Crypto Weekly Roundup: Ethereum ETFs Greenlight, dYdX Compromised, & More

It was a big week for crypto, as spot ETH ETFs finally started trading on major stock exchanges. Furthermore, the excitement around the Bitcoin 2024 conference and its slew of celebrity speakers has riled up even more buzz around the industry. Find out more. 

Bitcoin

The Bitcoin 2024 conference in Nashville started on Thursday, where speakers such as Donald Trump have been scheduled to speak later in the week. 

Jersey City’s mayor, Steven Fulop, has announced that the city’s municipal pension plan will invest in Bitcoin (BTC) through spot Bitcoin ETFs. 

Ethereum

Spot Ethereum ETFs have begun trading on major exchanges following SEC approval, marking a significant step for Ethereum investment opportunities. The required S-1 registrations were approved on Monday; as a result, the spot ETH ETFs can now be listed on major stock exchanges such as Nasdaq, the New York Stock Exchange (NYSE), and the Chicago Board Options Exchange (CBOE).

Technology

OriginTrail is harnessing the power of the OriginTrail Decentralized Knowledge Graph to extend discoverability and verifiability, bringing greater value to Polkadot’s interconnected Web3 assets. It leverages Polkadot’s strong trust model and inherent interoperability to facilitate smooth integration with other Polkadot ecosystem projects. 

Business

Marathon Digital Holdings has been fined $138 million for breaching a non-disclosure and non-circumvention agreement by using a proprietary growth strategy without compensating its developer. Michael Ho, co-founder of US Bitcoin Corp and chief strategy officer at Hut 8, accused Marathon Digital of using a proprietary growth strategy he developed in 2020 without compensating him.

Polkadot’s new mobile app will feature Raise’s advanced payment solutions to streamline cryptocurrency transactions, offering users a seamless and secure platform for managing digital assets and making everyday purchases.

Web3

Memecoins have evolved to become more than just a trend to become bulletproof as a category, raising pertinent questions about market stability and resource allocation within the web3 ecosystem. Rising interest from whale investors further legitimizes memecoins in the eyes of ordinary investors while diverting capital from more established, utility-focused projects.

Security

Decentralized exchange and staking platform MonoSwap announced it had been the victim of a major hack and urged users to stop staking or deposit additional funds on the platform. 

Decentralized cryptocurrency exchange dYdX announced that one of its on-chain trading services had been compromised after an attacker installed a token-draining program on dYdX v3’s official website. According to dYdX, none of the funds traders already had on dYdX have been affected in the attack which was reported after it was announced that it was up for sale. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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