Das Ziel von Bitcoin, ein dezentralisiertes Finanzsystem zu schaffen, könnte durch ETFs auf eine Hürde stoßen, weil diese „Geld zurück in die TradFi-Welt ziehen“, so ein Forscher.
Yuga Labs discontinues CryptoPunks amid backlash over ‘woke’ collection
- Yuga Labs faces backlash over its new Super Punk World collection.
- The Super Punk World collection pays homage to the irreverent, early-internet roots of CryptoPunks.
- Yuga Labs’ decision focuses on preservation and education rather than active development.
Yuga Labs, the NFT giant behind the iconic CryptoPunks, has announced it will cease any further development on the project following intense community backlash over its new Super Punk World collection.
The decision came after fervent criticism from the crypto community, accusing Yuga Labs of compromising the original essence of CryptoPunks with what some described as a “woke” initiative.
The Super Punk World collection
On May 20, the official CryptoPunks account launched the Super Punk World collection, featuring 500 pieces of hybridized 3D sculptures.
These pieces, created by New York-based painter Nina Abney, were designed to pay homage to the irreverent, early-internet roots of CryptoPunks while addressing themes of race and gender.
The backlash against Super Punk World collection
However, despite the artistic intentions, the collection quickly faced a storm of criticism.
One community member bluntly declared, “Yuga killed Punks today,” echoing the sentiment that the project had strayed too far from its original ethos.
The backlash included threats from NFT holders to sell their CryptoPunk assets, and sarcastic comments questioning if the official account had been hacked. A prominent NFT trader even urged the community to boycott Yuga Labs and move forward without them.
Yuga Labs’ response
In response to the uproar, Yuga Labs CEO Greg Solano issued a statement on X clarifying that the team’s vision was to bridge Web3 with the traditional art world by collaborating with esteemed artists like Abney.
Solano noted that despite the backlash, the goal was to connect with those already supporting Abney’s work, possibly by airdropping the new collection to holders of her previous works, such as SuperCoolWorld.
Addressing the future of CryptoPunks, Solano announced that Yuga Labs would no longer be involved in the project’s development.
“What about punks? Yuga will no longer touch punks. They will just be decentralized and preserved on the blockchain,” he stated.
The CEO went further and emphasized that Yuga’s focus would shift to supporting museums and institutions in acquiring CryptoPunk NFTs and educating the public about their significance.
However, despite the controversy, the CryptoPunks collection has demonstrated resilience.
In March, two record-breaking sales highlighted the enduring value of these digital assets. On March 4, a rare alien CryptoPunk sold for 4,500 Ether (approximately $16 million), followed by another sale on March 20 for 4,850 Ether (around $16.4 million).
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Injective, Fantom soar as Bitcoin price surges past $68k
- Injective price rose 10% to above $27.26, while Fantom hit $0.96 after surging 12%.
- Gains for the altcoins came as Bitcoin price crossed the $68,000 mark to hit its highest level since April 12.
Bitcoin (BTC) price rose more than 2% in afternoon trading on Monday as bulls broke above $68,000.
This is the first time that the flagship crypto asset has reached these levels since April 12 – when BTC fell from highs of $69,100.
Injective, Fantom prices surge
As the benchmark cryptocurrency looked towards the $69k mark, a host of altcoins mirrored the upside. Ethereum broke above $3,150, BNB hit $580 and Solana price rose to above $181, notching a 24-hour uptick of nearly 6%.
However, some of the biggest gainers on the day were Injective (INJ) and Fantom (FTM).
According to data from CoinGecko, Injective price was up 10% to $27.26 at the time of writing. Meanwhile, Fantom continued its recent upward momentum with a 12% spike that saw FTM price hit highs of $0.96.
Injective’s 24-hour trading volume rose more than 113% to $121 million, while Fantom’s was up 11% to over $385 million.
Bitcoin price hits highest level in over a month
BTC’s jump to $68,679 on Coinbase saw the leading cryptocurrency reach its highest price level in more than a month.
The sudden spike in the price of Bitcoin comes after the benchmark cryptocurrency bounced sharply following last week’s release of the US Consumer Price Index (CPI) data.
On May 15, BTC price rose more than 8% from lows of $61,539 to highs of $66,480 as stocks rallied amid the softer-than-expected CPI data for April.
Today’s gains come as the spot Bitcoin ETFs resume sharp inflows after the past few weeks recorded unimpressive numbers.
Analysts at QCP noted last week that the slowing inflation, institutional adoption of Bitcoin and the upcoming US election could provide catalysts for new momentum that takes BTC to above $74k.
As Bitcoin extends gains above the $66k support level, it’s likely a breakout above the $70k area will open a path for bulls to target a new all-time high.
Before then, crypto analyst Rekt Capital expects a run to the $71,500 area.
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Grayscale CEO Michael Sonnenshein steps down
- Michael Sonnenshein has stepped down as CEO of Grayscale.
- Grayscale announced that Peter Mintzberg is the new CEO, effective August 15, 2024.
- Sonnenshein joined Grayscale in 2014 and was CEO from 2021, overseeing Grayscale’s successful lawsuit against SEC.
Michael Sonnenshein has stepped down as the CEO of Grayscale Investments, the crypto asset manager offering the spot Bitcoin ETF $GBTC.
Grayscale announced Sonnenshein’s exit on Monday, revealing his replacement to be Peter Mintzberg.
Per a press release published on Monday, Mintzberg joins Grayscale from Goldman Sachs, where he was the Global Head of Strategy for Asset and Wealth Management.
