🥊 Crypto Foundations refute SEC allegations

Markets

SOL, ADA, MATIC Prices Stabilize as Foundations Hit Back on SEC Lawsuit Allegations (3 minute read)
After a weekend of selling pressure; SOL, ADA and MATIC found their footing on Monday and started bouncing back. According to CoinGecko, SOL experienced a 2.2% increase, ADA climbed by 3.5%, and MATIC surged with an impressive 5.5% rise. Notably, futures data indicated that the movement was primarily driven by spot trading, as open interest and liquidations remained relatively low. Adding to the positive sentiment, the respective development foundations of these tokens recently issued statements refuting allegations from the U.S. Securities and Exchange Commission (SEC). This show of confidence likely contributed to the newfound stability and provided a reason for investors to feel slightly at ease.

Binance CEO CZ responds as data points to billions in exchange outflows (2 minute read)
It seems that assets have been making a swift exit from centralized exchanges lately, but Binance CEO Changpeng Zhao believes there may be a silver lining to the situation. Prominent analytics platforms like Nansen and DefiLlama have been keeping a close eye on the situation and have noted an increase in outflows from Binance over the past week following the news of the Securities and Exchange Commission's lawsuit against the exchange. Nansen's data reveals that a substantial $2.36 billion has left Binance, accompanied by an additional $123.7 million flowing out of Binance.US. While these figures may sound concerning, in a June 10 Twitter post, CZ argued that some exchange outflow data can be skewed as some third-party analytics measure change in assets under management as “outflow,” which would include times when crypto prices decline.

Tech

Lending protocol Sturdy Finance drained of $800,000 in security attack (2 minute read)
Sturdy Finance, a decentralized lending protocol, suffered a security attack resulting in the loss of 442 ether, equivalent to around $800,000. The attack exploited a reentrancy vulnerability, enabling the unknown attacker to manipulate a flawed price oracle and siphon off funds. Price oracles, which provide vital real-world price data in decentralized finance applications, can unfortunately become targets for hackers. In this case, the reentrancy attack allowed the perpetrator to illicitly withdraw more funds than they should have been entitled to.

Web3 Evolution: Louis Vuitton’s Pioneering Role in Blockchain Fashion (3 minute read)
Leading the charge in web3 is none other than Louis Vuitton, the world's most valuable luxury brand, who has recently announced their foray into tokenization. Starting with their iconic trunk, they are set to tokenize physical products, causing ripples in the web3 space. It's a momentous development considering that the fashion industry, valued at a whopping $1.53 trillion, outweighs the entire crypto asset class, currently valued at $1.1 trillion. But Louis Vuitton's innovation doesn't stop there. Introducing the VIA Treasure Trunk, a blend of tradition and innovation, they are redefining the concept of online identity and ownership, shifting it from web2 to web3.

Misc

Andreessen Horowitz Opening Crypto Office in London (3 minute read)
A16z crypto, the crypto investment arm of venture capital firm Andreessen Horowitz, has revealed plans to establish its first overseas office in London. Emphasizing the importance of a clear regulatory framework that fosters innovation while safeguarding consumers, a16z crypto believes that the United Kingdom offers such an environment for the success of the crypto industry. While the move does not explicitly mention the ongoing "war on crypto" in the U.S., it coincides with a "State of Crypto" report released by a16z crypto a month ago, which expressed concerns about stifling innovation and job creation by banning new business models or technologies. With this strategic move, a16z crypto aims to support the growth and development of the crypto ecosystem in a jurisdiction that aligns with its vision and values.

Crypto Inc is illegal now (1 minute read)
The U.S. government appears to have made a decisive move against the crypto ecosystem, signaling a shift from the previous leniency that the industry enjoyed for many years. While crypto has always carried an air of ambiguity, the initial vision of creating a digital currency to replace the U.S. dollar seemed legally dubious from the start. In fact, more than a decade ago, the FBI explicitly stated that it is illegal for individuals to create private coin or currency systems that compete with the official coinage and currency of the United States. The evolving stance of the U.S. government holds significant implications for the future of the crypto industry.

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