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NewsBriefs - Abstract Chain launches Ethereum Layer 2 mainnet

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  • The Block

    Abstract Chain launches Ethereum Layer 2 mainnet

    Abstract Chain, an Ethereum Layer 2 network developed by Igloo Inc., has now launched on the mainnet. Built using ZKsync's ZK rollups, it offers low-cost, scalable transactions tailored for Web3 applications, especially community-driven ones. Igloo Inc., owner of the Pudgy Penguins NFT collection, designed Abstract Chain to enhance user experience through features like account abstraction, allowing wallet operation via smart contracts and user-friendly access options, including social logins. The network also introduced The Portal, a blockchain platform simplifying instant wallet creation and dapp access.

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    • Latest

    • Globe Newswire

      SharpLink Gaming becomes world's largest publicly traded ETH holder with $463 million acquisition

      SharpLink Gaming has acquired 176,271 ETH for a total of $463 million, making it the world's largest publicly traded holder of ETH, surpassing even the Ethereum Foundation. This acquisition is part of SharpLink's strategic initiative to use ETH as its primary treasury reserve asset, aiming to provide significant economic exposure to ETH for its investors and advocate for blockchain's transformative potential in various industries.

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      Globe Newswire

    • Cointelegraph

      ASIC bans Australian financial adviser for 10 years over $9.6M crypto scam

      The Australian Securities and Investments Commission (ASIC) has imposed a 10-year ban on Glenda Maree Rogan, a financial adviser, for allegedly redirecting AUD 14.8 million ($9.6 million) from clients, family, and friends into a fraudulent cryptocurrency investment with Financial Centre, an unlicensed platform flagged as untrustworthy. Rogan reportedly misled investors about the investment's nature and risks from March 2022 to June 2023, and is currently under ongoing investigation by ASIC.

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      Cointelegraph

    • The Block

      Coinbase to launch American Express-powered card offering up to 4% BTC rewards

      Coinbase announced the introduction of a new crypto rewards credit card for Coinbase One subscribers, offering up to 4% in Bitcoin rewards. The card, powered by American Express, will launch this fall and offers rewards based on the user's digital asset holdings.

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      The Block

    • Tether

      Tether acquires significant stake in Elemental Altus to bolster gold and asset-backed strategies

      Tether Investments, affiliated with Tether, has purchased a significant ownership in Elemental Altus, a Canadian gold royalty company. The acquisition of approximately 31.9% of Elemental's shares from La Mancha Investments is a key component of Tether's strategy to incorporate stable assets like gold and Bitcoin into its financial ecosystem. This investment aims to develop a robust, decentralized infrastructure for the digital economy, enhancing both stability and transparency. Additionally, Tether has an option to acquire further shares from AlphaStream, subject to certain conditions.

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      Tether

    • The Block

      US Senate advances GENIUS Act to regulate stablecoins

      The US Senate has voted 68 to 30 to advance the GENIUS Act, aiming for imminent finalization. The act, set to regulate stablecoins, mandates they be fully backed by US dollars or equivalent assets and requires annual audits for issuers with over $50 billion in market capitalization. President Trump's administration has supported the bill, anticipating his signature before August. Despite partial dissent from some Democrats, the Senate moves forward amid continued discussions and varying stablecoin regulation proposals in the House.

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      The Block

    • Bureau of Labor Statistics

      US May CPI comes in at 2.4% as inflation cools slightly

      In May 2025, the US Consumer Price Index (CPI) recorded a mild increase of 0.1 percent from the previous month, following a 0.2 percent rise in April. The annual inflation rate reached 2.4 percent, slightly under the anticipated 2.5 percent but up from 2.3 percent the preceding year. Key contributors to the month's CPI rise included shelters and food indices, both up by 0.3 percent, while the energy index fell by 1.0 percent, led by a decline in gasoline prices. Over the same 12-month period, food price inflation climbed to 2.9 percent, and energy prices contracted by 3.5 percent.

