Author: Max Bauer
Galaxy Digital establishes $26M AVAX investment vehicle with a 2-year lock-up and over 40% discount. The Galaxy Digital Locked AVAX (2-Year) Series fund is structured as a Delaware limited liability company. As the name suggests, the AVAX tokens acquired will be subject to a strict 2-year lockup period before they can be sold or transferred. The fund lists Galaxy DBL LLC, an affiliate of Galaxy Digital, as its manager and promoter. Key executives listed include Jason Urban as CEO and Frank Falco as Chief Compliance Officer.
The Securities and Exchange Commission (SEC) is intensifying its scrutiny of the cryptocurrency industry, with recent inquiries directed at prominent venture capital firms involved in the decentralized exchange Uniswap. According to Axios, multiple sources have confirmed that Andreessen Horowitz (a16z) and Union Square Ventures, among others, have received letters from the SEC seeking information about their investments in Uniswap Labs, the company behind the popular decentralized exchange platform. Uniswap Labs has secured over $170 million in venture capital funding, most recently in late 2022 at a valuation of nearly $1.7 billion. Earlier this year, the company received and responded to…
According to the latest weekly data from CoinShares, digital asset investment products experienced a significant inflow of $176 million as investors seized the recent price weakness as a buying opportunity. Despite a substantial drop in total assets under management (AuM) to $75 billion—losing over $20 billion in the market adjustment—the AuM has rebounded to $85 billion. Exchange-traded product (ETP) trading activity surged to $19 billion this week, significantly higher than the average weekly trading volume of $14 billion seen so far this year. Ethereum emerged as the primary beneficiary of the market correction, attracting $155 million in inflows last week.…
Bitcoin’s price has dipped below the $60,000 mark, driven by a halt in stablecoin purchases by institutional investors. According to on-chain analysis platform Lookonchain, the sudden cessation of buying activity led to a 4.5% drop in Bitcoin’s value today. The analysis revealed that institutions stopped receiving USDT from Tether Treasury and transferring it to exchanges two days ago. This pause in transactions follows a significant movement of funds earlier in the month. On August 9, Lookonchain monitored the transfer of 1.3 billion USDT from Tether Treasury to exchanges, a reaction to the market crash on August 5. Sentiment towards risk-driven…
ZachXBT, a renowned on-chain detective, has raised alarms on the X platform (formerly Twitter) about a suspicious entity holding a significant amount of Wrapped Bitcoin (WBTC). According to ZachXBT, this entity is connected to ransomware and pig-killing schemes. The suspicious addresses in question are: ZachXBT noted that if bridge and DeFi contracts, as well as exchange hot wallets, are excluded, the primary address would be the second-largest holder of WBTC. However, ZachXBT did not specify specifically what illegal transactions the cryptocurrency whale in question was involved in.
Elon Musk has announced the upcoming release of the beta version of their latest AI model, Grok 2. This announcement has generated considerable excitement within the AI community, particularly after Musk described the model as a “giant improvement” in response to a user’s question about its training data. Despite the buzz, both Musk and xAI have kept details about Grok 2 under wraps. However, in March, Musk made a bold claim that Grok 2 would surpass current-generation AI models “on all metrics.” This statement has heightened anticipation for the model’s capabilities and performance. The launch of Grok 2 is just…
After three years of silence, the notorious Anubis hacker has reemerged, launching a new token named ANKH with 2 ETH in liquidity. This move has caused a dramatic spike in the token’s value, soaring 153 times its initial value. Back in October 2021, Anubis DAO, a fork of Olympus DAO, experienced a catastrophic event when 13,597 ETH (equivalent to $60 million at the time) was drained from its protocol. The project, which had launched just a day earlier on October 28, aimed to capitalize on the “dog-coin” craze by branding itself after Anubis, an ancient Egyptian deity depicted as a…
In the latest update from Polymarket, Vice President Kamala Harris has seen a notable increase in her odds of winning the 2024 U.S. Presidential Election. Currently, Harris’s chances stand at 51%, reflecting a 5% lead over former President Donald Trump, who is at 46%. Former First Lady Michelle Obama remains a distant third with just 1% of the market bet. Polymarket, a crypto prediction market platform, allows users to bet on various outcomes, including the presidential race. The odds are based on the total amount wagered, with Harris’s current total bets amounting to $59,017,245 compared to Trump’s $70,668,087. The market…
Tether Limited has announced it will vigorously defend itself against a lawsuit filed by Celsius Network Limited through the Blockchain Recovery Investment Consortium, LLC, in the United States Bankruptcy Court for the Southern District of New York. According to Tether, the lawsuit, initiated on August 9, 2024, is without merit and is an attempt to shift the financial burden of Celsius Network’s alleged mismanagement onto Tether. The dispute originates from a 2022 agreement in which Tether provided USD₮ to Celsius, with bitcoin (BTC) posted as collateral. When BTC prices fell in June 2022, the agreement required Celsius to post additional…
Blockchain investigator ZachXBT has alleged that suspected insiders reaped $3.8 million in profits through a pump-and-dump scheme involving the newly launched RTR token. According to ZachXBT’s social media posts, four blockchain addresses were identified as having benefitted from the scheme, with two addresses starting with 9G1ELG and GHoW2 evidently belonging to the same individual. These addresses received a combined total of 500 SOL in new funds within minutes of the token’s public launch. The RTR token was introduced on the evening of August 8, coinciding with significant speculation within the community that it was associated with a new project related…