NFT creates a new wave?

Indonesia to host Coinfest Asia, The First and Biggest Crypto Festival in Asia

They’re cheap at some levels, and they’re rich at some levels.

Mike Novogratz on His Big Crypto Mistake and What’s Ahead for Bitcoin

Outflows for Bitcoin-specific funds totaled $453 million, wiping off all the inflows made over the past six months, according to a CoinShares report. 
The funds measured are investment product...

Outflows for Bitcoin-specific funds totaled $453 million, wiping off all the inflows made over the past six months, according to a <a href="https://blog.coinshares.com/volume-86-digital-asset-fund-flows-weekly-report-10b238f6e1ef" data-wpel-link="external" rel="nofollow external noopener">CoinShares</a> report. 
The funds measured are investment products that give traditional investors exposure to crypto without having to also custody of said crypto themselves. 
When investors buy a crypto-based fund, it is called inflows and is usually a bullish sign. The opposite process, when investors rotate out of said funds, is called outflows and is often bearish.
In terms of assets under management (AUM), last week's outflows were the third-largest on record, representing 1.2% of the entire AUM of all funds that CoinShares tracks. The worst was outflows of 1.6% recorded during the 2018 bear market. 
However, last week’s outflows’s the largest in dollar value terms.
Apart from Bitcoin, other assets including Ethereum ($10.9 million), <a href="https://decrypt.co/103357/proshares-launches-first-short-bitcoin-etf-amid-price-tank" data-wpel-link="internal">Short Bitcoin</a> ($15.3 million), Cardano ($0.8 million), Tron ($0.1 million), Polkadot ($0.2 million) and Other Assets ($2.9 million) reported total inflows of $30 million last week, resulting in net outflows totaling $423 million.
<figure id="attachment_103913" aria-describedby="caption-attachment-103913" style="width: 687px" class="wp-caption aligncenter"><img loading="lazy" class="size-full wp-image-103913" src="https://wp.decrypt.co/wp-content/uploads/2022/06/coinshares-crypto-funds-flows.png" alt="A table showing various in- and outflows of crypto funds. " width="687" height="508" /><figcaption id="caption-attachment-103913" class="wp-caption-text">Source: <a href="https://blog.coinshares.com/volume-86-digital-asset-fund-flows-weekly-report-10b238f6e1ef" data-wpel-link="external" rel="nofollow external noopener">CoinShares</a>. </figcaption></figure>
Brands like CoinShare Physical ($3.7 million) and Purpose ($490.7 million) reported negative outflows last week. Elsewhere, ProShares $(42.1 million), 21Shares ($8.5 million), and ETC Group ($13 million) ended up on the positive side last week.
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<h2>What’s driving Bitcoin outflows?</h2>
Recently, central banks including the U.S. Federal Reserve and the Bank of Canada have implemented rate hikes as a measure to combat rising inflation.
The Bank of Canada hiked rates from 1% to 1.5% earlier this month. The Fed also made a <a href="https://decrypt.co/103063/mike-novogratz-bitcoin-will-lead-the-markets-in-recovery-from-fed-rate-hike" data-wpel-link="internal">0.75% rate hike</a> from 1% to 1.75%.
Rate hikes often result in higher bond yields which may appear more attractive than crypto funds to many investors.
These hikes have hit most all markets, including crypto, quite hard. But it was Canadian investors who appear to have abandoned Bitcoin en masse. According to the CoinShares report, Toronto-based Purpose Investments’ crypto products suffered a whopping $490.7 million in outflows. 
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As for the United States, the report indicates that products within the country saw inflows totaling $41 million.
The leading cryptocurrencies have continued to slip in recent days. <a alt="bitcoin news" href="/resources/what-is-bitcoin-four-minute-instant-guide-explainer" data-wpel-link="internal">Bitcoin</a> is down 2.3% in the last day and is trading hands at around $20,752. 
Ethereum is trading at around $1,184, down 2.6% over the past 24 hours, according to data from <a href="https://coinmarketcap.com/" data-wpel-link="internal">CoinMarketCap</a>.

Bitcoin Funds Saw $453M in Outflows Last Week: CoinShares

Voyager Digital is making good on its promise to chase down crypto hedge fund Three Arrows Capital (3AC) for owed money. 
The crypto broker is reported to have lent 3AC $350 million in the sta...

