher FromSoftware, recently disclosed a ransomware attack it suffered earlier this month. Ransomware attacks typically involve demands for cryptocurrencies such as Bitcoin, Ethereum, or others in exchange for decrypting files or not publishing sensitive information online.

According to a Kadokawa press release reported by IGN, the attack occurred on June 8th and targeted various servers in Japan, specifically focusing on services associated with Niconico, a video-sharing application owned by Kadokawa. The hack occurred just as FromSoftware released their latest DLC for Elden Ring, titled Shadow Of The Erdtree.


Damage Control

The company is currently working on implementing solutions and workarounds across its operations to restore normalcy to its systems and business activities. Kadokawa noted that all NicoNico family services remain suspended, preventing users when it comes to accessing external services using their NicoNico accounts. Services will gradually resume as they become available.

Founded as Kadokawa Shoten in April 1945, Kadokawa established FromSoftware in Tokyo, Japan, in 1986. Besides Elden Ring, which won GOTY (Game Of The Year) in 2022, FromSoftware is renowned for titles such as Bloodborne, Sekiro, and Dark Souls. Presently, it remains uncertain whether FromSoftware was affected by the incident or whether the hackers are associated with crypto.


Black Suit Claim Responsibility

While the report did not identify the attackers responsible for the breach, a group known as Black Suit has reportedly claimed credit as part of their hacktivism efforts. According to a 2023 Techcrunch report, Black Suit, previously known as Royal, had amassed over $275 million in ransom payments by that time.

According to a statement posted on the open-source ransomware tracking website RansomLook, Black Suit allegedly detailed the information it had obtained, including employee data, contracts, and project code.

The attackers described their infiltration of the Kadokawa network about a month before the ransomware was deployed, navigating complexities within multiple interconnected IT networks. Once inside the control center, they purportedly encrypted the entire network, including systems belonging to Dwango, NicoNico, Kadokawa, and other subsidiaries, while exfiltrating approximately 1.5 terabytes of data.


June 27,2024

4K BTC Transferred To Coinbase By United States Government

A crypto wallet under US government control recently transferred approximately 3,940 Bitcoin (BTC), valued at $241 million, to Coinbase, as reported by Arkham Intelligence. The wallet currently holds about $13.3 billion worth of Bitcoin. The Bitcoin in this wallet originates via the seizure of assets related to the Silk Road, an infamous dark web marketplace shut down in 2013 for trading illegal drugs, weapons, and other illicit items.


Large-Scale Transfers

Earlier this April, the government reportedly moved 30,175 BTC, roughly worth $2 billion at the time, via the same wallet to Coinbase. The transaction involved a series of transfers, starting with a small test transfer of 0.001 BTC ($65) to a Coinbase Prime deposit address. The main transfer consisted of 1,999 BTC (around $130 million), while the remaining 28,176 BTC was transferred to another government-controlled wallet, likely for planned sale.

These large-scale transactions could potentially impact Bitcoin and its current bearish trend, which has been developing over the past week. Additionally, the trustee of Mt. Gox, the now-defunct exchange, announced plans to commence a $9 billion repayment next month, with victims receiving payouts in Bitcoin and Bitcoin Cash. This could add selling pressure to the market.


Making Moves

Recently, the German government made some key decisions involving Bitcoin, transferring 400 BTC to Coinbase and Kraken, as well as another 500 BTC to an untagged address. These actions have sparked speculation within the crypto community about the management and sale strategies of the government pertaining to its Bitcoin holdings.

Following the latest transfer, Bitcoin saw a minor decline, dropping to $60,800 before rebounding to around $61,000 according to CoinGecko data. The price of Bitcoin holds significant importance for the broader crypto market as it acts as a benchmark and sentiment gauge. Being the largest and most recognized cryptocurrency, fluctuations in its price often sway investor sentiment and trading decisions across the entire crypto sphere.


June 27,2024

Hackers Use Elon Musk Deepfake To Deceive Australians

The YouTube channel belonging to Seven Network, a major Australian broadcaster, was recently compromised by hackers who replaced its content with videos promoting a fraudulent Elon Musk cryptocurrency scheme. These videos featured a convincing deepfake of Elon Musk, falsely claiming to be giving away cryptocurrency under the guise of Tesla.


Why Elon

At the time of the breach, around 150,000 viewers were tuned into three livestreams showcasing the fake Musk, though it is uncertain how many of these viewers were automated bots artificially inflating viewer numbers. The scam itself is a well-known tactic where victims are promised double their cryptocurrency in return for sending funds to a specified wallet address, a ploy that preys on both greed and the desire for quick financial gains.

