Time Ticks for DOJ in Mashinsky Case ⌛

In today's edition: 🔺 Avalanche's $50 million bet, 🤓 an unconventional security test, 🖲️ Era Lend's $2.7 million exploit, and more!

July 26, 2023

What’s Poppin’?

by Samyuktha Sriram

A U.S. District Judge has granted prosecutors additional time to make their case against former Celsius CEO Alex Mashinsky.

The allocation will support the process of creating on-chain digital representations of real world assets using Avalanche’s consensus mechanism, the Foundation said.

The attacker drained millions of dollars’ worth of crypto from the lending app using a read-only re-entrancy attack.

DeFi protocol Yearn Finance has opened up almost all the permissioned functions on its vault as part of a challenge for users to “rug” the platform.

On the Pod…

Daily Bits…✍️✍️✍️

  • 👫 The Commodity Futures Trading Commission charged Michael and Amanda Griffis with defrauding over 100 people of $6 million through their falsely represented digital assets commodity pool, "Blessings of God Thru Crypto."

  • 🏦 A section of the impending stablecoin legislation related to a state charter, due for deliberation in the U.S. House of Representatives, is facing opposition from banks and credit unions ahead of Thursday's debate.

  • 👨‍⚖️ Craig Wright, who purports to be Bitcoin creator Satoshi Nakamoto, is required to pay £400,000 ($516,000) in security for legal costs to continue his case against crypto exchanges Coinbase and Kraken, according to a UK court ruling.

  • ⚖️ Singapore's High Court deemed cryptocurrency as property that can be held in trust, following a case where exchange Bybit accused a contractor of unlawfully transferring 4.2 million USDT and fiat currency.

  • 🔓 On Sunday, Layer-2 blockchain Optimism will release $36 million worth of tokens, triggering a 3.5% decrease in the OP token price, reminiscent of the previous unlock that caused a significant sell-off.

  • 🌉 Bridge protocol LayerZero reached a milestone by facilitating over 50 million messages across different blockchains, underscoring the increasing demand for cross-chain liquidity transfers and swaps.

  • 🙅‍♂️ Kucoin denied a report that it planned to cut 30% of its staff, stating that any potential downsizing would be part of normal operations.

Today in Crypto Adoption...

  • 🤝 EDX Markets, a Fidelity-backed crypto exchange, is broadening institutional client access by integrating with Talos, marking its first Order and Execution Management System (OEMS) partnership.

  • 📜 Namibia's Virtual Assets Act 2023, which aims to establish a regulatory authority for the cryptocurrency sector, was enacted last Friday but is not yet in effect, marking the country's first legislation pertaining to cryptocurrency.

The $$$ Corner…

  • 💰 Flashbots secured $60 million in a Series B financing round, spearheaded by Paradigm, to further the development of its maximal extractable value (MEV) network, SUAVE.

Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.

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📈 Your Market Update 📉

  • BTC is flat, trading at $29,175

  • ETH is down .3%, trading at $1,850

  • BTC dominance: 46.59%

  • Crypto market cap: $1.22 trillion

*All data as of today, 6:20 am ET

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