Kategorie: Crypto Markets

• State of Wisconsin Investment Board (SWIB) has disclosed it bought almost $100 million of BlackRock’s Bitcoin ETF $IBIT.
• The state pension disclosed the holdings in a 13F on Tuesday.
• Senior ETF analyst Eric Balchunas says these filings suggest more firms are set to buy spot Bitcoin ETFs.

A state pension has acquired a position in the spot Bitcoin ETF space, marking what a leading ETF expert says could be the beginning of a massive adoption curve.

State of Wisconsin Investment Board buys $IBIT

On Tuesday, the State of Wisconsin Investment Board disclosed it holds nearly $100 million in BlackRock’s iShares Bitcoin Trust ($IBIT). Particularly, the state’s filing showed it bought 2.4 million shares of $IBIT worth $99 million in the first quarter.

The details were part of the investment board’s 13F filing, which is a quarterly report that investment managers file with the US Securities and Exchange Commission (SEC).

13Fs disclose an investment asset manager’s US equity holdings where the assets in question are $100 million or more.

JUST IN: 🇺🇸 State of Wisconsin Investment Board discloses it holds almost $100 million of BlackRock’s spot #Bitcoin ETF. pic.twitter.com/Jdv4uKSi9J

— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024

The Wisconsin Investment Board, which manages a retirement system and state investment fund among other smaller funds, also disclosed holdings in Grayscale’s Bitcoin Trust ($GBTC) ETF.

The spot Bitcoin ETF market continues to see massive institutional adoption as the sector resumes inflows after a slight lull in recent weeks. $IBIT has led with staggering numbers since its debut.

Eric Balchunas, a senior ETF analyst at Bloomberg, noted that the Wisconsin state pension manager’s move is a big one. Notably, big firms usually do not file their 13Fs so early after an ETF’s launch.

Commenting on today’s news, the ETF analyst noted:

“Normally you don’t get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we’ve seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds.”

On Monday, hedge fund Bracebridge Capital filed with the SEC to reveal it holds $262 million of Ark Invest’s spot Bitcoin ETF ARKB,  and $81 million of BlackRock’s $IBIT.

Wolverine Asset Management disclosed it holds Fidelity’s $FBTC, revealing an impressive 874,000 shares.

Other recent big fish disclosures of spot Bitcoin ETF holdings include BNY Mellon, BNP Paribas and Switzerland’s largest bank UBS Group AG.

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• Christopher Giancarlo, former CFTC chief has joined Paxos board.
• Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions.
• Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board.

J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) stablecoin.

Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market.

CryptoDad to help advance Paxos crypto advocacy and regulation

The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance and the burgeoning cryptocurrency sector.

With a distinguished career in regulatory oversight, including his tenure as chairman of the CFTC, Giancarlo brings a wealth of expertise to Paxos. His advocacy for blockchain technology and commitment to fostering innovation in the financial sector align well with Paxos’ mission.

Giancarlo’s involvement in the regulatory landscape has been instrumental in shaping the dialogue surrounding cryptocurrencies and blockchain technology. As the author of “CryptoDad: The Fight for the Future of Money,” he has been a vocal proponent of embracing digital innovation while ensuring appropriate regulatory safeguards are in place.

Giancarlo’s contributions to the Digital Dollar Project further demonstrate his dedication to exploring the potential of central bank digital currencies (CBDCs) and their implications for the future of finance.

Charles Cascarilla, the CEO and co-founder of Paxos, expressed enthusiasm about CryptoDad’s appointment, highlighting the alignment of their vision for advancing regulated digital asset innovation. Giancarlo himself remarked on Paxos’ leadership in regulated solutions and emphasized his honour in joining the board.

Paxos’ expansion

Paxos, renowned for its regulated stablecoins and infrastructure solutions, stands at the forefront of bridging traditional financial markets with the emerging digital asset ecosystem.

The addition of Giancarlo to Paxos’ board signals a strategic move to leverage his insights and network within the regulatory landscape.

