Andrew Tate, a controversial figure facing serious legal challenges including accusations of human trafficking and other crimes, has embarked on a mission to fix the cryptocurrency industry. In a sprawling three-hour conversation with crypto influencer Michael Jerome, Tate outlined his vision to overhaul crypto, enabling individuals to profit via genuine contributions and hard work rather than fleeting speculative gains.

Need To Build Sustainable Wealth

Initially hesitant to delve into crypto during the interview, Tate revealed his longstanding involvement in the space, expressing a deep appreciation for crypto both as an asset and a utility. He emphasized the practical advantages of using crypto for transactions, particularly highlighting its convenience compared to traditional banking systems.

However, Tate did not mince words when critiquing what he described as the immature and profit-driven degen culture pervasive in crypto communities. He criticized the focus on quick riches, arguing that sustainable wealth in the real world requires perseverance and adaptability.

In contrast to the wave of celebrity-backed meme coins that dominate headlines, Tate positioned himself as a different kind of influencer, one focused on substantive impact rather than fleeting attention. He pointed to his recent involvement in promoting a meme coin called $DADDY on the Solana blockchain, which quickly gained traction despite allegations of insider trading.

Looking Ahead

Promising to unveil his comprehensive plan through an upcoming video, Tate aims to bring legitimacy and meaningful gains to the crypto space. His ambition extends beyond personal gain, as he advocates for using profits to build sustainable businesses that contribute positively to society, criticizing the rampant speculation that he believes harms investors seeking genuine returns.

This critique also extended to Bitcoin enthusiasts, whom he urged to channel their enthusiasm into more productive pursuits like physical fitness or entrepreneurial ventures, rather than fixating solely on speculative trading.

Throughout the conversation, Tate kept emphasizing that the crypto industry needs reform to prioritize substance over hype, and genuine contributions over quick profits. As he navigates legal challenges and pursues his ambitious crypto agenda, Andrew Tate remains a polarizing figure intent on reshaping an industry he believes has lost its way.

South Korean financial regulators are set to launch thorough investigations into what they term as unfair crypto transactions. According to reports by Daehan Kyungjae, the Financial Services Commission (FSC) announced on July 7th the establishment of a new investigation system, slated to commence operations on July 19th. This coincides with the enforcement date of the Virtual Asset User Protection Act.

Cooperation Is Key

The FSC, in collaboration with the Financial Supervisory Service (FSS), has prepared for the new regulations by forming a specialized entity to probe unfair virtual asset transactions. These transactions involve activities such as trading based on undisclosed information and price manipulation.

Additionally, regulators will scrutinize entities suspected of trading self-issued coins for personal gain. They will gather data by crypto exchanges and utilize a new reporting center by the FSS. The FSC emphasized its intention to work closely with international counterparts and foreign exchanges to investigate suspicious cross-border transactions, hacking incidents, and anonymous dealings.

Fairness And Transparency

The regulatory measures aim to bolster investor protection under the upcoming digital-asset law. Offenders found guilty of unfair trading practices could face fines, warnings, and in severe cases, imprisonment ranging between one year to potentially life sentences. The FSC plans to enforce these measures rigorously, emphasizing the establishment of a fair and transparent trading environment in the virtual assets market.

Establishing a fair and transparent trading environment in the digital assets market is crucial to ensure investor confidence, mitigate risks of market manipulation and fraud, and foster sustainable growth of the digital asset industry. It enhances regulatory oversight, protects consumer interests, and supports broader economic stability.

Pink Drainer, a notorious group known for draining wallets, recently fell victim to an address poisoning scam, according to crypto compliance platform MistTrack. The hacking group lost 10 ETH, valued at approximately $30,000, to a fraudulent wallet address in late June.

Fake Addresses

Address poisoning occurs when scammers send small amounts of cryptocurrency via a similar-looking address to a legitimate wallet. MistTrack explained that scammers create addresses with a few characters altered to resemble the address of the target, hoping they will mistakenly send funds to the fake address.

