Solana wallets hacked,
Michael Saylor resigns as MicroStrategy CEO
and the biggest asset manager in the world
pens a deal with Coinbase.
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
The Solana ecosystem experienced an attack
that saw thousands of Solana-based wallets compromised
and around $5 million in assets stolen.
The Solana team explained
that the addresses affected in the hack
were tied to the crypto wallet app, Slope,
where users’ private keys were exposed.
If you are using a hardware wallet,
your keys have not been compromised.
Microstrategy’s Michael Saylor has stepped down as its CEO
so that he can focus on the acquisition of bitcoin.
To quell rumors that he was forced into the move
as a result of a failed strategy,
Saylor said that the price of bitcoin has increased 94%
since Microstrategy adopted its bitcoin strategy in 2020.
Shares of Coinbase soared 30%
after the exchange announced a partnership with BlackRock
that will allow its institutional clients to buy bitcoin.
Coinbase will provide crypto trading, custody,
prime brokerage and reporting capabilities.
BlackRock is the largest asset manager in the world
with more than $8 trillion under management.
Meanwhile, Coinbase is now facing increased scrutiny from regulators,
with the company becoming the target of multiple lawsuits.
In two new filings, plaintiffs claim
that Coinbase made deceptive representations
regarding its business.
In a separate lawsuit
an ex-Coinbase manager is being accused of insider trading,
and Coinbase is also being investigated by the SEC
for allegedly trading unregistered securities.
Fairfax County Retirement Systems,
a US pension fund with assets totaling $6.8 billion,
has revealed that it’s investing in crypto lending markets.
Chief Investment Officer, Katherine Molnar
said the yields that they’re able to achieve in a yield farming strategy
are now really attractive.
The world’s largest derivatives exchange, the CME Group
announced that they will be offering
Bitcoin and Ethereum futures contracts denominated in Euros,
pending regulatory review.
CME says, year-to-date,
the EMEA region represents
28% of total Bitcoin and Ether futures contracts traded,
up more than 5% compared to last year.
India’s financial crime agency has frozen $8M in assets
of the crypto exchange, WazirX.
Regulators are probing the trading platform
over alleged money laundering.
A spokesperson for WazirX
said that while they don’t agree with the allegations,
they have been fully cooperating with the Enforcement Directorate.
Meta is beginning its international expansion of NFT support on Instagram.
Users and businesses in more than 100 countries
will now be able to share their NFTs on the platform.
In addition, Dapper Wallet is now accepted as a third-party wallet
as Instagram expands support to Flow blockchain.
Prominent Chinese miner, Chandler Guo,
has said that he will fork the network
to create a proof-of-work version of Ethereum after the merge.
Justin Sun, the Founder of Tron,
has suggested that his exchange Poloniex will back the move,
saying that if the Ethereum hard fork succeeds,
they will donate some forked ETHW to the community to build the ecosystem.
British fintech firm Revolut
plans to increase crypto-focused staff by 20% across the globe
over the next six months ignoring the bear market.
The hiring push is intended to help Revolut
expand its cryptocurrency offerings
as they see crypto as a long-term play
and remain bullish on the crypto industry.
That’s what’s happened this week in crypto,
see you next week.
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