Canada Warns of Rising Pig Butchering and Crypto Investment Scams
🇨🇦 The Canadian Anti-Fraud Centre (CAFC) has warned about a surge in crypto scams targeting Canadian citizens. In a Tuesday announcement, the anti-fraud call centre said there has been an increase in two specific types of cryptocurrency scams targeting Canadian citizens, including pig butchering or romance scams, and investment scams.
📌 In response to this concerning trend, the CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), has issued a warning to raise awareness about these sophisticated scams, particularly those involving prolonged online communication.
💥 The CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), warned citizens to exercise caution when engaging with individuals who discuss cryptocurrency trading or investments. “Fraudsters may attempt to establish a friendship or develop an online romance, or they may pose as legitimate investment advisers. Over time, the scammer will propose an investment opportunity, often involving crypto assets,” the warning states.
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Zentry Secures Strategic Funding to Propel Metagame Layer Development
🎮 Zentry, formerly known as GuildFi, has secured funding in a strategic round to build its Metagame Layer. According to a press release shared with Cryptonews, the funding round included investments from Spartan Capital, Synergis, LongHash Ventures and DWF Labs. Animoca, Binance Labs, Coinbase Ventures and Pantera Capital have previously supported the company.
⏰ The new funding has increased Zentry’s treasury to over $150 million, including 16,000+ ETH, positioning the company to advance the development of the Metagame Layer for future web3 gaming and social experiences. “As we build the Metagame Layer to unite all games and experiences into one vibrant Play Economy, adding the invaluable relationships from Spartan Capital, Synergis and LongHash was a no brainer,” said Zentry founder and CEO Jarindr Thitadilaka.
🖥 “They each bring deep expertise in gaming, virtual worlds and decentralized technologies – which will be critical as we execute our empowering vision to link people’s online and IRL activity to web3’s economic incentive layers,” said Thitadilaka. In April, GuildFi rebranded as Zentry as a part of the relaunch. It announced to introduce a new token conversion program where holders of the original GuildFi token GF could convert it to the new token ZENT.
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Exclusive: David Schwartz Unveils Ripple’s Bold New Strategies at Consensus 2024
👑 In an exclusive interview with Cryptonews’ Rachel Wolfson at Consensus 2024 in Austin, Texas, Ripple’s CTO David Schwartz provided a deep dive into the company’s latest innovations and plans. From institutional DeFi developments to introducing multi-purpose tokens, Schwartz outlined a comprehensive vision for Ripple and the XRP Ledger (XRPL). Check out the full interview below, or read on for a quick recap.
⚠️ Schwartz also provided insights into the evolving regulatory landscape and teased major announcements for the upcoming Apex event in June. Making it clear that all strategic moves aim to bridge the gap between traditional finance and DeFi, promising substantial growth and mass adoption of blockchain technology.
🔔 Schwartz detailed Ripple’s ambitious plans to promote institutional DeFi and ensure regulatory-compliant operations on decentralized blockchains. He clarified that this aims to integrate institutions with rigorous compliance needs into the DeFi ecosystem without sacrificing the core principles of decentralization.
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Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet
🇰🇷 Robinhood limited purchases of GameStop shares late Sunday following a surge in the meme stock’s value. It came after speculation arose that Keith Gill, the figure behind the notable short squeeze in 2021, could hold a substantial position in the video game retailer.
💵 The brokerage said Blue Ocean ATS, the platform that facilitates overnight trades for certain stocks, would only accept orders within 20% above or below a reference price of $22.99. So, if traders wanted to buy GME above $27.59 or sell below $18.39 during the night, their order would likely be rejected.
💵 Robinhood’s warning follows a Reddit post from Gill, who goes by “Roaring Kitty” on YouTube. The post marks Gill’s first since April 21. He’s known as a key figure in the 2021 GameStop short squeeze thanks to his online influence.
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Fidelity’s Crypto Custody Business Reports 60% Revenue Decline, £7 Million in Losses
📊 Fidelity Digital Assets, the cryptocurrency custody arm of Fidelity Investments, has revealed a drop in revenue of nearly 60% and losses exceeding £7 million for the previous year. According to a recent report from the Financial News, the company generated £545,000 in revenue during the 12-month period ending in December 2023, a notable decrease from £1.34 million in the preceding year.
