🤯 Chinese crypto millionaire sues his own company?

Good morning!

Bitcoin continued to stay strong over the weekend, with the excitement surrounding ETFs and tradfi interest continuing. Bitcoin has managed to continue trading above $30,000 after breaking through the resistance last week but has since cooled off a little. On the other hand, BAYC’s floor price has continued to take a hit with a well known whale selling over 50 of his Apes.

And in an odd twist of events, the founder of Huobi, Li Lin, is sueing the company he founded for copyright infringement!

Before we dive in, let’s play a game.

Markets

Bitcoin ETF fever returns: Biggest inflow to ProShares’ BITO in a year (3 minute read)
The excitement surrounding Bitcoin exchange-traded funds (ETFs) has returned, accompanied by a wave of new applications and increased interest from institutional investors. Bloomberg's senior ETF analyst, Eric Balchunas, recently noted a surge in capital flowing into the ProShares Bitcoin Strategy ETF (BITO), which is a fund based on Bitcoin futures. This past week, the fund experienced its highest weekly inflow in a year, attracting $65.3 million and pushing its total assets beyond $1 billion. BITO, the first BTC-linked ETF in the United States, has become a favorite among institutional investors due to its close tracking of Bitcoin's performance, lagging behind spot prices by only 1.05% annually. Additionally, it boasts a reasonable fee of 0.95%.

IMF says banning crypto assets may not be effective long-term (2 minute read)
According to the International Monetary Fund (IMF), a complete ban on crypto assets may not be the most effective long-term approach for countries to manage risk. In a post discussing interest in central bank digital currencies in Latin America and the Caribbean, the IMF stated that while some countries have opted for outright bans due to the risks involved, this approach may not yield optimal results in the future. Instead, the IMF suggests that the region should focus on addressing the factors driving the demand for cryptocurrencies, such as unmet digital payment needs of citizens, and improving transparency by including crypto asset transactions in national statistics. Recognizing that cryptocurrencies carry different risks in different countries, the IMF emphasizes the importance of mitigating these risks while still harnessing the potential benefits offered by the technological innovation associated with crypto assets.

Bored Ape Yacht Club NFT Prices Plunge as Machi Big Brother Makes Major Moves (3 minute read)
The Bored Ape Yacht Club NFT market experienced turbulence over the weekend courtesy of Jeffrey Huang, aka Machi Big Brother. Huang made a splash by initiating a flurry of Bored Ape sales and then surprising everyone with a series of NFT purchases from the same collection. According to data from NFT marketplace Blur, Huang successfully sold over 50 Apes in just a couple of days. One notable transaction on Saturday saw Huang cashing in a whopping 19 Apes in a single go on Blur, earning 651 Ethereum, equivalent to approximately $1.2 million at the time of writing. While the Bored Ape Yacht Club NFTs have long been regarded as a top collection, their floor price has faced some challenges in recent months. Huang's moves caused a dip in the collection's value, bringing it to its lowest point in terms of Ethereum price since November 2021.

Tech

Bank for International Settlements Unveils ‘Game-Changing’ CBDC Blueprint Using Privatized and Controlled Crypto Technology (1 minute read)
The Bank for International Settlements (BIS), the global organization representing central banks, has unveiled its vision for central bank digital currencies (CBDCs) in its latest annual economic report. Embracing the language of the blockchain and smart contract industry, the BIS recognizes the immense potential of tokenizing fiat currency but emphasizes the importance of a privately controlled and unified system to facilitate this transformation. They propose the idea of a unified ledger, which could enhance existing processes by seamlessly integrating transactions and enabling new arrangements that were previously impractical. However, the report does take a jab at the crypto industry's pursuit of value systems that bypass the need to trust banks, politicians, and middlemen. While highlighting the potential of CBDCs, the BIS expresses a preference for a controlled and integrated approach.

NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia (2 minute read)
The NEAR Foundation, known for its work on developing the NEAR protocol ecosystem, has teamed up with Alibaba Cloud, the computing and storage division of Chinese tech giant Alibaba, to accelerate the growth of Web3 in Asia and the Middle East. This partnership will provide the NEAR Foundation with access to Alibaba Cloud's developer ecosystem in the region, aiming to attract more developers to build on the NEAR protocol. Developers will benefit from Alibaba Cloud's "plug-and-play" infrastructure as a service, making it easier to launch new NEAR validators. Additionally, the collaboration will offer remote procedure calls (RPC) as a service, enabling users to read blockchain data and conduct transactions across different networks.

Misc

$794K SIM swap hacker PlugwalkJoe sentenced to 5 years in prison (3 minute read)
Joseph O'Connor, the British hacker known as PlugwalkJoe, has received a five-year prison sentence in the United States for his involvement in a SIM swap attack that resulted in the theft of $794,000 worth of cryptocurrency from a crypto exchange executive back in April 2019. After being initially arrested in Spain in July 2021, O'Connor was extradited to the U.S. on April 26, 2023. In May, he pled guilty to various charges, including conspiracy to commit computer intrusions, wire fraud, and money laundering. The U.S. Attorney's Office for the Southern District of New York announced the prison sentence on June 23, along with three years of supervised release. O'Connor has also been ordered to pay $794,012.64 in forfeiture. Justice has been served, reminding us that hacking doesn't pay off in the long run.

Huobi founder Li Lin sues the exchange in a Hong Kong court for using the “Huobi” trademark (3 minute read)
Huobi Global Limited is facing a class action lawsuit filed by its founder, Li Lin, alleging trademark infringement. The lawsuit comes at a time when Huobi is seeking to expand its services in Hong Kong amidst increasing regulatory scrutiny in the cryptocurrency industry. With the US Securities and Exchange Commission (SEC) tightening its regulations on cryptocurrencies and related platforms, exchanges like Huobi are exploring new opportunities to sustain their operations. Huobi's founder, Li Lin, has taken legal action against the exchange in the High Court of the Hong Kong Special Administrative Region. Lin is pressing charges of trademark infringement through a company he controls called X-Spot Ltd.

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