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Weekly Crypto Report: Hacks, Market Trends, and the Latest in Blockchain and Web3
Welcome to your go-to source for all things Web3, Blockchain and Crypto! Our Weekly report dives into the freshest updates and game-changing developments in the fast-paced world. We curate the best data from trusted sources to keep you ahead of the curve. Ready to stay informed and inspired? Let’s explore the latest trends and insights together!
1. Web3, Blockchain & Crypto Breaking News This Week
Here are this week’s major breaking news reports related to Web3, Blockchain, and crypto that you should never miss.
- Japanese Crypto Exchange DMM Bitcoin Hacked, Loses $305 Million
DMM Bitcoin Suffered a hack, losing 4,502.9 bitcoins worth $305 million. The exchange investigates and implements measures to prevent future attacks.
- Riot Platforms Seeks to Acquire Bitfarms Ltd.
Riot Platforms aims to acquire Bitfarms, owning 9.25% and planning a public takeover offer despite Bitfarms’ board rejection.
- Ramp Expands Crypto-to-Fiat Services Across Europe
Ramp now supports SEPA money transfers and over 35 local currencies, enabling seamless crypto cash-outs directly to credit and debit cards across Europe.
- ENS Labs Proposes Expansion to Layer-2 Protocols
ENS Labs suggests expanding Ethereum Name Service to layer-2 scaling, making ‘.eth’ names cheaper and more accessible, through no specific layer-2 network is chosen yet.
- Former FTX Co-CEO Ryan Salame Sentenced to Prison
Ryan Salame received a 90-month prison sentence for illegal political contributions and unlicensed money-transmitting business conspiracies.
- ASI Alliance Finalise Merger, Launches New Token
Fetch.ai, SingularityNET, and Ocean Protocol merge to form the Artificial Superintelligence Alliance, launching the ASI token, enhancing AI network scalability.
- Argentina and El Salvador Discuss Bitcoin Adoption
Argentinian and Salvadoran officials met to discuss enhancing Bitcoin adoption and leveraging EI Salvador’s experience with digital assets.
- Donald Trump Opposes Central Bank Digital Currency
Trump vows to block the creation of a central bank digital currency in the US if re-elected, making cryptocurrency a key election issue.
- Caitlyn Jenner Promotes $JENNER Meme Coin.
Caitlyn Jenner promotes $JENNER, a meme coin on the Solana-based DEX pump. fun, reaching a market cap of over $24 million despite community scepticism.
- Worldcoin Project Halted by Hong Kong Privacy Regulator
Hong Kong’s PCPD ordered Worldcoin to stop operations due to excessive biometric data collection, violating local privacy laws.
2. Blockchain Weekly Analysis
The blockchain weekly analysis primarily covers the blockchain dominance analysis and the blockchain 7-day change analysis. In order to bring more clarity, the Layer 1 chains and Layer 2 chains are analysed separately.
2.1. Blockchain Dominance Analysis
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains as per dominance and TVL.
| Blockchains | Dominance | TVL |
| Ethereum | 64.85% | $65,327,694,474 |
| TRON | 8.21% | $8,270,766,940 |
| BNB Smart Chain | 5.25% | $5,291,115,742 |
| Solana | 4.76% | $4,796,403,295 |
| Arbitrum One | 3.08% | $3,104,010,123 |
| Others | 13.85% |
Among the top five blockchains, Ethereum dominates with 64.85%. TRON and BNB Smart Chain follow with 8.21% and 5.25%, respectively. Solana and Arbitrum One mark 4.76% and 3.08% dominance, respectively.
2.1.1. Top Five Layer 1 Chains By Dominance
Ethereum, BNB Smart Chain, Solana, Bitcoin and Avalanche are the top five Layer 1 Blockchain by dominance and TVL.
| Layer 1 Blockchains | Dominance | TVL |
| Ethereum | 81.35% | $65,397,387,128 |
| BNB Smart Chain | 6.58% | $5,292,935,843 |
| Solana | 5.97% | $4,798,824,590 |
| Bitcoin | 1.42% | $1,142,834,728 |
| Avalanche | 1.14% | $914,650,933 |
| Others | 3.54% |
Among the top five-layer 1 chains, Ethereum dominates with 81.35%. BNB Smart Chain and Solana follow with 6.58% and 5.97%, respectively. Bitcoin records 1.42% dominance, and Avalanche reports 1.14% dominance.
2.1.2. Top Five Layer 2 Chains By Dominance
Arbitrum One, Blast, Base, Polygon POS, and Optimism are the top five Layer 2 Blockchains on the basis of dominance and Total Value Locked.
| Layer 2 Blockchains | Dominance | TVL |
| Arbitrum One | 28.51% | $3,107,741,567 |
| Blast | 20.68% | $2,254,576,560 |
| Base | 16.04% | $1,748,575,639 |
| Polygon POS | 8.71% | $949,220,251 |
| Optimism | 7.67% | $836,324,225 |
| Others | 18.93% |
Among the top five-layer 2 chains, Arbitrum One dominates with 28.51%. Blast and Base closely follow with 20.68% and 16.04%, respectively. Polygon POS shows a dominance of 8.71%, and Optimism registers a dominance of 7.67%.
2.2. Blockchain 7-Day Change Analysis
Let’s analyse the top five Layer 1 chains using the 7-day change index.
| Layer 1 Blockchains | 7-Day Change |
| Ethereum | +1.8% |
| BNB Smart Chain | -4.4% |
| Solana | +1.3% |
| Bitcoin | -2.2% |
| Avalanche | -8.5% |
Only two blockchains among the top five L1 chains show a positive seven-day change: Ethereum, which displays a seven-day change of +1.8%, and Solana, which displays a change of +1.3%. Conversely, Avalanche, BNB Smart Chain, and Bitcoin display a negative seven-day change. Avalanche shows the highest negative seven-day change (-8.5%). BNB Smart Chain and Bitcoin follow with -4.4% and -2.2%, respectively.
