Web3, Blockchain, and Crypto Break the Week

This report, supported by reliable data, covers major advancements in Web3, Blockchain, and Crypto sectors this week. Key Highlights: - SEC lawyers resign amid sanctions over crypto fund case. - BlackRock's IBIT fund achieves a 70-day daily inflow streak. - Scammers abandon Solana meme coin projects after massive profits. - Shiba Inu raises $12 million for blockchain security and expansion. - Grayscale files for a smaller Bitcoin ETF with competitive fees.

Web3, Blockchain, and Crypto Weekly Analysis

Breaking News This Week

• SEC Lawyers Resign Amid Sanctions Over Crypto Fund Case: Two SEC lawyers resigned after sanctions imposed by a federal judge for false statements in a $49 million crypto fraud case.
• BlackRock's IBIT Fund Achieves 70-Day Daily Inflow Streak: BlackRock's IBIT fund joined the top ten longest daily inflow streaks among U.S. exchange-traded funds, reaching a 70-day milestone.
• Scammers Abandon Solana Meme Coin Projects After Massive Profits: Twelve Solana presale meme coin projects were abandoned, defrauding investors of $26.7 million.
• **Shiba Inu Raises $12 Million for Blockchain Security and Expansion:** Shiba Inu secured $12 million from non-US investors, including Animoca Brands and Polygon Ventures, to enhance blockchain development and expand security measures.
• Grayscale Files for Smaller Bitcoin ETF With Competitive Fees: Grayscale applied for a smaller Bitcoin ETF, the Bitcoin Mini Trust, with fees set at 0.15%. This new ETF aims to compete with its rivals, such as BlackRock's IBIT, following a capital exodus from Grayscale's flagship GBTC product.
• NYSE Considers Round-The-Clock Stock Trading, Like Crypto Exchanges: The New York Stock Exchange conducted a survey exploring the potential of 24/7 stock trading, similar to cryptocurrency exchanges, indicating growing interest in expanding trading beyond traditional market hours.
• Railgun Denies Claims of Laundering by North Korean Entities: Crypto privacy protocol Railgun refuted accusations of being used by North Korea and other sanctioned entities to launder digital assets. The protocol, nearing $1B total volume, faces scrutiny over alleged misuse.
• Kraken Launches Self-Custodial Mobile Wallet for Crypto and NFTs: Kraken introduced its self-custodial mobile wallet, Kraken Wallet, joining other major platforms. The wallet supports a wide range of coins, tokens, NFTs, and DeFi assets, encompassing around eight blockchains.
• Akira Ransomware Group Linked to Over 250 Global Breaches: Akira, a new ransomware group, has breached over 250 organizations, raking in nearly $42 million in ransom payments. The group has expanded its threat landscape with the discovery of its Linux variant by the FBI.
• Hong Kong Authorities Arrest 70 in JPEX Crypto Scandal: Hong Kong authorities arrested over 70 individuals linked to the HK$1.6 billion JPEX cryptocurrency scandal. Approximately HK$230 million in assets has been frozen in what is considered the city-state's largest fraud.
• Ernst & Young Launches Ethereum Solution for Business Contracts: Ernst & Young launched OpsChain Contract Manager, an Ethereum solution using zero-knowledge proofs technology. The solution enables private businesses to manage complex business agreements confidentially and cost-effectively.
• “Jay Mazini” Sentenced to Seven Years for Crypto Fraud: Jabara Igbara, known as “Jay Mazini,” received a seven-year prison sentence for wire fraud and money laundering. Igbara, who posed as a crypto millionaire, was also ordered to forfeit $10 million in assets.
• Bitcoin Rollups Enable Unlimited Smart Contract Functionality: A new whitepaper from BitcoinOS outlines a system that enables rollups on Bitcoin, providing unlimited smart contract functionality. This development could transform Bitcoin into a more scalable platform for decentralized applications.
• Nubank Launches Bitcoin Withdrawal and Deposit Feature: Sao Paulo-based Nubank allows customers to send and receive Bitcoin, Ethereum, and Solana via its app. The new feature enables users to make withdrawals and deposits through the main crypto screen in the Nubank app.
• Tether Freezes Wallets Linked to Venezuela's Oil Sanctions Bypass: Tether has frozen wallets associated with Venezuela's attempts to circumvent U.S. sanctions on oil exports. This follows reports that Venezuela's state-run oil company used Tether's USDT to bypass U.S. sanctions.
• Binance Founder Faces DOJ's Recommended Three-Year Prison Sentence: The U.S. DOJ recommended a three-year prison sentence for Changpeng Zhao, founder of Binance, following his guilty plea for violating the Bank Secrecy Act last November. Zhao may face additional penalties.
• **SEC Demands $5.3 Billion Payment from Terra and Do Kwon:** The SEC requested that Terraform Labs and founder Do Kwon pay $5.3 billion for damages related to their failed Terra blockchain. The SEC seeks one of the largest fines in crypto history.

