Valkyrie is 1st Bitcoin ETF to Diversify Custody
Polygon Labs Cuts 19% of Staff, OPNX Exchange To Close, Genesis Settles SEC Lawsuit
Welcome to Coinfeeds Daily Digest! U.S. lawmakers are challenging the SEC's crypto accounting policy that requires companies to list their cryptocurrencies on balance sheets and saying that the agency is overreaching its authority and discouraging crypto integration. In other legal developments, Genesis has settled its SEC lawsuit for $21 million regarding the company's fundraising through Genesis Earn, and the $400 million FTX hack was linked to a SIM swap attack and three people have been charged.
Binance has frozen $4.2 million worth of stolen XRP from a Ripple executive's wallet, and OPNX, an exchange linked to founders of the infamous Three Arrows Capital, will be closed. Moreover, Polygon Labs is working on a 19% staff cut, Superstate has launched a tokenized U.S. Treasury fund on Ethereum, and Bonk DAO has invested $500K into Colosseum — 'Y Combinator for Solana'.
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Valkyrie Is First Bitcoin ETF To Diversify Custody
This move makes Valkyrie the first to spread its Bitcoin holdings across multiple custodians, specifically choosing Coinbase and BitGo for this critical role. By not putting all their digital assets in one basket, Valkyrie is setting a precedent for risk management within the cryptocurrency ETF space. | Read More
U.S. Lawmakers Challenge SEC's Crypto Policy
The SEC's policy requires that companies holding customers' cryptocurrencies must reflect these assets on their balance sheets. By requiring companies to list cryptocurrencies on their balance sheets, the lawmakers contend that the SEC is overreaching its authority and potentially deterring institutions from offering crypto custody services. | Read More
$400M FTX Hack Linked To SIM Swap Attack, Feds Charge Trio
Three individuals have been charged in connection with a massive $400 million hack. The hack, which targeted the now-bankrupt cryptocurrency exchange FTX, is believed to be one of the largest in the history of digital currency theft. According to U.S. prosecutors, the trio executed a sophisticated SIM swap attack. | Read More
Binance Freezes $4.2M of Hacked XRP From Ripple Executive's Wallet
The tokens Binance has frozen, valued at $4.2 million, were illicitly siphoned from the wallet of Ripple Labs Executive Chairman Chris Larsen. This is part of a broader effort to mitigate the damage from a breach that saw a total of $120 million worth of XRP tokens stolen. | Read More
Genesis Settles SEC Lawsuit for $21M
The program in question, Gemini Earn, was designed to offer interest payments on loaned digital assets. However, the SEC claimed that the way Genesis raised money from investors through this program was illegal. The settlement comes while Genesis is navigating through Chapter 11 bankruptcy. | Read More
Polygon Labs Cuts 19% of Staff
The layoffs have been portrayed not as a necessity but as a choice to streamline operations. Despite the reduction in staff by 19% (60 roles), Polygon Labs is increasing the total compensation for the remaining employees by a notable 15%, signaling a commitment to its workforce and a shift in its compensation strategy. | Read More