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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 7, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 7, 2023

Sep 7 2023

10 months ago5 minutes read

Crypto Market Update

Written by Van

Table of Contents

Market and Financial Updates

  • Ark Invest's Ethereum ETF Bid
  • Ethereum Whales Accumulate $425M
  • Genesis Global Sues Digital Currency Group
  • Chainlink's Bullish Whale Activity
  • Shiba Inu Mainnet Hits Milestones
  • Toncoin's Surprising Price Surge
  • Whale Loses $24M in Ethereum Phishing

Regulatory and Compliance News

  • Taiwan's New Crypto Regulations
  • Tornado Cash Founder Fights Laundering Charges
  • Worldcoin Scrutinized for Privacy Concerns
  • IMF and FSB Issue Crypto Policy Recommendations
  • Palau Ends Dollar-Backed Stablecoin Program

Exchange and Platform Insights

  • dYdX Ecosystem Growth in 2023
  • Polygon Refutes MATIC Dumping Claims
  • Binance, BNB Chain, and the PopcornSwap Scam
  • Grab App Integrates Web3 Services
  • IOTA's Shimmer Network Milestone

Analytics and Data Revelations

  • Arkham Intelligence Exposes Grayscale Wallets

Tokenization and NFTs

  • Cardano's Warp Transactions Unveiled
  • Tokenized Asset Coalition's Bold Agenda
  • Expands Juventus Fan Token Perks
  • Reddit's NFL-Themed NFT Avatars
  • OnChainMonkey Migrates to Bitcoin

Legal Developments

  • OpenSea Exec Starts Prison Sentence

Ark Invest's Ethereum ETF Bid

Ark Invest and 21Shares have filed for the Ark 21Shares Ethereum ETF, a spot ether offering that would hold ether directly. The proposed fund would trade on the Cboe BZX Exchange if approved. The filing comes after recent developments indicate a favorable moment to expand conversations around ether products. The filing follows a court ruling against the US SEC in favor of Grayscale Investments, increasing the likelihood of US spot bitcoin ETF approval.

Ethereum Whales Accumulate $425M

On-chain data shows that Ethereum whales' recent acquisition of $425 million in ETH has had a significant impact on the Ethereum market cap. This accumulation by whales is seen as a positive sign for the asset, indicating support for current prices and the potential for a rebound. 

The current crypto price level shows a sparse density of holders, with most active investment bases clustered just above this range. This suggests that crypto coin prices may face a potential correction towards the $1,200 level before achieving a stable rebound. 

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Genesis Global Sues Digital Currency Group

Genesis Global Capital (GGC) has filed two lawsuits seeking repayment of over $600 million in loans from Digital Currency Group (DCG) and DCG International Investments (DCIG). GGC loaned DCIG over 18,000 BTC, which remains partially unpaid. Additionally, GGC made loans worth $500 million to DCG, which DCG has attempted to convert to open loans. The parties are currently engaged in negotiations. 

GGC recently agreed to stay the action to document a deal in progress with DCG and move towards significant recovery for GGC creditors. GGC had previously declared bankruptcy, owing $3.5 billion to its top creditors. DCG had reached an agreement with GGC unsecured creditors to return 70-90% of the owed amount. Gemini, a cryptocurrency exchange, did not support this agreement.   

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Chainlink's Bullish Whale Activity

According to cryptocurrency platform Santiment, whale and shark addresses are actively accumulating Chainlink (LINK) altcoins. Over the past three days, these addresses have accumulated approximately $10 million worth of LINK tokens. This accumulation of LINK tokens is being interpreted as a bullish signal and a sign of an upward trend for the cryptocurrency. 

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Shiba Inu Mainnet Hits Milestones

Shiba Inu's Shibarium mainnet has reached milestones, with over 25 million BONE tokens staked on the L2 network. However, both SHIB and BONE have been affected by the bear market, with BONE experiencing a 40% decrease in the last 30 days. Currently, the cryptocurrency charts indicate that BONE trades at $0.964275, with on-chain analytics painting a bearish picture.

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Toncoin's Surprising Price Surge

In August, Toncoin (TON) experienced a surprising 45% price increase. This growth can be attributed to various factors, including the popularity of Telegram bot apps like Unibot (UNIBOT), which simplify blockchain interactions for users. Additionally, TON's ecosystem is expanding, with a total value locked (TVL) of $9.62 million. Notably, TON can be sent by Telegram's 700 million users within the platform itself. 