Let’s analyse the top five Layer 2 chains using the 7-day change index.
| Layer 2 Blockchains | 7-Day Change |
| Arbitrum One | +1.7% |
| Blast | +19.4% |
| Base | +2.6% |
| Polygon POS | -2.7% |
| Optimism | -3.3% |
Among the top five L2 chains, at least three blockchains display a positive 7-day change. Blast shows the highest positive 7-day change of +19.4%. Base and Arbitrum One follow with +2.6% and +1.7%, respectively. Optimism showcases the highest negative 7-day change of -3.3%. Polygon POS follows with -2.7% change.
3. Cryptocurrency Weekly Analysis
The Cryptocurrency Weekly analysis covers a wide range of analyses, from the general cryptocurrency market cap analysis and the top gainers and losers analysis to the Stablecoin, Memecoin, AI Coins and Metaverse Coins analyses.
3.1. Top Cryptocurrency Categories By Market Cap
Layer 1 (LI), Smart Contract Platform, Andreessen Horowitz Portfolio, Alameda Research Portfolio, and Alleged SEC Securities are the top five cryptocurrency categories by Market Cap. The Layer 1 (L1) category, with a $2,088,167,099,227 market cap, is the one with the highest market cap. The Smart Contract Platform category follows with a $770,415,441,846 market cap.
| Crypto Categories | Market Cap | 7-Day Change |
| Layer 1 (L1) | $2,088,167,099,227 | -1.0% |
| Smart Contract Platform | $770,415,441,846 | +0.4% |
| Andreessen Horowitz Portfolio | $623,160,252,002 | +1.0% |
| Alameda Research Portfolio | $569,768,419,193 | +1.4% |
| Alleged SEC Securities | $246,966,021,146 | -3.1% |
Among the top five crypto categories, at least three show a positive 7-day change, though mild in nature. Alameda Research Portfolio, Andreessen Horowitz Portfolio, and Smart Contract Platform report +1.4%, +1.0% and +0.4% change, respectively. The biggest negative 7-day change is recorded by Alleged SEC Securities (-3.1%). The Layer 1 (L1) category follows with -1.0%.
3.1.1. Trending Categories This Week
PolitiFi, Pantera Capital Portfolio, Alleged SEC Securities, DePIN, Smart Contract Platform, and DWF Labs Portfolio are the top six trending categories this week.
| Trending Categories | Market Cap |
| PolitiFi | $1,781,076,640 |
| Pantera Capital Portfolio | $89,238,479,901 |
| Alleged SEC Securities | $246,840,741,279 |
| DePIN | $30,253,587,021 |
| Smart Contract Platform | $770,357,776,148 |
| DWF Labs Portfolio | $59,183,686,433 |
Among the top six trending categories of the week, the Smart Contract Platform category has the highest market cap of $770,357,776,148. The Alleged SEC Securities category follows with a $246,840,741,279 market cap. Pantera Capital Portfolio and DWF Labs Portfolio display $89,238,479,901 and $59,183,686,433 market cap, respectively.
3.2. Top Cryptocurrencies By Market Cap
The top five cryptocurrencies by market cap are Bitcoin, Ethereum, Tether, BNB, and Solana. Bitcoin has the highest market cap of $1,333,856,983,170. Ethereum follows with a market cap of $454,960,182,691.
| Cryptocurrencies | Market Cap | 7-Day Change |
| Bitcoin | $1,333,856,983,170 | -1.5% |
| Ethereum | $454,960,182,691 | +0.4% |
| Tether | $112,102,885,363 | -0.1% |
| BNB | $91,680,517,280 | -1.2% |
| Solana | $76,795,835,981 | -1.6% |
Among the top five cryptos, only one shows a positive 7-day change; Ethereum reports a 7-day change of +0.4%. The highest negative change is recorded by Solana (-1.6%). Bitcoin and BNB follow with -1.5% and -1.2%, respectively. Tether, the most prominent stablecoin, displays a mild change of -0.1%.
3.2.1. Trending Coins This Week
MANTRA, Notcoin, Foxy, JasmyCoin, and Pepe are the most trending cryptocurrencies at the time of preparing this analysis.
| Trending Cryptocurrencies | Market Cap |
| MANTRA | $610,502,346 |
| Notcoin | $1,293,303,319 |
| Foxy | $71,323,734 |
| JasmyCoin | $1,770,142,107 |
| Pepe | $6,419,889,652 |
Among the top five trending cryptocurrencies of the week, Pepe, a popular Memecoin, has the highest market cap of $6,419,889,652. JasmyCoin and Notcoin follow with $1,770,142,107 and $1,293,303,319, respectively. MANTRA displays a market cap of $610,502,346. Foxy registers a short market cap of $71,323,734.
3.2.2. Top Gainers & Losers This Week
Beercoin, Super Trump, MINATIVERSE, LandWolf and Notcoin are the week’s top gainers as per the 7-day gain index.
| Top Gainers | 7-Day Gain |
| Beercoin | +745.6% |
| Super Trump | +307.0% |
| MINATIVERSE | +296.5% |
| LandWolf | +236.6% |
| Notcoin | +162.0% |
Beercoin marks the highest 7-day gain of +745.6%. Super Trump and MINATIVERSE follow with +307.0% and +296.5%, respectively. LandWolf reports a 7-day change of +236.6%, and Notcoin records a 7-day gain of +162.0%.
