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Crypto Industry Whirlwind: Breaches, Regulations, ETFs – Adoption News, DeFi Challenges, and the Rise of Bitcoin ETFs

The crypto industry experienced a whirlwind of events this past week. From security breaches to regulatory battles and strategic decisions, the dynamic landscape of cryptocurrency continues to evolve. Here’s a rundown of the major happenings.

Harbor Protocol, Exactly Protocol, and BNBChain Cross-Chain Bridge Under Attack

The week began with an unexpected jolt as Harbor Protocol, Exactly Protocol, and BNBChain Cross-Chain Bridge fell victim to security breaches. The Harbor team has urged the community to aid in identifying stolen assets while they conduct an in-depth investigation.

According to data from DeFi Llama, Exactly Protocol’s Total Value Locked (TVL) nosedived from $36 million to $26 million post-breach. The BNBChain Cross-Chain Bridge exploit sent ripples across the crypto market as approximately 1.1 million $vBNB tokens worth $10.2 million were taken.

Leading blockchain security firm Peckshield issued a warning about the attacker’s sale of the stolen tokens, highlighting the extensive financial damage caused by these security lapses.

Ripple Vs SEC – An Interlocutory Appeal

The ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) took an interesting turn as SEC requested an interlocutory appeal. The SEC fears that this case could set a legal precedent interfering with existing litigation.

In response, they’ve filed a move with the Second Circuit Court of Appeals to intentionally delay appeals.

Tether Withdraws From Platforms & Joins RGB

Tether strategically pulled back from several platforms focusing on blockchain infrastructure development and maintenance for its US dollar-backed stablecoins. However, they’ve expressed willingness to reconsider if Omni Layer’s decentralized exchange and token issuance platform gains traction.

Joining RGB – a Layer 2 Bitcoin ecosystem – Tether has shown commitment towards digital asset scalability and innovation.

Coinbase Steps into Crypto Derivatives Market

Coinbase Global Inc., one of the largest cryptocurrency exchanges globally, received regulatory approval for selling crypto futures to US retail clients after nearly two years of pursuit. As per recent data, 78.2% of crypto trade on regulated exchanges were derivatives last month.

With direct access to bitcoin derivatives trading via their relaunched Coinbase Derivatives Exchange – without third-party brokers -, Coinbase users are set for an enhanced trading experience.

Jacobi Asset Management Debuts Bitcoin ETF on Euronext Amsterdam

London-based Jacobi Asset Management made headlines by launching Euronext Amsterdam’s first Bitcoin Exchange-Traded Fund (ETF). Approved by Guernsey Financial Services Commission in October 2021 – it’s called Jacobi FT Wilshire Bitcoin ETF (BCOIN) sporting a 1.5% annual management fee.

According to Jacobi CEO Martin Bednall, this introduction accelerates crypto assets’ adoption in various corporate contexts marking it as Europe’s first decarbonized crypto asset fund compliant with Article 8 of European Sustainable Finance Disclosure Regulation.

Txbit Crypto Exchange Closes Down Permanently

In an unforeseen turn of events, Txbit exchange announced its permanent closure due to mounting legal issues surrounding cryptocurrency across different jurisdictions coupled with stricter regulatory measures. This closure followed Txbit Token’s decision for a token burn aimed at permanently erasing numerous unused tokens.