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Whale Loses $24M in Ethereum Phishing

A cryptocurrency whale lost $24 million in staked Ethereum to a phishing attack on Rocket Pool. The attacker stole 9,579 stETH and 4,851 rETH in just two transactions. The stolen assets were then swapped for 13,785 ETH and 1.64 million DAI tokens. Some of the DAI funds were transferred to FixedFloat exchange, and the remaining stolen funds were sent to three addresses. 

The victim enabled token approvals to the scammer by signing "Increase Allowance" transactions. Several Ethereum liquid staking providers have implemented self-limit rules to prevent owning more than 22% of the market.  

Taiwan's New Crypto Regulations

The Taiwanese government is set to release guiding principles for crypto exchanges to boost information disclosure and restrict offshore exchanges from operating without compliance. The principles will include strengthening information disclosure and requiring review standards for crypto listing and delisting. 

Foreign crypto companies will be prohibited from soliciting business without registering and adhering to anti-money laundering regulations. Binance is seeking registration in Taiwan to comply with AML rules.

Tornado Cash Founder Fights Laundering Charges

Roman Storm, co-founder of Tornado Cash, has pleaded not guilty to money laundering charges related to the use of the crypto mixer by the Lazarus Group. The case could redefine the operation of cryptocurrency platforms. Storm's defense argues that the service is a tool and not responsible for users' actions. The outcome of the trial could have far-reaching implications for the cryptocurrency industry.

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Worldcoin Scrutinized for Privacy Concerns

Kenyan authorities are investigating the Worldcoin cryptocurrency project due to privacy concerns. They have suspended the project and created a parliamentary committee to investigate. Germany and France are also examining the legality of Worldcoin. Worldcoin insists the project is privacy-protecting, but concerns remain about the collection of biometric data.

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IMF and FSB Issue Crypto Policy Recommendations

The IMF and FSB published joint policy recommendations for crypto assets at the request of the G20, focusing on stablecoins and DeFi. The paper warns about the volatility and risks associated with stablecoins and highlights that DeFi may inherit vulnerabilities from the traditional financial system. The IMF encourages addressing the demand for crypto rather than implementing a ban.  

Palau Ends Dollar-Backed Stablecoin Program

Palau will discontinue its U.S. dollar-backed stablecoin program by the end of September, just two months after its launch. The distribution of the Palau Stablecoin (PSC) will cease on September 8, and holders are advised to utilize their tokens before September 15. The reasons behind the suspension were not provided, but a survey will be conducted to gather feedback from participants for future decision-making.  

dYdX Ecosystem Growth in 2023

The dYdX 2023 Semi-Annual Ecosystem Report highlights the achievements and growth of the dYdX ecosystem despite market conditions. It discusses topics such as the DYDX token, governance, dYdX DAO, and international markets. The report also mentions the preparations for the potential launch of the "dYdX Chain" and analyzes the governance proposals made during the year. 

It predicts that daily trade volume will reach $1 billion by 2023. The report also mentions the growth of the dYdX Foundation's social following and its presence at industry events. The use of Proof of Attendance Protocols and dYdX Quests to document community involvement is also detailed.

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Polygon Refutes MATIC Dumping Claims

Polygon Foundation denies the dumping of MATIC tokens on Binance, asserting mislabeling of wallets. Nansen initially labeled the wallets as Polygon Foundation-owned but removed the label after the CEO's denial. 

Lookonchain flagged two wallets that deposited over $5.5 million worth of MATIC on Binance, with Nansen claiming strong links to the Polygon Foundation. However, Nansen removed the label following the CEO's public refutation.   

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Binance, BNB Chain, and the PopcornSwap Scam

In the PopcornSwap scam on the BNB Chain, users lost over $2 million, and initially, Binance stated that it couldn't freeze the scammer's address due to the decentralized nature of BNB Chain. 

However, it was later revealed that Binance has the power to freeze private wallet addresses on BNB Chain with the consensus of all validators. The scammer's address was eventually frozen in October 2022, but the frozen funds were not transferred to another address, which disappointed the victims. 

Binance has confirmed that the funds were never in its possession and that it is cooperating with law enforcement in the ongoing investigation. This incident highlights the risks of using smart contracts and the need for caution when engaging in decentralized systems.  

