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- Crypto Alpha - Week 41 2024
Crypto Alpha - Week 41 2024
All things Crypto, Web3 and Blockchain to keep you updated
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TL;DR
South Korean SEC Advances Bitcoin ETF Discussions
Supreme Court Clears Silk Road Bitcoin Sale
$5.5M Eigen Token Heist Linked to Email Breach
Bison Launches Insured Ethereum Staking Service
SEC Accuses Cumberland of Trading Securities
Stripe Reintroduces Crypto Payments on Solana
TeamKujira Rebrands to RujiraNetwork
Andromeda Partners with Sherlock for Security Audits
Crossmint Integrates with Avalanche
Suzaku Launches on Avalanche for (Re)Staking
World Liberty Financial Plans $300 Million Token Sale
Ripple Co-founder Donates $1M in XRP to Kamala
And much more!
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THORChain is secured by its token, RUNE, which deterministically accrues value as more assets are deposited into the network.
Anyone can use THORChain to swap native assets between any supported chains or deposit their assets to earn yield from swaps.
Bitcoin Highlights of the Week
The Financial Services Commission (FSC) of South Korea is taking significant steps toward Bitcoin ETF approval by forming a virtual asset committee. This committee will focus on essential regulatory issues, including the potential approval of spot ETFs and allowing corporate accounts for crypto exchanges.
The initiative aims to address the Kimchi premium, where cryptocurrency prices are elevated in South Korea compared to global markets. By encouraging arbitrage opportunities, the committee seeks to enhance market balance. Furthermore, the FSC is committed to strengthening market oversight to combat manipulation and protect user assets within the evolving crypto landscape.
The HBO documentary Money Electric: The Bitcoin Mystery suggests Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, Bitcoin's creator. Todd swiftly denied these allegations on social media, criticizing the filmmakers for creating a “dangerous narrative.” He expressed concerns for his safety and labeled the film irresponsible journalism.
Despite Todd's history of joking about being Satoshi, skeptics argue the evidence presented is weak. Prominent figures in the Bitcoin community have expressed doubts, reinforcing that while Todd's name adds to the speculation, the true identity of Satoshi remains unresolved, keeping the mystery alive.
The National Bank of Bahrain (NBB) has introduced the first Bitcoin-linked structured investment fund in the GCC, designed exclusively for accredited investors. This innovative fund provides exposure to Bitcoin while ensuring capital protection, allowing investors to benefit from Bitcoin's growth without the risk of losing their principal due to volatility.
Developed in partnership with ARP Digital, this product aims to attract cautious investors seeking to diversify their portfolios. Bahrain's proactive regulatory framework supports this initiative, reinforcing its position as a leading fintech hub and promoting the adoption of digital assets across the region.
The U.S. Supreme Court has allowed the government to proceed with the sale of 69,370 bitcoins seized from the Silk Road marketplace, valued at approximately $4.4 billion. This decision followed the refusal to hear an appeal in the case of Battle Born Investments, effectively upholding a previous ruling that mandates the liquidation of these assets.
As one of the largest government bitcoin sales anticipated, the auction's timing and execution by U.S. Marshals may influence market sentiment. Although the auction may occur off-market, the prospect of sell pressure could still impact the cryptocurrency landscape.
Justin Sun, founder of Tron, has been elected as prime minister of Liberland, a self-proclaimed micronation situated between Croatia and Serbia. Established in 2015, Liberland was the first nation to adopt Bitcoin as its official currency, emphasizing a decentralized governance model.
The recent elections utilized a blockchain-based system, enhancing transparency and eliminating doubts about outcomes. Sun aims to promote libertarian principles, advocating for reduced government spending and lower taxes, positioning Liberland as a beacon for the libertarian movement.
Daily Alphas of the Week
Ethereum Highlights of the Week
Scroll, a Zero-Knowledge Ethereum Layer 2 scaling solution, has unveiled plans to launch its SCR governance token on Binance Launchpad, marking its first step toward decentralization. A total of 1 billion SCR tokens will be issued, with 15% allocated for two community airdrops planned within 18 months.
