⚖️US States Take Action Against NEXO - TWJ #238
Crypto lenders continue to have troubles.
In today’s issue:
The crypto market is flat with its total market cap above ~$900 billion. STEPN (GMT) has been the best performer in the top 100 in the past 24-h. Goldman and BlackRock are warning that markets haven’t priced the risk of a global recession.
In other news, US States take action against NEXO, Grayscale GBTC discount hits ATL, and Deribit raises funds at a $400M valuation.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆US States Take Action Against Nexo
California's Department of Financial Protection and Innovation issued a cease and desist against crypto lender Nexo.
"As of July 31, 2022, over 18,000 California residents have active Earn Interest Product flex- or fixed-term accounts; these accounts collectively hold investments totaling at least $174,800,000,"
⎆Grayscale GBTC Discount Hits ATL
The Grayscale Bitcoin Trust (GBTC) has been trading at a discount since the beginning of 2021. Its discount now has fallen to -35.26%, it’s an all-time low
⎆Deribit Raises Funds at a $400M Valuation
The world’s primary crypto option market has raised funds at a $400M valuation from existing shareholders. It was valued at $2.1 billion in August 2021. Two sources said that the exchange raised $40M — existing shareholders include QCP Capital, Akuna Capital, and Dan Tapiero's 10T Holdings.
👨🏻💻Decentralized Finance (DeFi)
Binance To Implement Terra Classic (LUNC) Burn Mechanism
Cosmos Released ATOM 2.0 Whitepaper
Tribe Claims are Live
Hacker Steals $950,000 from Crypto Vanity Address as Exploits Continue
Cyber Sleuth Alleges $160M Wintermute Hack was an Inside Job
🏛Governance - Active Proposals
Compound - OpenZeppelin Security Partnership - 2022 Q4 Adjustment
Compound - Increase Compound III Supply Caps
🦮NFT & Metaverse
Reddit Avatar NFTs are Witnessing Volatile Price Tags
Pixelmon Attempts Comeback After $70M ‘Horrible’ Art Reveal
Walmart Debuts Roblox Worlds as ‘Testing Ground’ for the Metaverse
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
⚖️Regulatory Update
Nexo Hit With Enforcement Actions From Eight States
Crypto Advocates Cheer California Governor’s Veto of Regulatory Bill
Tether's Former Auditor Fined $1M by SEC for Sloppy Accounting
FTX Wins Bid to Buy Crypto Lender Voyager Digital's Assets
CoinFLEX’s Creditors to Own 65% of Firm After Reorganization
📚Noteworthy Reads
Corleone’s Thread on Soulbound
DeFiance Capital’s Thread on Play-to-Own & Web3 Gaming Thesis
Alf’s Thread on Global Macro
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