Voyager Digital is <a href="https://www.prnewswire.com/news-releases/voyager-digital-provides-market-update-301575492.html" data-wpel-link="internal">making good</a> on its promise to chase down crypto hedge fund Three Arrows Capital (3AC) for owed money. 
The crypto broker is <a href="https://decrypt.co/103535/voyager-digital-plummets-60-after-revealing-661m-exposure-to-3ac" data-wpel-link="internal">reported</a> to have lent 3AC $350 million in the <a alt="What Are Stablecoins?" href="https://decrypt.co/resources/stablecoins" data-wpel-link="internal">stablecoin</a> <a alt="What is USDC" href="https://decrypt.co/resources/us-dollar-coin" data-wpel-link="internal">USDC</a> and 15,250 <a alt="bitcoin news" href="/resources/what-is-bitcoin-four-minute-instant-guide-explainer" data-wpel-link="internal">Bitcoin</a>, totaling over $673 million at today’s prices. 
On June 22, Voyager claimed it had requested a partial $25 million USDC repayment by June 24. It added that it sought full repayment by today. 
It appears neither of these requests has been met, leading to this afternoon's default notice and strengthening claims that 3AC is <a href="https://decrypt.co/103030/three-arrows-capital-unravel-heres-whats-going-on" data-wpel-link="internal">insolvent</a>. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
We are in the process of communicating with relevant parties and fully committed to working this out
&mdash; Zhu Su 🔺 (@zhusu) <a href="https://twitter.com/zhusu/status/1536876343815983104?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 15, 2022</a></blockquote>
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A <a href="https://www.investopedia.com/terms/n/notice-of-default.asp" data-wpel-link="internal">default notice</a> is a formal response issued by a lender whenever a borrower has missed payments on their loan. Such a note doesn't ensure that the lender will be made whole, but it may mean they could soon collect the initial collateral. 
Voyager conceded that though it's intent on recovering the entirety of the loan, the firm is "unable to assess at this point the amount it will be able to recover from 3AC," according to statements made last week.
The firm is reportedly in discussions with its advisors "as to legal remedies available," continues today's announcement.
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<h2>3AC's crypto woes</h2>
Once a darling of crypto's raging bull market, 3AC, led by <a href="https://twitter.com/zhusu" data-wpel-link="internal">Su Zhu</a> and <a href="https://twitter.com/KyleLDavies" data-wpel-link="internal">Kyle Davies</a>, has been hit hard by the recent crash. 
As the bear market deepened, kicked off by the <a href="https://decrypt.co/100402/how-terra-ust-luna-imploded-crypto-crash" data-wpel-link="internal">implosion of Terra</a> (another crypto project that 3AC had backed), various firms, including BitMEX, BlockFi, and Genesis Trading, <a href="https://decrypt.co/103153/bitmex-finblox-deribit-others-exiting-three-arrows-capital-3ac-insolvency-fears" data-wpel-link="internal">liquidated</a> 3AC's outstanding loans.
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BlockFi can confirm that we exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan. We fully accelerated the loan and fully liquidated or hedged all the associated collateral.
&mdash; Zac Prince (@BlockFiZac) <a href="https://twitter.com/BlockFiZac/status/1537499455007645696?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 16, 2022</a></blockquote>
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Amid the chaos, crypto exchange <a alt="FTX Review" href="/57950/ftx-review-a-crypto-derivatives-exchange-for-seasoned-traders" data-wpel-link="internal">FTX</a> and trading firm Alameda Research have stepped in to supply bailouts to affected firms. 
The exchange is expected to <a href="https://decrypt.co/103781/ftx-acquire-stake-crypto-lender-blockfi-report" data-wpel-link="internal">acquire a $250 million stake</a> in BlockFi, and Alameda has already issued Voyager a revolving line of credit to stay afloat.

Voyager Digital Issues Three Arrows Capital With Default Notice

Banxa, a crypto payments operator, announced that it would lay off 30% of its staff to reduce operating costs amid the ongoing bear market.
"Banxa must take decisive actions to reduce costs no...