Harambe on Solana, Apu Apustaja, The Doge NFT, OpSec, and enqAI are the top losers of the week as per the 7-day loss index.
| Top Losers | 7-Day Loss |
| Harambe on Solana | -53.9% |
| Apu Apustaja | -44.8% |
| The Doge NFT | -43.1% |
| OpSec | -41.2% |
| enqAI | -40.1% |
Harambe on Solana marks the highest 7-day loss of -53.9%. Apu Apustaja and The Doge NFT follow with -44.8% and -43.1%, respectively. OpSec and enqAI display -41.2% and -40.1% 7-day loss, respectively.
3.3. Top Stablecoins Analysis
Tether, USDC, Dai, Ethena USDe, and First Digital USD are the top five stablecoins as per market cap.
| Stablecoins | Market Cap |
| Tether | $111,812,258,509 |
| USDC | $32,336,510,399 |
| Dai | $5,303,873,042 |
| Ethena USDe | $2,999,857,950 |
| First Digital USD | $2,902,433,891 |
Among the top stablecoins, Tether has the highest market cap of $111,812,258,509. USDC and Dai follow with $32,336,510,399 and $5,303,873,042 market cap, respectively. Ethena USDe and First Digital USD mark $2,999,857,950 and $2,902,433,891 market cap, respectively.
3.4. Top Memecoins 7-Day Change Analysis
Dogecoin, Shiba Inu, Pepe, dogwifhat, and FLOKI are the top five Memecoins as per market cap. Dogecoin has the highest market cap of $23,012,805,115. Shiba Inu and Pepe follow with $14,884,794,410 and $6,426,728,734 market cap, respectively.
| Memecoins | Market Cap | 7-Day Change |
| Dogecoin | $23,012,805,115 | -3.3% |
| Shiba Inu | $14,884,794,410 | +2.3% |
| Pepe | $6,426,728,734 | +1.7% |
| dogwifhat | $3,337,699,708 | +16.2% |
| FLOKI | $2,481,188,793 | +14.0% |
Among the top five Memecoins, only Dogecoin shows a negative 7-day change; it marks a change of -3.3%. Dogwifhat displays the highest 7-day change of +16.2%. FLOKI closely follows with +14.0%. Shiba Inu and Pepe showcase +2.3% and +1.7% change, respectively.
3.5. Top AI Coins 7-Day Change Analysis
NEAR Protocol, Internet Computer, Fetch.ai, Render, and The Graph are the top five AI Coins as per market cap. NEAR Protocol has the highest market cap of $7,789,058,588 . Internet Computer and Fetch.ai closely follow with $5,578,204,219 and $5,372,352,253 market cap, respectively.
| AI Coins | Market Cap | 7-Day Change |
| NEAR Protocol | $7,789,058,588 | -9.8% |
| Internet Computer | $5,578,204,219 | -2.8% |
| Fetch.ai | $5,372,352,253 | -9.1% |
| Render | $3,892,248,710 | -2.4% |
| The Graph | $2,839,397,653 | -8.0% |
All the top five AI coins show a negative 7-day change. The highest negative 7-day change is recorded by NEAR Protocol (-9.8%). Fetch.ai and The Graph follow with -9.1% and -8.0%, respectively. Internet Computer registers a -2.8% change, and Render records a -2.4% change.
3.6. Top Metaverse Coins 7-Day Change Analysis
Render, FLOKI, Axie Infinity, The Sandbox, and Decentraland are the top five Metaverse Coins on the basis of market cap. Render has the highest market cap of $3,886,518,932. FLOKI, Axie Infinity, and The Sandbox closely follow with $2,458,516,480, $1,081,176,676 and $979,500,947 market cap, respectively.
| Metaverse Coins | Market Cap | 7-Day Change |
| Render | $3,886,518,932 | -2.4% |
| FLOKI | $2,458,516,480 | +14.0% |
| Axie Infinity | $1,081,176,676 | -7.4% |
| The Sandbox | $979,500,947 | -5.5% |
| Decentraland | $829,832,623 | -3.0% |
Among the top five Metaverse coins, only one coin shows a positive 7-day change; FLOKI records a 7-day change of +14.0%. The largest negative 7-day change is reported by Axie Infinity (-7.4%). The Sandbox and Decentraland follow with -5.5% and -3.0%, respectively. Render reports a minimal 7-day change of -2.4%.
4. Crypto ETF Weekly Analysis
The crypto ETF weekly analysis covers Bitcoin Spot ETFs, Bitcoin Futures ETFs, and Ethereum Futures ETFs.
4.1. Bitcoin Spot ETF Price Change Analysis
GBTC, IBIT, FBTC, ARKB and BITB are the top five Bitcoin Spot ETFs based on Asset Under Management. GBTC marks the highest AUM of $24.33B. IBIT closely follows with an AUM of $17.24B.
| Bitcoin Spot ETFs | Price | Change | AUM |
| Grayscale (GBTC) | $60.09 | -1.56% | $24.33B |
| BlackRock (IBIT) | $38.55 | -1.56% | $17.24B |
| Fidelity (FBTC) | $59.16 | -1.65% | $9.90B |
| Ark/21 Shares (ARKB) | $67.55 | -1.75% | $2.85B |
| Bitwise (BITB) | $36.85 | -1.65% | $2.16B |
All the top five Bitcoin Spot ETFs mark a negative change. Ark/21 Shares’s ARKB records the highest negative change of -1.75%. Both Fidelity’ FBTC and Bitwise’s BITB follow with the same change value of -1.65%. Grayscale’s GBTC and BlackRock’s IBIT, both, report the same value of -1.56%.