Blockchain Performance

Top Blockchain Performers by 7-Day Change

Based on their 7-day change, the top blockchain performers this week are:

• Chiliz (+182.0%)
• Filecoin (+48.7%)
• Near Protocol (+22.5%)
• Scroll (+21.4%)
• Wemix Network (+17.6%)

Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL

Among the top five blockchains with the highest TVL, the only two with positive 7-day changes are:

• Ethereum (+7.3%)
• Tron (+0.8%)

Crypto Market Analysis

Crypto 7-Day Price Change and Dominance Analysis

• Bitcoin: -1.6%, 50.88% dominance
• Ethereum: +2.1%, 15.47% dominance
• Tether: -0.1%, 4.47% dominance
• BNB: +6.7%, 3.73% dominance
• Solana: -4.2%, 2.52% dominance

Top Gainers & Losers of the Week in Crypto Market

Top Gainers:

• Bonk (+57.15%)
• Pepe (+37.26%)
• Hedera (+31.83%)
• Near Protocol (+24.36%)
• FLOKI (+20.62%)

Top Losers:

• Ethena (-20.28%)
• Toncoin (-14.46%)
• Ronin (-14.22%)
• Sui (-12.99%)
• Celestia (-12.46%)

Stablecoin Weekly Analysis

• Tether: 70.26% dominance
• USDC: 21.24% dominance
• Dai: 3.32% dominance
• First Digital USD: 2.81% dominance
• Ethena USDe: 1.50% dominance

Bitcoin ETF Weekly Analysis

Bitcoin Futures ETF Weekly Analysis

• Only XBTF exhibits positive price change (+0.33%)

Bitcoin Spot ETF Weekly Analysis

• All top five Bitcoin Spot ETFs register negative changes

DeFi Market Weekly Status Analysis

• EigenLayer reports an impressive change of +16.20%
• JustLend registers a negative change of -2.77%

NFT Marketplace: A Basic Weekly Analysis

• Blur and Blur Aggregator exhibit negative volume changes
• Cryptopunks and Superrare report positive volume changes

Top NFT Collectible Sales this Week

• CryptoPunks #635: $12,415,880.00
• CryptoPunks #58: $617,572.63
• $PUPS BRC-20 NFTs #569d857: $259,192.41
• Azuki #5869: $211,907.50
• CryptoPunks #9872: $211,390.17

Web3 Weekly Funding Analysis

Crypto Fundraising by Category This Week

• Blockchain Infrastructure: $62.00 million
• Blockchain Services: $39.50 million
• GameFi: $30.00 million
• Meme: $12.00 million

Top Crypto Investment Locations This Week

• United States: 23%
• Germany: 3%

ICO Landscape: A Weekly Overview

• Focus.xyz: $80,000,000
• LightLink: $6,200,000
• Letit: $1,430,000

Weekly Blockchain Hack Analysis

• Hackers have stolen $7.77 billion this year, targeting decentralized finance platforms and bridges.
• Grand Base experienced a hack on April 15th, 2024, resulting in a loss of $1.7 million.

Endnote

This comprehensive analysis provides insights into the latest developments in the Web3, Blockchain, and Crypto sector. As the landscape evolves, it is crucial for stakeholders to stay informed and make data-driven decisions to navigate the dynamic world of decentralized technologies.