Banxa, a crypto payments operator, announced that it would lay off 30% of its staff to reduce operating costs amid the ongoing bear market.
"Banxa must take decisive actions to reduce costs now, or else our company won't be able to succeed over the long run," wrote Holger Arians, Banxa's CEO, in a letter to employees as <a href="https://www.afr.com/technology/crypto-winter-forces-australian-operator-to-cut-staff-by-40pc-20220624-p5awfr" data-wpel-link="internal">reported</a> by The Australian Financial Review. 
The Australian firm is a global on-and-off ramp solution, facilitating conversions between digital assets (including cryptocurrencies and <a alt="What are NFTs?" href="https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain" data-wpel-link="internal">NFTs</a>) and fiat currencies. 
"Like many others in our industry [we] are anticipating another crypto winter, with trading volumes declining significantly," said the CEO. "We saw Banxa's market capitalization nearly halve in a matter of days, and the forecast is that these conditions will most likely continue for another 12 months."
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Banxa's European Managing Director Jan Lorenc is also set to leave the company, indicating its diminishing interest in the European market.
According to data from <a href="https://www.linkedin.com/company/banxa-com/people/" data-wpel-link="internal">LinkedIn</a>, Banxa has employees across seven different countries, including Australia, Lithuania, the Netherlands, the Philippines, the United States, the United Kingdom, and Canada. Specifically, Banxa will reportedly drop its staff from 230 employees to 160.
Decrypt has contacted Banxa about the recent layoff.
Other major cryptocurrency platforms, including <a href="https://decrypt.co/102850/coinbase-slashes-workforce-by-18-to-prepare-for-extended-crypto-winter" data-wpel-link="internal">Coinbase</a>, <a href="https://decrypt.co/102744/crypto-com-lays-off-5-of-corporate-staff-citing-market-downturn" data-wpel-link="internal">Crypto.com</a>, <a href="https://decrypt.co/101881/gemini-lays-off-10-staff-prepare-crypto-winter" data-wpel-link="internal">Gemini</a>, <a href="https://decrypt.co/102784/celsius-blockfi-crypto-company-layoffs-cuts-staff" data-wpel-link="internal">BlockFi</a>, and <a href="https://decrypt.co/98736/robinhood-lay-off-employees-growth-slows" data-wpel-link="internal">Robinhood</a>, have also slashed their employee count to better weather the upcoming crypto winter.
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<h2>Falling revenues fuel crypto layoffs</h2>
Most crypto platforms make revenue from trading fees directly associated with their trading volume.
Due to reduced trading volumes of late, however, these revenues have dried up significantly. 
<div class="embedded-post" data-id="103072" data-post-title="Who’s Firing—And Still Hiring—During the Bitcoin Bear Market" data-post-type="post" data-post-orientation="horizontal"><a href="https://wp.decrypt.co/103072/who-is-firing-and-hiring-during-bitcoin-bear-market/" data-wpel-link="internal">Who’s Firing—And Still Hiring—During the Bitcoin Bear Market</a></div>
The 24-hour trading volume of cryptocurrencies across all crypto exchanges was $50 billion yesterday, down 60% from its peak of $124.5 billion recorded on November 11, 2021, according to data from <a href="https://coinmarketcap.com/charts/" data-wpel-link="internal">CoinMarketCap</a>.
"Our team has grown very quickly (&gt;4x in the past 18 months) and our employee costs are too high to effectively manage this uncertain market," <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12" data-wpel-link="internal">wrote</a> Brian Armstrong, CEO of Coinbase.
Today, <a alt="bitcoin news" href="/resources/what-is-bitcoin-four-minute-instant-guide-explainer" data-wpel-link="internal">Bitcoin</a> is trading at around $21,400, down 68% from the all-time high of $68,789 it set in November 2021. 
The total market capitalization of all cryptocurrencies has now slipped below $1 trillion, down from $3 trillion in November.

Australian Crypto Firm Banxa to Cut Staff by 30% Citing ‘Another Crypto Winter’

Dogecoin (DOGE), the popular meme coin, rose nearly 10% over the past day. DOGE is currently trading at $0.077 according to data from CoinMarketCap.
DOGE, the tenth-largest cryptocurrency with...