4.2. Bitcoin Futures ETF Price Change Analysis
BITO, XBTF, BTF, BITS, and ARKA are the top five Bitcoin Futures ETFs as per Asset Under Management. BITO has the highest AUM of $598.78M. XBTF follows with $42.41M AUM.
| Bitcoin Futures ETFs | Price | Change | AUM |
| ProShares (BITO) | $27.28 | -2.12% | $598.78M |
| VanEck (XBTF) | $39.22 | +0.33% | $42.41M |
| Valkyrie (BTF) | $21.07 | -0.61% | $38.20M |
| Global X (BITS) | $66.37 | -2.45% | $26.10M |
| Ark/21 Shares (ARKA) | $65.26 | +2.00% | $8.01M |
Among the top five Bitcoin Futures ETFs, at least two mark a positive change; Ark/21 Share’s ARKA and VanEck’s XBTF register +2.00% and +0.33% change, respectively. The highest negative change is reported by Global X’s BITS (-2.45%). ProShares’s BITO closely follows with -2.12% change. Valkyrie’s BTF also showcases a minimal change of -0.61%.
4.3. Ethereum Futures ETF Price Change Analysis
BITW, BTF, EFUT, EETH, and AETH are the top five Ethereum Futures ETFs based on Asset Under Management. BITW has the highest AUM of $478.00M. BTF follows with $25.93M AUM.
| Ethereum Futures ETFs | Price | Change | AUM |
| Bitwise (BITW) | $37.05 | +0.10% | $478.00M |
| Valkyrie (BTF) | $21.07 | -0.61% | $25.93M |
| VanEck (EFUT) | $29.25 | +0.58% | $7.84M |
| ProShares (EETH) | $81.83 | +0.38% | $6.43M |
| Bitwise (AETH) | $49.50 | +0.15% | $585.75K |
Among the top five Ethereum Futures ETFs, only one displays a negative change; Valkyrie’s BTF shows a change of -0.61%. Others showcase a positive change, though minimal in nature. The highest positive change is marked by VanEck’ EFUT (+0.58%). ProShare’s EETH, Bitwise’s AETH and Bitwise’s BITW follow with +0.38%, +0.15% and +0.10%, respectively.
5. DeFi Protocols Weekly Analysis
Lido, EigenLayer, AAVE, Maker and JustLend are the top five DeFi protocols as per Total Value Locked. Lido marks the highest TVL of $36.002B. EigenLayer and AAVE follow with $19.109B and $13.008B, respectively.
| DeFi Protocols | TVL | 7-Day Change |
| Lido | $36.002B | +2.88% |
| EigenLayer | $19.109B | +3.09% |
| AAVE | $13.008B | +0.40% |
| Maker | $8.87B | -1.67% |
| JustLend | $6.502B | -2.23% |
Among the top five DeFi Protocols, at least three record a positive 7-day change. EigenLayer registers the highest positive change of +3.9%. Lido and AACE follow with +2.88% and +0.40%, respectively. Conversely, JustLend reports the highest negative change of -2.23%. Maker follows with -1.67% change.
6. Crypto Exchange Weekly Analysis
6.1. Top Crypto Centralised Exchanges
Binance, Coinbase Exchange, Bybit, WhiteBIT, and OKX are the top five crypto centralised exchanges on the basis of Monthly Visits.
| Crypto Centralised Exchanges | Monthly Visits | Trust Score |
| Binance | 75.3M | 9/10 |
| Coinbase Exchange | 46.3M | 10/10 |
| Bybit | 31M | 10/10 |
| WhiteBIT | 24.8M | 8/10 |
| OKX | 24.1M | 10/10 |
Among the top five crypto centralised exchanges by Monthly Visits, Binance has the highest number of monthly visits of 75.3M. Coinbase Exchange and Bybit closely follow with 46.3M and 31M monthly visits, respectively. WhiteBIT marks 24.8M monthly visits and OKX 24.1M.
Of these exchanges, at least three, Coinbase Exchange, Bybit, and OKX, report a 10/10 trust score. Binance shows 9/10 trust score and WhiteBIT 8/10.
6.2. Top Crypto Decentralised Exchanges
Uniswap V3 (Ethereum), Jupiter, Orca, Uniswap V3 (Arbitrum One), and Rydium are the top five crypto decentralised exchanges on the basis of Market Share by Volume.
| Crypto Decentralised Exchanges | % Market Share by Volume | 24-Hour Volume |
| Uniswap V3 (Ethereum) | 21.4% | $1,165,265,584 |
| Jupiter | 13.6% | $739,042,874 |
| Orca | 6.5% | $351,937,928 |
| Uniswap V3 (Arbitrum One) | 6.1% | $332,249,299 |
| Raydium | 5.3% | $287,529,813 |
Among the top five decentralised crypto exchanges, Uniswap V3 (Ethereum) has the highest marke share by volume in per cent of 21.4%. Jupiter follows with 13.6%. Orca, Uniswap V3 (Arbitrum One), and Raydium register 6.5%, 6.1% and 5.3%, respectively.
6.3. Top Crypto Derivative Exchanges
Binance (Futures), Bybit(Futures), Deepcoin (Derivatives), Bitget Futures, and CoinW (Futures) are the top five crypto derivative exchanges by 24-hour open interest.
| Crypto Derivative Exchanges | 24-Hour Open Interest | 24-Hour Volume |
| Binance (Futures) | $21,163,375,400 | $48,434,469,183 |
| Bybit (Futures) | $13,529,713,119 | $15,858,146,927 |
| Deepcoin (Derivatives) | $11,096,765,826 | $6,534,055,599 |
| Bitget Futures | $10,764,440,969 | $15,882,809,660 |
| CoinW (Futures) | $7,914,807,900 | $26,636,487,009 |
Among the top five crypto derivative exchanges, Binance (Futures) has the highest 24-hour Open Interest of $21,163,375,400. Bybit (Futures) and DeepCoin (Derivatives) follow with $13,529,713,119 and $11,096,765,826, respectively. Of these exchanges, Binance (Futures) marks the highest volume of $48,434,469,183. CoinW (Futures) follows with $26,636,487,009 volume.
