AI-powered summaries of the day's top crypto events
Fogo has paused its mainnet operations following an attack that resulted in the theft of 400 million FOGO tokens, equivalent to 10% of its circulating supply. The stolen tokens, valued at approximately $3 million, represent about 4% of FOGO's genesis supply, prompting a significant security review and potential network changes.
The U.S. Securities and Exchange Commission is reassessing its automatic filing processes due to a flood of proposals for exotic crypto and event-linked ETFs. This influx includes ETFs tied to Bitcoin, stocks with leveraged returns, and contracts linked to economic events, highlighting a shift in ETF markets towards more niche financial products.
HM Revenue & Customs revealed that UK crypto investors declared £1.38 billion in gains, with over half of these gains attributed to just 240 individuals. This marks the first time the agency has published crypto-specific Capital Gains Tax data, setting a baseline before new reporting rules take effect.
US-listed Bitcoin ETFs experienced $201.9 million in outflows, ending a nine-day inflow streak as Bitcoin's price fell by 3.2% to $77,696. Meanwhile, Ethereum, XRP, and Solana ETFs saw a combined $145 million in net inflows, indicating a shift in investor focus within the crypto ETF market.
Swift's extensive network of 11,500 institutions is under scrutiny as crypto executives propose blockchain payment infrastructure that could potentially render Swift obsolete. However, banking experts argue that Swift's existing network could integrate blockchain technology, maintaining its relevance in global financial operations.
BitGo has purchased NYDIG's institutional trading division in a deal valued at $42.5 million, comprising cash and stock. This acquisition enhances BitGo's capabilities in derivatives, structured products, and capital markets, while allowing NYDIG to concentrate on its power and data-center business.
Polygon Labs has issued an urgent notice for clients to upgrade their nodes following the Austin and Kyoto hardforks. Nodes that have not upgraded risk falling out of canonical consensus, necessitating immediate updates to maintain network integrity.