<a alt="More about Dogecoin" href="https://decrypt.co/resources/dogecoin-crypto-cryptocurrency-guide-how-to-buy-doge" data-wpel-link="internal">Dogecoin</a> (DOGE), the popular <a href="https://decrypt.co/resources/what-are-meme-coins-and-tokens" data-wpel-link="internal">meme coin</a>, rose nearly 10% over the past day. DOGE is currently trading at $0.077 according to data from <a href="https://coinmarketcap.com/currencies/dogecoin/" data-wpel-link="internal">CoinMarketCap</a>.
DOGE, the tenth-largest cryptocurrency with a market capitalization of $10.2 billion, is now well ahead of <a alt="More about Polkadot" href="https://decrypt.co/resources/what-is-polkadot-how-to-buy-it" data-wpel-link="internal">Polkadot</a> (DOT).
There has been a sharp rise in the coin's trading volume across major cryptocurrency exchanges too. The cryptocurrency's trading volume hovers around <a href="https://coinmarketcap.com/currencies/dogecoin/" data-wpel-link="internal">$1.1 billion</a> over the past 24 hours, up 148% from the previous trading day.
Despite today's double-digit rise, DOGE is still down 89% from its all-time high of $0.73 recorded in May 2021. 
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<h2>What's driving DOGE?</h2>
The primary reasons behind today's bullish action include increased larger-valued transactions, reduced miner reserves, and steadily increasing long-term holders.
On Sunday, a total of 943 large Dogecoin transactions (transactions worth more than $100 million), up from 505 transactions recorded the previous day indicates data from <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=all&amp;chart=all" data-wpel-link="external" rel="nofollow external noopener">IntoTheBlock</a>. 
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Elsewhere, the total miner reserve is at 6.16 billion DOGE, a figure down 32% year-to-date to levels last seen in December 2013, according to data from <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=mining&amp;chart=minerReserves" data-wpel-link="external" rel="nofollow external noopener">IntoTheBlock</a>. 
Miner reserve is a metric that refers to the total coins held in miner-affiliated wallets which haven't been sold yet. Decreasing miner reserves indicates that these entities have already cashed in their mining revenue.
<figure id="attachment_103887" aria-describedby="caption-attachment-103887" style="width: 1200px" class="wp-caption aligncenter"><img loading="lazy" class="size-full wp-image-103887" src="https://wp.decrypt.co/wp-content/uploads/2022/06/ITB_doge_miner_reserves_2022-06-27T08_59_51.688Z.png" alt="A blue line travelling through a white chart. " width="1200" height="800" /><figcaption id="caption-attachment-103887" class="wp-caption-text">Dogecoin miner reserve. Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=mining&amp;chart=minerReserves" data-wpel-link="external" rel="nofollow external noopener">IntoTheBlock</a>.</figcaption></figure>
Nearly 2.57 million addresses have been holding Dogecoin for more than one year, up more than 40% year-to-date, according to data from <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=timeHeld" data-wpel-link="external" rel="nofollow external noopener">IntoTheBlock</a>. 
Also, short-term holders (people who hold for less than one month) have fallen to roughly 150,000 after peaking at nearly 876,000 last year.
<figure id="attachment_103889" aria-describedby="caption-attachment-103889" style="width: 1200px" class="wp-caption aligncenter"><img loading="lazy" class="size-full wp-image-103889" src="https://wp.decrypt.co/wp-content/uploads/2022/06/ITB_doge_addresses_by_time_held_2022-06-27T08_59_17.279Z.png" alt="A blue and gold line traveling through a white chart." width="1200" height="800" /><figcaption id="caption-attachment-103889" class="wp-caption-text">Dogecoin holding addresses. Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=timeHeld" data-wpel-link="external" rel="nofollow external noopener">IntoTheBlock</a>.</figcaption></figure>
Meanwhile, the largest cryptocurrency on the market, <a alt="bitcoin news" href="/resources/what-is-bitcoin-four-minute-instant-guide-explainer" data-wpel-link="internal">Bitcoin</a> (BTC), is down 0.47% over the past 24 hours and currently trades at around $21,347. 
<a alt="More about Ethereum" href="/resources/what-is-ethereum-quickly-explained-four-minute-guide" data-wpel-link="internal">Ethereum</a> (ETH) is up 1.16% over the past 24 hours and currently changing hands at $1,227.
The entire crypto market has slipped below a market capitalization of $1 trillion after nearly reaching $3 trillion in November 2021.
<div class="wp-additional-info" data-title="Disclaimer">The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.</div>

Dogecoin Jumps 9% as Trading Volume Surges

After a hectic week featuring star-studded live events, which culminated in a lawsuit against a vocal critic, Bored Ape Yacht Club holders appear to have come out on top.
The prominent NFT col...