MistTrack highlighted that scammers use bots to monitor transactions and capitalize on victims copying the scam address instead of the address of their intended recipient. In this case, Pink Drainer mistakenly sent 10 ETH to a wallet address that closely resembled its legitimate address, resulting in the loss.

A Recurring Issue

Pink Drainer had recently announced its retirement after allegedly helping to steal over $85 million in crypto assets since July 2023. Despite its cessation, other similar services like Angel Drainer and Venom Drainer continue to facilitate crypto theft activities.

Crypto addresses themselves are difficult to hack directly due to their cryptographic nature, but users can fall victim to scams or phishing attacks that trick them into sending funds to fraudulent addresses. These scams often exploit human error or vulnerabilities in wallet software rather than directly hacking the addresses themselves. Therefore, while the addresses themselves are secure, users must remain vigilant to avoid falling prey to scams and social engineering tactics.

Questflow secured $1.50M to accelerate its innovative solutions. Questflow is a decentralized AI agentic workflow network designed to orchestrate multi-agents to take action autonomously. It enables users to manage multiple AI agents, create AI agentic workflows, and distribute real-world incentives to the creators of these AI agents.

Xoob (ex LaunchJoy) raised $1.60M with support by Chromia, signaling strong investor confidence. XOOB is set to become a central hub for gamers and creators, offering a robust platform that combines quests, NFT mystery box sales, mini-games and unique monetization functions.

Monad Pad (MPAD) raised $945K with backing by CMS Holdings, LLC. Monad Pad aims to build an inclusive platform that supports founders, investors, and collectors in the world of digital assets and DeFi.

Swords & Dungeons secured $5M by OKX Ventures, setting the stage for further expansion. Swords & Dungeons is a P2E DeFi MMORPG that offers high playability by merging traditional game systems such as PvE, PvP, and GvG with P2E game modes suited for Web3.

FreeBnk (FRBK) successfully raised $3M with support by LVT Capital - Blockchain Advisory & Capital, highlighting its growth trajectory. FreeBNK is a comprehensive blockchain-based financial ecosystem designed to transform the way users manage their finances and assets.

Plaza Finance received an undisclosed amount in Pre-Seed funding, emphasizing its potential in the fintech sector. Plaza Finance is a cross-ecosystem hub for programmable derivatives, focused on delivering better financial products for everyone.

Compute Labs secured $3M in Pre-Seed funding with help by Protocol Labs to further fuel its tech-driven initiatives. Compute Labs leverages its self-developed Compute Tokenization Protocol to financialize AI, enable direct exposure to compute assets, and create compute derivates.

Onaji closed a $2.50M Pre-Seed round with support by STRATOS Technologies, gearing up for future advancements. Onaji is a machine learning infrastructure designed for blockchain asset market intelligence.

Pac Finance secured $1M in undisclosed funding with support by Mapleblock Capital, aimed at enhancing its financial services. Pac Finance is a DeFi hub on the Blast network, focusing on non-custodial and permissionless financial services, including lending, swapping, and staking.

The cryptocurrency markets are undergoing a recovery after a tumultuous period where prices dropped to levels not seen since February. Currently, it seems that there is an attempt by bullish investors to stage a comeback, or at least a modest recovery.

Time For A Correction

Bitcoin (BTC) saw its price rise above $57K as of now, marking a 4% increase over the past 24 hours. Earlier, Bitcoin had plummeted to a low of $53,550, but bulls managed to reclaim approximately $3K following those lows. The market correction occurred amidst concerns of heightened selling pressure, partly due to Mt. Gox which recently began repayments to creditors, and ongoing liquidations by the German Government of BTC seized years ago in a high-profile case.

Altcoins are also seeing a resurgence. Infact, the entire market is showing gains, with AVAX, TON, DOGE, and PEPE all rising by 12%. Shiba Inu (SHIB) has notably surged by 15%. Major cryptocurrencies like Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others are reporting gains ranging between 4.5% to 10%.