Elon Musk has been linked to cryptocurrency for some time now, whether it be through his public statements and actions. He has endorsed cryptocurrencies like Bitcoin and Dogecoin on social media, influencing their prices. Tesla also invested in Bitcoin and briefly accepted it as payment for cars, though later discontinued this option citing environmental concerns. Musk has a habit of stirring controversy via his tweets and comments which often spark significant volatility in crypto markets, making him a prominent figure in the crypto space.


The Rise Of Deepfakes

The incident underscores the serious risks associated with both hacking and cryptocurrency. Hacking compromises the integrity and trustworthiness of digital platforms, while cryptocurrency scams exploit the decentralized and often anonymous nature of blockchain transactions. Such scams can lead to significant financial losses for unsuspecting individuals who fall victim to these schemes.

Furthermore, the use of deepfake technology to impersonate well-known figures like Elon Musk not only deceives viewers but also raises concerns about the potential misuse of AI in spreading misinformation and fraudulent activities. As digital platforms continue to evolve, ensuring robust security measures and heightened vigilance against such threats becomes increasingly crucial to safeguarding both users and the integrity of online content.

June 26,2024

Metallica Twitter Account Hacked To Promote Solana Meme Coin

The Twitter account belonging to heavy metal band Metallica was reportedly compromised late Tuesday, used to promote a Solana (SOL) meme coin. This incident follows a trend where celebrities are targeted for pump-and-dump schemes, falsely presented as legitimate ventures.


The Context

The tweets, which included a Twitter Spaces audio call and replies to users, were swiftly deleted within 90 minutes. Despite this, the promoted METAL token experienced over $10 million in trading volume before plummeting in value.

The perpetrators falsely claimed collaboration with Ticketmaster and MoonPay, suggesting token holders could receive discounts on tickets and merchandise. This comes shortly after similar scams involving rapper 50 Cent and wrestler Hulk Hogan earlier this month.


Another Scam

Following widespread skepticism on Crypto Twitter, MoonPay President Keith Grossman clarified that METAL was not supported on their platform, cautioning against the scam. MoonPay later tweeted a warning using a reference to Metallica and their music, stating those promoting the METAL token are the Master of Scams, an obvious reference to the song Master of Puppets.

The compromised Metallica account subsequently blocked MoonPay. During its brief surge, the METAL token saw significant trading activity with over 30,000 transactions, peaking at $0.003, but has since crashed to under $0.00007, with a market cap of just $65,000.


June 26,2024

Marblex Will Migrate To Immutable With $20M Fund

Immutable, a prominent Ethereum-based gaming platform, revealed a strategic alliance on Tuesday with Marblex, the blockchain gaming arm of Netmarble, a major player in the South Korean gaming industry.


An Important Transition

The collaboration aims to transition the Marblex ecosystem and flagship games to the Immutable zkEVM on Ethereum (ETH). This migration involves renowned titles such as Ni no Kuni: Cross Worlds, A3: Still Alive, and Meta World: My City, and the move will also reportedly leverage scaling technology provided by Polygon (MATIC).

Immutable Co-Founder and President, Robbie Ferguson, emphasized the significance of this partnership, particularly noting a truly vibrant ecosystem for Web3 gaming in South Korea alongside the pioneering role of Marblex and Netmarble in the region.


Enhancing The Partnership

To further support the growth of the partnership, an Ecosystem Boost Program has been established. This initiative will allocate up to $20 million to assist developers in bringing new titles to the Marblex platform integrated with Immutable. The program aims to foster innovation and attract a diverse range of gaming experiences to the ecosystem.

Overall, this collaboration not only marks a significant technological advancement in blockchain gaming but also underscores the strategic importance of leveraging Ethereum and its scalability solutions to enhance the reach and performance of Marblex and its various gaming offerings.


June 25,2024

Mark Cuban Sells 14 NFTs In 2 Days In Sudden Sell Off

Mark Cuban, previously the owner of the Dallas Mavericks and a notable investor on Shark Tank, has garnered attention by suddenly selling numerous NFTs via his extensive collection. Recent data indicates that over the last two days, transactions via the markcuban.eth address have involved 14 NFTs. While many of these sales featured less renowned collections, Mark has nevertheless sparked interest and speculation within the NFT community.


A Significant Transaction

Cuban sold his Pudgy Penguins NFT 6329 for 9.065 Ethereum (ETH), valued at nearly $30,000 at the time. Additionally, he attempted to sell a Dallas Mavericks-themed NFT in the Proof of Culture series for 15 ETH (approximately $50,194) through one of his OpenSea wallets.

