Solana wallets hacked, Michael Saylor resigns as MicroStrategy CEO and the biggest asset manager in the world pens a deal with Coinbase. These stories and more this week in crypto.
$5 Million Stolen in Solana Hack
The Solana ecosystem experienced an attack that saw thousands of Solana-based wallets compromised and around $5 million in assets stolen. The Solana team explained that the addresses affected in the hack were tied to the crypto wallet app, Slope, where users’ private keys were exposed. If you are using a hardware wallet, your keys have not been compromised.
Michael Saylor Steps Down as CEO
Microstrategy’s Michael Saylor has stepped down as its CEO so that he can focus on the acquisition of bitcoin. To quell rumors that he was forced into the move as a result of a failed strategy, Saylor said that the price of bitcoin has increased 94% since Microstrategy adopted its bitcoin strategy in 2020.
BlackRock Signs Deal with Coinbase
Shares of Coinbase soared 30% after the exchange announced a partnership with BlackRock that will allow its institutional clients to buy bitcoin. Coinbase will provide crypto trading, custody, prime brokerage and reporting capabilities. BlackRock is the largest asset manager in the world with more than $8 trillion under management.
Coinbase Facing Multiple Lawsuits
Meanwhile, Coinbase is now facing increased scrutiny from regulators, with the company becoming the target of multiple lawsuits. In two new filings, plaintiffs claim that Coinbase made deceptive representations regarding its business. In a separate lawsuit an ex-Coinbase manager is being accused of insider trading, and Coinbase is also being investigated by the SEC for allegedly trading unregistered securities.
Pension Fund to Invest in Crypto
Fairfax County Retirement Systems, a US pension fund with assets totaling $6.8 billion, has revealed that it’s investing in crypto lending markets. Chief Investment Officer, Katherine Molnar said the yields that they’re able to achieve in a yield farming strategy are now really attractive.
CME Offers EUR Denominated Bitcoin Futures
The world’s largest derivatives exchange, the CME Group announced that they will be offering Bitcoin and Ethereum futures contracts denominated in Euros, pending regulatory review. CME says, year-to-date, the EMEA region represents 28% of total Bitcoin and Ether futures contracts traded, up more than 5% compared to last year.
WazirX Exchange Has Assets Frozen
India’s financial crime agency has frozen $8M in assets of the crypto exchange, WazirX. Regulators are probing the trading platform over alleged money laundering. A spokesperson for WazirX said that while they don’t agree with the allegations, they have been fully cooperating with the Enforcement Directorate.
Instagram Expands NFT Support
Meta is beginning its international expansion of NFT support on Instagram. Users and businesses in more than 100 countries will now be able to share their NFTs on the platform. In addition, Dapper Wallet is now accepted as a third-party wallet as Instagram expands support to Flow blockchain.
Justin Sun Backs Ethereum PoW Fork
Prominent Chinese miner, Chandler Guo, has said that he will fork the network to create a proof-of-work version of Ethereum after the merge. Justin Sun, the Founder of Tron, has suggested that his exchange Poloniex will back the move, saying that if the Ethereum hard fork succeeds, they will donate some forked ETHW to the community to build the ecosystem.
Revolut to Increase Crypto Staff by 20%
British fintech firm Revolut plans to increase crypto-focused staff by 20% across the globe over the next six months ignoring the bear market. The hiring push is intended to help Revolut expand its cryptocurrency offerings as they see crypto as a long-term play and remain bullish on the crypto industry.
That’s what’s happened this week in crypto, see you next week.