Fantom Foundation Pledges $120M to Accelerate Project Migrations to Sonic

🧬 The Fantom Foundation, the driving force behind the Fantom decentralized network, has committed to support the launch of Sonic, a new and faster network. In an announcement on June 20, the Fantom Foundation revealed its plan to allocate up to 200 million of its native Fantom tokens, amounting to approximately $120 million, from its treasury to facilitate the transition of projects to the Sonic network.

⚡️ The pledged funds will be utilized to identify and secure partnerships with top-tier developers and companies capable of contributing to the growth and development of the Sonic network. This includes developers working on applications directly on the Fantom platform, developers focused on decentralized applications (DApps), as well as partners providing essential tools and services.

💎 Notably, the funds will be derived from smart financial strategies implemented by Fantom network creator Andre Cronje, without any increase in the total token supply. Initially, the allocated funds will be directed towards strategic grants for existing applications within the Fantom ecosystem, with priority given to those that have demonstrated a strong interest in leveraging the Sonic technology.

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US Lawmakers Visit Detained Binance Executive in Nigeria, Point to Health Concerns

🇺🇸 US lawmakers French Hill and Chrissy Houlahan have made a visit to Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held. In an X post on June 20, Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.

🔗 Despite suffering from malaria, double pneumonia, and significant weight loss, Gambaryan is being denied adequate medical care. “We found him suffering from the conditions [at the Kuje prison]… Even worse, he’s being denied access to adequate medical attention.”

🔒 Hill also highlighted the irony of Gambaryan’s situation, as he is facing charges such as money laundering and tax evasion, which he has actively fought against. Hill called for Gambaryan’s immediate humanitarian release, emphasizing that he should be allowed to return home to the United States.

Mt. Gox to Distribute Repayments in Bitcoin and Bitcoin Cash in July

🎁 Mt. Gox, the Japanese Bitcoin exchange that suffered a notorious collapse in 2014, is to begin distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash starting in July. The collapse of Mt. Gox triggered years of legal proceedings and efforts to recover the lost assets. In 2018, approximately 200,000 Bitcoins were recovered, initiating a lengthy rehabilitation process under the oversight of a court-appointed trustee. Creditors have since been awaiting compensation, with multiple delays frustrating the process.

🐰 The latest filing shows starting in July 2024, the rehabilitation trustee will commence the repayment process, distributing BTC and BCH to creditors. This distribution aims to compensate the users who lost their funds during the collapse. The exact details of the repayment plan, including the proportion of assets to be distributed and the timeline for completion, are closely watched by the crypto community.

🟣 In May, Mt Gox moved billions in Bitcoin which in turn had an impact on the market. It is estimated the exchange owes its creditors 142,000 BTC (worth over $9 billion), which needs to be paid out before 31 October 2024. It was suggested that creditors might start receiving their Bitcoin in May as noted by K33 Research analysts Anders Helseth and Vetle Lunde in an April 23 market note. The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million (69 billion Japanese yen).

North Carolina Senate Seeks Governor’s Approval Over CBDC Ban Bill

🇺🇸 The US state of North Carolina, on Wednesday, won majority of votes from the Senate on the bill that seeks to ban central bank digital currencies (CBDCs). The legislation has moved to the Governor’s desk for approval. If signed into law, the state can no longer involve in the Federal Reserve branch’s testing of any future CBDC. Further, it would also prohibit North Carolina agencies and courts from accepting any payments using CBDC, the bill noted.

📲 According to Carolina Journal, the Bill 690 received a 109-4 vote from the Senate on Wednesday. This is an increase form 39-5 vote, recorded on Tuesday. Sen. Brad Overcash, noted that the legislation aims to dissuade the federal government from moving forward with CBDC plan. The plan would “threaten” one of the main global currencies – dollar, he added.