After a hectic week featuring star-studded live events, which culminated in a <a href="https://decrypt.co/103824/yuga-labs-lawsuit-accuses-ryder-ripps-of-scamming-consumers-with-fake-bored-apes" data-wpel-link="internal">lawsuit against a vocal critic</a>, Bored Ape Yacht Club holders appear to have come out on top.
The prominent NFT collection’s native Ethereum token, <a href="https://decrypt.co/95398/apecoin-what-is-bored-ape-ethereum-token-who-gets-it" data-wpel-link="internal">ApeCoin</a>, climbed over 22% overnight, according to data from CoinGecko. As of this writing, the coin was worth $4.92, down slightly from its morning peak of $5.26. In the last week, ApeCoin has risen some 35%. 
The price increase signifies a minor rebound from what has otherwise been a disproportionately brutal month for the token, which <a href="https://decrypt.co/102997/apecoin-new-low-crypto-market-ethereum-bored-ape-nft-prices" data-wpel-link="internal">recently fell some 65% at a pace distinct even for the current bear market</a>.
Just in late April, ApeCoin’s price hit an <a href="https://decrypt.co/99038/bored-ape-yacht-club-apecoin-jumps-dao-proposals" data-wpel-link="internal">all-time-high of almost $27</a> in anticipation of virtual land NFT sales for the BAYC’s metaverse game, <a href="https://decrypt.co/99156/yuga-labs-sees-561-million-in-otherside-ethereum-nft-sales-within-24-hours" data-wpel-link="internal">Otherside</a>. ApeCoin can be used by holders to vote on ApeCoin DAO governance proposals.
ApeCoin’s recent price spike may have been caused in part by <a href="https://decrypt.co/103757/snoop-dogg-and-eminem-become-bored-apes-in-new-music-video" data-wpel-link="internal">the Friday release of a new music video</a> by Eminem and Snoop Dogg, in which the prominent rappers and <a href="https://decrypt.co/86135/biggest-celebrity-nft-owners-bored-ape-yacht-club" data-wpel-link="internal">noted BAYC ambassadors</a> transform into animated versions of their Bored Ape avatars. The <a href="https://www.youtube.com/watch?v=RjrA-slMoZ4&amp;t=53s" data-wpel-link="internal">music video</a>, which trended on YouTube throughout the weekend, has garnered over 7.5 million views. 
<iframe loading="lazy" title="Eminem &amp; Snoop Dogg - From The D 2 The LBC [Official Music Video]" width="640" height="360" src="https://www.youtube.com/embed/RjrA-slMoZ4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Eminem and Snoop Dogg debuted the new single, “From the D 2 The LBC,” live on Friday at ApeFest, an annual gathering for BAYC and Mutant Ape Yacht Club (MAYC) holders. The private festival, which took place in New York this past week concurrently with <a href="https://decrypt.co/103848/a-tale-of-two-ethereum-nft-parties-doodles-goblintown" data-wpel-link="internal">NFT NYC</a>, also saw musical acts LCD Soundsystem, Haim, Lil Wayne, Lil Baby, and Future perform, among others.
That prominent artists such as Eminem and Snoop Dogg showcased the BAYC brand in a dedicated music video points to the growing reach and cultural influence of popular NFT collections.
<div class="embedded-post" data-id="103824" data-post-title="Yuga Labs Lawsuit Accuses Ryder Ripps of 'Scamming Consumers' With Fake Bored Apes" data-post-type="post" data-post-orientation="horizontal"><a href="https://wp.decrypt.co/103824/yuga-labs-lawsuit-accuses-ryder-ripps-of-scamming-consumers-with-fake-bored-apes/" data-wpel-link="internal">Yuga Labs Lawsuit Accuses Ryder Ripps of 'Scamming Consumers' With Fake Bored Apes</a></div>
The BAYC brand, though, also was under attack this week, after an artist debuted a copycat Bored Ape NFT collection that claimed to critique the BAYC brand for allegedly containing racist imagery and hidden, ironic “Nazi dog whistles.” BAYC’s parent company, Yuga Labs, <a href="https://decrypt.co/103799/bored-ape-founders-nazi-disinformation-campaign-demented-troll" data-wpel-link="internal">vigorously denied the allegations</a>, and on Friday <a href="https://decrypt.co/103824/yuga-labs-lawsuit-accuses-ryder-ripps-of-scamming-consumers-with-fake-bored-apes" data-wpel-link="internal">filed a lawsuit against the artist</a>, Ryder Ripps, alleging his satirical NFT collection was a scam.
Today’s ApeCoin price bump indicates that the controversy, at least for now, has made little economic impact on the BAYC ecosystem, just as ApeFest demonstrated the brand’s continued support from a devoted cadre of celebrity promoters.

ApeCoin Gains 22% After Debut of Bored Ape-Themed Video With Eminem and Snoop Dogg

The team behind Harmony Protocol is offering a $1 million reward for information leading to the return of $100 million in altcoins stolen from its Horizon bridge.

We commit to a $1M bounty fo...