7. NFT Marketplace Weekly Analysis
Blur, Blur Aggregator, Cryptopunks, Gem, X2Y2, and Gem are the top five NFT Marketplaces by Market Share. Blur has the highest market share of 68.79%. Blur Aggregator and Cryptopunks follow with 23.38% and 4.43% market share, respectively.
| NFT Marketplaces | Market Share | Volume Change (Change of last 7-D Volume over the Previous 7-D Volume) |
| Blur | 68.79% | -25.81% |
| Blur Aggregator | 23.38% | -32.53% |
| Cryptopunks | 4.43% | -9.93% |
| X2Y2 | 1.30% | +113% |
| Gem | 0.96% | -0.62% |
Among the top five NFT marketplaces, only one shows a positive volume change; X2Y2 records a massive change of +113%. The highest negative change is recorded by the Blur Aggregator (-32.53%). Blur closely follows with -25.81%. Cryptopunks display a change of -9.93%. Gem registers a minimal change of -0.62%.
7.1. Top NFT Collectibles This Week
Azuki #3374, $ORDI BRC-20 NFTs #8b1e444e, BOOGLE #Ai822dfBR7, CryptoPunks #9461, and CryptoPunks #1714 are the top NFT collectables based on Price.
| NFT Collectibles | Price |
| Azuki #3374 | $393,112.31 |
| $ORDI BRC-20 NFTs #8b1e444e | $305,258.05 |
| BOOGLE #Ai822dfBR7 | $206,935.53 |
| CryptoPunks #9461 | $160,409.63 |
| CryptoPunks #1714 | $160,409.63 |
Azuki #3374 marks the highest price of $393,112.31. $ORDI BRC-20 NFTs #8b1e444e and BOOGLE #Ai822dfBR7 follow with $305,258.05 and $206,935.53 price, respectively. CryptoPunks #9461 reports $160,409.63 price, and CryptoPunks #1714 registers $160,409.63 price.
8. Web3, Blockchain & Crypto Funding Analysis
8.1. Crypto Fundraising Trend
| Week | Funds Raised | Number of Fundraising Rounds |
| May 27 – June 2, 2024 | $348.10M | 38 |
| May 20 – 26, 2024 | $250.47M | 32 |
This week, the crypto sector has so far raised nearly $348.10M, higher than the previous year’s value of $250.47M.
8.2. Most Active Investors This Week
Animoca Brands, DWF Labs, Blockchain Founders Fund, SNZ Holdings, and The Spartan are the most active investors this week, based on the number of deals.
| Investors (or Fund’s Name) | Deals (26 May – 1 June, 2024) | Investments | Lead Investments |
| Animoca Brands | 7 | 6 | 1 |
| DWF Labs | 3 | 2 | 1 |
| Blockchain Founders Fund | 3 | 2 | 1 |
| SNZ Holdings | 3 | 2 | 1 |
| The Spartan Group | 3 | 3 | 0 |
Among the most active investors, Animoca Brands records the highest number of deals of 7, of which at least 6 are investments and one lead investment. DWF Labs, Blockchain Founders Fund, SNZ Holdings, and The Spartan Group mark three deals each; among them, The Spartan Group records no lead investments, but others register a deal each.
8.3. Crypto Fundraising By Category
Blockchain Infrastructure, Blockchain Services, CeFi, Chain, DeFi, GameFi, NFT and Social are the categories raised funds this week.
| Category | Number of Fundraising Rounds (May 27 – June 2, 24) | Funds Raised |
| Blockchain Infrastructure | 6 | $98.50M |
| Blockchain Services | 5 | $170.30M |
| CeFi | 2 | $7.25M |
| Chain | 3 | $8.30M |
| DeFi | 9 | $34.20M |
| GameFi | 8 | $23.80M |
| Social | 5 | $5.75M |
Blockchain Services is the category that raised the highest amount of $170.30M. Blockchain Infrastructure follows with $98.50M. DeFi and GameFi show $34.20M and $23.80M funds raised, respectively. Chain, CeFi and Social report $8.30M, $7.25M, and $5.75M, respectively.
8.4. Top Crypto Investment Locations
Apart from the undisclosed category, Singapore, the US, China, Switzerland, Cayman Islands, and Colombia are the top crypto investment locations, on the basis of funds raised.
| Investment Location | Funds Raised (May 26 – June 1, 2024) | Funds Raised % | Number of Rounds |
| Singapore | $150.00M | 43% | 2 |
| Undisclosed | $93.65M | 27% | 23 |
| United States | $86.45M | 25% | 6 |
| China | $6.00M | 2% | 1 |
| Switzerland | $5.00M | 1% | 1 |
| Cayman Island | $4.00M | 1% | 1 |
| Colombia | $3.00M | 1% | 1 |
Singapore is the topmost crypto investment location, with $150.00M funds raised. The Undisclosed category is the one which follows with $93.65M. The US, the third highest crypto investment location, records $86.45M funds raised. China, Switzerland, Cayman Island, and Colombia mark $6.00M, $5.00M, $4.0M and $3.00M, respectively.
