EddieJayonCrypto
24 Jun 22
• $100M of Ethereum was stolen in a massive Harmony Bridge exploit• Ronin Bridge is coming back online June 28th & talks reimbursement• Bentley Motors is about to drop their 208-piece NFT collection on the carbon-neutral network Polygon• Gary Gensler thinks there should be a single playbook on crypt...
• $100M of Ethereum was stolen in a massive Harmony Bridge exploit• Ronin Bridge is coming back online June 28th & talks reimbursement• Bentley Motors is about to drop their 208-piece NFT collection on the carbon-neutral network Polygon• Gary Gensler thinks there should be a single playbook on crypto, duh• Binance Institutional will offer services to high net worth individuals and institutions• Coinbase will launch the first listed crypto derivatives productThere is green everywhere and it could all spell for good news for the stock market. Here is what is on my mind today.1. $100M of Ethereum was stolen in a massive Harmony Bridge exploit. Several tokens were snatched, including wBTC, wETH, AAVE and FRAX. Identified this morning on the Horizon Bridge, Harmony announced the theft via Twitter. The team said they are now hunting for the person or persons behind the theft. This is why I am not currently a fan of bridges. 2. This gives me pause as I notice that Ronin Bridge is coming back online. Over $623M was stolen during that hack. Axie Infinity's AXS jumped over 20% on that and the big news that they are making plans to reimburse everyone that lost funds during that exploit. Again, I am happy Ronin Bridge is coming back, but I still have apprehension on the tech. 3. In more good news for Polygon, Bentley Motors is about to drop their NFT collection on the Layer-2. The motor company is happy to enter the NFT market especially when they consider how NFTs can disrupt the auto market like it has the art world. Choosing the carbon-neutral network must have been an easy choice to launch their 208 pieces. 4. Finally, Gary Gensler says something that makes sense to me. There should be a single rule book on crypto. That said, I do not think he should be in charge of that rule book. I think his agency needs an overhaul at the top and, perhaps, in the rank and file. We need to have clear reasons why they go after come people and companies and not others. It is not lost on me that he would come out with this statement after a robust and bipartisan bill is presented that doesn't put the SEC in the lead seat and recognizes the CFTC as the prevailing agency. 5. Recognizing that high net worth individuals and institutions need specialized services, Binance wades into the wealthy waters with a dedicated platform, Binance Institutional. Offering things like over-the-counter (OTC) services. The new venture will also go after liquidity providers, proprietary trading firms, and miners. Crypto exchanges are rapidly expanding products and services. Doesn't that redefine FinTech or at least wake up the space? 6. In another interesting move, Coinbase will launch the first listed crypto derivatives product. The futures contract will be available through many broker intermediaries, including Optimus Futures and many more. The likes of ABN AMRO, WedBush and others will service the retail side. IronBeam will provide services on both sides.