ALSO: SEC sues Bored Ape maker Yuga Labs, Grayscale calls BTC ETF rejection "capricious" and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter: If you were forwarded this newsletter and want to subscribe, sign up here. And click here to unsubscribe. – D.K. |
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Solana-Based DeFi Giant Mango Hit by $100M Exploit: A crypto trader utilized millions of dollars to manipulate the price of Mango's MNGO tokens on the namesake decentralized exchange (DEX) to drain over $116 million in liquidity from the platform. The MNGO token dropped over 40% in value after the exploit. - Mango developers said they reviewed the exploit and blamed faulty oracles, a third-party tool that fetches off-chain data, for the lapse.
SEC Probing Bored Ape Creator Yuga Labs Over Unregistered Offerings: The U.S. Securities and Exchange Commission (SEC) is probing Yuga Labs, the creator of the highly successful Bored Ape Yacht Club NFT collection, over whether sales of its digital assets violate federal law. - The investigation reportedly began in March, though it's unclear precisely which aspect of the BAYC – which spans from multiple NFT projects to a metaverse – fell afoul of the rules.
- The key legal question at the center of the probe is reportedly whether NFTs are securities.
In SEC Lawsuit, Grayscale Calls Spot ETF Rejection 'Arbitrary, Capricious, and Discriminatory': Grayscale Investments is heading to court following the SEC's rejection of its application to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange traded fund (ETF). - Grayscale, a CoinDesk sister firm, is not the only company whose spot bitcoin ETF application has been rejected.The SEC has denied over a dozen similar requests from other major crypto players last year.
– Xinyi Luo |
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Putting the news into perspective |
What Credit Suisse and Three Arrows Capital Have in Common David Z. Morris looks at the liquidity crunch at major investment bank Credit Suisse, and its parallels to the "wild-eyed psychos" that run money in crypto. Ultimately, it's unclear whether moral hazard or greed drives people to essentially run leverage-fuelled pump-and-dumps on stocks (like Suisse's partner, hedge fund Archegos, at the center of its losses) or crypto (like Three Arrows Capital, once among the most important digital asset buyer). But sometimes, Morris argues, it's plain stupidity. Read the article here. |
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An 'Open, Interoperable' Metaverse is 'Better for Everyone': Meta's Mark Zuckerberg (Decrypt) Coinbase: A Boring Story (Protos) China's Crypto Emigres in Their Own Words, a Year After Curbs (Bloomberg - paywalled) Cryptoverse: Hack jitters push bitcoin investors back to the future (Reuters)
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