Overall, the market appears to be taking a breather, though it remains to be seen whether this stability will continue into the week or if another wave of selling will ensue. Experts view the recent correction as typical, noting that declines of up to 30% have occurred frequently in previous bullish markets.

Other Markets

In the dynamic world of finance and economics, a blurred snapshot captures the essence of a high-stakes business meeting, where discussions unfold against the backdrop of market turbulence. Concerns mount over private credit funds operating without financial stake, while Federal Reserve Chair Powell gears up to address easing inflation and a slowdown in hiring. Despite political pressures, the resilient S&P 500 powers ahead unabated.

Meanwhile, US bond yields retreat on the heels of robust jobs data, sparking speculation of two Federal Reserve rate cuts by 2024. Recent developments include the Chinese Central Bank maintaining a pause on gold purchases and Greenko securing a substantial credit line for bond refinancing. In Canada, major miners face new restrictions amidst a surge in merger and acquisition activities, while foremen at a key port issue a strike notice, underscoring broader economic uncertainties affecting global markets.

PancakeSwap ($CAKE) plans to redirect unclaimed ZK tokens back into its ecosystem for future development and community initiatives. The popular multi-chain DEX (decentralized exchange) has launched a significant community reward program running between July 5th to August 5th.

A Significant Airdrop

As part of the initiative, PancakeSwap will distribute more than 2.45 million zkSync (ZK) tokens to community members as a gesture of appreciation for their support since the zkSync PancakeSwap deployment in July 2023. The airdrop aims to reward both long-time contributors and new participants active on PancakeSwap.

According to the official blog post, veCAKE holders and previous contributors can participate in the airdrop. Eligible users must connect their wallet to the PancakeSwap platform homepage and follow the instructions in the pop-up notification to claim the ZK tokens. Meanwhile, any ZK tokens that go unclaimed will be redirected to the PancakeSwap ecosystem for future development and community projects.

Showing Gratitude

The PancakeSwap team noted significant advancements since its launch on zkSync Era, an Ethereum Layer-2 network last summer. During this time, PancakeSwap introduced key features like seamless Swaps, Yield Farming, Prediction Markets, Fiat On-Ramp, Position Manager, and Syrup Pools. These efforts have propelled PancakeSwap to exceed $3 billion in trading volume, hold many millions in total value locked (TVL), and serve over 1.9 million traders.

According to a representative, PancakeSwap remains dedicated to nurturing a vibrant community and rewarding users for their loyalty to the platform. The ZK token airdrop further demonstrates this gratitude for the support and engagement of the community members. Lastly, the exchange encourages active participation in this opportunity to benefit via the airdrop and continue shaping the future of DeFi with PancakeSwap.

Solana (SOL) currently shows a negative trend, but remains one of the top performers in the crypto space. Over the past year, SOL, the native currency of the Solana ecosystem, surged more than 15 times in value, swiftly rising to fifth place in cryptocurrency rankings, surpassing XRP, ADA, and even popular meme coins like DOGE and SHIB.

Huge Numbers

GSOL, the Grayscale Solana Trust, is experiencing significant trading activity with a notable 650% premium over its Net Asset Value (NAV). This surge in premium is attributed to the introduction of spot Solana exchange-traded funds (ETFs) in the US and Canada, according to Jamie Coutts, Chief Crypto Analyst at Real Vision.

The NAV premium for GSOL reflects the total value of SOL held by the trust divided by the number of GSOL shares outstanding. This premium indicates that investors are willing to pay a higher price for SOL through GSOL shares due to limited availability compared to freely tradable SOL on exchanges like Binance or Coinbase.

Excitement Builds

Anticipation is mounting around potential spot Solana ETFs in the US and Canada, which could outperform Bitcoin and Ethereum in the upcoming months. Despite the filing by VanEck and 21Shares, approval by the stringent US Securities and Exchange Commission (SEC) remains uncertain due to regulatory complexities.

Crypto ETFs) have become popular because they offer traditional investors a convenient way to enter the cryptocurrency market without directly buying and managing digital assets. These funds comply with regulatory standards, providing oversight that institutional investors require while allowing for diversified exposure across multiple cryptocurrencies or sectors within the crypto market.

