Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading above $20,000, ETH is trading around $1 050.

💪 Bitcoin dominance: 43.92%

📉 Total Cryptocurrency Market Cap: $0,869 tr

😲 Fear and greed index: 16 (Extreme Fear)

🚀 Gainers(Top-100)

Polygon (MATIC)+0.87% 

Internet Computer (ICP)+0.59%

NEM (XEM)+0.58%

😭 Losers(Top-100)

Kadena (KDA)-1.38%

STEPN (GMT)-1.33%

Nexo (NEXO)-1.03%

3AC filed for Chapter 15 bankruptcy last month💸. The founders👥 of embattled crypto hedge fund Three Arrows Capital (3AC) are missing🔍, and when court-appointed liquidators🕵️‍♂️ recently visited the firm’s Singapore🇸🇬 office all they found was a locked🔐 door and a pile of old mail📦.

In a July 8 filing with the U.S. Bankruptcy Court in New York’s Southern District🇺🇸, Russell Crumpler and Christopher Farmer, who were appointed by a British Virgin Islands🇻🇬 court to serve as 3AC’s liquidators and wind down operations❌, reported 💬that the whereabouts of Zhu Su and Kyle Davies “are currently unknown🔍.”

The Financial Stability Board👥 (FSB) today announced🔉 it will come up with its own proposal for rules ensuring “robust regulation and supervision” of cryptocurrencies💱. The organization, which includes treasury officials🏦 and central bankers🏦 from the Group of 20 economies (G20), said💬 it will report to the G20 finance ministers and central bank governors in October, outlining its regulatory🔐 and supervisory approaches to stablecoins 🪙and other crypto assets💰.

💬“Crypto-assets, including so-called stablecoins, are fast-evolving. The recent turmoil in crypto-asset markets highlights their intrinsic volatility📉, structural vulnerabilities and the issue of their increasing interconnectedness with the traditional financial system,”💬 the FSB said in a statement.

The team behind Yam Finance battled🥊 a malicious governance attack⛔️ and protected🔐 its treasury worth millions💰. A starlet of the DeFi summer back in 2020, Yam Finance attracted🔍 over $400 million in funds💰 from yield farmers on its first day. The project eventually collapsed❌, however, after a bug in its unaudited smart contract📃 inflated the number of YAM tokens by 10x, rendering any governance decisions impossible❌.

The project now lives on in a newer🔂 form after receiving $115,000💰 in donations to execute a security🔐 audit. 💬“​​Earlier today, there was a governance attack on the DAO that has been thwarted🕵️‍♂️,”📲 tweeted Yam Finance. According to a report📃 published by the team, the attacker🔍 issued a malicious governance proposal with a spam📲 description with the intent to gain control of the project's treasury💰.

Crypto exchange💱 OKX has announced🔉 that it has made a deal🤝with English🏴󠁧󠁢󠁥󠁮󠁧󠁿 Premier League (EPL) champions🏆 Manchester City to become the team’s training🥋 kit sponsor for the 2022-23 season. As part of the deal🤝, OKX’s logo© will feature on both the men’s and the women’s training gear until mid-2023.

Additionally, OKX stated🔍 that it had commissioned popular street artist👩‍🎨 Akse P19 and the Global Street Art Agency🌐 to create four artworks across Manchester🏴󠁧󠁢󠁥󠁮󠁧󠁿 that include QR codes🔐. These can be scanned📲 by fans for a chance to win🙌🏻 season tickets in the OKX Hospitality Box. The street art pieces depict players⚽️ such as Haaland, Jack Grealish, João Cancelo and John Stones.

Following Voyager Digital filing🔉 for bankruptcy on Tuesday, the crypto lending firm💱 said its recovery plan📃 was aimed at preserving customer👥 assets but did not explicitly❌ state it would be able to return all equivalent funds to affected users↩️.

In a Monday blog, Voyager said💬 it had roughly $1.3 billion💰 in affected users’👥 funds in addition to $650 million💰 of “claims against Three Arrows Capital” — 💬referring to the 15,250 Bitcoin (BTC) and 350 million💰 USD Coin (USDC) loan the firm failed to repay🔂. According to Voyager’s proposed💬 recovery plan📃 — subject to approval from the courts✔️— users may receive a combination of Voyager tokens🪙, cryptocurrencies,💬 “common shares in the newly reorganized company,” and funds from any proceedings with Three Arrows Capital, or 3AC.

Global🌐 cryptocurrency exchange💱 Binance is under the spotlight🔍 as a report claims it continued serving Iranian🇮🇷 clients despite a company ban❌ and economic sanctions🔐 against the country. According to an investigative🕵️‍♂️ report from Reuters, individuals👥 inside the country continued to trade📈 on Binance after the company itself had shifted❌ Iran onto a blacklist of jurisdictions in which it would not operate.

The use of the exchange💱 by Iranians also brings into question❓ capital controls instituted against the country after U.S. 🇺🇸economic sanctions were ramped-up in 2018. Binance, itself, operates🔂 out of the Cayman Islands🇰🇾 and is not subject to sanctions banning❌ U.S. entities from doing business in Iran.

South Korean🇰🇷 telecommunications giant SK Telecom has signed🤝 a joint agreement📃 with other blockchain💱 firms aimed at developing a digital wallet💳 that can support cryptocurrencies, nonfungible tokens and digital credentials.

In a Monday announcement🔉, SK Telecom said its blockchain⛓ arm would be collaborating🤝 with AhnLab Blockchain Company and Atomix Lab to develop and operate📃 a Web3 wallet. According to the firm, it will be using Soulbound Tokens, or SBTs, to verify✔️ credentials seemingly including memberships👥 and certifications📃 in addition to being capable of storing digital assets📲.

Conclusion: At the recent G20 meeting, crypto was discussed. Is this progress? We'll see his editorial in October. Another soccer club giant got sponsorship from a crypto exchange.

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