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Editor-curated news, summarized by AI

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  • James Seyffart on X

    Grayscale files updated 19b-4 form for its spot Ethereum ETF

    Bloomberg ETF analyst James Seyffart shared on X that Grayscale has submitted an updated 19b-4 form for its Ethereum Mini Trust, indicating a move towards launching a spot Ethereum ETF. This development is part of a broader trend as similar filings are expected to happen today.

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  • Crypto Briefing

    SEC asks updated spot Ethereum ETF filings from US exchanges: Report

    The Securities and Exchange Commission (SEC) has directed US exchanges to update their filings for listing spot Ethereum (ETH) exchange-traded funds (ETFs). This follows analytical predictions by Bloomberg analysts, who recently increased the likelihood of approval for such ETFs from 25% to 75%. The news sparked a significant 22.5% rise in Ethereum's price in just 24 hours, reflecting its potential to influence the broader crypto market. This development indicates a possible shift towards approving these ETFs, with expectations set by the recent handling of spot Bitcoin ETFs in the US.

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  • Crypto Briefing

    Gala Games CEO admits fault in $240 million token exploit, vows improved security

    Gala Games CEO Eric Schiermeyer admitted to lapses in their internal controls following a security breach where an unauthorized user minted and sold 5 billion GALA tokens, leading to a $240 million loss. This incident caused a significant price drop of GALA by 20%. The company has identified a suspect and is working with the FBI and other international authorities to address the security fault. Measures have been taken to secure the network and prevent future incidents.

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  • Bitcoinist

    Bitcoin exchange balances plummet signaling potential bull run

    Bitcoin (BTC) exchange reserves have reached historic lows, falling below $2 million, indicating a potential surge in pricing. Thomas Fahrer of Apollo highlights this trend as a precursor to a significant price increase, fueled by a combination of demand shock and inelastic supply. This shift coincides with increased institutional interest and substantial investments in Bitcoin ETFs, suggesting a bullish market outlook. Notably, Horizon Kinetic Asset Management's sizable investment exemplifies growing institutional confidence in Bitcoin's future.

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  • The Defiant

    LayerZero Labs identifies 800,000 potential Sybil addresses in public list

    LayerZero Labs, a key player in blockchain interoperability, revealed a list of 800,000 suspected Sybil addresses to curb airdrop farming, accounting for 13% of six million eligible addresses. This initiative, part of their broader anti-Sybil measures, aims to enhance token distribution fairness by eliminating potential abusers from the airdrop process. Initially identifying over two million potential Sybils, LayerZero refined their analysis to reduce false positives, prioritizing the integrity of the user base. This move highlights a significant step in addressing deceptive practices in the decentralized finance (DeFi) ecosystem.

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  • The Block

    Uniswaps Labs and Across Protocol introduce token standard ERC-7683 for better cross-chain interoperability

    Uniswap Labs and Across Protocol have jointly introduced a new Ethereum token standard, ERC-7683, aimed at improving cross-chain interoperability. This standard will enable more efficient and cost-effective transactions across different blockchain networks by reducing relayer fragmentation and lowering costs for users. ERC-7683 will be utilized in Uniswap's upcoming platform, UniswapX, which seeks to facilitate cross-chain swaps through a broad network of automated market makers and other liquidity sources.

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  • Cryptoslate

    COPA court case concludes Dr. Craig Wright is not Bitcoin creator

    The UK court has ruled against Dr. Craig Wright in the case brought by COPA, finding extensive evidence of dishonesty in his claim to be Satoshi Nakamoto, the creator of Bitcoin. The judgment notes that Wright forged documents and lied repeatedly to support his assertions, undermining his credibility and dismissing his claims to have authored the Bitcoin White Paper and developed the Bitcoin system.

