$417M outflows crypto fund 💦, Polygon 2.0 introduces upgrades 💫, Apple to delist Damus app ✖️
Daily Crypto, Blockchain & Web3 Update 2023-06-13
CRYPTOCURRENCY
Crypto fund outflows reach $417M over 8 weeks as investor caution persists (2 min read)
Last week, cryptocurrency investment products had outflows of $88 million, according to CoinShares' weekly report. The substantial drawdown added to the ongoing eight-week streak of outflows, which now total $417 million. CoinShares analysts say the trend is due to monetary policy concerns because interest rate hikes are not slowing down, making investors cautious.
Polygon 2.0 introduces upgrades to tap into ‘Value Layer’ of internet (3 min read)
According to Polygon Labs, Polygon 2.0 will enable users to create, exchange, and program value on the internet.
Polygon Labs announced an update called "Polygon 2.0" that aims to create the "Value Layer" of the internet. This update will allow users to make, share, and program value.
Bank of China issues $28M in digital structured notes on Ethereum blockchain (2 min read)
On June 12, the Bank of China’s investment bank subsidiary BOCI announced the issuance of 200 million Chinese yuan ($28 million) worth of digital structured notes minted on the Ethereum blockchain. The move makes BOCI the first Chinese financial institution to issue a tokenized security in Hong Kong. Investment banking company UBS helped originate the product for placement with its client in the Asia-Pacific region.
‘All of the SEC’s claims fail’, Binance.US rebuts motion to freeze funds (4 min read)
Binance.US has asked the court to deny the securities regulator’s proposed temporary restraining order agains” its business.
In a June 12 filing, Binance.US slammed the Securities and Exchange Commission’s emergency motion for a temporary restraining order on its business, calling it “draconian and unduly burdensome.”
BUSINESS
Apple to delist Nostr-based Damus app over Bitcoin tip feature (2 min read)
Decentralized social media app Damus could face the axe from the Apple App Store over its Bitcoin tipping feature.
Apple warned Damus creators that the app would be removed for enabling Bitcoin tipping through its "Zaps" feature. The feature was made possible by integrating the Lighting Network widget to make Bitcoin payments and tips on the platform.
Ugandan Bitcoiner dreams of the secular economy: BTC Prague 2023 (3 min read)
A Ugandan Bitcoiner embarked on a community-funded trip from East Africa to Central Europe after winning tickets to BTC Prague for his adoption-driving efforts in his home country.
Brindon Mwiine, the founder of Ugandan-based Bitcoin platform Gorilla Sats, set off on a whirlwind journey from Uganda’s capital Kampala to the heart of Europe on the back of a Twitter competition he never thought he would win.
eToro halts ALGO, MANA, MATIC and DASH purchases for US customers (2 min read)
The firm said it remains a “supporter” of the crypto sector and suggested that the move was purely to avoid any potential regulatory non-compliance.
The move comes just a few days after competitor Robinhood also halted support for MATIC along with Cardano and Solana, two other cryptocurrencies deemed securities by the United States Securities and Exchange Commission.
QUICK LINKS
Atomic Wallet hackers turn to OFAC-sanctioned Garantex: Elliptic (3 min read)
Stolen loot crypto from Atomic wallets has started passing through sanctioned Russian-based exchange Garantex, according to blockchain security firm Elliptic.
Hinman docs unsealed: SEC concerned over ‘Ether is not a security’ statement (2 min read)
Newly released documents showing edits that were made to a 2018 speech given by former director of the Security and Exchange Commission’s (SEC) corporate finance division, Bill Hinman suggest the editors were concerned his statement might undermine the idea that Ether is a security.
Uniswap releases version 4 code, allowing for new types of liquidity pools (3 min read)
The new version features “hooks” that will allow for more customized options, but it will not be implemented until more feedback is obtained from the community.
Ripple CEO: Hinman docs are ‘well worth the wait’ (2 min read)
Brad Garlinghouse hinted that the eagerly awaited Hinman documents, which detail internal deliberations by Securities and Exchange Commission staff, could tip the court battle in Ripple’s favor.
UK to get ‘early or priority access’ to AI models from Google and OpenAI (2 min read)
It’s unclear at this time what access the U.K. will receive, but the reported commitment could be the first of its kind.
Hong Kong and the US aim for stablecoin regulations by 2024 (2 min read)
The U.S. is currently working on stablecoin market regulations, introducing three drafts of the bill by the first week of June.
UN report highlights ‘serious and urgent’ concerns about AI deepfakes (2 min read)
The United Nations wants to address AI-generated fake news and information as the organization looks to bring in voluntary guidelines for the technology.
DeFi protocol Sturdy Finance offers $100K bounty to hacker if funds are returned (2 min read)
Sturdy Finance founder Sam Forman said the company will not pursue the issue any further if the hacker accepts the offer and returns the remaining funds.
Thailand launches retail CBDC pilot with 2 banks and Singapore payment service (2 min read)
The project, delayed from last year, will enlist bank employees and nearby businesses for the pilot. Each payment provider has launched its own app.