2 years ago
Date: 25 Jul 2022 - 15:00

Read in the DigestBitcoin falls to 1922k range as cryptos correct ahead of interest rate hike.Voyager Digital rejects FTX buyout offer calling it a 8220lowball bid.8221Hacker steals 6 million from Web 3.0 music streaming platform Audius.KuCoin CEO Johnny Lyu clears the air denying recent insolvency rumors.Barclays acquires a Stake in 2 billion cryptocurrency firm Copper.Bitcoin Falls Back to 1922k Range as Cryptos Correct Ahead of Interest Rate HikeBitcoin along with the wider crypto market has continued to correct after a week of gains that saw the worlds leading crypto top 24k for the first time in 6 weeks. Dropping by 8 over the last 3 days Bitcoin has returned to the 1922k range.The 3 day price chart for Bitcoin BTC. Source CoinMarketCapThe broader crypto market also suffered a selloff with Altcoins experiencing even steeper losses. In the last 3 days Ethereum ETH Solana SOL and Avalanche AVA have lost 9 11 and 12 respectively.The ongoing selloff was largely triggered by rising fears ahead of an expected Federal Reserve interestrate hike. The Fed is expected to increase its interest rates by 0.75 points for the second consecutive month.The previous interest rate hikes led to significant declines in the price of Bitcoin and other cryptos. With Bitcoin continuing to move in tandem with tech stocks the poor earnings of such stocks stand to play a pivotal role in any possible downtrend.FlipsiderRegardless of the incoming interest rate hike many analysts continue to believe that the worst of Bitcoins suffering is over after its 53 plunge this year.Why You Should CareThe crypto markets are at risk of another round of selloffs with the Fed rate hike. However holding out above this level could mean that cryptos have finally bottomed out as some analysts have suggested.Voyager Digital Rejects FTX Buyout Offer Calling It a 8220LowBall Bid.8221Legal representatives of bankrupt crypto lender Voyager Digital have rejected the buyout offer proposed by Sam BankmanFried FTX and Alameda claiming it was a 8220lowball bid dressed up as a white knight rescue8221 further adding that it benefitted only FTX.FTX submitted a public proposal on July 22nd indicating its willingness to buy Voyagers remaining digital assets and loans excluding its 650 million exposure to Three Arrows Capital.The proposal would allow Voyager customers to receive their claims by signing up for an FTX account. Voyagers lawyers reacted to the proposal in documents filed to bankruptcy court in the Southern District of New York on Sunday July 24th.The lawyers said that the firm is willing to entertain any 8220serious proposal8221 under the 8216Bidding Procedures. They further asserted that the AlamedaFTX proposal was designed to 8220generate publicity8221 rather than provide any value for Voyagers customers.FlipsiderIn response to the court filing FTX CEO Sam BankmanFried took to Twitter to explain the firms fate saying it could end up like Mt.GOX.Why You Should CareVoyager lawyers claim that the rescue deal would destroy the platforms own VGX token worth approximately 100 million at the time of writing. As a result they believe that 8220no customer will be made whole8221 under the FTX proposal.Hacker Steals 6 Million from Web 3.0 Music Streaming Platform AudiusWeb 3.0 music streaming protocol Audius has suffered an exploit with the hacker siphoning 18 million AUDIO tokens worth over 6.3 million from the platforms decentralized governance system.In a blog post reporting the attack Audius wrote that the 8220governance staking and delegation contracts on the Ethereum mainnet were compromised due to a bug in the contract initialization code that allowed repeated invocations of the initialize functions.8221According to an update shared by spreekaway the hacker used a malicious proposal requesting the transfer of 18 million AUDIO tokens but made themself the sole guardian of the contract thus enabling them to transfer the funds out of the treasury account.Audius reacted by halting all Audius smart contracts and movement of AUDIO tokens on the Ethereum blockchain to avoid further losses. Audius has since reported that the root cause of the exploit has been mitigated and cannot be reexploited.FlipsiderAlthough the hacker stole governance tokens worth over 6 million from the treasury they effectively sold the 18 million AUDIO for only 1.08 million via a series of transfers.Why You Should CareAudius holds its community treasury fund separate from the foundation treasury a decision which kept the remaining funds safe from exploitation.KuCoin CEO Johnny Lyu Clears the Air Denying Recent Insolvency RumorsAmidst a wave of crypto firm bankruptcy filings Johnny Lyu the CEO of KuCoin has dispelled rumors that the crypto exchange is going insolvent and could freeze withdrawals in days to come.The rumors emanated from a nowdeleted Twitter account named 8220Otteroooo8221 that had tweeted about developments in the Centralized Finance CeFi ecosystem claiming insider information about the ongoing struggles of the exchange.Per the whistle blowing on KuCoin on Saturday July 23rd Otterroooo claimed that the crypto exchange may not have sufficient funds to meet customer redemptions due to its exposure to the Terraform Labs ecosystem tokens Terra Classic LUNC and wrapped Luna wLUNC.Following the speculation Johnny Lyu spoke out in a blog post providing evidence of conversations between himself and Otteroooo that the only exposure that KuCoin has to the LUNA ecosystem tokens is the trading options offered for LUNC coins. The CEO further clarified that most of the funds in KuCoins wallets belonged to the users not the exchange.FlipsiderKuCoin announced that the exchange had raised 10 million in a new funding round to facilitate the expansion of its product lineup and prepare for 8220the next bull run.8221Why You Should CareThe adverse effect of Terras collapse on firms like Celsius Network Voyager Digital and Three Arrows has left investors particularly sensitive to insolvencyrelated news.Barclays Acquires a Stake in 2 Billion Cryptocurrency Firm CopperBritish banking giant Barclays has reportedly bought a stake in Copper the 2 billion valued crypto firm that provides custody prime brokerage and settlement services for more than 450 cryptoassets across 45 exchanges.Barclays is said to have invested an 8220undisclosed amount8221 in Coppers Series C funding round. The amount which is said to run into the 8220millions of dollars8221 will be finalized in the coming days.Copper has former chancellor of the UK Lord Hammond as one of its advisers and has raised funds from LocalGlobe Dawn Capital and MMC Ventures. Coppers latest Series C funding round comes after an attempt to raise 500 million in November 2021.The funding round was postponed at the time due to the expiration of Coppers temporary regulatory registration from the UK Financial Conduct Authority FCA.FlipsiderThe crypto market crash has dropped Coppers valuation from its targeted 3 billion to its current speculated value of 2 billion.Why You Should CareThe investment from Barclays comes in the wake of the United Kingdom laying out its intention to grow its crypto sector by instituting more amenable rules.

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Bitcoin and other altcoins have suffered massive losses since May. But after a point things started changing a bit. For example bitcoin that fell to 17K on June 18 recovered to trade between 20K and 21K from June 19 to June 28 when it traded above 21K in the early hours of the day.Unfortunately the crypto could not sustain the recovery above 21K and lost more than 500 some hours later. The change

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