🔄 The decline in revenue for Fidelity Digital Assets, which was established in 2018, can be attributed to a decrease in service-level agreement fees. These fees are associated with digital asset management services provided to its parent company, Fidelity Investments, as well as introducer fees earned when new customers are introduced and onboarded.
💵 Operating expenses for the unit rose by 32% year-on-year, reaching £7.8 million. The increase was primarily driven by higher staff salaries and benefits, which surged from £1.6 million to £3.2 million. Overall, Fidelity Digital Assets experienced a loss of £7.1 million in 2023, up from £2.5 million in 2022.
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Breaking: Robinhood to Acquire Bitstamp Crypto Exchange in $200 Million All-Cash Deal
✔️ Robinhood Markets has announced an agreement to acquire Bitstamp Ltd., one of the oldest and most respected cryptocurrency exchanges, in a $200 million all-cash deal. This acquisition aims to accelerate Robinhood’s global expansion and mark its entry into the institutional crypto business.
🟢 Although still subject to regulatory approvals and expected to close in the first half of 2025, the deal will expand Robinhood’s offerings with Bitstamp’s established crypto platform and extensive global licenses. Robinhood Markets, the well-known investing and trading platform, has agreed to acquire Bitstamp Ltd., a globally recognized cryptocurrency exchange, for approximately $200 million in cash.
➕ Bitstamp was founded in 2011 and has a robust presence in Luxembourg, the UK, Slovenia, and the US, with recent approval for services in Singapore. This strategic acquisition aims to accelerate Robinhood Crypto’s global expansion, leveraging Bitstamp’s over 50 active licenses and registrations. The deal will extend Robinhood’s reach across the EU, UK, US, and Asia, attracting a diverse customer base. Per JB Graftieaux, CEO of Bitstamp:
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Cross Light Capital Partners with Affin Bank to Launch Malaysia’s First Digital Asset Fund
⚡️ Cross Light Capital, a local fund management company, has joined forces with Affin Bank to launch Malaysia’s first digital asset fund. According to a report from The Edge Malaysia, the Performa Digital Asset Fund is geared towards granting exposure to digital assets via exchange-traded funds (ETFs) and exchange-traded products (ETPs), with a target demographic of premier banking clientele.
🔴 Exclusively accessible through Affin Bank’s invitation-only Affin Invikta suite, the fund ventures into investments in Bitcoin, Ether, and blockchain-related entities via publicly traded investment instruments. Notable allocations within the fund include stakes in companies like Coinbase Global Inc and Ubisoft Entertainment SA.
📌 Cross Light Capital has disclosed that the Performa Digital Asset Fund employs an equitable distribution strategy, with one-third of investments designated for bitcoin ETPs, another third for ether ETPs, and the residual portion for equities tied to blockchain endeavors.
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Crypto Talent Crunch Hinders Fortune 500 Adoption Plans: Coinbase
🛍 As major US corporations embrace blockchain, calls for clear regulations are growing louder, a Coinbase survey conducted on Fortune 500 (F500) executives revealed. But in the “State of Crypto” report published Wednesday, Coinbase said F500 execs are more worried about securing reliable crypto talent than navigating regulations. Additionally, a lack of understanding and clear steps to implement blockchain technology hinder broader adoption.
🔗 The survey showed the US is losing ground in the crypto talent race. This is despite 56% of Fortune 500 companies working on blockchain projects, including consumer-friendly payment applications. The report revealed a concerning 14% drop in US-based crypto developers over the past five years, with only 26% remaining domestically as of May.
💸 Even so, Coinbase highlighted a growing demand for crypto-savvy talent. Even small businesses are seeking candidates with crypto knowledge for finance, legal, and tech positions. The exchange emphasized that clear regulations are crucial for retaining US developers and maintaining the country’s leadership in tech innovation
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Telegram Game ‘Hamster Kombat’ Soars to 150 Million Players Amid TON Token High
💀 The Telegram-based crypto game sensation, Hamster Kombat, has announced that its player base has exceeded 150 million users, surpassing the population of Russia. The surge represents a 50% increase from just last week when the game celebrated reaching 100 million users.