8.5. Most Active Crypto VC Jurisdictions
The US, Singapore, China, the UK, Switzerland, and the UAE are the most active crypto venture capital jurisdictions.
| Crypto VC Jurisdiction | Number of Projects (May 26 – June 1, 2024) |
| The United States | 69 |
| Singapore | 20 |
| China | 17 |
| The United Kingdom | 6 |
| Switzerland | 5 |
| The UAE | 5 |
The US, with 69 projects, is the top most venture capital jurisdiction this week. Singapore and China follow with 20 and 17 projects, respectively. The UK shows six projects, and Switzerland and the UAE, both, record five projects each.
9. Web 3, Blockchain & Crypto Hack Updates
The total value hacked is $8.2B. The total value hacked in DeFi is $5.96B, and total value hacked in Bridges is $2.83 billion.
| Total Value Hacked | $8.2B
Total Value Hacked in DeFi$5.96BTotal Value Hacked in Bridges $2.83B |
| Project Name | Amount Lost | Date |
| DMM Bitcoin | $305M | 31 May, 2024 |
| Gala | $22M | 20 May, 2024 |
| ALEX | $23.9M | 16 May. 2024 |
| pump.fun | $2M | 16 May, 2024 |
| Sonne Finance | $20M | 15 May, 2024 |
DMM Bitcoin, Gala, ALEX, pump.fun and Sonne Finance are the top five project hacks reported this month. The Sonne Finance hack is the first reported this month. In this hack reported on 15th May, 2024, the project lost nearly $20M. ALEX and pump.fun were reported on 16th May. In the ALEX hack, nearly $23.9M was lost. In the pump.fun hack, only $2M was lost. It is the smallest hack this month in terms of the amount lost. In the Gala hack, reported on 20th May, nearly $22M were lost. The DMM Bitcoin hack, reported on 31st May, 2024, is the latest hack. The hack resulted in a huge loss of $305M, which is the worst loss reported in recent history.
Endnote
This report comprehensively analyses the current performance of various blockchains and cryptocurrencies, including Bitcoin, Altcoins, Stablecoins, AI Coins, Memecoins and Metaverse. It highlights trending coins, top gainers and losers, and delves into Crypto ETFs such as Bitcoin Spot ETFS, Bitcoin Futures ETFs, and Ethereum Futures ETFs. Additionally, it examines centralised, decentralised, and derivatives crypto exchanges, DeFi protocols, and NFT marketplaces. The report also covers crypto fundraising activities, prominent investors, key investment locations, and notable crypto hacks reported lately.
The attack, which exploited a vulnerability disclosed in April, drained around 60 million ASTRO tokens, sending the price plummeting.
The Terra blockchain has been exploited for over $6 million, forcing developers to take a momentary break the chain.
Beosin Cyber Security Company reported that the protocol lost 60 million ASTRO tokens, 3.5 million USDC, 500,000 USDT, and 2.7 BTC or $180,000.
Terra developers paused the chain on Wednesday morning to apply an emergency patch that would address the attack. Moments later, a 67% majority of validators upgraded their nodes and resumed block production.
The ASTRO token has plunged as much as 75%. It is now trading at $0.03, a 25% decline on the day. Traders who took advantage of the drop are now on 195%.
ASTRO PriceThe vulnerability that took down the Cosmos-based blockchain was disclosed in April and involved the deployment of a malicious CosmWasm contract. It opened the door to attacks via what is called an “ibc-hooks callback timeout reentrancy vulnerability,” which is used to invoke contracts and enable cross-chain swaps.
Terra 2.0 also suffered a massive drop in total value locked (TVL) in April, shortly after the vulnerability was discovered. It plunged 80% to $6 million from $30 million in TVL and has since lost nearly half of that value, currently sitting at $3.9 million.
The current Earth chain emerged from the rubble as a hard fork after the original blockchain, now called Terra Classic, collapsed in 2022. Terra collapsed after its algorithmic stablecoin (UST) lost its peg, causing a run on deposits. More than $50 billion of UST’s market cap was wiped out in a matter of days.
Terraform Labs, the company behind the blockchain, has been slowly unravelling its legal woes since its mid-2022 crash. Founder Do Kwon awaits sentencing in Montenegro after he and his company were found liable for $40 billion in customer funds in early April.
On June 12, Terraform Labs settled with the SEC for $4.4 billion, for which the company will pay about $3.59 billion plus interest and a $420 million penalty. Meanwhile, Kwon will pay $204.3 million, including $110 million in restitution, interest and an $80 million penalty, a court filing showed.
Icebreaker: Think LinkedIn but on a Blockchain—announced Wednesday that it has secured $5 million in seed funding. CoinFund led the round, with participation from Accomplice, Anagram, and Legion Capital, among others.
The company, which is valued at $21 million, aims to become the world’s first open-source network for professional connections. Its co-founders, Dan Stone and Jack Dillé, come from Google AND Monetary base; Stone was a product manager at the cryptocurrency giant and also the co-creator of Google’s largest multi-identity measurement and marketing platform, while Dillé was a design manager for Google Working area.
The pair founded Icebreaker on the shared belief that the imprint of one’s digital identity (and reputation) should not be owned by a single entity, but rather publicly owned and accessible to all. Frustrated that platforms like LinkedIn To limit how we leverage our connections, Dillé told Fortune he hopes to remove paywalls and credits, which “force us to pay just to browse our network.” Using blockchain technology, Icebreaker lets users transfer their existing professional profile and network into a single, verified channel.
“Imagine clicking the login button and then seeing your entire network on LinkedIn, ChirpingFarcaster and email? Imagine how many introductions could be routed more effectively if you could see the full picture of how you’re connected to someone,” Stone told Fortune.
