Weekly Crypto Digest for June 23-30, 2024
Sunday, June 30, 2024
In the latest issue of Weekly Crypto Digest, read more about new updates on Solana-ETF, Germany sells BTC, SEC sues ConsenSys, CZ owns 64% of BNB supply, and more news.
VanEck and 21Shares have filed to launch Solana-ETF
According to data from the Arkham Intelligence platform, German authorities continue to sell bitcoins from their portfolio. On June 25, 2024, they withdrew another 400 BTC.
Previously, on June 19-20, 2024, the authorities transferred assets worth $195 million from a government account to crypto exchanges.
After this, Bitcoins were accumulated in the wallet for some time. On June 25, 2024, 400 BTC were withdrawn from it in two tranches to the Coinbase and Kraken sites.
SEC sues ConsenSys
The American regulator in a lawsuit against MetaMask developer ConsenSys claims that:
Since October 2020, ConsenSys has been "operating as an unregistered securities broker";
Since January 2023, the company has been offering and selling unregistered securities through MetaMask Staking. In particular, liquid staking services Lido and Rocket Pool are mentioned.
The Commission said that ConsenSys collected more than $250 million in commissions as an unregistered broker.
CZ owns 64% of the total BNB supply
Forbes reports that the former CEO of cryptocurrency exchange Binance, Changpeng Zhao, owns 94 million BNB, which is about 64% of the total supply of 147.5 million coins.
According to journalists, CZ accumulated its supply of BNB in two ways. He and his team received 80 million BNB during the creation of Binance in 2017.
Journalists added that the second component of CZ's wealth is more nebulous. According to a Forbes investigation, Binance initially lacked buyers during its initial coin offering (ICO), so Zhao and his company funneled unsold shares into wallets he controlled.
After an examination, it was discovered that these assets are stored in Binance wallets and are valued at more than $35 billion at a coin price of $602. Given that CZ owns 90% of Binance shares, he holds another 52 million BNB, the report said.
Forbes estimates Zhao's net worth at $61 billion, making him the 24th richest person in the world.
Bitcoin network activity has fallen to the lowest level since 2010
Bitcoin network activity has dropped to its lowest level since November 2010.
Experts noted that the total number of active wallets has reached multi-year lows. On June 27, 2024, there were 614,770 active addresses registered, which is the lowest number since December 2018.
Apparently, the decrease in the ratio of active addresses indicates a lack of purchase and sale of the asset; "this indicates a phase of market consolidation."
The court confirmed most of the SEC's charges against Binance
Binance's lawyers managed to partially dismiss the lawsuit during the ongoing proceedings with the SEC, but most of the charges remained in force.
D.C. District Court Judge Amy Berman Jackson granted the motion to dismiss the Commission's claims regarding secondary sales of the BNB token, the BUSD stablecoin offering, and the Simple Earn product.
The SEC's investigation into the ICO and subsequent sales of the BNB platform, the BNB Vault program, failure to register and failure to comply with anti-fraud regulations will continue. The same goes for the staking service on Binance.US.
Charges against ex-Binance CEO Changpeng Zhao that he, as a controlling person, committed violations of the Exchange Act remained on file.
Mt. Exchange Gox will begin paying compensation to customers in July
The bankrupt cryptocurrency exchange Mt. Gox will begin paying compensation to its customers in July 2024. It is known that users will receive lost funds in Bitcoin and Bitcoin Cash (BCH), in accordance with the "recovery plan".
The statement also said that due diligence and certain security measures will be required before payments can be made.
Customers were also asked to be patient, adding that the payment procedure will depend on the cryptocurrency exchange.
SEC delays approval of spot ETH-ETFs
The US Securities and Exchange Commission has returned Form S-2 to potential issuers of Ethereum-based spot exchange-traded funds for amendments.
The Block's source said the regulator has made "small comments" and expects the adjusted applications to be returned by July 8.
However, this will not be the final submission. Will need at least one more round of document exchange, he added.
Information about minor changes was confirmed by Eric Balciunas. At the same time, the analyst noted that now the consideration is delayed by the holiday week (July 4 - Independence Day of the United States), and then it will run into the holiday season.
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