💣 The bill sends a strong message to the government that North Carolina is uninterested in a CBDC, Overcash said. “This would bar our state agencies or courts from accepting a central bank digital currency, and it would also bar them from participating in a pilot project if one were to be initiated by any of the Federal Reserve Banks.”

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Bitcoin Price Drops Below $62,500 as Correction Deepens

🪙 The price of Bitcoin dipped below $62,500 earlier today as the entire crypto market witnessed one of the worst weekly drops of the year. The leading cryptocurrency is trading at its monthly low of near $62,490 amid a six day streak of outflows from US Bitcoin ETFs and uncertainty over monetary policies. Bitcoin price is down 6% in the last seven days.

🟡 The second leading crypto Ethereum also shed over 6% in the last seven days. At one point ETH traded at nearly $4,000 this month before it dropped to $3,360 at the time of writing, as per Coingecko data. High interest rates have an inverse effect on crypto, as the appeal of speculative, risk-driven assets such as crypto diminishes at such times.

💵 The Federal Reserve earlier this month left its benchmark interest rate unchanged and hinted at only cutting rate once this year, down from the three reductions it had earlier forecast. Fed indicating that there are some signs of inflation cooling down, but it still hasn’t reached the Fed’s annual target of 2%.

🚨 Breaking: Roaring Kitty Bags 9M CHWY Shares Amid GameStop ‘Pump & Dump’ Lawsuit ⚖️

Roaring Kitty, the influencer behind GameStop's 2021 rally, has now accumulated 9 million shares of Chewy Inc. This acquisition comes amid legal trouble for Gill as he has been slapped with a class-action lawsuit that alleges him of manipulating GME stock price.

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Crypto Exchange Bitget Sees India as ‘High-Priority Market,’ Mulls Expansion

👑 Crypto trading platform Bitget is eyeing India expansion and is actively discussing with the country’s regulator regarding licensing requirements. The crypto exchange’s representative revealed the expansion on Wednesday, stating that “India is a high-priority market for Bitget.”

⚠️ The move comes at a time when India is positioned as one of the fastest adopters of crypto globally. Already established crypto exchanges in India are having high hopes that the country certainly has “potential for positive change in India’s crypto policy in the near future.”

🔔 Domestic crypto exchanges are keeping pace with India’s anti-money laundering framework, introduced in March 2023. Additionally, India has been cracking down on non-compliant crypto exchanges operating in the country, issuing notices to nine exchanges in December including Binance and Kraken.

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German Lawmaker Calls Government’s Recent Mass Bitcoin Sell-Off “Not Sensible”

🪙 Joana Cotar, a member of the German Bundestag, federal parliament, on Thursday, slammed the government’s recent mass Bitcoin sell-off, calling it “not sensible” and “counterproductive.” The Bitcoin advocate, who last year supported recognizing Bitcoin as legal tender in Germany, wrote on X, she believes holding BTC “as a strategic reserve currency,” rather than selling on a large scale.

⚠️ Criticizing the government’s Bitcoin selling spree as “not sensible and counterproductive,” she urged the government to stop the massive sell-off. Cotar has sent letters, explaining her grievances to Michael Kretschmer, member of the Christian Democratic Union (CDU), Christian Lindner, the Federal Minister of Finance, and Chancellor Olaf Scholz.

🙂 “I am writing to you today to urge you to avoid a hasty sale of Bitcoin in state ownership,” the translation of her letter, read. “Instead of selling, I recommend developing a comprehensive Bitcoin strategy. This could include keeping Bitcoin in the treasury, issuing Bitcoin bonds, or creating a conducive regulatory environment.”

Decentralized Protocol Hinkal Launches ‘Eigenlayer for Privacy’

📍 Hinkal Protocol, a multi-chain privacy layer for confidential on-chain transactions, has launched the Shared Privacy Protocol which allows cross-chain privacy through anonymous staking. In an announcement made at EthCC 7, Hinkal said the privacy protocol offers several benefits. These include allowing stakers to deploy native and staked assets to the protocol, generating additional yield while maintaining the flexibility to trade yield tokens on other dApps.

