Blockchain Bites: Hedge Fund Down, Banana Bets and Twitter Hack Fallout


One other crypto hedge fund ends, Huobi has launched a brand new unit to spend money on DeFi and the Twitter hacker is claimed to be a Bitcoin millionaire.

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High shelf

Funds down
Neural Capital, a crypto hedge fund, has shut down, having misplaced half of its cash since launching in 2017. Three folks conversant in the matter mentioned the fund’s crypto-assets have been liquidated in December and the fund was repaying the remaining cash to buyers. , an extended course of than anticipated. At its peak, Neural Capital managed over $ 13 million from greater than 40 buyers, together with Greylock companion Joshua Elman and Expa companion Hooman Radfar. He joins a number of funds based in 2017 that introduced closures in 2020, together with Adaptive Capital, Prime Issue Capital and Tetras Capital.

Banana Fund
US prosecutors are searching for to return $ 6.5 million in bitcoin to victims of the “Banana.Fund” crowdfunding venture, which the federal government has described in court docket paperwork as a Ponzi scheme. In a forfeiture motion towards the cryptocurrency account storing the funds, prosecutors allege that Banana’s nameless administrator admitted to buyers that his venture had failed, promised to return them $ 1.7 million, after which n failed to take action. The operator then switched to a cash laundering and reimbursement program which finally resulted within the seizure by the USA Secret Service (USSS) of 482 Bitcoin (BTC) and 1 721 868 hooked up (USDT), court docket paperwork present.

Twitter Hacker
The 17-year-old who’s believed to be behind the current Twitter hack is believed to personal greater than $ 3 million in bitcoins. Suspected hacker Graham Ivan Clark is charged with 17 counts of communications fraud, 11 counts of fraudulent use of private info, one depend of trespassing into an digital gadget and one other of organized fraud. His bond was set at $ 725,000. Federal officers additionally accuse Nima Fazeli and Mason John Sheppard of contributing to “intentional entry to a protected laptop” and of conspiring to commit digital fraud and cash laundering, in accordance with prison complaints launched Friday.

DeFi Lab
Crypto alternate operator Huobi Group is creating a brand new fund to take a position tens of thousands and thousands of {dollars} of its personal capital within the decentralized finance (DeFi) house. The Huobi Group introduced on Monday that it has launched a brand new enterprise unit known as Huobi DeFi Labs to handle the fund. The group will deal with researching, investing and incubating DeFi-related initiatives, and enlisted former banker Sharlyn Wu to guide the initiative.

Hacking Results
A Spanish cryptocurrency fee app and card issuer admitted it might not be capable of instantly refund customers affected by Friday’s $ 1.4 million hack and provided a compromise as a substitute. . Madrid-based 2gether mentioned on Sunday it had not been capable of finding the funds to reimburse all customers for the 1.2 million euros stolen by hackers – 26.79% of the full firm funds – Friday night time. The corporate provided to reimburse buyers with native 2GT tokens on the difficulty value of slightly below $ 0.06. “We are able to guarantee you, with nice sorrow, that if we may cope with this theft with our personal funds, we’d,” the advert learn.

Market info

Tokenized BTC
The provision of tokenized bitcoin elevated by greater than 70% in July. Over 20,000 BTC (~ $ 225 million) is now tokenized utilizing Ethereum-based protocols. Wrapped Bitcoin (WBTC) accounts for over 76% of the full tokenized bitcoin provide with over 15,500 tokenized BTCs. Complete provide elevated by about $ 96 million in July, following file development in June.

Dex quantity
July’s buying and selling quantity on decentralized exchanges set its second consecutive file, up 174% from June, in accordance with knowledge from Dune Analytics. The general quantity of buying and selling on decentralized exchanges reached $ 4.32 billion in July, up from $ 1.52 billion in June. 41% of July’s quantity got here from Uniswap, on which merchants are speculating on property starting from a “higher Bitcoin” to a coin named after fried hen.

Discover

Worth judgments
Crypto is inherently disruptive. On this week’s Crypto Lengthy & Brief e-newsletter, CoinDesk’s Galen Moore asks whether or not decentralization – and its attendant change that comes with it – is creating or destroying worth within the crypto house. “The ‘Robinhood impact’ might pose a menace to the cryptography of shares, which now additionally seem to commerce unimpeded by fundamentals, through onramps that increase entry,” he writes.

DeFi defines Ethereum
DeFi Dad, organizing member of Ethereal Summit and Classes and DeFi tremendous consumer, believes Etheruem has discovered a story he can cling to. “5 years in the past you possibly can inform Ethereum was attempting to do an excessive amount of. Two or three years in the past, this was nonetheless a sound speculation, with stagnant adoption, ”he writes.

Podcast Nook

Bitcoin, intercourse and feminism
Chaturbate is likely one of the few mainstream porn websites that has included crypto in any significant manner. COO Shirely Lara joins Leigh Cuen of CoinDesk for an in-depth dialogue on bitcoin, intercourse and feminism.

Who gained #CryptoTwitter?

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