Users can instantly prove their credentials and provide verifiable endorsements for people in their network. The idea is to create an “open graph of reputation and identity,” according to the founders. They hope to challenge LinkedIn’s closed network that “secures data,” freeing users to search for candidates and opportunities wherever they are online. By building on-chain, the founders note, they will create a public ledger of shared context and trust.
Verified channels are now launched for
Chirping
Online Guide
Wallet
Discord
Telephone
TeleporterYou can find them in Account -> Linked Accounts Italian: https://t.co/mRDyuWW8O2
— Icebreaker (@icebreaker_xyz) April 3, 2024
“Digital networking is increasingly saturated with noise and AI-driven fake personas,” the founders said in a statement. For example: Dillé’s LinkedIn headline reads “CEO of Google,” a small piece of digital performance art to draw attention to unverifiable information on Web2 social networks that can leave both candidates and recruiters vulnerable to false claims.
“Icebreaker was created to enable professionals to seamlessly tap into their existing profiles and networks to surface exceptional people and opportunities, using recent advances in cryptographically verifiable identity,” the company said, adding that the new funding will go towards expanding its team and developing products.
“One of the next significant use cases for cryptocurrency is the development of fundamental social graphs for applications to leverage… We are proud to support Dan, Jack and their team in their mission to bring true professional identity ownership to everyone online,” said CoinFund CIO Alex Felix in a statement.
Learn more about all things cryptocurrency with short, easy-to-read flashcards. Click here to Fortune’s Crash Course in Cryptocurrency.
Fuente
On July 24, 2024, the Ministry of Finance proposed Blockchain Bill IVwhich will provide greater flexibility and legal certainty for issuers using Distributed Ledger Technology (DLT). The bill will update three of Luxembourg’s financial laws, the Law of 6 April 2013 on dematerialised securitiesTHE Law of 5 April 1993 on the financial sector and the Law of 23 December 1998 establishing a financial sector supervisory commissionThis bill includes the additional option of a supervisory agent role and the inclusion of equity securities in dematerialized form.
DLT and Luxembourg
DLT is increasingly used in the financial and fund management sector in Luxembourg, offering numerous benefits and transforming various aspects of the industry.
Here are some examples:
- Digital Bonds: Luxembourg has seen multiple digital bond issuances via DLT. For example, the European Investment Bank has issued bonds that are registered, transferred and stored via DLT processes. These bonds are governed by Luxembourg law and registered on proprietary DLT platforms.
- Fund Administration: DLT can streamline fund administration processes, offering new opportunities and efficiencies for intermediaries, and can do the following:
- Automate capital calls and distributions using smart contracts,
- Simplify audits and ensure reporting accuracy through transparent and immutable transaction records.
- Warranty Management: Luxembourg-based DLT platforms allow clients to swap ownership of baskets of securities between different collateral pools at precise times.
- Tokenization: DLT is used to tokenize various assets, including real estate and luxury goods, by representing them in a tokenized and fractionalized format on the blockchain. This process can improve the liquidity and accessibility of traditionally illiquid assets.
- Tokenization of investment funds: DLT is being explored for the tokenization of investment funds, which can streamline the supply chain, reduce costs, and enable faster transactions. DLT can automate various elements of the supply chain, reducing the need for reconciliations between entities such as custodians, administrators, and investment managers.
- Issuance, settlement and payment platforms:Market participants are developing trusted networks using DLT technology to serve as a single source of shared truth among participants in financial instrument investment ecosystems.
- Legal framework: Luxembourg has adapted its legal framework to accommodate DLT, recognising the validity and enforceability of DLT-based financial instruments. This includes the following:
- Allow the use of DLT for the issuance of dematerialized securities,
- Recognize DLT for the circulation of securities,
- Enabling financial collateral arrangements on DLT financial instruments.
- Regulatory compliance: DLT can improve transparency in fund share ownership and regulatory compliance, providing fund managers with new opportunities for liquidity management and operational efficiency.
- Financial inclusion: By leveraging DLT, Luxembourg aims to promote greater financial inclusion and participation, potentially creating a more diverse and resilient financial system.
- Governance and ethics:The implementation of DLT can promote higher standards of governance and ethics, contributing to a more sustainable and responsible financial sector.
Luxembourg’s approach to DLT in finance and fund management is characterised by a principle of technology neutrality, recognising that innovative processes and technologies can contribute to improving financial services. This is exemplified by its commitment to creating a compatible legal and regulatory framework.
Short story
Luxembourg has already enacted three major blockchain-related laws, often referred to as Blockchain I, II and III.
Blockchain Law I (2019): This law, passed on March 1, 2019, was one of the first in the EU to recognize blockchain as equivalent to traditional transactions. It allowed the use of DLT for account registration, transfer, and materialization of securities.
Blockchain Law II (2021): Enacted on 22 January 2021, this law strengthened the Luxembourg legal framework on dematerialised securities. It recognised the possibility of using secure electronic registration mechanisms to issue such securities and expanded access for all credit institutions and investment firms.
Blockchain Act III (2023): Also known as Bill 8055, this is the most recent law in the blockchain field and was passed on March 14, 2023. This law has integrated the Luxembourg DLT framework in the following way:
- Update of the Act of 5 August 2005 on provisions relating to financial collateral to enable the use of electronic DLT as collateral on financial instruments registered in securities accounts,
- Implementation of EU Regulation 2022/858 on a pilot scheme for DLT-based market infrastructures (DLT Pilot Regulation),
- Redefining the notion of financial instruments in Law of 5 April 1993 on the financial sector and the Law of 30 May 2018 on financial instruments markets to align with the corresponding European regulations, including MiFID.