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      Bureau of Labor Statistics

    • FT

      CoinDesk's parent company Bullish files for US IPO amid rising investor interest in crypto

      Crypto exchange Bullish, backed by Peter Thiel, has confidentially filed for a US initial public offering (IPO), positioning itself amidst strong investor demand and industry-friendly policies under Trump's administration. The company had previously attempted a public launch through a SPAC deal in 2021, which failed. Jefferies is the lead underwriter for the new IPO effort, leveraging a renewed enthusiasm for crypto assets, evidenced by Circle Internet's recent successful IPO and other exchanges like Gemini planning US listings.

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      FT

    • The Block

      IREN plans $450 million convertible notes offering to fund expansions and investor strategies

      IREN, a Nasdaq-listed bitcoin mining and AI company, announced a private offering of convertible senior notes aimed at raising $450 million, potentially increasing by $50 million for early buyers. The funds will support capped call transactions to reduce equity dilution, a prepaid forward share repurchase up to $100 million for price stabilization, and general corporate needs. IREN operates extensive data centers in the US and Canada, focusing on bitcoin mining and AI technologies.

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      The Block

    • The Block

      South Korean lawmaker introduces new crypto bill focusing on stablecoin licensing

      South Korean lawmaker Min Byeong-deok proposed the Digital Asset Basic Act, aimed at establishing a structured regulatory framework for the digital asset ecosystem in South Korea. This bill introduces a new licensing regime specifically for stablecoin issuers, requiring them to have a minimum of 500 million Korean won in owner's capital. This regulation aligns with President Lee Jae-myung's objectives to support a local Korean won-based stablecoin market and prevent the outward flow of capital.

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      The Block

    • PhoenixNews

      Canary Capital registers staked Injective INJ ETF in Delaware

      Canary has registered a staked INJ exchange-traded fund (ETF) in Delaware, marking a significant expansion in its crypto offerings.

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      PhoenixNews

    • GOV.UK

      UK names first dedicated crypto specialist to help recover online assets like Bitcoin

      The Insolvency Service has appointed its first dedicated crypto intelligence specialist, Andrew Small, to enhance the tracing and recovery of crypto in bankruptcy and criminal cases in the UK. This initiative is in response to a substantial increase in insolvency cases involving crypto assets, growing by 420% over the past five years. Small will provide deep insight into the crypto market, helping the agency recover more funds owed to creditors. In the last year, over £500,000 in crypto assets were identified in insolvency proceedings, significantly higher than the figures from five years ago.

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      GOV.UK

    • Chainlink

      Chainlink powers cross-border CBDC and stablecoin exchange in Hong Kong pilot

      Chainlink is driving the secure exchange between a Hong Kong CBDC and an Australian dollar stablecoin in Phase 2 of the e-HKD+ Pilot Program. This initiative, involving prominent participants like Visa, ANZ, China AMC, and Fidelity International, aims to transform cross-border payments.

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      Chainlink

    • Michael Mo | KULR CEO

      KULR buys 118 Bitcoin, boosting holdings to 920 BTC

      KULR recently purchased 118.6 Bitcoin for approximately $13 million, priced around $107,861 each, increasing their total holdings to 920 Bitcoin. The assets were acquired at an average price of about $98,760 per Bitcoin, achieving a Bitcoin yield of 260% year-to-date.

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      Michael Mo | KULR CEO

    • Strategy

      Strategy acquires 1,045 Bitcoin for $110 million, achieves 17% yield

      Strategy has purchased 1,045 Bitcoin for approximately $110.2 million, with an average purchase price of about $105,426 per Bitcoin. The company has achieved a Bitcoin yield of 17.1% year-to-date as of June 8, 2025. Their total holdings now amount to 582,000 Bitcoin, acquired at an overall investment of around $40.79 billion.

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      Strategy

    • The Block

      BiT Global ends legal dispute with Coinbase over wBTC delisting

      BiT Global has agreed to dismiss its lawsuit against Coinbase, which was based on allegations of anti-competitive behavior following Coinbase's delisting of wBTC after launching a competing token, cbBTC. The agreement to end the legal challenge includes each party bearing their own legal costs, and the case cannot be reopened. Wrapped Bitcoin tokens like wBTC and cbBTC are used on blockchain networks such as Ethereum, but they require users to trust a centralized custodian.

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      The Block