CryptoFlake

Montenegro Appellate Court Upholds Extradition of Do Kwon to South Korea ! On August 1, the Montenegro Appellate Court upheld the decision to extradite Terraform Labs co-founder Do Kwon to South Korea. With no further appeals expected, his repatriation will be expedited. This ruling concludes a series of legal disputes over whether Kwon should be extradited to the U.S. or South Korea.

US Spot Bitcoin ETFs See $299,000 in Net Inflows, Ethereum ETFs Experience $77 Million in Outflows On Wednesday, U.S. spot Bitcoin ETFs saw modest net inflows of $299,000, driven by BlackRock IBIT's $20.99 million and Grayscale Bitcoin Mini Trust’s $18 million inflows. Conversely, spot Ethereum ETFs faced significant net outflows of $77.21 million, with Grayscale Ethereum Trust (ETHE) leading with $133.33 million in outflows. Total trading volume for spot Bitcoin ETFs remained at $1.37 billion.

Ethereum ETF Launch Attracts $2.2 Billion in Inflows: CoinShares The launch of spot-based Ether ETFs has driven substantial inflows, with new ETFs attracting $2.2 billion and a 542% increase in ETH ETPs, according to CoinShares. However, these gains were offset by $285 million in net outflows from incumbent funds, including Grayscale’s $1.5 billion trust.

Swiss Regulator FINMA Proposes New Rules for Stablecoin Issuers FINMA proposed new guidelines classifying stablecoin issuers as financial intermediaries, requiring AML compliance and depositor protection measures. This aims to enhance regulatory oversight and mitigate financial risks.

Marathon Purchases $100M in Bitcoin, Returns to 'Full HODL' Strategy Marathon Digital Holdings has acquired $100 million worth of Bitcoin over the past month, planning to "HODL" as a strategic treasury reserve asset, according to CEO Fred Thiel.

Bitstamp to Start Mt. Gox Creditor Repayments on July 25 ✔️ Bitstamp will start distributing crypto to Mt. Gox creditors on July 25 after receiving 5,106 Bitcoin from the trustees. Additional transfers included Bitcoin Cash and Ether. Security checks will take a week before recipients gain full control of their coins. UK-based customers will receive their repayments within the next few months.

BREAKING: SEC Approves Spot Ethereum ETFs for Trading Starting Tomorrow U.S. regulators have approved spot ETFs for Ethereum (ETH), allowing investors to trade ether through traditional brokerage accounts. This follows the approval of Bitcoin ETFs in January and aims to make ether more accessible to mainstream investors.

BNB Foundation Completes 28th Quarterly Token Burn, Eliminates 1.6M BNB Worth $971M ✨ The BNB Foundation has completed its 28th quarterly BNB token burn, eliminating 1,643,698.8 BNB worth approximately $971 million. This burn aims to gradually reduce the total supply to 100 million BNB, ensuring transparency and predictability through an Auto-Burn system.

Joe Biden's Exit from Presidential Race Eliminates $67M in Crypto Long Positions Within 30 Minutes ✔️ Nearly $67 million in leveraged longs were liquidated after President Biden withdrew from the 2024 election. Bitcoin dropped to $65,880, then rebounded to $68,480, causing $34 million in short position losses. The recovery was driven by market dynamics and a large buy order.

Bitzlato Founder Avoids Extra Jail Time Despite $700M Dark Web Proceeds Anatoly Legkodymov, founder of the defunct crypto exchange Bitzlato, was sentenced to time served after pleading guilty to operating an unlicensed money-transmitting business. Bitzlato processed over $700 million in illicit proceeds from the Russian dark web. Judge Eric Vitaliano deemed the 18 months Legkodymov spent in Brooklyn's Metropolitan Detention Centre sufficient punishment.

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OKX Designates Malta as MiCA Compliance Hub for EU Operations ✔️ OKX has chosen Malta as its Markets in Crypto-Assets (MiCA) hub to meet EU regulatory standards. The crypto exchange highlighted Malta's regulatory quality and its existing infrastructure there. OKX has held a VFA Class 4 license in Malta since 2021.

LI.FI Suffers Estimated $9 Million Loss in Exploit LI.FI, a cross-chain blockchain protocol, has been exploited, with the team urging users to avoid LI.FI applications and revoke permissions using revoke.cash. The issue affects users who manually set certain features. The root cause is an arbitrary call to a gas contract deployed five days ago.

Report: Trump in 'Good Spirits' and Set to Attend Nashville BTC Conference 👍 Former President Donald Trump intends to speak at the Bitcoin Conference in Nashville, Tennessee, despite surviving an assassination attempt in Pennsylvania on July 13. David Bailey, CEO of Bitcoin Magazine, confirmed Trump's plans, noting that he had spoken with Trump's team and that the former president is "in good spirits."

Gnosis Chain Implements Shutter's Encryption to Address MEV Issues 🔈 Gnosis Chain and blockchain project Shutter have collaborated to introduce fully embedded encryption technology. This integration aims to enhance censorship resistance and prevent maximal extractable value (MEV) on the Ethereum sidechain.

Vitalik Buterin Advocates for Automated Response to 51% Attacks on Ethereum ⚡️ Ethereum co-founder Vitalik Buterin urges better preparation for potential 51% attacks, advocating for automated responses to censorship. He suggests that validators use software to counter censorship and coordinate on a minority chain if needed. Buterin also calls for more light clients, zk-EVM support, quantum resistance measures, and protocol simplification to improve the network.

Doja Cat's X Account Allegedly Hacked, Leading to $1.6M Investor Loss in Scam Coin Promotion ⚡️ Rapper Doja Cat's X account was hacked on July 8 to promote a scam token, "Doja Cat (DOJA)." The token's market cap briefly hit $1.65 million before crashing to $16,820, resulting in over $1.63 million in investor losses. The hacked posts included an image urging followers to buy the token and made negative comments about rapper Iggy Azalea.

$1 Million Bug Bounty Program for 'Firedancer' Solana Client Launches July 10 ✨ The 'Firedancer' validator client for Solana, created by Jump Crypto, will launch a bug bounty program on July 10. Over six weeks, $1 million will be awarded for significant bug finds in Firedancer v0.1. Developer Cantelope Peel reported successful testing matching the Solana protocol.

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Analyst: Government Bitcoin Sales Only 4% of $225B Bull Market Inflows ✨ Bitcoin traders should not be swayed by government BTC sell-offs, says CryptoQuant CEO Ki Young Ju. He noted that government Bitcoin sales, around $9 billion, are minimal compared to the $250 billion of inflows since the latest bull market began. "Don't let gov't selling FUD ruin your trades," Ki advised.