The Blockchain III Act strengthened the collateral rules for digital assets and aimed to increase legal certainty by allowing securities accounts on DLT to be pledged, while maintaining the efficient system of the 2005 Act on Financial Collateral Arrangements.
With the Blockchain IV bill, Luxembourg will build on the foundations laid by previous Blockchain laws and aims to consolidate Luxembourg’s position as a leading hub for financial innovation in Europe.
Blockchain Bill IV
The key provisions of the Blockchain IV bill include the following:
- Expanded scope: The bill expands the Luxembourg DLT legal framework to include equity securities in addition to debt securities. This expansion will allow the fund industry and transfer agents to use DLT to manage registers of shares and units, as well as to process fund shares.
- New role of the control agent: The bill introduces the role of a control agent as an alternative to the central account custodian for the issuance of dematerialised securities via DLT. This control agent can be an EU investment firm or a credit institution chosen by the issuer. This new role does not replace the current central account custodian, but, like all other roles, it must be notified to the Commission de Surveillance du Secteur Financier (CSSF), which is designated as the competent supervisory authority. The notification must be submitted two months after the control agent starts its activities.
- Responsibilities of the control agent: The control agent will manage the securities issuance account, verify the consistency between the securities issued and those registered on the DLT network, and supervise the chain of custody of the securities at the account holder and investor level.
- Simplified payment processesThe bill allows issuers to meet payment obligations under securities (such as interest, dividends or repayments) as soon as they have paid the relevant amounts to the paying agent, settlement agent or central account custodian.
- Simplified issuance and reconciliationThe bill simplifies the process of issuing, holding and reconciling dematerialized securities through DLT, eliminating the need for a central custodian to have a second level of custody and allowing securities to be credited directly to the accounts of investors or their delegates.
- Smart Contract Integration:The new processes can be executed using smart contracts with the assistance of the control agent, potentially increasing efficiency and reducing intermediation.
These changes are expected to bring several benefits to the Luxembourg financial sector, including:
- Fund Operations: Greater efficiency and reduced costs by leveraging DLT for the issuance and transfer of fund shares.
- Financial transactions: Greater transparency and security.
- Transparency of the regulatory environment: Increased attractiveness and competitiveness of the Luxembourg financial centre through greater legal clarity and flexibility for issuers and investors using DLT.
- Smart Contracts: Potential for automation of contractual terms, reduction of intermediaries and improvement of transaction traceability through smart contracts.
Blockchain Bill IV is part of Luxembourg’s ongoing strategy to develop a strong digital ecosystem as part of its economy and maintain its status as a leading hub for financial innovation. Luxembourg is positioning itself at the forefront of Europe’s growing digital financial landscape by constantly updating its regulatory framework.
Local regulations, such as Luxembourg law, complement European regulations by providing a more specific legal framework, adapted to local specificities. These local laws, together with European initiatives, aim to improve both the use and the security of projects involving new technologies. They help establish clear standards and promote consumer trust, while promoting innovation and ensuring better protection against potential risks associated with these emerging technologies. Check out our latest posts on these topics and, for more information on this law, blockchain technology and the tokenization mechanism, do not hesitate to contact us.
We are available to discuss any project related to digital finance, cryptocurrencies and disruptive technologies.
This informational piece, which may be considered advertising under the ethics rules of some jurisdictions, is provided with the understanding that it does not constitute the rendering of legal or other professional advice by Goodwin or its attorneys. Past results do not guarantee a similar outcome.
The Department of Veterans Affairs would have to evaluate how blockchain technology could be used to improve benefits and services offered to veterans, according to a legislative proposal introduced Tuesday.
The bill, sponsored by Rep. Nancy Mace, R-S.C., would direct the VA to “conduct a comprehensive study of the feasibility, potential benefits, and risks associated with using distributed ledger technology in various programs and services.”
Distributed ledger technology, including blockchain, is used to protect and track information by storing data across multiple computers and keeping a record of its use.
According to the text of the legislation, which Mace’s office shared exclusively with Nextgov/FCW ahead of its publication, blockchain “could significantly improve benefits allocation, insurance program management, and recordkeeping within the Department of Veterans Affairs.”
“We need to bring the federal government into the 21st century,” Mace said in a statement. “This bill will open the door to research on improving outdated systems that fail our veterans because we owe it to them to use every tool at our disposal to improve their lives.”
Within one year of the law taking effect, the Department of Veterans Affairs will be required to submit a report to the House and Senate Veterans Affairs committees detailing its findings, as well as the benefits and risks identified in using the technology.
The mandatory review is expected to include information on how the department’s use of blockchain could improve the way benefits decisions are administered, improve the management and security of veterans’ personal data, streamline the insurance claims process, and “increase transparency and accountability in service delivery.”
The Department of Veterans Affairs has been studying the potential benefits of using distributed ledger technology, with the department emission a request for information in November 2021 seeking input from contractors on how blockchain could be leveraged, in part, to streamline its supply chains and “secure data sharing between institutions.”
The VA’s National Institute of Artificial Intelligence has also valued the use of blockchain, with three of the use cases tested during the 2021 AI tech sprint focused on examining its capabilities.
Mace previously introduced a May bill that would direct Customs and Border Protection to create a public blockchain platform to store and share data collected at U.S. borders.
Lawmakers also proposed additional measures that would push the Department of Veterans Affairs to consider adopting other modernized technologies to improve veteran services.
Rep. David Valadao, R-Calif., introduced legislation in June that would have directed the department to report to lawmakers on how it plans to expand the use of “certain automation tools” to process veterans’ claims. The House of Representatives Subcommittee on Disability Assistance and Memorial Affairs gave a favorable hearing on the congressman’s bill during a Markup of July 23.
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