The team behind <a href="https://decrypt.co/resources/what-is-harmony-the-blockchain-using-randomness-to-reinforce-proof-of-stake" data-wpel-link="internal">Harmony Protocol</a> is offering a $1 million reward for information leading to the return of <a href="https://decrypt.co/103736/harmony-plunges-10-as-horizon-ethereum-bridge-hacked-for-100-million" data-wpel-link="internal">$100 million</a> in altcoins stolen from its Horizon bridge.
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We commit to a $1M bounty for the return of Horizon bridge funds and sharing exploit information. 
Contact us at whitehat@harmony.one or ETH address 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac. 
Harmony will advocate for no criminal charges when funds are returned.
&mdash; Harmony 💙 (@harmonyprotocol) <a href="https://twitter.com/harmonyprotocol/status/1540904433525088256?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 26, 2022</a></blockquote>
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"Harmony will advocate for no criminal charges when funds are returned," the company’s official Twitter account posted on Saturday.
On Thursday, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT) and USD Coin (USDC), and then swapped them for Ethereum.
The Harmony team has since found the address of the hacker and is working with "national authorities and forensic specialists" to retrieve the stolen funds, <a href="https://twitter.com/harmonyprotocol/status/1540110924400324608?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1540110924400324608%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F103736%2Fharmony-plunges-10-as-horizon-ethereum-bridge-hacked-for-100-million" data-wpel-link="internal">according</a> to a tweet.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
1/ On Thursday June 23rd, the Horizon bridge was exploited by one or more individuals, draining the bridge of approximately $100MM worth of Ethereum tokens. 
Our investigation team is working 24x7 to assist with identifying the culprits responsible, and the methods they used.
&mdash; stephen tse 💙 s.one 🌉 stse.eth (@stse) <a href="https://twitter.com/stse/status/1540765587583823872?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 25, 2022</a></blockquote>
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Harmony also halted all Horizon bridge activity following the hack. Its native ONE token has dipped, and as of this writing was trading for $0.02445—8.5% lower than before the hack was discovered on Friday.
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Harmony is a layer-1 proof-of-stake blockchain. Its Horizon bridge is a cross-chain bridge, meaning it allows users to send assets from one blockchain to another. Horizon users can move assets between Harmony's network and Ethereum, Binance Chain, and Bitcoin. 
<div class="embedded-post" data-id="93874" data-post-title="13 Biggest DeFi Hacks and Heists" data-post-type="post" data-post-orientation="horizontal"><a href="https://wp.decrypt.co/93874/biggest-defi-hacks-heists/" data-wpel-link="internal">13 Biggest DeFi Hacks and Heists</a></div>
Hackers recently have been targeting cross-chain bridges. Qubit Finance's bridge was <a href="https://decrypt.co/91447/binance-smart-chain-ethereum-crypto-bridge-hacked-80-million" data-wpel-link="internal">hacked</a> for $80 million back in January, thieves <a href="https://decrypt.co/91962/crypto-bridge-wormhole-replenished-after-hack-320m-ethereum" data-wpel-link="internal">stole $320 million</a> from the Wormhole bridge a month later, and hackers <a href="https://decrypt.co/96322/hacker-622-million-axie-infinity-ronin-ethereum" data-wpel-link="internal">drained</a> $622 million in Ethereum and USDC from Axie Infinity's Ronin bridge in March.

Harmony Offers $1M Bounty After Discovering $100M Altcoin Hack

Illustration by Mitchell Preffer for Decrypt
While market leaders Bitcoin and Ethereum recaptured lost ground after prices tumbled more than 30% the week before, the reaction on Crypto Twitter...

