Crypto News: VanEck ETF, Circle CEO on Stablecoins, Kraken Exploit

Crypto News: VanEck ETF, Circle CEO on Stablecoins, Kraken Exploit

Don’t miss this week’s exciting crypto updates, brought to you by StealthEX and CryptoDaily. Discover the latest and most thrilling news in the world of cryptocurrencies, keeping you informed and ahead of the game. Curious about what’s making waves in the crypto space? Dive into our digest and stay up-to-date with the freshest insights!

Crypto News: VanEck ETF, Circle CEO on Stablecoins, Kraken Exploit

Historic Launch: VanEck’s Bitcoin ETF Debuts on ASX

VanEck’s Bitcoin ETF launched on the Australian Securities Exchange (ASX), drawing strong investor interest. This event marks a historic milestone for cryptocurrency in Australia.

The ETF, trading under the ticker VBTC, began trading on June 20. It started with assets around A$990,000 (USD 660,429). The ASX approved this listing, making VBTC the first spot Bitcoin ETF on Australia’s primary exchange. Within hours, its trading volume exceeded $1.5 million.

The VanEck Bitcoin ETF invests in the U.S.-listed VanEck Bitcoin Trust. This setup allows Australians indirect Bitcoin access without owning the cryptocurrency. VanEck’s CEO, Jan VanEck, believes Bitcoin has significant potential, predicting it could reach half of gold’s market capitalization.

The ASX dominates Australia’s capital markets, handling about 80% of equity trading. VBTC’s launch on this platform positions it among top companies like BHP and Commonwealth Bank. Though other Bitcoin ETFs exist on a rival exchange, VBTC is the first on the main ASX market.

Stablecoins to Revolutionize Global Economy, Says Circle CEO

Jeremy Allaire, CEO of Circle, predicts that stablecoins will comprise 10% of the global economy in the next decade. In a social media post, he shared his optimistic views on the cryptocurrency market and the integration of stablecoins into the financial ecosystem.

Allaire highlighted the rapid adoption of stablecoins and their increasing acceptance in global markets. He is more bullish on crypto than ever, attributing this optimism to the advancements in blockchain technology. According to Allaire, stablecoins are set to play a significant role in financial transactions and services, potentially reshaping the global economy.

He emphasized that the internet has revolutionized industries and lives with open networks and protocols. However, the lack of a trusted data layer limited its potential. Crypto, with its decentralized framework, offers a solution to this problem.

Allaire believes that crypto will transform society and the economy by providing a trustworthy platform for data and transactions. He has been building Circle for over 11 years and has never been more optimistic. He noted that most people have a narrow understanding of crypto’s potential, which he finds extremely bullish.


Choose StealthEX for Exchange and Buy Crypto

Earn from Each Exchange by Joining StealthEX Affiliate Program.
Become a partner right now and use affiliate tools:

  • Public API — Earn from your wallet, aggregator, or exchange terminal.
  • Referral Links — Recommend StealthEX to your audience.
  • Exchange Widget — Built crypto exchange widget on any page of your website.
  • Button — A perfect choice for traffic monetization.
  • Banner — Track conversion and stats right in the personal cabinet.

CertiK Reveals Role in $3 Million Kraken Exploit

Blockchain security firm CertiK has admitted it is the security researcher that Kraken accused of exploiting a vulnerability to steal nearly $3 million in digital assets. Kraken faced a bug attack earlier this month, losing a substantial amount. The cryptocurrency exchange initially treated the incident as a criminal case and engaged law enforcement.

On June 9, Kraken reported an exploit leading to a loss of $3 million. Kraken’s Chief Security Officer, Nicholas Percoco, explained that a bug bounty alert from a researcher revealed a critical flaw. This flaw allowed the researcher to artificially inflate their balance on Kraken. An isolated bug, triggered by a recent UX update, gave the attacker the ability to deposit funds without completing the deposit, effectively “printing assets.”

Kraken quickly patched the vulnerability, ensuring no client funds were compromised. However, further investigation showed that the researcher had shared the bug with colleagues, leading to fraudulent gains.

CertiK has now come forward as the security researcher involved. The firm disclosed the exploit to Kraken and claimed the exchange’s security team responded with threats against CertiK employees. CertiK emphasized transparency and urged Kraken to stop any threats against ethical hackers.

CertiK provided a timeline of the events, starting with the exploit discovery on June 5 and ending with Kraken’s threats on June 18. Company committed to transferring the funds to an account accessible by Kraken.