By trading on established stock exchanges, ETFs also enhance liquidity and appeal to institutional investors looking for structured, regulated investment options. Overall, they facilitate broader participation in cryptocurrencies and contribute to market stability and transparency.

Joana Cotar, a member of the German Federal Parliament, has voiced strong criticism against the local government recently deciding to liquidate Bitcoin holdings. Cotar argues that this move has heightened market volatility and could potentially harm the long-term prospects of the cryptocurrency market.

Advocating For Bitcoin

Cotar advocates for treating Bitcoin as a strategic national reserve rather than selling it off hastily. The Bitcoins in question were seized via the illegal platform Movie2k.to, amounting to approximately 50,000 BTC.

She believes that integrating Bitcoin into local treasury assets could diversify investments, provide a hedge against inflation, and foster technological innovation. Cotar contends that further sales of Bitcoin by the government are imprudent and could work against Germaninterests. In a letter addressed to four German politicians, Cotar invites them to an upcoming event titled Bitcoin Strategies for Nation States in October, aiming to shift their perspectives on the flagship crypto.

An Informed Opinion

To promote understanding and support for Bitcoin within the German parliament, Cotar initiated the Bitcoin in the Bundestag program. This initiative seeks to educate fellow lawmakers on the various benefits of Bitcoin in order to try and facilitate informed decision-making.

While emphasizing the need to address risks such as money laundering and tax evasion associated with Bitcoin, Cotar advocates for regulatory measures that do not stifle innovation or privacy. She has been vocal about distinguishing Bitcoin compared to other cryptocurrencies and has criticized plans for a digital euro by the European Central Bank, asserting its lack of necessity.

DWF Labs, a market maker and Web3 investment firm, has introduced the $20 million Cloudbreak Fund to bolster projects and founders within Chinese-speaking regions. The Cloudbreak Fund aims to support ventures across sectors such as gaming, social finance, meme coins, derivatives, and Layer-1 or Layer-2 blockchain technologies.

DWF Labs remains a steadfast advocate for the Web3 industry during market fluctuations. To underscore this commitment, they are launching the $20 million USD Cloudbreak Fund to empower promising projects.

International Expansion

Chinese-speaking regions encompass Hong Kong, China, Macao, Taiwan, and Singapore. The intersection of gaming and finance presents ripe opportunities for innovation, leveraging blockchain technology to revolutionize monetization and enrich gaming experiences.

DWF Labs has invested $5 million in LADY DWF Labs has a strong history of investments in the Web3 sector. One recent notable investment is in the Milady Meme Coin (LADYS). The firm has injected $5 million into LADYS, demonstrating confidence in its potential. This investment aims to unlock new development opportunities for the project and expand its ecosystem. According to DWF Labs, this partnership aims to foster collaboration and community engagement within the meme coin and broader Web3 landscape.

Slow And Steady Growth

Support for Milady Meme Coin illustrates an overarching investment strategy by DWF Labs, backing projects with promising potential and a strong community focus. The $5 million investment in LADYS by DWF Labs is poised to open up new avenues for growth and engagement.

The Web3 gaming sector is experiencing rapid expansion in 2024, attracting increased venture capital investment. Last year, funding rounds related to blockchain gaming reached an estimated $1.7 billion, with a significant portion flowing to the 270 blockchain games under development on Immutable.

Earlier this year, King River Capital, blockchain gaming firm Immutable, and Polygon Labs announced a collaboration to launch a $100 million gaming fund. Silicon Valley-based venture capital firm Andreessen Horowitz (a16z), co-founded by Marc Andreessen and Ben Horowitz, disclosed plans to invest $30 million in gaming startups this year.

According to a report by Forbes, former President Donald Trump recently voiced strong support for Bitcoin (BTC), sparking discussions on categorizing the cryptocurrency as a strategic reserve asset. Trump recognized the geopolitical significance of Bitcoin and cautioned against policies that could hinder its growth, arguing that such measures would only benefit China and Russia.

