Chibi Finance-Arbitrum based protocol conducts an exit scam
On 27 June 2023, Chibi Finance conducted an exit scam on the project. The team removed liquidity from the Arbitrum-based protocol, which was then bridged to Ethereum, where 555 ETH, approximately $1,041,141, was deposited into the crypto mixer Tornado Cash before being transferred to individual wallets across other networks.
Hong Kong’s largest bank HSBC to offer Bitcoin and Ethereum ETFs to customers
Hong Kong spearheads crypto adoption in Asia as banks increasingly support the crypto industry. HSBC has now announced that it will offer customers Bitcoin and Ethereum ETFs.
Oil markets calm down after Russia’s coup attempt fails
Oil Markets have calmed down due to the brokerage of the peace deal between rebel Yevgeny Prigozhin, the head of the Wagner group, and President Putin. Prigozhin had led his army of mercenaries to the Russian capital in an attempt to eject President Putin for attacks on his men.
DeFi markets rises in the past 2 weeks owing to harsh regulation in the US
DeFi has seen a market cap spike of 15% in the past two weeks as the US and other global regulators are going harder after crypto organizations. The market capitalization has increased by $6.3 billion in the time frame from $41.5 billion to $47.8 billion.
Eurozone businesses start slowing in June owing to interest rate hike effects
Eurozone businesses are caught in a tight zone once more as high-interest rates haunt the economy. It is only expected to worsen from here, at least on a short to mid-term basis, as more hikes must be done to tame rising inflation. This means more pain will be felt in the markets even after the eurozone’s flash composite PMI dropped to 50.3 in June.
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Hot Stories
E.U. begins MiCA crypto legislation countdown
E.U. has published MiCA regulations in its official journal, kickstarting the countdown to them taking effect by the end of 2024. These regulations have been in development over the past few years. They will play a big part in harmonizing crypto regulations in the region, as all European Union member states will be using them
U.S. Senators propose AI bills to streamline the industry
U.S. Senators have introduced a bipartisan bill to increase the transparency behind AI usage and foster innovation.
UBS and Swiss government strike a loss protection agreement over Credit Suisse take over
UBS and Swiss government have agreed to protect the investors amid the takeover of the collapsed banking giant Credit Suisse. The two announced on June 9, 2023, that they reached an agreement, which will take effect once the takeover of Credit Suisse is completed.
Tech CEOs want A.I. paused so they can catch up- Palantir CEO
Karp is opposed to the idea that tech CEOs are genuinely concerned with the after-effects and risks of A.I. He believes that these leaders are calling regulators and governments to stop or pause A.I. products so they can catch up and remain competitive.
Binance.US customers denied a USD fiat ramp by their banks
More pain for Binance.US customers as banks have decided to move away from the exchange in light of the SEC court battle. They have withdrawn their services of powering the Binance USD fiat ramp, making it impossible to withdraw or deposit USD to the exchange anymore.
U.K. imposes stricter crypto advertisement rules
The U.K. continues to crack down on crypto advertisements as the FCA introduces newer and stricter regulations. The regulator seeks to abolish the refer-a-friend bonus program used for advertising crypto projects, alleging that it hinders the chance for people to decide whether or not they want to be part of a project.