Top10 News

1、3AC aftermath: Court liquidation order, censure of violations, BlockFi acquisition storm, default notice, Celsius Possibility of bankruptcy reorganization
The fallout from 3AC insolvency is one of the lingering clouds hanging over the crypto. A court in the British Virgin Islands ordered the liquidation of 3AC on June 27th; Genesis is facing hundreds of millions of dollars in potential losses; The Monetary Authority of Singapore reprimanded 3AC for a number of irregularities; Voyager Digital LLC has issued a notice of default to 3AC; Celsius Is considering filing for bankruptcy reorganization. BlockFi acquisition valuations continue to hit new lows.
 
2、Sepolia is ready for the merger, which is expected within days  link
With Bellatrix now live, an updated TTD value of 17000000000000000 has been chosen for the transition. It is expected to be hit within the next few days.
 
3、Arbitrum Odyssey：skyrocketing gas fee caused controversy in the community, odyssey pause
The heavy load being put on the chain causing higher than normal gas fees, Arbitrum team decided it is best to pause the Odyssey until Nitro is released so that all communities and projects within Arbitrum continue to have a friction-free experience.
 
4、Grayscale Is Suing SEC After Spot Bitcoin ETF Rejection  link
The Securities Exchange Commission on Wednesday rejected an application from Grayscale Investments to convert its Grayscale Bitcoin Trust (GBTC) to an ETF, an effort Grayscale has been publicly pushing since April of last year. Grayscale Sues SEC about it.
 
5、MicroStrategy & El Salvador buy BTC again
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per bitcoin. El Salvador bought  80 BTC at $19,000 each.
 
6、Huobi will start mass layoffs,founder Li Lin is looking to sell his huobi shares  link
Wu said that huobi was exclusively informed that it will start large-scale layoffs, which may exceed 30%. A sharp drop in revenue after the withdrawal of Chinese users is the main reason. In addition, huobi Capital Management and the newly invested public chain Cube also have some problems recently, resulting in the current management team may face adjustment, according to sources. Multiple sources familiar with the matter confirmed to Wu that huobi founder Li Lin is looking to sell his shares. Li Lin currently holds more than 50% of the shares of huobi. However, it is difficult to sell at a higher valuation in the current downward market. Other shareholders of huobi include Sequoia China, ZhenFund and others.
 
7、500M $DAI Asset Allocation for MIP65: US Short Treasuries (80%) + IG Corp Bond(20%)  link
 
8. CoinShares:Record US$423m outflows last week while short-Bitcoin saw inflows of US$15m  link
Digital asset investment products saw outflows totalling US$423m last week, the largest since records began by a wide margin, with the prior largest also this year in January at US$198m. Regionally, the outflows were almost solely from Canadian exchanges, and one specific provider.
 
9、Solana Mobile Stack and flagship device, Saga, changes everything   link
The Solana network is getting its own mobile phone called “Saga,” an Android handset by the blockchain’s key stakeholder, Solana Labs. The upcoming device – a modified OSOM handset with specialty crypto wallet functions and the “Solana Mobile Stack (SMS)” software development kit for Web3 programs – was announced Thursday at an event in New York. It will cost about $1,000 and be available for delivery in early 2023,
 
10、Harmony Ropes in FBI After Losing $100M in Exploit  link
The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. FBI have joined the search for the attacker.
 
 
Fundraising

• a16z leads $23 million funding round for NFT gaming platform Cryptoys  link

• Social media network for kids raises $17 million for web3 projects  link

• Crypto Exchange Unizen Receives $200M 'Capital Commitment' From Investment Group GEM link

• Solana’s Macalinao Brothers Double Down on Crypto Venture Fund  link

• Kyve Network hits $100 million valuation as it raises $9 million  link

Learn more, check out  DoveMetrics.
 
Insights

• Messari Fund Analysis H1’22: Examining Portfolios of Crypto Funds   link

• Why Would a dApp Leave Ethereum Right Now?  link

• Toys, Secrets, and Cycles: Lessons from the 2000s  link

• Arthur Hayes: Number Three  link

• Utility Tokens From Real Businesses Will Drive Next Wave of Crypto Adoption  link

• Centralization Risks for Post-Merge Ethereum  link

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