What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
An era is coming to an end for former Mt. Gox customers. They have had to wait a decade for their Bitcoin to be repaid. After several delays, the insolvency administrator announced last week that the first payouts will be made in July. And indeed, a Mt. Gox wallet moved 2.8 billion USD in Bitcoin this week. The first repayments have been made. At the same time, Bitcoin sales by the Federal Criminal Police Office (BKA) are putting pressure on the price. The result: the biggest crypto liquidation cascade since the FTX collapse.
Mt. Gox makes its first payouts, the BKA sells half a billion in Bitcoin, and the crypto markets suffer a cascade of liquidations.
SEC targets Consensys
For several years now, the US Securities and Exchange Commission (SEC), under the leadership of Chairman Gary Gensler, has been waging a crusade against the crypto industry. As part of a new offensive against staking services, Consensys, Lido Finance and Rocket Pool have been hit with lawsuits. Staking fulfills a securities offering by applying the Howey Test, according to the agency. No license had been obtained for this. In addition, they accuse MetaMask, a wallet software from the US company Consensys, of operating a non-registered broker.
In a new SEC offensive against crypto and staking services, lawsuits have been filed against Consensys, Lido Finance, and Rocket Pool.
Low chances for Solana ETF
A week ago, VanEck was the first product provider to submit an application for the first spot Solana ETF in the USA. Shortly afterwards, the Swiss issuer 21Shares followed suit. The applications briefly caused a furor. But a few days later, the market settled on a low chance for the products. On the one hand, Solana does not have an established futures market on the CME Exchange. On the other hand, the SEC classified Solana as a non-registered security in various lawsuits.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
What are DAOs?
As early as 2014, Ethereum founder Vitalik Buterin explored the concept of decentralized autonomous organizations (DAOs). Today, DAOs are part of everyday digital life and are used for various organizational structures and purposes. Blockchain-based associations offer a new level of transparency and accessibility, opening up a wide range of potential applications.
Decentralized Autonomous Organizations (DAOs) can be compared to traditional firms whose decisions are found in a decentralized fashion.
Deutsche Telekom advances into the Web3 space
In addition: As one of the largest German IT companies, Deutsche Telekom is a leading contributor to the Web3 space and operates validators for well-known blockchain protocols, including Polygon, Ethereum and Polkadot. Now they are expanding their presence in Web3 by contributing to the Subsquid network.
Deutsche Telekom MMS is expanding its Web3 footpring by running nodes on the Subsquid network, enhancing decentralized blockchain data access.
