Google searches for ‘crypto’ drop 🔻, Pro-XRP attorney’s phone hacked 📲, Atomic Wallet hacked $35M 💸
Daily Crypto, Blockchain & Web3 Update 2023-06-05
CRYPTOCURRENCY
Bitcoin Ordinals rolls out upgrade to rectify 'Cursed Inscriptions' issue (3 min read)
Developers behind the Bitcoin Ordinals protocol have rolled out a new upgrade that aims to cure over 71,000 invalid or “cursed” inscriptions, allowing them to be traded.
On June 4, developers, including Twitter user Raphjaph, revealed the Ordinals protocol was upgraded to version 0.6.0, which would be the first step in indexing the previously unrecognized inscriptions.
Google searches for ‘crypto’ fall to 2020 levels as BTC sentiment neutral (2 min read)
According to data from Google Trends, the term “crypto” currently has a score of 17, which is well off its reference point of 100 in May 2021. Bitcoin and Ethereum have followed a similar downward trajectory.
Search interest for these terms declined after Terra Luna ecosystem collapse. A small spike in interest came in early November when the crypto exchange FTX collapsed.
Pro-XRP attorney’s phone hacked to promote LAW token (2 min read)
Pro-XRP lawyer, John Deaton, suffered a phone hack on June 4 amid a relentless cyberattack over several days.
CryptoLaw account, representing XRP token holders in the Ripple vs. SEC lawsuit, replied to a tweet from the account of their attorney. CryptoLaw clarified that the tweets were not from Deaton but from hackers, and immediate steps are being taken to remedy the situation.
Hong Kong’s regulatory lead sets it up to be major crypto hub (8 min read)
Hong Kong is increasingly solidifying its status as a crypto hub in Asia despite most other countries taking a cautious approach.
While China has maintained a hardline anti-crypto stance for almost half a decade, last year, Hong Kong introduced its own crypto legislation, allowing retail investors to invest directly in crypto assets.
In 2023, as most countries in the West are still cautious about cryptocurrencies, Hong Kong has taken a decidedly pro-crypto stance.
BUSINESS
JPMorgan uses blockchain for 24/7 dollar transfers with Indian banks (2 min read)
Global financial services company JPMorgan continues exploring the benefits of blockchain, deploying the technology to eliminate some restraints of traditional finance.
The banking giant has partnered with six major Indian banks to introduce a blockchain-based platform enabling interbank settlement of U.S. dollar transactions, Bloomberg reported on June 5.
Atomic Wallet says hack affected 1% of active users, but investors claim otherwise (2 min read)
A hack that drained $35 million from Atomic Wallet users since June 2 impacted less than 1% of its monthly active users, according to the company. In the aftermath of the attack, Atomic Wallet, along with individual blockchain investigators, have amped up efforts to track and revert stolen funds.
Trying to cash in on the commotion, a few verified scam Twitter accounts impersonated Atomic Wallet while sharing phishing links claiming to help users recover lost funds.
Metropolitan Museum of Art to return $550K in donations from FTX (2 min read)
The agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors, the museum said.
The Metropolitan Museum of Art is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November.
The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings.
Ripple case: Pro-XRP lawyer tips outright SEC victory at ‘less than 3%’ (3 min read)
Pro-XRP lawyer John Deaton has tipped less than a 3% chance for the United States Securities and Exchange Commission to score an outright win against Ripple, as an end to the long-running lawsuit draws closer.
The CryptoLaw founder has been a vocal advocate for Ripple against the SEC, which filed a lawsuit against the company in December 2020, alleging that the sale of its XRP token represented an unregistered securities offering.
QUICK LINKS
Ethereum gas fees cool down after May memecoin frenzy (3 min read)
The average gas fee, transaction fee, on the Ethereum network has cooled substantially in the first week of June after reaching a multimonth high in May, owing to the memecoin frenzy and much maximal extractable value (MEV) bot activities.
Atomic Wallet hack losses top $35M, on-chain sleuth reports (3 min read)
At least $35 million worth of crypto assets has been stolen from Atomic Wallet users since June 2, according to an analysis from on-chain sleuth ZachXBT. The five largest losses account for $17 million.
EU officials want all AI-generated content to be labeled (2 min read)
European Commission Vice President, Vera Jourova, said that companies deploying generative AI tools with the potential to spread disinformation should be publicly labeled.
Gate.io threatens legal action against rumor-mongers (2 min read)
Insolvency rumors surfaced after a series of events involving Multichain. Gate.io has denied any liquidity issues.
‘Crypto Tsar’ needed to ensure coordinated approach in the UK: EU lawmakers (2 min read)
APPG chair Lisa Cameron emphasized the report’s significance in securing the U.K.’s leadership in the crypto sector and safeguarding consumers.
Do Kwon out on bail once again after court dismisses prosecution appeal (2 min read)
The Terraform Labs co-founder is out on bail after a successful appeal in Montenegro but will be closely monitored until his next court appearance.
FTX debtors object to Genesis’ ‘critical’ claims estimate of ‘$0.00’ (2 min read)
The FTX debtors alleged that the claim was filed “without any advance notice,” and they were not invited to participate in the mediation.