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  • WSJ

    Grayscale CEO Michael Sonnenshein steps down

    Michael Sonnenshein, Grayscale Investments' CEO, is stepping down after a decade, with Goldman Sachs' Peter Mintzberg set to take over in August. Mintzberg joins amid challenges as GBTC lost $17B following its ETF conversion, while competitors gained $30B. Despite this, Grayscale maintains strong revenues from high fees and rising crypto prices. Managing $30B in assets, Grayscale played a key role in securing regulatory approval for spot Bitcoin ETFs by suing the SEC.

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  • Crypto Briefing

    Ethereum funds face $23 million in outflows amid ETF uncertainty

    Ethereum experienced $23M in outflows amid uncertainty over a spot ETH ETF approval by the SEC. However, digital asset products saw $932M in inflows, with Bitcoin attracting $942M. Altcoins like Solana, Chainlink, and Cardano also saw positive inflows. The overall trading volume was $10.5B, driven by a lower-than-expected CPI report. The US led with $1B in inflows, while Hong Kong and Canada faced outflows. Blockchain equities continue to struggle with $512M in outflows over 20 weeks.

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  • Cointelegraph

    Ethereum researcher's advisory role at EigenLayer raises concerns about potential conflicts

    An Ethereum Foundation researcher, Justin Drake, has accepted a paid advisory position with EigenFoundation, leading to debates over possible conflicts of interest due to the significant financial incentives involved. EigenLayer, a protocol that enables double staking of ETH tokens, presents a conflict scenario as Drake will be compensated with EIGEN tokens vested over three years. While some praise his transparency, others worry about the ethical and risk implications for the Ethereum Foundation.

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  • Cointelegraph

    Five crypto indicators signal a potential bull market onset, says analyst

    Despite recent stagnation in crypto market capitalization, key on-chain indicators highlighted by analyst "ELI5 of TLDR" suggest the commencement of a new bull market phase. Bitcoin's sustained market dominance, a sub-peak MVRV Z score, moderate Puell Multiple readings, positive HODL Waves trends, and significant miner revenue per hash all support early signs of a bullish trend. Despite some metrics indicating potential overheating, the overarching analysis portrays potential for market growth.

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  • Cointelegraph

    Pump.fun ex-employee claims UK arrest and bail after $1.9 million exploit

    Jarett Dunn, a former employee of the crypto trading platform pump.fun, has claimed responsibility for a $1.9 million exploit of the platform's systems. Dunn alleges he was arrested and charged in the United Kingdom, subsequently spending time in custody. He was released on bail and sectioned for mental health evaluation. Dunn continues to communicate via social media, stating that he remains free in the UK but faces restrictions under his bail conditions, including not contacting his former employer or its CEO.

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  • Beincrypto

    Kraken maintains USDT listing for European users despite regulatory challenges

    Crypto exchange Kraken has confirmed it will continue supporting Tether's USDT for users in Europe, addressing rumors about its potential delisting due to the MiCA regulations. Mark Greenberg of Kraken highlighted the importance of USDT for European clients and assured compliance with all upcoming legal requirements. Tether's CEO Paolo Ardoino also emphasized the need for stablecoins to maintain 100% reserves in treasury bills to mitigate risks related to bank failures.

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  • Cointelegraph

    Bitcoin maintains stability above $65,000, defying deep correction predictions

    Bitcoin's price remains stable above the critical $65,000 support level, contrasting with earlier predictions of major corrections. Despite a recent 15% price drop, market sentiment is buoyed by signs of recovery and a potential shift into a belief phase, as observed in bull market cycles. Analysts continue to monitor the price closely, particularly post the Bitcoin halving event, while some suggest significant movements may only be evident if Bitcoin surpasses the $70,000 threshold.

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  • DeFillama news

    Genesis to pay $3 billion in creditor claims after bankruptcy approval

    A US bankruptcy judge has approved Genesis Global's Chapter 11 liquidation plan to repay $3 billion in crypto and cash to its creditors. Despite the decision, Digital Currency Group, Genesis' corporate parent, will likely receive nothing after all creditor debts are settled, based on the current valuation gaps.

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