Crypto And Politics

The endorsement marks Trump as the first major political nominee to embrace Bitcoin, drawing attention to its potential as a strategic reserve asset. Leaders in the political sphere have proposed linking the US dollar with Bitcoin. Since January, Vivek Ramaswamy, a former presidential candidate, has been advising Trump on Bitcoin and digital assets. Ramaswamy suggested bolstering the US dollar with a variety of commodities, including BTC, to combat inflation.

Senator Cynthia Lummis, dubbed the Crypto Queen of Congress, has proposed that the Federal Reserve diversify its foreign currency holdings by incorporating BTC into its balance sheet. Lummis believes Bitcoin serves as a strong store of value and sees advantages in the country diversifying its investments.

A Sensible Choice

The conversation surrounding Bitcoin as a strategic reserve asset raises considerations about how the United States could utilize the digital commodity to enhance its fiscal health and geopolitical standing.

Alex Thorn, head of firmwide research at Galaxy Digital, highlighted to Forbes that the highly decentralized nature of Bitcoin alongside its robust properties make it well-suited for an expanding role in geopolitics and global trade. Thorn underscored that the Bitcoin network layer could potentially include nation-states, transforming it into a valuable tool for economic diplomacy.

The recent data breach experienced by Evolve Bank has impacted Bitfinex and other platforms. The crypto-friendly financial institution disclosed a significant security incident involving the theft of 33 terabytes of user data. While customer funds remain secure, sensitive customer information stored in the bank's databases was likely accessed by hackers.

Suspicious Activity

The breach, attributed to the Lockbit ransomware group, apparently compromised personal data of Bitfinex users among others. The stolen data includes personally identifiable information such as names, addresses, social security numbers, tax IDs, dates of birth, account balances, and email addresses, affecting over 155.5k accounts associated with companies like Bitfinex, Nomad, and Copper Banking.

Evolve Bank acknowledged a system malfunction in late May due to unauthorized activity, triggered when an employee unwittingly clicked on a malicious link. The bank claims it contained the attack quickly and observed no further unauthorized activity since May 31st.

Damage Control

Despite encrypting some data within its environment, Evolve managed to mitigate the impact using backups and opted not to pay the ransom demanded by Lockbit. The bank clarified that the ransomware group mistakenly linked the data to the Federal Reserve.

The investigation is ongoing, with early findings indicating potential exposure of names, Social Security numbers, bank account details, and contact information for personal banking customers, as well as employees and Open Banking partners. Concerns have also been raised about Evolve Bank reportedly delaying notifying affected fintech companies and end users about the breach, which only became public knowledge recently.

PostFinance, the Swiss government-owned bank, has broadened its cryptocurrency services by introducing trading and custody options for Ripple (XRP), Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT). This development underscores the overall commitment by the bank toward integrating digital assets into its offerings, following an initial collaboration with Sygnum Bank in April 2023.

Meeting Demand

PostFinance clients can now securely purchase, store, and trade major cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC). Fritz Jost, Chief B2B officer for Sygnum, has highlighted the significant role of the partnership in advancing the local digital asset landscape.

Moreover, the recent announcement of trading and custody services for XRP, AVAX, ADA, SOL, and DOT aims to meet the increasing demand among its 2.5 million customers for diverse cryptocurrency investment options. The inclusion of these assets aligns with a global trend favoring blockchain platforms known for active development, such as Cardano, Solana, and Polkadot, which often exceed Ethereum in GitHub submissions, according to Santiment.

A Global Center

Charles Hoskinson, founder of Cardano, praised PostFinance and their established relationship with Ethereum. PostFinance reiterated its commitment to expanding cryptocurrency services within the rapidly evolving regulatory framework of Switzerland.

Switzerland, renowned for its Crypto Valley in Zug, continues to lead in digital asset adoption, fostering blockchain innovation through progressive regulations. The initiatives by PostFinance exemplify the increasing integration of cryptocurrencies into traditional banking, reinforcing the status of the country as a global center for digital assets.