The token will empower users with governance rights and incentivize external parties to manage the protocol's proving and sequencing systems. Airdrop eligibility ends on October 19, with the first claim window opening on October 22. This initiative aims to enhance user experience and foster community ownership of the Scroll ecosystem.
EigenLayer reported a theft involving $5.5 million worth of its EIGEN tokens, triggered by the compromise of an investor's email thread. The attacker executed an unauthorized transfer of tokens, swiftly converting them to stablecoins and transferring the funds to various exchanges, with some proceeds already frozen.
EigenLayer emphasized that the protocol remains secure and without vulnerabilities. This incident underscores significant security challenges for major protocols, as it involved social engineering rather than a direct flaw in the token contracts. EigenLayer's response will be crucial in maintaining trust amid rising competition and scrutiny in the space.
Bison, a cryptocurrency trading platform owned by Börse Stuttgart, has introduced an insured Ethereum staking service in collaboration with Munich Re and Staking Facilities. Users can stake a minimum of 0.005 Ether to earn weekly rewards, with the insurance covering risks such as slashing events, technical failures, and fraud.
The policy is designed to enhance user confidence in staking by mitigating common risks, thereby encouraging wider participation. All staked assets are managed by Börse Stuttgart Digital Custody, which complies with German regulatory standards. This initiative aligns with efforts to promote decentralization and secure staking practices in the cryptocurrency space.
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The FBI successfully generated around $14,500 in profit from an Ethereum token created to combat market manipulation. This initiative was part of a broader investigation by the Department of Justice (DOJ), which recently charged 14 individuals and four crypto firms, including Gotbit, ZM Quant, CLS Global, and MyTrade, with misconduct related to inflating cryptocurrency prices and volumes through wash-trading bots.
The investigation identified approximately 60 manipulated cryptocurrencies, highlighting the FBI's proactive approach to tackling fraud in the crypto space, including a token linked to a fake entity called NexFundAI.
Uniswap has unveiled Unichain, its own layer-2 blockchain network, aimed at providing faster and cheaper transactions while enhancing cross-chain interoperability. Currently in testnet, Unichain is designed to leverage the advantages of layer-2 solutions, offering improved liquidity access and decentralization.
With plans to reduce block times from one second to under 250 milliseconds, the platform promises near-instant transaction experiences. Unichain will operate within Optimism’s Superchain, facilitating liquidity access across various layer-2 networks.
Solana Highlights of the Week
Solana has launched SonicX, a tap-to-earn game integrated into TikTok, capitalizing on the platform's massive user base of one billion. Developed by Sonic SVM, this layer-2 gaming chain encourages players to tap their screens to collect points, purchase upgrades, and invite friends for potential future token rewards.
SonicX operates similarly to Telegram mini-apps, tracking each tap as an on-chain transaction. The project aims to attract Gen Z gamers while leveraging social tasks for decentralized advertising. Sonic SVM envisions this launch as a growth strategy to enhance its gaming ecosystem amid TikTok's evolving landscape.
The U.S. Securities and Exchange Commission (SEC) has charged crypto trading firm Cumberland DRW for operating as an unregistered dealer, handling over $2 billion in cryptocurrencies. The complaint alleges that Cumberland traded assets considered securities, including Solana and Polygon, and profited without providing necessary investor protections.
SEC officials assert that Cumberland and others treated these crypto assets as investment contracts, contrary to the industry's claims of commodity-like sales. Cumberland maintains it will not change its business operations due to the lawsuit, reflecting ongoing tensions between regulators and the crypto industry over compliance issues.
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Router Protocol has announced the integration of Solana to enhance cross-chain interoperability, connecting it with over thirty Ethereum Virtual Machine-compatible and non-EVM blockchains. This move expands the platform's reach across decentralized finance (DeFi), non-fungible tokens (NFTs), real-world assets, and decentralized physical infrastructure networks.
By leveraging its proprietary Router Chain and the advanced Router Nitro solution, users can efficiently bridge assets between Solana and other networks, simplifying transactions. Additionally, the Cross-Chain Intent Framework enables developers to create applications that operate seamlessly across multiple blockchains, fostering greater user engagement and liquidity within the ecosystem.
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