💥 $35 million crypto hack

Markets

Crypto exchanges post $307 billion in volume for May, lowest since Nov. 2020 (1 minute read)
The latest data from The Block's Data Dashboard reveals a downward trend in crypto exchange volumes. In May, the exchanges recorded a total volume of $307.4 billion, marking a 23.2% decrease compared to April. This decline in trading activity has been persistent over the past few months, and May's figures only reinforce this trend. It's worth noting that this is the lowest level of volume seen since November 2020.

House Republicans Propose Bill To Classify Crypto As Commodities (3 minute read)
House Republicans in the U.S. Congress have made a significant move to tackle the regulatory challenges surrounding digital assets. They have introduced a new draft bill aimed at reclassifying digital tokens from securities to commodities, providing clearer guidelines for their treatment. The proposed legislation specifically emphasizes determining whether a digital asset should be classified as a commodity or a security. As part of the "discussion draft," regulated crypto firms that handle tokens or cryptocurrencies can now argue that these assets are commodities.

Tech

Over $35 Million Lost in Atomic Wallet Attack as Exploit Investigation Continues (4 minute read)
Users of the popular self-custodial Atomic Wallet have reported that millions of dollars worth of their crypto have gone missing. The decentralized platform acknowledged the compromise and assured users that they are taking the situation seriously, conducting a thorough investigation into the apparent vulnerability. Crypto Twitter was abuzz with concern as numerous individuals shared their experiences of drained wallet contents. Atomic Wallet, while unable to confirm the exact method of the attacks as of Sunday, expressed its commitment to collaborating with leading security companies and reaching out to analytics firms and exchanges to track the stolen funds.

Solana Phone: Do We Really Need a Web3 Mobile Device? (5 minute read)
Solana Mobile has been generating a buzz in the Solana space since its announcement in June 2022 with its promise to revolutionize the mobile Web3 experience, ensuring seamless management and secure transactions of digital assets. What's intriguing is that the Solana Saga leverages the Android operating system's foundation, cleverly addressing the long-standing user experience challenges of Web3. This approach enables new users to quickly adapt to the Saga's unique features. More than just a fantastic phone, the Solana Saga is purpose-built to enhance the Web3 mobile journey. Now, let's delve deeper into what sets the Saga apart from regular phones with Web3 apps. How does its architecture safeguard your funds and streamline your activities on the Solana blockchain?

Misc

Do Kwon out on bail once again after court dismisses prosecution appeal (2 minute read)
Do Kwon, co-founder of Terraform Labs, has been granted bail in Montenegro after prosecutors' appeals were dismissed by a Montenegrin court on June 2. The Basic Court in Podgorica released an official statement stating that the State Prosecutor's Office's appeal against an earlier bail agreement had been rejected. As a result, Kwon and Terraform Labs' chief financial officer, Han Chang-Joon, can now await further legal proceedings under house arrest in the country. The court has reinstated the original bail conditions set during a hearing on May 12, requiring both individuals to pay 400,000 euros ($436,000) each for their release. They are now under strict bail terms, confined to Chang-Joon's legal residence in Montenegro and subject to close monitoring by local police. Any violation of the supervision measures or leaving the residence will result in the forfeiture of the bail.

Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange (4 minute read)
Richard Teng has been appointed to supervise Binance's markets outside the U.S., positioning him as a potential successor to Changpeng Zhou, the founder of the world's largest cryptocurrency exchange. With his background as a former Abu Dhabi regulator, Teng brings valuable knowledge and experience to the table. This expanded role comes after reports surfaced that Zhou, also known as CZ, is seeking to reduce his ownership in Binance.US, the firm's American division, in an effort to appease U.S. regulators. As the overseer of Asia, Europe, the Middle East, and North Africa, Teng's expertise will be instrumental as Binance navigates regulatory challenges and aims to put past enforcement actions related to the early years of cryptocurrency behind them.

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