🎵 The protocol claims traders can benefit from the expanded Shielded pool, further obfuscating their trading strategies and maximizing deployed capital across multiple chains. Developers of decentralized exchanges and dApps will be able to now seamlessly integrate Hinkal’s Shared Privacy Protocol directly into their platforms, granting new privacy capabilities to their users.

ℹ️ “Ensuring complete privacy on-chain is a critical step in enabling the full adoption of crypto as an asset class across the institutional financial sector,” said Georgi Koreli, co-founder and CEO of Hinkal. “The Hinkal Protocol has already seen rapid adoption across our institutional network, and the launch of the Shared Privacy Protocol is a key milestone in unleashing the power of community and breaking privacy barriers in crypto,” adds Koreli.

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European Investors Get More Crypto Options as 21Shares Launches New ETPs

🛍 Crypto asset manager 21Shares has launched three crypto exchange traded products (ETPs) on Euronext Paris and Amsterdam, looking to grow its offerings. The new funds are called 21Shares Immutable ETP (AIMX), 21Shares Injective Staking ETP (AINJ) and 21Shares Sui Staking ETP (ASUI). Counting these, the firm now offers 43 crypto ETPs in Europe, managing over $3.3b in total assets.

🤫 As of March, the asset manager’s total assets under management (AUM) exceeded $5b, boosted by the crypto market’s rebound. Other funds it already offers in Europe include options for Ethereum Staking, Bitcoin ownership, and a diversified crypto basket.21Shares’ Solana Staking ETP (ASOL) is its most popular product in Europe, according to the firm. Launched in 2021 as the world’s first Solana ETP, ASOL currently has over $800m in AUM.

🗣️ The Immutable ETP lets investors jump on the gaming and digital collectibles trend, tracking Immutable native token IMX’s performance. The Immutable blockchain is seen as a potential leader in the crypto gaming space, making AIMX an attractive option for investors looking to capitalize on this growth.

Bitcoin Miner Greenidge Generation Deploys 2,400 Miners at New Mississippi Site

➕ Greenidge Generation Holdings Inc., once one of the largest public Bitcoin miners in the US, has launched a new site in Mississippi, with 2,400 BTC mining capabilities. The massive mining establishment, which spans across 12-ache, currently utilizes 8.5 MW (megawatt) power, according to the company’s official release. Besides, Greenidge is also looking to obtain at least 25 MW of additional power in the next 12 months.

💵 Further, the mining rig uses Greenidge Pod X, which boasts using optimal temperature with better longevity, a capacity of 792 miners and reduced noise complaints. Additionally, the company wrote on X that these pods are National Electrical Code (NEC)-compliant.

🔼 “Utilizing the NEC-compliant Greenidge Pod X helped reduce buildout costs and increase efficiency of the new mining site.”Greenidge said that it will make use of the infrastructure solution within the industry to foster its growth.The Bitcoin mining site was inaugurated on July 1, the announcement read. The company is also planning to deploy its first shipment of Antminer S21 Pro Bitcoin miner in the coming weeks.

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MAGA Memecoin (TRUMP) Spikes 52% Following Donald Trump Assassination Attempt

🇺🇸 The largest Donald Trump-themed memecoin, MAGA (TRUMP), experienced a price surge of over 50% following an assassination attempt on the former United States president while he was speaking at a rally in Butler, Pennsylvania.

💵 The Ethereum-based memecoin saw its value soar from $6.31 to $10.36 immediately after the incident, causing its total market capitalization to skyrocket from $293 million to $469 million in less than 45 minutes. The news of the assassination attempt also had an impact on other Trump-themed meme coins.

🪙 Tremp (TREMP), a memecoin based on the Solana blockchain, surged by more than 63% within an hour of the incident. Another memecoin called MAGA Hat (MAGA) briefly spiked by 21% during the same timeframe.