Cryptocurrency has long been touted as a tool for the unbanked, including those who don't have access to banking because they're undocumented, and for people hoping to operate free from government observation. Coinbase, however, has actively courted government contracts such as this one, which has not won them favor among the more libertarian-leaning crypto enthusiasts.
Also on the 29th, the SEC rejected an application from Bitwise to create a Bitcoin exchange-traded product (ETP).
Grayscale immediately announced they would be suing the SEC, a course of action they'd been suggesting for several months. Don't hold your breath, though — a litigation analyst estimated such a lawsuit would take 12–18 months to reach resolution.
W3itch.io apparently decided the best way to accomplish their goal would be to not only steal itch.io's site design, but the source code itself. The games hosted on the website were also taken without the consent from their creators.
After being called out by the KennyNL Twitter account, W3itch.io admitted to stealing the CSS, as well as buying Twitter followers. However, they refused to take the website down, and seemed to claim they were unable to remove listings of stolen games.
The court action followed lawsuits from several creditors over its failure to pay debts. Those creditors included Voyager Digital, who reduced their platform's withdrawal limit after reporting their exposure to 3AC, as well as the crypto exchange Deribit.
- "Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate", Wall Street Journal
A hacker was able to exploit a flaw in the smart contract for the project, stealing crypto notionally worth $3.8 million. The loss to the protocol was likely higher. XCarnival paused its smart contract after learning about the hack from a crypto watchdog.
On June 26, XCarnival announced that they had reached an agreement to give a 1,500 ETH "bug bounty" to the attacker, who agreed to return the remaining 1,587 ETH ($1.9 million) with an agreement that XCarnival would not pursue legal action.
The NFT went up for sale on June 20, with bidding scheduled to last for four days, and a starting bid of 206 ETH (around $240,000). Apparently collectors decided the NFT wasn't enough to justify dropping that kind of cash on a car that is expected to sell for around $90,000, because the auction received no bids.
SuperRare, the marketplace used for the auction, explained that users must have missed the opportunity to bid "due to the craziness of NFT NYC" (a cryptocurrency conference that ran from June 20–23), and the project extended the bidding time by 24 hours. After the 24 hours had elapsed, they still had zero bids.
The Times later updated the story, writing that the company's co-founder told them that the restaurant shuts off the payment system "'from time to time' for upgrades", but was still accepting crypto.
The menu lists prices in USD, not Ether or Apecoin, and most people buy their $13 hamburgers with plain old fiat.
- Inside the crypto restaurant after the crypto crash, Los Angeles Times
The company announced they would be "scal[ing] down to a target organisational size of about 730 people". The company seems to have had around 1,000 employees, which means they are laying off around a quarter of their workforce. They also announced they would be rescinding employment offers they had extended recently.
- "The Way Forward", BitPanda
On June 23, someone was able to steal assets from the bridge that they then converted to more than 85,800 ETH. The stolen funds are notionally valued at almost $100 million, assuming the thief can cash them out successfully. Hours after the attack, most of the funds remained in the thief's wallet and had not yet been laundered.
A June 29 analysis by blockchain research firm Ellipsis claimed that "there are strong indications that North Korea's Lazarus Group may be responsible for this theft". Lazarus was also behind the $625 million bridge hack in March, targeting the Axie Infinity game.