Crypto VCs Subpoenaed by SEC

️ On today's Top Picks:

Crypto News

• ⭐️ US SEC subpoenas at least three crypto VCs regarding token deals.

• Tether to double workforce to ~200 employees by mid-2025; expanding development, investment, & compliance teams.

• Trump-themed memecoin Restore the Republic $RTR soared to $155M market cap before crashing 95%.

• US Judge approves $12.7B settlement between FTX, Alameda Research, & US CFTC.

• Ripple Labs $XRP fined $125M in US SEC case; also banned from future violations of US federal securities laws.

• ⭐️ Do Kwon's extradition to South Korea postponed by Montenegrin court once again.

• Russia legalizes crypto mining in the country for, "legal entities and individual entrepreneurs included in a register."

Alpha

• ICYMI Linea Culture SZN by Earndrop.

• Fuel adds support for $PumpBTC, $FBTC, $SolvBTC, & $SolvBTCBBN to the Fuel Points Program.

• BOB to launch Stablecoin Carnival; participation rewards SPICE.

• Initia launches Final Week of The Initiation Part 2 campaign.

• Relay launches support for Forma; bridge & swap $ETH to $TIA.

• Union launches Union Farming Volume 2 quest on MVHQ.

• Astherus integrates support for Solana; recently selected for Binance Labs Incubation.

• Superseed launches Explore Superseed collection on Galxe.

Airdrops

• Weekly Claims And News by EarnDrop.

• Polynomial Airdrop Strategy by Earndrop.

• ⭐️ Hyperlane introduces the Hyperlane Foundation & $HYPE token.

• Airdrop-related Updates by Alpha Drops.

Finance News

• ⭐️ JPMorgan increases odds of US Recession by end of the year to 35%.

• US Federal Reserve targets Customers Bank with an enforcement action for inadequately policing illicit activity with crypto clients.

• Core Scientific $CORZ reports $805M net loss in Q2 2024.

• Bitfarms $BITF reports $27M net loss in Q2 2024.

• Ionic Digital delays plans to go public after losing its CEO & auditor.

• Metaplanet receives $6.8M loan to buy more Bitcoin $BTC

Security and Exploits

• ⭐️ Solana critical vulnerability patched by network operators; disclosed after 70% of the network was patched.

• Nomad Bridge exploit associated address transfers stolen 14,500 Ethereum $ETH (~$35M) through Tornado Cash.

• Binance has recovered $73M in stolen funds in 2024.

• Microsoft discloses four security vulnerabilities in OpenVPN.

• Microsoft discloses Office zero-day vulnerability; patch still in development.

Token Unlocks

• Heroes of Mavia / 1.15M $MAVIA / ~$1.7M / AUG 06
• dYdX / 1.55M $DYDX / ~$1.5M / AUG 06
• Hashflow / 13.62M $HFT / ~$2M / AUG 07
• Immutable / 32.47M $IMX / ~$39.5M / AUG 09
• Ethena / 14.89M $ENA / ~$4.7M / AUG 11
• IOnet / 2.11M $IO / ~$4M / AUG 11
• Aptos / 11.31M $APT / ~$65M / AUG 12

Funding

• Vessel raises $10M in Seed funding.

• Moonveil raises $9M in Pre-Series A funding.

• Pentagon Games raises $6M in Seed funding.

• DeAgentAI raises $6M in Seed funding.

• 375ai raises $5M in Seed funding.

• TONX raises $4M in Pre-Seed & Seed funding led by SNZ Holdings & Summer Ventures.

• Payman raises $3M in Pre-Seed funding.

• Nexio raises $2.2M in Pre-Seed funding led by Lattice.

• Lync raises $1.5M in Pre-Seed funding.

• Quantlytica raises an €1M in funding.

• UniWorlds raises an undisclosed amount in Seed funding led by UniSat.

The Degen Farmer