According to OpenSea records, this wallet, associated with Cuban and the Dallas Mavericks, holds approximately 1,600 items. Despite these recent sales, his portfolio still encompasses a substantial array of NFTs valued at over 1,900 ETH, or about $6.2 million. The recent NFT sales also coincide with a notable decrease in the floor price of Bored Ape Yacht Club (BAYC) NFTs, which fell below 10 ETH last week. This backdrop has led to speculation about the timing and motivations behind his sales.


A Mixed Bag

Cuban, a prominent supporter of NFTs since the 2021 surge, has heavily invested in NFT projects and platforms such as CryptoSlam and Mintable. In late 2023, he expressed optimism about NFTs, advising collectors to buy based on passion rather than speculation. Drawing parallels with early struggles faced by now-successful tech giants like Amazon and Microsoft, he highlighted the potential of the NFT market.

Still, the broader NFT market has experienced a downturn, with CryptoSlam reporting a 48.52% decrease in NFT sales volume over the past 30 days, amounting to $485 million. There are some who believe that Cuban may simply be responding to these market conditions as an investor or as part of a strategic adjustment within his larger portfolio.


June 25,2024

Crypto Remains A Critical Point Of Discussion For UK Youth

Ahead of the upcoming General Election, findings indicate that over one-third of young adults in the United Kingdom view crypto as a significant electoral concern. The survey, conducted by Zumo in collaboration with Focaldata, shows that 34% of individuals aged 18-24 and 25-34 believe UK politicians should prioritize the growth of the crypto industry.

The research, encompassing more than 3,000 UK adults, reveals widespread support for positioning the UK as a hub for digital assets, particularly among younger demographics (18-34 years old). Furthermore, 38% of 18-24 year-olds have invested in crypto directly, with 39% considering it a viable source of long-term financial benefit. Many young adults (40% of 18-24 year-olds and 37% of 25-34 year-olds) also have close contacts involved in cryptocurrency investments.


Lingering Concerns

Despite the aforementioned enthusiasm, concerns persist among some young adults (32% in both age groups) about the future regulatory landscape for cryptocurrencies in the UK. Nick Jones, CEO of Zumo, emphasized that as crypto gains mainstream acceptance, young adults across the nation want it to become a higher priority on the political agenda.

Looking ahead, Jones urged governmental collaboration with industry stakeholders to establish a regulatory framework conducive to the growth of the digital assets sector and its potential as an economic driver for the UK.

The caution expressed by some young adults aligns with recent moves by UK financial regulators, including the establishment of a sandbox for digital securities trading. This initiative aims to support technological advancements while providing a controlled environment for experimentation with real customers.


A Global Issue

The approval of the first crypto exchange-traded products (ETPs) by the Financial Conduct Authority (FCA) for trading on the London Stock Exchange reflects a growing sentiment by the UK to enhance its standing in the global digital asset market.

Interestingly, similar dynamics are unfolding in the United States ahead of the 2024 elections. Recent surveys indicate growing investor interest in Bitcoin amid geopolitical tensions and economic uncertainties, with significant implications for US electoral dynamics. Former President Donald Trump has adopted a favorable stance on crypto which is in stark contrast to the Biden administration and their stringent regulatory approach.


June 24,2024

ZK Compression Finally Gets Added To Solana

Solana (SOL) has launched ZK compression, an innovative feature designed to significantly reduce costs and enhance scalability for developers. Developed in collaboration with Light Protocol and Helius Lab, this tool allows developers to compress on-chain state data, thereby minimizing expenses associated with token and account creation on the Solana network.


Massive Scale Improvements

On June 21st, Light Protocol partnered with Helius Labs to introduce ZK compression on Solana, aiming to make application development more scalable by compressing on-chain data. This approach stores state roots on-chain while keeping other data on the Solana ledger, leveraging zero-knowledge proofs to ensure data integrity and retrieval through supported RPC providers.

Helius CEO Mert Mumtaz highlighted the scalability improvements, stating that the team achieves 10,000x scale improvements by compressing on-chain state. Austin Federa, the Head of Strategy for Solana, emphasized the cost-saving benefits for on-chain account storage, enabling broader creation of on-chain products.


Mixed Reactions

Despite the advantages, some in the crypto community, like Adam Cochran and Ryan Berckmans, argue that ZK compression resembles a layer-2 (L2) network in functionality. Solana co-founder Anatoly Yakovenko acknowledged similarities to L2 solutions but noted differences in governance and security models.

Despite debates about its categorization, the introduction of ZK compression represents a significant advancement for Solana, promising improved scalability and reduced operational costs. This innovation underscores the overall commitment by Solana toward advancing blockchain technology and addressing industry challenges, potentially fostering broader adoption and innovation within its ecosystem.