Crypto Weekly Roundup: Gemini Sues DCG And More

Looks like Cameron Winklevoss made good on his promise of pursuing legal action against DCG CEO Barry Silbert after the latter failed to meet his final offer payment of $1.47 million. Let’s find out more. 

Bitcoin 

Google Cloud’s recently announced a partnership with infrastructure provider Voltage, unveiling a new trajectory for the tech giant’s Bitcoin and Lightning ambitions.

Lightning Labs, the primary Bitcoin Lightning Network development firm, has rolled out a revolutionary set of tools designed for AI applications.

A recent report by JP Morgan looks to play down the effect that the approval of a Spot Bitcoin ETF might bring to the crypto sector.

Bitcoin miners have raked in an impressive revenue of $184 million in the second quarter of 2023, breaking previous records. 

Perhaps because of incredibly bullish statements by Blackrock CEO Larry Fink, Bitcoin has set a new yearly high with expectations of going much higher.

Ethereum

Ethereum Name Service Labs has announced plans to introduce Layer 2 interoperability for its ENS domains during a community call on June 28.

DeFi

In the wake of a series of high-profile security breaches plaguing the DeFi space, a group of Ethereum community members has put forth a new standard, ERC 7265, aiming to enhance the security of DeFi protocols. 

The latest statement from the Uniswap Foundation has claimed that the launch of version 4 of the protocol depends on Ethereum’s upcoming Cancun upgrade. 

Altcoins

The Multichain MPC bridge platform has seen abnormally large outflows, fueling concerns that the platform could be a target for a multi-million dollar exploit. 

Binance no longer supports deposits and withdrawals for several cross-chain bridge tokens linked with the Multichain project. 

Ethereum founder Vitalik Buterin has expressed his sympathy and concerns for Solana and other cryptocurrencies in the context of the SEC’s crackdown on the crypto markets. 

Technology

The Open Network (TON) has announced the release of an on-chain encrypted messaging feature, allowing private messages between TON users. 

Business

After Cameron Winklevoss penned an open letter threatening litigation against Barry Silbert over the latter’s role in the Gemini Earn Program, cryptocurrency exchange Gemini is suing DCG, the parent company of bankrupt crypto broker Genesis.

A new currency pegged to commodities, particularly gold, will be announced at the BRICS summit on August 22.

Crypto Exchange Bitfinex has announced that it has recovered some of the stolen assets from the 2016 Bitcoin hack but stated that a considerable number of assets are still yet to be recovered. 

The Indian government has partnered with Polygon and Airchains in order to develop a blockchain-based land ownership system. 

McDermott Will & Emery, the law firm representing Voyager’s committee of unsecured creditors, has sent the group a staggering bill of over $5 million for the work it has done between March and May.

Co-founders of bankrupt crypto hedge fund Three Arrows Capital plan to donate their future earnings from their new venture to creditors who lost money. 

Cryptocurrency exchange LBank has announced the launch of the first unlimited crypto credit card.

Regulation

Israel is considering a bill that would exempt foreign residents from capital gains tax on the sale of digital assets and reduce tax on crypto options from 50% to about 25%. 

Investigators from the United States Commodity Futures Trading Commission (CFTC) have concluded that Celsius and its former CEO, Alex Mashinsky broke several US laws. 

The UK parliament has passed a bill that could help the authorities seize and freeze cryptocurrencies used for crime. 

According to a recent report by the FATF, more than half of all UN member countries still need to implement the Travel Rule.

South Africa’s financial regulator has ordered crypto exchanges in the country to apply for licenses before the end of the year to continue operating.

In an attempt to combat fraud, Belarus is looking to put an end to peer-to-peer crypto exchanges. 

NFT

Blur founder, Pacman, defends his NFT marketplace against accusations that the platform’s strategies crashed the NFT market as the floor price of the Bored Ape Yacht Club NFT collection has dropped to the lowest in the last 20 months. 

Members of the Azuki decentralized autonomous organization have initiated a Snapshot proposal to hold the project’s founder accountable over allegations of misconduct. 

Security

The Poly Network has fallen victim to another exploit after hackers manipulated a smart contract function on the cross-chain bridge protocol. According to security analysts, hackers allegedly leveraged a vulnerability in the smart contract system to mint an unlimited amount of tokens.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.