Initially launching as a layer-2 solution on Ethereum, Atlas is designed to plug into both Ethereum and Solana’s liquidity pools. Key features will include low-latency transaction processing, reliable oracle updates, and robust sequencing for non-custodial, on-chain price discovery, according to Haun Ventures.
The company missed many important revenue metrics, including “account growth, new net assets, trade pricing, new gold account subscriptions,” the Wall Street banking giant JPMorgan said in a note. Still, it is managing expenses well, which supported earnings per share (EPS) for the quarter, the bank’s analysts said.
Singh, 29, who pleaded guilty to six criminal counts including wire fraud and conspiracy in February, is the fourth FTX executive to be sentenced for his role in the fraud. Bankman-Fried was sentenced to 25 years in prison in March for his role as ringleader. Former FTX Digital Markets CEO Ryan Salame, who did not testify against Bankman-Fried, recently began serving his 7.5 year prison sentence. And Caroline Ellison, former Alameda Research CEO and one-time girlfriend of Bankman-Fried, was sentenced to two years by the same judge, District Judge Lewis Kaplan of the Southern District of New York (SDNY), last month – her sentence heavily discounted by her prompt and extensive cooperation with prosecutors.
In this week’s issue of The Protocol, our newsletter on blockchain tech, we’re covering the Optimism’s $42.5M token pledge to Kraken, crypto VC funding, grants for Bitcoin open-source developers, and Polymarket’s (negligible) impact on Polygon’s bottom line.
Some $350 million notional value of November call options traded on CME with a breakeven bitcoin price of nearly $80,000, anticipating a rally next month, one analyst noted.
As national security experts, we invariably view emerging technologies through a lens that focuses on risk, mitigation and safety. We have decades of combined experience in numerous national security roles across the U.S. government, including careers at the FBI, CIA, U.S. Secret Service, and Departments of Justice and Treasury. Our experiences range from establishing the first dedicated digital asset illicit finance investigation unit, to high level roles at the CIA’s Center for Cyber Intelligence, to dismantling transnational organized criminal groups.
The Fortune article, which debuted about a week after suspicions of a different kind of manipulation on Polymarket, cited research done by two blockchain analytics firms. One, Chaos Labs, “concluded that around one-third of trading volume — and overall users — on the presidential market alone was likely wash trading, along with across all markets.” The other, Inca Digital, “found that a ‘significant portion of the volume’ on the market could be attributed to potential wash trading,” the magazine said.
The crypto industry faces the next big risk on the way to a maturing asset class: irrelevance, says Ilan Solot.
“$IBIT traded $3.3b today, biggest number in 6mo, which is a bit odd bc btc was up 4% (typically ETF volume spikes in a downturn/crisis),” Balchunas said on X. “Occasionally tho volume can spike if there a FOMO-ing frenzy (a la $ARKK in 2020). Given the surge in price past few days, my guess is this is latter, which means look for (more) big inflows this week.”
“The company we’ve built is different from the company dYdX must be,” said the CEO.