Author: Andrei Ionescu

Grayscale Investments, the world’s largest crypto asset manager, has introduced the Grayscale Avalanche Trust, its newest investment product designed to provide accredited investors with exposure to Avalanche (AVAX). This launch reflects Grayscale’s strategy of offering diversified opportunities in the evolving crypto landscape. Avalanche, a multi-chain smart contract platform, is recognized for its scalability, security, and decentralization. The platform has made significant strides in real-world asset (RWA) tokenization through its partnerships with leading companies, helping to bridge the gap between traditional finance and blockchain technology. “The launch of Grayscale® Avalanche Trust underscores our ongoing commitment to delivering innovative investment options,” said…

Michelle Bond, a former congressional candidate with ties to the now-defunct cryptocurrency exchange FTX, has been charged with conspiring in an unlawful campaign finance scheme, according to an indictment unsealed by the U.S. Attorney’s Office for the Southern District of New York. Damian Williams, the U.S. Attorney, announced the charges against Bond, accusing her of using illegally obtained funds to finance her 2022 run for a U.S. House seat in New York’s 1st district. The indictment alleges that Bond conspired with her partner, former FTX executive Ryan Salame, to funnel corporate funds into her campaign. “Michelle Bond allegedly financed her…

The Bitcoin staking protocol Babylon has officially launched the first phase of its self-custodial mainnet, enabling users to stake their BTC via smart contracts. According to Babylon, the platform has already seen strong engagement, with 12,710 stakers conducting over 20,600 staking delegations. In a statement shared on X (formerly Twitter), Babylon highlighted that this launch represents a significant milestone for Bitcoin by introducing a third native use case beyond its traditional role as a store of value and a payment method: staking to secure proof-of-stake (PoS) networks and earn rewards. The self-custodial mainnet launch was teased by Babylon on August…

Binance Labs has announced investments in four exceptional projects from BNB Chain’s MVB (Most Valuable Builder) Season 7, marking a significant milestone for the innovative teams within the Web3 ecosystem. The MVB Program, renowned for its competitive nature, attracted over 700 applications, with less than 2% of projects making it through the selection process. The MVB initiative, a collaborative effort between BNB Chain, Binance Labs, and CMC Labs, is designed to accelerate the growth of Web3 innovators by providing vital resources and support. Out of 13 standout teams chosen for Season 7, four secured investments from Binance Labs, underscoring their…

The firm said it invested in cryptocurrency and forex, and reportedly collapsed in 2022. Andreas Szakacs, a co-founder of OmegaPro, was arrested in Turkey in July for his involvement with the company alleged to have scammed investors of $4 billion in a cryptocurrency Ponzi scheme, Turkish media reported Thursday.Szakacs, a Swede, changed his name to Emre Avci after becoming a citizen of the country, Turkey Today said. He rejected the accusations and said he worked in finance and marketing, an Istanbul-based daily.The gendarmerie seized computers and 32 cold wallets, according to behindmlm.com. While Szakacs did not provide passwords for the…

SunPump, a recently launched Tron-based memecoin generator, has overtaken competitor PumpFun in daily revenue, signaling growing traction for the platform among crypto enthusiasts. On Wednesday, SunPump recorded approximately 7,531 newly launched tokens, generating a revenue of 3.65 million TRX, equivalent to around $548,000 at current market prices, according to data from Dune. This surge in revenue marks a significant lead over PumpFun, which generated 2,575 SOL, worth about $367,195, during the same 24-hour period. PumpFun saw the creation of 6,941 tokens on Wednesday, indicating that SunPump is gaining momentum despite being a newer entrant in the memecoin space. SunPump, launched…

Binance Futures is set to expand its trading options by launching two new USDⓈ-margined perpetual contracts: POPCATUSDT and SUNUSDT. The new contracts will go live on August 22, 2024, at 13:00 (UTC) and 13:05 (UTC) respectively, offering traders the opportunity to leverage up to 75x. The maximum funding rate for these contracts at launch is set at +2.00% / -2.00%, with funding fees being settled every four hours. This frequent settlement is designed to ensure that the contracts reflect real-time market conditions, allowing traders to adjust their positions accordingly. Binance emphasized that contract specifications such as the funding fee, tick…

Over-the-counter (OTC) crypto desks are now holding 368,000 bitcoin (BTC) worth over $22 billion, according to data from tracking firm CryptoQuant. This marks an increase of 153,000 BTC in just three months, bringing balances to their highest level since June 2022. OTC desks facilitate large transactions between buyers and sellers without impacting the public market, making them a preferred method for institutions, high-volume traders, and miners. Unlike traditional exchange order books, these transactions are handled privately, allowing sophisticated market participants to trade significant volumes discreetly. CryptoQuant highlighted that miners, in particular, often opt for OTC deals to sell bitcoin, ensuring…

Attorneys for Ryan Salame, a former FTX executive currently serving a 7.5-year prison sentence, have filed a court motion alleging that federal prosecutors reneged on a plea deal that was supposed to shield his domestic partner, Michelle Bond, from further investigation. The filing claims that prosecutors had assured Salame that the investigation into Bond, a former Republican congressional candidate and CEO of fintech think tank ADAM, would cease if he cooperated. Disputed Plea Agreement Salame, who pled guilty in September 2023 to campaign finance violations and operating an unlicensed money-transmitting business, argues that his plea was based on promises from…

U.S. spot bitcoin exchange-traded funds (ETFs) saw their fifth consecutive day of positive inflows on Wednesday, attracting $39.42 million in net investments. In contrast, spot ether ETFs continued their streak of net outflows for the fifth straight day. Grayscale’s mini bitcoin trust led the day with $14.2 million in inflows, followed closely by spot bitcoin funds from Fidelity and Bitwise, both of which saw around $10 million in fresh investments, according to data from SoSoValue. BlackRock’s IBIT, the largest spot bitcoin ETF by assets, added $8.35 million, while Franklin Templeton’s EZBC fund saw $3.55 million in inflows. Invesco’s BTCO also…