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Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $864 billion. Bitcoin has dropped by nearly 11% this week. Ethereum lost almost 15% over the past seven days. XRP decreased by nearly 16% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector added over $0.5 billion to the total value protocols (TVL), now standing…

OpenSea co-founder Alex Atallah has shared news of his impending exit from the company he helped make into the world’s top marketplace for non-fungible tokens. Atallah is Eager to Start From Scratch Atallah noted in his announcement tweet that the move would take effect in a month, specifically on July 30. Notably, while he is leaving the company, he will remain on the board. He shared his reason for quitting, which is to return to his core passion: "building something…

The Argentinian government has ordered the seizure of 1,269 cryptocurrency wallets of taxpayers with outstanding debt obligations, according to iProUP. The announcement comes after the country’s Federal Administration of Public Income outlined plans to crack down on cryptocurrency wallets of the tax evaders in May. Furthermore, the regulator ordered the digital assets exchanges and crypto firms to submit monthly user reports. Crypto service providers now must run KYC processes and maintain a register of their users. The companies must also…

El Salvador, the first country to make Bitcoin (BTC) legal tender, has purchased an additional 80 BTC. The country’s president, Nayib Bukele, announced via Twitter earlier today. According to him, the Salvadoran government bought the tokens at an average price of $19,000. This means the government spent around $1.52 million on this purchase. [embed]https://twitter.com/nayibbukele/status/1542672286490271744?s=21&t=tNewbes_XFcRtaHCIDnHdg[/embed] This news comes on the heels of Bukele announcing the purchase of another 500 BTC on May 9. This purchase brought El Salvador’s BTC holdings 2,301…

Grayscale has failed to convince the Securities and Exchange Commission (SEC) to accept its spot Bitcoin ETF application. Following months of negotiations and campaigning to kindly persuade regulators, the fund will now take legal action against the commission. Why the Rejection? According to the SEC’s filing on Wednesday, Grayscale failed to prove that its product could protect investors, or prevent market manipulation. “As the Commission has explained, an exchange that lists bitcoin-based ETPs12 can meet its obligations…  by demonstrating that…

NFT marketplace OpenSea informed its users of possible phishing attacks, following a data breach exposing customer emails. Notably, the company has been at the center of attacks and controversies in recent months.  Concerns over Customer Security Open Sea in a blog post revealed that an employee of Customer.io, OpenSea’s email vendor, abused their privileges. The errant employee downloaded and shared customer data with an authorized third party.  In light of the development, OpenSea warned its customers of the potential vulnerability…

North Korean state-backed hackers were likely behind the latest crypto attack that saw Horizon lose approximately $100 million. CNBC reported earlier today, citing analysis from blockchain researchers Elliptic and Chainalysis. Per Elliptic, there are strong indications that Lazarus Group was behind the attack. The company added that the Horizon attacker converted most of the stolen funds into Ether (ETH). Following the exploit, the hacker’s address held 85,867.25 ETH. Elliptic claims that the hacker started laundering the funds through Tornado Cash,…

CoinFLEX CEO Mark Lamb has pushed back plans to resume withdrawals at his exchange on Thursday. The company must first wait to complete its fundraising process, which Lamb claims is making significant progress. The CoinFLEX Debacle Speaking with MarketWatch on Wednesday, Lamb said that his exchange has been discussing his insolvency problem with distressed debt funds. He is attempting to bring them onboard his novel yet controversial token sale solution, alongside existing customers and investors. As CoinFLEX explained on Monday,…

Leading crypto hedge fund Three Arrows Capital (3AC) has fallen into liquidation. Sky News reported today, citing a person with direct knowledge of the matter. The source requested to remain anonymous because they do not have the clearance to discuss the matter publicly. According to the source, a British Virgin Islands court ordered the liquidation. Partners of New York-based Teneo Restructuring will handle the company’s insolvency, the source added. The restructuring company is, however, in the early stages of the…