With Paxos’ recent expansion to integrate the Solana blockchain and its ongoing efforts to enhance market infrastructure, Giancarlo’s expertise will be invaluable in navigating regulatory complexities and driving sustainable growth.

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• Juliano steps down as dYdX CEO, Crnkovic-Rubsamen takes over.
• The transition marks Juliano’s move to Chairman and President roles.
• dYdX experiences surge in activity amid market rebound.

In a significant leadership transition within the crypto space, Antonio Juliano, the founder and long-time CEO of dYdX, has announced his decision to step down from his role.

After seven years of steering the decentralized exchange, Juliano is pivoting to the position of Chairman & President, handing over the reins to Ivo Crnkovic-Rubsamen, the former chief strategy officer of the exchange.

Julioano’s stepping down as dYdX CEO

Juliano’s departure from the CEO position was revealed through a post on May 13, where he shared his intentions to shift his focus towards broader strategic initiatives within the company.

In his statement on X, Juliano expressed confidence in Crnkovic-Rubsamen’s capabilities, emphasizing his preparedness to lead dYdX into its next phase of growth.

Crnkovic-Rubsamen, a seasoned trader with a background in finance, has been an integral part of dYdX since 2022, bringing a wealth of experience to his new role.

Reflecting on his decision, Juliano highlighted his belief in nurturing leadership within the organization, stating, “As I realized I did not need to be CEO, I worked to shepherd other leaders at the company on their own leadership journeys, until one of them was ready to run the company himself.” This move underscores Juliano’s commitment to fostering talent within dYdX and ensuring a smooth transition of leadership.

Despite stepping down as CEO, Juliano’s future plans remain uncertain. He hinted at exploring new opportunities but admitted to having no concrete plans for his next career move.

Before founding dYdX, Juliano held positions as a software engineer at notable tech companies such as Coinbase, Uber, and MongoDB, indicating a diverse background that could lead him in various directions.

dYdX witnesses a surge in activity

The leadership transition comes at a pivotal moment for dYdX, as the decentralized exchange experiences a surge in activity amid a broader rebound in the crypto markets.

Data from DefiLlama reveals impressive metrics for dYdX, with a market capitalization exceeding $1.1 billion and over $465 million in total value locked. Furthermore, the exchange’s annualized revenue stands at $35.4 million, underscoring its financial viability and market relevance.

Recent developments within the dYdX ecosystem, including the launch of its layer-1 blockchain in October 2023 and the v4 upgrade in January, have fueled heightened trading activity. These advancements, coupled with the innovative use of the DYDX token for network transactions, have positioned dYdX as a leading player in the decentralized finance (DeFi) space.

As Ivo Crnkovic-Rubsamen assumes the role of CEO, he inherits a thriving platform poised for further expansion and innovation.

With Juliano’s continued involvement as Chairman & President, dYdX remains well-positioned to navigate the evolving landscape of decentralized finance and capitalize on emerging opportunities in the crypto space.

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• Tim Draper’s VC firm Draper Associates led the $3.5 million seed round for Zest Protocol.
• Binance Labs, Trust Machines and Bitcoin Frontier Fund among key participants.

Billionaire Tim Draper has led a $3.5 million seed round investment in the on-chain Bitcoin lending platform Zest Protocol.

Other than the billionaire’s venture capital firm Draper Associates, the round also attracted the participation of Binance Labs, Trust Machines and Flow Traders.

Bitcoin Frontier Fund, Gravity Fund, Primal Capital, Hyperithm, Miton Crypto, Tykhe Block Ventures, Elixir Capital also participated.

Per details published in a blog post on Monday, Zest will use the funds to expand its decentralised, peer-to-peer lending business.

On the platform, users can lend their Bitcoin (BTC) or borrow against it. With this, users have an opportunity to generate yield or passive income without having to sell their Bitcoin.