<figure id="attachment_85422" aria-describedby="caption-attachment-85422" style="width: 1400px" class="wp-caption aligncenter"><img loading="lazy" class="wp-image-85422 size-full" src="https://wp.decrypt.co/wp-content/uploads/2021/11/twweet3.1@2x.png" alt="this week on crypto twitter" width="1400" height="815" srcset="https://wp.decrypt.co/wp-content/uploads/2021/11/twweet3.1@2x.png 1400w, https://wp.decrypt.co/wp-content/uploads/2021/11/twweet3.1@2x-300x175.png 300w, https://wp.decrypt.co/wp-content/uploads/2021/11/twweet3.1@2x-768x447.png 768w" sizes="(max-width: 1400px) 100vw, 1400px" /><figcaption id="caption-attachment-85422" class="wp-caption-text">Illustration by Mitchell Preffer for Decrypt</figcaption></figure>
While market leaders Bitcoin and Ethereum <a href="https://decrypt.co/103832/this-week-in-coins-bitcoin-and-ethereum-lead-sizable-recovery-among-top-cryptocurrencies" data-wpel-link="internal">recaptured lost ground</a> after prices tumbled <a href="https://decrypt.co/103252/this-week-in-coins-bitcoin-and-ethereum-crash-more-than-30-as-recession-fears-loom" data-wpel-link="internal">more than 30%</a> the week before, the reaction on Crypto Twitter was fairly muted. There was very little high-profile crypto shilling, except from spambots and <a href="https://twitter.com/saylor/status/1539952081582407682" data-wpel-link="internal">Michael Saylor</a>. No, if anything, the atmosphere was reflective.
<a href="https://decrypt.co/resources/what-is-ethereum-quickly-explained-four-minute-guide" data-wpel-link="internal">Ethereum</a> co-creator Vitalik Buterin once again hit out at the much-discussed stock-to-flow (S2F) price model for <a href="https://decrypt.co/resources/what-is-bitcoin-four-minute-instant-guide-explainer" data-wpel-link="internal">Bitcoin</a>, calling it "<a href="https://decrypt.co/103424/vitalik-buterin-stock-to-flow-bitcoin-price-model-really-not-looking-good-now" data-wpel-link="internal">harmful</a>." The S2F model was developed by a Bitcoin-maxi crypto analyst who goes by the Twitter handle <a href="https://twitter.com/100trillionUSD" data-wpel-link="internal">@PlanB</a>, and it predicts the future price of Bitcoin could rise to $288,000 by the end of 2024.
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Stock-to-flow is really not looking good now.
I know it&#39;s impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get. <a href="https://t.co/hOzHjVb1oq" data-wpel-link="internal">https://t.co/hOzHjVb1oq</a> <a href="https://t.co/glMKQDfSbU" data-wpel-link="internal">pic.twitter.com/glMKQDfSbU</a>
&mdash; vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1539167095312850944?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 21, 2022</a></blockquote>
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While PlanB touts his methodology as an exact science, the S2F model also predicted Bitcoin would reach $100,000 by the end of last year.
<h2>$250 million</h2>
On Tuesday, FTX CEO Sam Bankman-Fried announced he was providing a <a href="https://decrypt.co/103422/blockfi-secures-250-million-line-of-credit-from-ftx" data-wpel-link="internal">$250 million credit injection</a> to crypto lender BlockFi. Just last week, BlockFi announced it was slashing its workforce by "<a href="https://decrypt.co/102784/celsius-blockfi-crypto-company-layoffs-cuts-staff" data-wpel-link="internal">roughly 20%</a>," citing a "dramatic shift in macroeconomic conditions worldwide." In an interview with <a href="https://www.npr.org/2022/06/19/1105853170/crypto-billionaire-says-fed-is-driving-current-downturn?t=1655714493949&amp;t=1655716233544" data-wpel-link="internal">NPR</a>, Bankman-Fried said his exchange has a <a href="https://decrypt.co/103319/sam-bankman-fried-ftx-has-responsibility-to-step-in-and-stem-crypto-contagion" data-wpel-link="internal">responsibility</a> to bail out ailing crypto companies in times of crisis.
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1) Today we’re injecting $250m into BlockFi and partnering with them so they can navigate the market from a position of strength.<a href="https://t.co/nocsdi0GLF" data-wpel-link="internal">https://t.co/nocsdi0GLF</a>
&mdash; SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1539268631095152642?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 21, 2022</a></blockquote>
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BlockFi CEO Zac Prince said the fresh funds are "contractually subordinate to all client balances," meaning BlockFi will satisfy all obligations on client accounts before paying back FTX.
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The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY &amp; loan collateral) and will be used as needed.
&mdash; Zac Prince (@BlockFiZac) <a href="https://twitter.com/BlockFiZac/status/1539216595729453056?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 21, 2022</a></blockquote>
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<h2>Bitcoin spot ETF?</h2>
On Monday, ProShares, an exchange-traded fund (ETF) provider, <a href="https://decrypt.co/103357/proshares-launches-first-short-bitcoin-etf-amid-price-tank" data-wpel-link="internal">announced</a> a product that allows investors to bet against Bitcoin—a U.S. first. The ProShares Short Bitcoin Strategy ETF (ticker <a href="https://www.bloomberg.com/quote/BITI:US" data-wpel-link="internal">BITI</a>) lets investors profit from Bitcoin price drops.
