Category Archive: Cryptocurrency, No picture
Gala Games CEO admits fault in $240 million token exploit
Following the recent exploit that drained approximately $240 million worth of GALA tokens, Gala Games CEO Eric Schiermeyer responded with a statement, admitting to internal control failures and vowing to improve security measures. He also mentioned that the company has likely identified the perpetrator and is collaborating with the FBI, Department of Justice, and international […]
Gala Games hit by $200 million in possible inside job
A smart contract from Web3 gaming protocol Gala Games was allegedly exploited on Monday, with the hacker minting 5 billion units of the token GALA, which roughly translates to $200 million. Transaction that minted 5 billion units of GALA. Image: EtherscanThe user identified as Quit shared on X that the address responsible for the exploit is […]
Bitcoin punches above $70K, on brink of second breakout in months
Bitcoin has once again breached the $70,000 mark, reaching $70,225 per coin for the first time in over a month, marking its highest level since April 12.The 6% surge in 24 hours, as reported by CoinGecko, highlights a strong bullish sentiment from investors flooding newly approved spot Bitcoin exchange-traded funds (ETFs) with capital. The recent […]
Grayscale appoints Goldman Sachs exec as new CEO
Grayscale Investments’ Michael Sonnenshein is stepping down as CEO after over a decade of working with the crypto asset management firm. Grayscale has appointed Peter Mintzberg, currently the global head of strategy for asset and wealth management at Goldman Sachs Asset Management.Prior to his role at Goldman Sachs, Mintzberg held global leadership roles in Strategy, […]
Genesis settles for $2 billion in New York AG crypto case
New York Attorney General Letitia James has reached a $2 billion settlement with crypto lender Genesis to repay their investors, as reported by CNBC. Genesis, a central figure within the Digital Currency Group (DCG), succumbed to the industry-wide impact following FTX’s collapse, leading to a Chapter 11 bankruptcy filing in January 2023. “This historic settlement […]
Bullish signal: nearly 28,000 BTC left centralized exchanges in 7 days
Bitcoin (BTC) showed a 6.6% recovery in the last seven days, and investors withdrew their BTC holdings from centralized exchanges as a result, according to data aggregator Coinglass. In the last seven days, 27,975.21 BTC left the 20 exchanges tracked by the data platform, roughly $1.9 billion at the time of writing.Coinbase Pro saw the […]
Ethereum funds face $23 million in outflows amid ETF uncertainty
Ethereum (ETH) crypto funds suffered over $23 million in weekly outflows, despite digital asset products witnessing $932 million in inflows for the same period, according to asset management firm CoinShares. The outflows are tied to a growing skepticism over the likelihood of the SEC approving a spot ETH exchange-traded fund (ETF) in the US.Bitcoin remained […]
Binance Research estimates token unlocks to reach $155 billion by 2030
The crypto market has recently witnessed a trend of tokens launching with high fully diluted valuations (FDVs) but low initial circulating supplies.This structure, often driven by venture capital (VC) funding and upbeat market sentiment, can lead to unsustainable price appreciation post-token generation event (TGE) and significant selling pressure once tokens unlock.According to a recently released […]
Genesis wins court nod to return $3 billion to creditors
Bankrupt crypto lending company Genesis Global Holdco received court permission to return approximately $3 billion in cash and crypto assets to its creditors as part of its bankruptcy liquidation process on Friday. US Bankruptcy Judge Sean Lane made the decision.In addition, Judge Sean Lane rejected Digital Currency Group’s (DCG), attempt to challenge the distribution plan […]
Fund managers predict SEC rejection of Ethereum ETFs next week
In contrast to the enthusiasm that preceded the approval of spot Bitcoin ETFs, reports over the past few weeks suggest that optimistic expectations for the Ethereum product’s approval have cooled down. Speaking with Bloomberg this week, Katherine Dowling, general counsel for ETF applicant Bitwise, said she anticipates rejection next week due to the lack of […]