⚡️ To put it into perspective, nearly one in five Telegram users have signed up for the game, which offers real crypto rewards as players strive to build a hamster’s virtual crypto exchange. The rewards in Hamster Kombat come in the form of a token airdrop scheduled for July.
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South Korea Announces $14.5 Million Blockchain Support Program
🇰🇷 The South Korea Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) will launch a blockchain support project. According to a recent report by Naver, the program will promote six projects in the public sector for public services and eight in the private sector to support commercialization, with a total budget of 20 billion won, approximately $14.5 million.
💲 The projects include central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services. For instance, a CBDC-based digital voucher management platform by the Bank of Korea will be supported by the program. This platform will enable various voucher programs to be used on mobile devices, enhancing the efficiency and accessibility of digital payments.
💳 The Korea Employment Information Service will also develop an integrated employment support service based on digital badges, which will streamline job matching and skill verification processes. Another notable public project targeted the simplification and digitalization of the electronic notarization process by the Ministry of Justice. This initiative aims to reduce paperwork and increase the efficiency of legal procedures.
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Fantom Foundation Pledges $120M to Accelerate Project Migrations to Sonic
🧬 The Fantom Foundation, the driving force behind the Fantom decentralized network, has committed to support the launch of Sonic, a new and faster network. In an announcement on June 20, the Fantom Foundation revealed its plan to allocate up to 200 million of its native Fantom tokens, amounting to approximately $120 million, from its treasury to facilitate the transition of projects to the Sonic network.
⚡️ The pledged funds will be utilized to identify and secure partnerships with top-tier developers and companies capable of contributing to the growth and development of the Sonic network. This includes developers working on applications directly on the Fantom platform, developers focused on decentralized applications (DApps), as well as partners providing essential tools and services.
💎 Notably, the funds will be derived from smart financial strategies implemented by Fantom network creator Andre Cronje, without any increase in the total token supply. Initially, the allocated funds will be directed towards strategic grants for existing applications within the Fantom ecosystem, with priority given to those that have demonstrated a strong interest in leveraging the Sonic technology.
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US Lawmakers Visit Detained Binance Executive in Nigeria, Point to Health Concerns
🇺🇸 US lawmakers French Hill and Chrissy Houlahan have made a visit to Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held. In an X post on June 20, Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.
🔗 Despite suffering from malaria, double pneumonia, and significant weight loss, Gambaryan is being denied adequate medical care. “We found him suffering from the conditions [at the Kuje prison]… Even worse, he’s being denied access to adequate medical attention.”
🔒 Hill also highlighted the irony of Gambaryan’s situation, as he is facing charges such as money laundering and tax evasion, which he has actively fought against. Hill called for Gambaryan’s immediate humanitarian release, emphasizing that he should be allowed to return home to the United States.
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Mt. Gox to Distribute Repayments in Bitcoin and Bitcoin Cash in July
🎁 Mt. Gox, the Japanese Bitcoin exchange that suffered a notorious collapse in 2014, is to begin distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash starting in July. The collapse of Mt. Gox triggered years of legal proceedings and efforts to recover the lost assets. In 2018, approximately 200,000 Bitcoins were recovered, initiating a lengthy rehabilitation process under the oversight of a court-appointed trustee. Creditors have since been awaiting compensation, with multiple delays frustrating the process.
🐰 The latest filing shows starting in July 2024, the rehabilitation trustee will commence the repayment process, distributing BTC and BCH to creditors. This distribution aims to compensate the users who lost their funds during the collapse. The exact details of the repayment plan, including the proportion of assets to be distributed and the timeline for completion, are closely watched by the crypto community.
🟣 In May, Mt Gox moved billions in Bitcoin which in turn had an impact on the market. It is estimated the exchange owes its creditors 142,000 BTC (worth over $9 billion), which needs to be paid out before 31 October 2024. It was suggested that creditors might start receiving their Bitcoin in May as noted by K33 Research analysts Anders Helseth and Vetle Lunde in an April 23 market note. The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million (69 billion Japanese yen).
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