Michael Sonnenshein, CEO of digital asset management giant Grayscale, took the news as a positive sign of greater Bitcoin adoption. He also saw the short ETF as a precursor to a potential Securities and Exchange Commission-approved spot ETF, a product long desired by U.S. investors.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
How could one interpret <a href="https://twitter.com/search?q=%24BITI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">$BITI</a> coming to market as anything other than further acknowledgment of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">#Bitcoin</a>’s maturity?
&mdash; Sonnenshein (@Sonnenshein) <a href="https://twitter.com/Sonnenshein/status/1539368425654460416?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 21, 2022</a></blockquote>
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<h2>'I'd be very careful'</h2>
Russian political activist and fervent Vladimir Putin critic, Nadya Tolokonnikova, a founding member of "conceptual protest art group" Pussy Riot, took to Twitter on Saturday to accuse fellow activist and <a href="https://decrypt.co/93787/pussy-riot-trippy-labs-pleasrdao-launch-ukraine-dao" data-wpel-link="internal">UkraineDAO</a> founder Alona Shevchenko, a Ukrainian, of turning "rogue."
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
.<a href="https://twitter.com/cryptodrftng?ref_src=twsrc%5Etfw" data-wpel-link="internal">@cryptodrftng</a> is involved in <a href="https://twitter.com/TheChoiceDAO?ref_src=twsrc%5Etfw" data-wpel-link="internal">@TheChoiceDAO</a>, i&#39;d be very careful about donating to someone who has a history of mismanaging
i left <a href="https://twitter.com/Ukraine_DAO?ref_src=twsrc%5Etfw" data-wpel-link="internal">@Ukraine_DAO</a> mid-march after distributing the majority of funds. there was never an understanding that whats remained will be <a href="https://twitter.com/cryptodrftng?ref_src=twsrc%5Etfw" data-wpel-link="internal">@cryptodrftng</a>&#39;s salary
&mdash; 𝖕𝖚𝖘𝖘𝖞 𝖗𝖎𝖔𝖙💦 (@pussyrrriot) <a href="https://twitter.com/pussyrrriot/status/1540770518218858501?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 25, 2022</a></blockquote>
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Shevchenko parried with an extremely long defense, saying she had full support and <a href="https://twitter.com/cryptodrftng/status/1540772566062743553" data-wpel-link="internal">zero complaints</a> from the Ukrainian government about how the crisis-fundraising DAO was being managed. She also said she used <a href="https://twitter.com/cryptodrftng/status/1540810628364996609" data-wpel-link="internal">$5,000 </a>to pay her rent and remain free from the influence of sponsors. At several points, things also got a little personal.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
20/ The reason why all of this is very important to talk about is not due to some egoistic pettiness:
✨There is a pattern in 🇺🇦 history whereby russians, even the ones who claim to be in opposition, take credit for the work/art of Ukrainians. 
✨ It&#39;s part of their culture.
&mdash; AlonaUkraineDAO.eth (🇺🇦,🇺🇦) (@cryptodrftng) <a href="https://twitter.com/cryptodrftng/status/1540797989597364225?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 25, 2022</a></blockquote>
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<h2>Elsewhere</h2>
NBC reporter Kevin Collier was at this year's ApeFest, an annual event in New York City for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) holders. At one point on Tuesday, he thought he saw Snoop Dogg, who debuted his <a href="https://decrypt.co/103757/snoop-dogg-and-eminem-become-bored-apes-in-new-music-video" data-wpel-link="internal">BAYC-inspired collaboration with Eminem</a> at the event later in the week. Turns out, he actually saw Doop Snogg. No, that's <a href="https://twitter.com/kevincollier/status/1539321535835607041" data-wpel-link="internal">not a typo</a>.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
Yep this was the guy<a href="https://t.co/srDA7JZU8j" data-wpel-link="internal">https://t.co/srDA7JZU8j</a>
&mdash; Kevin Collier (@kevincollier) <a href="https://twitter.com/kevincollier/status/1539339791820546048?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 21, 2022</a></blockquote>
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And finally, Lebanese American essayist/statistician Nassim Nicholas Taleb explained why he doesn't like the phrase "crypto winter."
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The journalistic expression &quot;Crypto Winter&quot; is highly deceiving; it implies seasonality and, perhaps worse, a reversion to some trend. No, your winter may not be transitory, &amp; what you call winter may degrade into a permanent &amp; inescapable ice age fraught with extinctions.
&mdash; Nassim Nicholas Taleb (@nntaleb) <a href="https://twitter.com/nntaleb/status/1540093050290147329?ref_src=twsrc%5Etfw" data-wpel-link="internal">June 23, 2022</a></blockquote>
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