Growing the Bitcoin DeFi ecosystem

To bring the product to the community, Zest Protocol has tapped into Bitcoin layer 2 network Stacks. The project leverages Stacks’ Nakamoto upgrade to allow for asset bridging asset, unlocking access to DeFi on Bitcoin.

Tycho Onnasch, founder of Zest Protocol, commented:

“Unlike on Ethereum, the creation of basic DeFi primitives such as liquidity pools isn’t possible on Bitcoin L1. The Stacks sBTC upgrade is set to be a watershed moment for Bitcoin DeFi, which is what it was designed for from the beginning.”

Users with sBTC can fund their Zest Protocol balances with sBTC to gain access to lending or other yield-generating features.

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• North Korean hackers deploying “Durian” malware targeting South Korean crypto firms.
• The resurgence of dormant hackers like Careto underscores the evolving cybersecurity landscape.
• Hacktivist groups like SiegedSec escalate offensive operations amidst global socio-political events.

The first quarter of 2024 has proven particularly eventful, with notable findings and trends emerging from the frontline of cyber security. From the deployment of sophisticated malware variants to the resurgence of long-dormant threat actors, the landscape of cyber threats continues to shape-shift, presenting new challenges for security experts worldwide.

A recent report by the Global Research and Analysis Team (GReAT) at Kaspersky made a striking revelation shedding light on the activities of various advanced persistent threat (APT) groups.

The Durian malware targeting South Korean crypto firms

Among the findings made by GReAT is the emergence of the “Durian” malware, attributed to the North Korean hacking group Kimsuky. It has been used to target South Korean cryptocurrency firms and it has a high level of sophistication, boasting comprehensive backdoor functionality.

The Durian malware’s deployment marks a notable escalation in the cyber capabilities of Kimsuky, showcasing their ability to exploit vulnerabilities within the supply chain of targeted organizations.

By infiltrating legitimate security software exclusive to South Korean crypto firms, Kimsuky demonstrates a calculated approach to circumventing traditional security mechanisms. This modus operandi highlights the need for enhanced vigilance and proactive security strategies within the cryptocurrency sector, where the stakes are exceptionally high.

The connection between Kimsuky and the Lazarus Group

The Kaspersky report further unveils a nuanced connection between Kimsuky and another North Korean hacking consortium, the Lazarus Group. While historically distinct entities, the utilization of similar tools such as LazyLoad suggests a potential collaboration or tactical alignment between these crypto-threat actors.

This discovery underscores the interconnected nature of cyber threats, where alliances and partnerships can amplify the impact of malicious activities.

Resurgence of dormant crypto hacking groups

In parallel, the APT trends report reveals a resurgence of long-dormant threat actors, such as the Careto group, whose activities were last observed in 2013.

Despite years of dormancy, Careto resurfaced in 2024 with a series of targeted campaigns, employing custom techniques and sophisticated implants to infiltrate high-profile organizations. This resurgence serves as a stark reminder that cyber threats never truly disappear; they merely adapt and evolve.

Other crypto hacking groups terrorising the world

The Kaspersky report also highlights the emergence of new malware campaigns targeting government entities in the Middle East, such as “DuneQuixote”. Characterized by sophisticated evasion techniques and practical evasion methods, these campaigns underscore the evolving tactics of threat actors in the region.

There is also the emergence of the “SKYCOOK” implant utilised by the Oilrig APT to target internet service providers in the Middle East.

Meanwhile, in Southeast Asia and the Korean Peninsula, the activities of threat actors like DroppingElephant continue to pose significant challenges. Leveraging malicious RAT tools and exploiting platforms like Discord for distribution, these actors demonstrate a multifaceted approach to cyber espionage. The use of legitimate software as initial infection vectors further complicates detection and mitigation efforts, highlighting the need for enhanced threat intelligence and collaboration among stakeholders.

On the hacktivism front, groups like SiegedSec have ramped up their offensive operations, targeting companies and government infrastructure in pursuit of social justice-related goals. With a focus on hack-and-leak operations, these groups leverage current socio-political events to amplify their message and impact.

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