Grab App Integrates Web3 Services

Southeast Asian ride-hailing super-app, Grab, has added support for web3 services, allowing users to set up a web3 wallet, win blockchain-based rewards like NFTs, pay with NFTs and more. The company partnered with the Monetary Authority of Singapore to bring NFT vouchers for popular eats and experiences in the city. Grab operates in over 500 cities and maintains over 34.9 million monthly transacted users as of Q3 2023.

IOTA's Shimmer Network Milestone

The network Shimmer, which aims to advance IOTA innovations, is nearing a milestone that will bring IOTA closer to Ethereum compatibility. The Shimmer EVM launch is imminent, with the smart contracts team working on testing and fixing bugs. The Shimmer EVM testnet has already seen over 1.4 million transactions.

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Arkham Intelligence Exposes Grayscale Wallets

Blockchain analytics platform Arkham Intelligence claims to have identified over 1,750 wallet addresses allegedly belonging to Grayscale Bitcoin Trust, containing around 627,779 BTC valued at over $16 billion. Arkham also states that Grayscale controls around 3.03 million Ether tokens worth about $4.9 billion. However, Arkham has faced criticism for revealing private information about blockchain users.

Cardano's Warp Transactions Unveiled

Cardano's new Warp Transactions feature, integrated into the Typhon Wallet, allows users to bypass the mandatory ADA minimum required for token transfers. It utilizes multi-signature technology and the receiver's UTXOs to cover the ADA requirement, with transactions expiring after 24 hours if not signed.

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Tokenized Asset Coalition's Bold Agenda

The Tokenized Asset Coalition (TAC), formed by major players in the crypto space such as Coinbase, Circle, and Aave Companies, aims to bring traditional financial assets onto public blockchains. The coalition will focus on onboarding institutions into the tokenized asset space and will prioritize education. 

The TAC's inaugural Real World Asset Summit is set to take place in September. Lucas Vogelsang, CEO of Centrifuge and a founding member of TAC, believes that on-chain finance has the potential to bring cost savings and increased liquidity to the financial industry. Expands Juventus Fan Token Perks and Juventus have extended their partnership to offer more benefits and rewards to fans through the JUV Fan Token. The partnership has already provided Juventus fans with engagement opportunities and helped the club connect with younger fans globally. 

The renewal will expand the range of exclusive experiences and benefits available to JUV Fan Token holders. has partnerships with over 100 sports organizations worldwide and has regulatory approval as a virtual currency and digital wallet service provider in Italy.


Top Altcoin Gainers and Losers


Render Token RNDR (+7.46%)

IOTA MIOTA (+6.25%)

Maker MKR (+3.43%)


Rollbit Coin RLB (-2.47%)

BitTorrent New BTT (-1.25%)

Synthetix SNX (-1.22%)

NFT Market Map


Reddit's NFL-Themed NFT Avatars

Reddit is releasing a collection of digital avatars backed by non-fungible tokens (NFTs) based on its iconic alien mascot. Each team in the NFL will have a limited number of 500 avatars available, with a total of 16,000 up for grabs. The avatars are priced at $25 each and can be securely stored in Reddit's mobile app wallet. 

Reddit previously released NFTs tied to the Super Bowl. Sports fans have shown a high interest in NFTs and digital assets, making the combination of NFTs and sports appealing and successful.

OnChainMonkey Migrates to Bitcoin

The OnChainMonkey (OCM) project has migrated its digital art collection from Ethereum to Bitcoin, burning the old NFTs on Ethereum. The migration cost over $1 million in Bitcoin fees and was supported by a majority of OnChainMonkey NFT owners. The move indicates that NFT users believe Ordinals on Bitcoin may have greater value than Ethereum-backed NFTs.

OpenSea Exec Starts Prison Sentence

Former OpenSea executive Nathaniel Chastain, who was convicted of insider trading, has chosen to begin serving his three-month prison sentence while his appeal is pending. Chastain, once head of product at the NFT marketplace, was accused of buying and reselling NFTs for profit before featuring them on the platform.

Chastain's legal team argued that the information he used was not confidential and that NFTs are not securities, but the judge allowed the case to proceed to trial, resulting in a three-month sentence.

This article has been refined and enhanced by ChatGPT.

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