Major Victory for Crypto: SEC Ends Ethereum Investigation

The U.S. Securities and Exchange Commission (SEC) has decided to drop its investigation into whether Ethereum (ETH) is a security. This marks a significant win for the crypto industry. The decision followed a letter from Consensys seeking clarity on Ethereum’s status in relation to the approval of spot Ethereum ETFs.

Consensys announced that the SEC’s Enforcement Division has closed its investigation into Ethereum 2.0. The company celebrated this development, highlighting its positive impact on Ethereum developers, technology providers, and the broader industry. On social media, Consensys declared, “Ethereum survives the SEC. The Enforcement Division will not bring charges alleging that sales of ETH are securities transactions.”

The letter from Consensys to the SEC, sent on June 7, questioned whether the approval of spot Ethereum ETFs indicated the end of the investigation. These approvals, although not final, assumed that ETH is a commodity, not a security. Consensys’s Senior Counsel Laura Brookover shared that the SEC responded, stating it does not intend to recommend enforcement action. The SEC has not provided additional comments.

Previously, Consensys had filed a lawsuit against the SEC after receiving a Wells Notice suggesting that its crypto wallet, MetaMask, may have violated securities laws. This lawsuit continues, with Consensys seeking a declaration that MetaMask’s Swaps and Staking features do not breach securities regulations.

SEC Crypto Enforcement Chief Resigns After Nearly a Decade

David Hirsch, the head of the SEC’s Crypto Asset and Cyber Unit, has stepped down from his role, announcing his retirement in a LinkedIn post. Hirsch led the SEC’s digital asset enforcement team for almost ten years.

He stated that Friday marked the end of his nine-year career with the SEC. He expressed pride in the historic work accomplished by his team at the Crypto Assets and Cyber Unit. Hirsch began leading the unit in October 2022. During his tenure, the SEC pursued at least 45 cases related to crypto assets. Before this role, he served as an enforcement attorney at the SEC’s Fort Worth Regional Office from 2015. He also acted as counsel to SEC Commissioner Caroline Crenshaw, a known crypto critic, between September 2020 and October 2022. Hirsch mentioned he would reveal his future plans after a personal break.

The SEC’s approach towards cryptocurrency has often been contentious, marked by numerous legal battles and a lack of regulatory consensus. The SEC’s regulation-by-enforcement strategy may shift with Hirsch’s departure. He emphasized the importance of collaboration in achieving successes during his tenure.

Tether Launches Alloy: A Gold-Backed Synthetic Dollar

Tether, the company behind the USDT stablecoin, has introduced Alloy, a new synthetic dollar backed by gold. This innovative asset is designed to track a reference asset’s price through various stabilization strategies.

Developed by Moon Gold NA, S.A. de C.V., and Moon Gold El Salvador, S.A. de C.V., both members of the Tether Group, Alloy will trade as aUSDT via smart contracts on the Ethereum mainnet. It will be overcollateralized by Tether Gold and supported by physical gold reserves stored securely in Switzerland. Tether’s press release emphasized that Alloy represents a new category of digital assets known as “tethered assets,” combining the stability of a unit of account with the security of gold.

Tether, known for its market-leading USDT stablecoin with a $112 billion market cap, aims to diversify its offerings. USDT is backed by U.S. Treasury Bills and other investments, tracking the U.S. Dollar’s value. Alloy’s launch signals Tether’s intent to expand beyond USDT, enabling the creation of other tethered assets, including potential yield-bearing products.

Alloy targets users seeking to make payments, remittances, and transactions in a currency similar to the U.S. Dollar while retaining their gold-backed digital assets. Paolo Ardoino, Tether’s CEO, highlighted Alloy’s potential to redefine stability in the digital economy, merging the strengths of stablecoins with the reliability of gold.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin crypto world cryptocurrency CryptoDaily Ethereum
Share Post

Recent Articles on Cryptocurrency

Fantom Price Prediction Fantom Price Prediction: Is FTM Crypto a Good Investment?
According to the long-term Fantom price prediction, by the end of 2030, the FTM crypto price is expected to reach…
Top Crypto News Top Crypto News: Aark’s $225K Bounty, QuickSwap on ETH, $MOODENG Meme Coin
Stay updated with Crypto News: Aark offers $225K bounty, QuickSwap expands to Ethereum, Moo Deng surges on Binance, and Bitcoin…