💰 FTX lawyers earning $2000+ per hour

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This morning, Bitcoin’s price continues to sit just under $29,000, up from $26,700 after a flurry of Bitcoin ETF applications were submitted, piggy backing off of Blackrock’s application yesterday. Also, The CTO of Ripple seems to think that Coinbase can declare victory over the SEC, although we think this is a bit premature!

And back on the topic of FTX, bankruptcy lawyers have already billed the company over $200M since late last year, that’s nearly 10% of the cash sitting inside of the business.

Before we dive in..

Markets

Bitcoin price nears $29,000 after flurry of Bitcoin ETF applications (2 minute read)
Bitcoin, experienced a rise in value, reaching approximately $29,000 on Wednesday morning. This surge can be attributed to the recent influx of Bitcoin exchange-traded fund (ETF) applications. According to CoinGecko, the price of Bitcoin currently sits at $28,870, showing an increase from the previous day's low of $26,700. Over the past week, Bitcoin has seen an impressive 11% growth. Notably, other major crypto are also enjoying positive gains, with ETH rising by 4.7% and ADA, which recently underwent a software upgrade, surging by 7.6% within the last 24 hours. As a result of this market-wide upswing, the global market capitalization of cryptocurrencies has reached $1.178 trillion. This upward trend in prices follows the notable step taken by investment giant BlackRock, as it filed for its first-ever bitcoin ETF on June 15, thereby inspiring other players in the market to follow suit.

Blackrock’s Spot Bitcoin ETF Renews Optimism, Triggers Surge in New Filings (3 minute read)
Following BlackRock's lead in applying for a spot Bitcoin ETF, two investment firms have now filed their own applications. The latest contender is WisdomTree, a New York-based asset management fund, making its third attempt after facing SEC rejections in December 2021 and October 2022 due to concerns about fraud and market manipulation. Despite these setbacks, WisdomTree manages around $83 billion in assets. BlackRock's recent filing includes a noteworthy "surveillance sharing agreement" with the Chicago Mercantile Exchange (CME) futures markets, aimed at addressing regulatory concerns.

Ripple CTO Declares Coinbase's Victory Over SEC (2 minute read)
In a series of Twitter exchanges, Coinbase's Chief Legal Officer, Paul Grewal, shared updates on the legal battle with the SEC, while Ripple's CTO, David Schwartz, reacted to the developments. Grewal announced that the Third Circuit would retain jurisdiction over Coinbase's challenge to the SEC's inaction on their petition for clear crypto regulations. Schwartz described the situation as a "rollercoaster" and viewed Coinbase's ability to obtain any relief as a victory, suggesting their shared frustration with the SEC resonated with at least one federal judge. The legal saga between Coinbase and the SEC continues.

Tech

Bored Ape Creator's 'HV-MTL Forge' Mech Game Revealed (3 minute read)
Yuga Labs faced criticism from gamers and Web3 skeptics due to the high prices of its NFTs and toilet humor in Dookey Dash, but despite that, the web game generated a whopping $110 million in NFT trades, and the winning player sold their reward NFT for a staggering $1.63 million worth of Ethereum. Now, Yuga Labs has unveiled their next game, HV-MTL Forge, inspired by the success of Dookey Dash. Set to launch on June 29, HV-MTL Forge is a workshop-building game centered around the HV-MTL robot NFTs created by the Bored Ape Yacht Club. Owners of the Sewer Pass NFTs, which were initially required to play Dookey Dash, were given the opportunity to exchange their pass for an HV-MTL mech suit NFT back in March.

Cardano unveils Node 8.1.1 update for ADA network (2 minute read)
Cardano has taken a leap forward with the launch of Node 8.1.1, bringing notable enhancements to the platform. This version focuses on resolving P2P/DNS issues and boosting node performance, particularly during the epoch boundary. The release of Node 8.1.1 comes as Cardano works to refine its infrastructure and deliver a seamless user experience. Rigorously tested and deemed stable for deployment, this update ensures robust network connectivity and effective communication between nodes, while also facilitating smoother transitions within the Cardano blockchain.

Misc

FTX’s Bankruptcy Fees Already Topped $200M, Court Examiner Says (1 minute read)
The wind-up process of the crypto exchange FTX is shaping up to be a remarkably costly affair, as revealed by a filing made by court-appointed examiner Katherine Stadler on Tuesday. Stadler, a bankruptcy attorney overseeing fee evaluation, noted that professional fees have already surpassed $200 million. The legal and professional teams involved in the proceedings have accumulated nearly 35,000 billable hours, equivalent to four years of solid work by the end of January. Stadler emphasized the significant expense of these proceedings, highlighting costs that amount to 2% of estate assets and 10% of reported cash. Furthermore, it was revealed that 46 out of the 242 attorneys assigned to the case are charging over $2,000 per hour.

Crypto Proponent Joseph Tsai Becomes the New Chairman of Alibaba (2 minute read)
Alibaba Group, the Chinese e-commerce giant, has appointed Joseph Tsai as its new Chairman, succeeding Daniel Zhang. Tsai, a Taiwanese-Canadian billionaire businessman, is renowned for his support of the cryptocurrency industry and has been associated with various digital asset projects. Interestingly, it has come to light that Blue Pool Capital, which manages Tsai's personal wealth, participated in two funding rounds of the formerly prominent crypto exchange FTX.

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