The new Grayscale CEO also held prominent positions at BlackRock, OppenheimerFunds and Invesco.
“As we position Grayscale for its next phase of growth, excited to welcome Peter Mintzberg as Grayscale’s CEO, effective August 15. Joining from Goldman Sachs, Peter has 20+ years of experience across prominent asset managers, including BlackRock, OppenheimerFunds & Invesco,” Barry Silbert, founder and CEO of Grayscale parent company Digital Currency Group (DCG), said.
Sonnenshein helped Grayscale grow
Silbert thanked Sonnenshein, who joined Grayscale in 2014 and had been CEO since 2021, for his leadership and contribution towards Grayscale’s growth as a crypto company.
That includes the historic lawsuit and court victory against the US Securities and Exchange Commission (SEC).
“Michael guided Grayscale from $60 million to ~$30 billion of assets under management and through its historic court victory against the Securities and Exchange Commission, which enabled Grayscale to uplist the first spot Bitcoin ETF to NYSE Arca alongside the largest players in traditional finance,” Silbert said in a statement.
While Grayscale and DCG haven’t provided the exact reasons for the former CEO’s exit, observes say it could be tied to $GBTC and its performance since SEC’s approval in January this year.
In three months of trading, Grayscale has seen over $17 billion in $GBTC outflows.
Eric Balchunas, a senior ETF analyst at Bloomberg, commented that Grayscale’s outflows are massive and one likely to have led to this scenario.
However, Balchunas still sees Sonnenshein’s exit as a “big shakeup” that comes as Grayscale was “just beginning to see inflows again.”
BlackRock’s $IBIT surpasses Grayscale’s $GBTC in assets
As the news of Sonnenshein’s exit hits the market, the spot Bitcoin ETF market is seeing a shake up too.
This is because BlackRock’s $IBIT has surpassed $GBTC as largest spot Bitcoin ETF in assets under management.
Notably, $IBIT currently holds $17.94 billion worth of BTC, compared to $GBTC’s $17.81 billion, according to data shared by Coinbase Traders.
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UK High Court Judge rules against Craig Wright over Bitcoin copyright claims
- Central to the case were the copyright claims made by Craig Wright over Bitcoin’s whitepaper and code.
- COPA claims victory, aims to safeguard Bitcoin’s decentralized nature against unwarranted copyright claims.
- Judge Mellor cited fabricated evidence in Wright’s claims to be Satoshi Nakamoto.
The UK High Court has delivered a damning verdict against Craig Wright, a controversial figure claiming to be the elusive creator of Bitcoin, Satoshi Nakamoto.
Judge James Mellor, in a written judgment, asserted that Wright had lied “extensively and repeatedly” throughout the trial, further accusing him of presenting “fabricated” evidence to support his claims.
COPA wins against Craig Wright
Judge Mellor’s ruling serves as a culmination of a protracted legal battle that has spanned several years.
The lawsuit, brought forth by the Crypto Open Patent Alliance (COPA), aimed to challenge Craig Wright’s assertions of ownership over the intellectual rights to Bitcoin’s code and whitepaper.
Wright’s purported attempts to lay claim to these foundational aspects of the cryptocurrency ecosystem have been met with scepticism and legal resistance from various quarters.
Wright’s litigious nature, characterized by numerous lawsuits against developers and individuals critical of his claims, has raised concerns within the Bitcoin community.
However, Mellor acknowledged the adverse impact of Wright’s aggressive legal strategy on Bitcoin developers, stating that Satoshi Nakamoto, known for a collaborative and non-confrontational approach, would unlikely resort to litigation.
Fabrications and forgeries of documents
The judgment highlighted Wright’s alleged fabrications and forgeries of documents on a significant scale, all in support of his central claim to be Satoshi Nakamoto.
The judge characterized Wright’s actions as “clumsy” and underscored the pivotal role these falsehoods played in shaping the trial’s outcome.
COPA, formed with the primary objective of defending the open nature of the cryptocurrency ecosystem, contested Wright’s assertions, arguing that such claims could stifle innovation and deter developers from contributing to the Bitcoin network.
Throughout the trial, evidence emerged casting doubt on the authenticity of Wright’s claims.
Documents submitted by Wright’s defence purportedly supporting his identity as Satoshi Nakamoto were scrutinized, revealing inconsistencies and anomalies.
Fonts that did not exist at the alleged time of their creation and metadata indicating recent document alterations were among the discrepancies cited in Judge Mellor’s judgment.
Perjury charges loom over Craig Wright
The legal saga surrounding Craig Wright has been closely monitored by the cryptocurrency community, given its potential ramifications for the future of Bitcoin and the broader blockchain space.
While Craig Wright has announced on X that he will be appealing the ruling, the ruling represents a significant setback for his ambitions, with the possibility of perjury charges looming over him.
In response to the verdict, COPA hailed the decision as a victory for open innovation and the principles upon which Bitcoin was founded.
The alliance reiterated its commitment to safeguarding the decentralized nature of the cryptocurrency ecosystem, vowing to continue its efforts to protect against unwarranted copyright claims.
Today’s ruling is the result of a concerted and united effort across the entire open source community – from developers, to those who selflessly contributed to funding this important case, to all members of COPA. THANK YOU ALL for the time, dedication and support. Your efforts…
— COPA (@opencryptoorg) May 20, 2024
As the dust settles on this legal showdown, the broader implications of Judge Mellor’s ruling reverberate across the cryptocurrency landscape.
The verdict not only underscores the importance of transparency and integrity within the community but also serves as a cautionary tale against attempts to monopolize or control foundational elements of decentralized technologies like Bitcoin.
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