As the week began and a month ended, we looked into the winners and losers of July. BitMEX argued that if Ethereum splits, leading exchanges are ‘likely’ to list ETHPoW token, while Justin Sun and Poloniex backed the plan to create a PoW hard fork. Speaking of Ethereum, Arthur Hayes asked for 'forgiveness' for calling ETH a shitcoin. While this was happening, Bitcoin mining difficulty went up. AMP took a dive as Binance.US unveiled its delisting following the SEC’s claim that it is a security, and HNT was unmoved despite the reports suggesting that Helium promoted fake partnerships with two major tech companies. But then, Solana hack affected more than 8,000 wallets and drained millions worth of funds, with Solana blaming the Slope wallet, and Nomad was drained of at least USD 150m after experiencing a security exploit that allowed bad actors to spoof messages, after which they announced a multimillion bounty for 'white halts'. Also, a US court allowed Voyager Digital to return USD 270m worth of funds to its customers.
Then, Match Group put on hold its plans to have Tinder adopt crypto and metaverse-based dating, MicroStrategy’s Michael Saylor said stepping down as CEO will let him focus more on bitcoin, and there were reports that DigitalBits, which agreed to a USD 87m sponsorship deal with Inter, defaulted on a sponsorship payment. The Fairfax County Retirement Systems was looking to invest in crypto lending markets, Bitcoin ATMs are coming back to Japan for the first time since the crypto winter of 2018, and Tiffany & Co unveiled a range of CryptoPunks NFTs-themed gold and gem-encrusted pendants. Furthermore, Nansen found that the majority of NFT collections reinvest ETH back into the system, the virtual land sales took a plunge amid a broader crypto downturn, and despite the crypto downturn, developers continue contributing to Web3 communities. Also, the man who lost thousands of BTC pledged some USD 18m of it to fund Newport crypto hub and USD 51 to every Newportonian. Meanwhile, 84% of surveyed Brazilian high-earners know what crypto is.
As all of that was happening, multiple Portuguese banks started closing accounts of crypto exchanges citing ‘risk’ as the reason, the raid of South Korean crypto exchanges and companies linked to Terraform Labs ended, and South Korean banks may be in trouble as the regulators probe kimchi premium bitcoin ‘irregularities’. The NY Attorney General’s Office asked crypto whistleblowers to provide it with tip-offs, the US SEC charged 11 people over an alleged USD 300m crypto pyramid scheme, a former advisor to the SEC warned that the agency would be making a “serious mistake” if it proceeds with a probe into Coinbase and other major crypto exchanges, former Coinbase manager pled not guilty to wire fraud charges, and a Brazilian military police officer was charged with duping 23 fellow officers in a ‘crypto pyramid scam’.
Let’s joke now.
Heeeey, CT! What’s up?
Let’s check on the markets. What does the source say?
Look, this winter’s rough.
Thou shall not underestimate Ethereum fees.