OVERVIEW

Everyone Just BTD 

Like the title says, it looks like retail, institutions, and anyone in between just bought the dip in crypto. Bitcoin and the total market cap are up nearly +20% in just two weeks. 🤯 

In today’s Litepaper, Telegram’s major future update and a damning accusation for Bitfinex.

Also on deck: a big spike in Cardano’s TVL. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Telegram’s Gaming Success Spurs Mini App Store Launch 📱

Telegram is set to launch a Mini App store and an in-app browser with Web3 support by the end of July. Founder Pavel Durov announced these updates along with new measures to combat scams.

The Open Network ($TON) and Telegram have seen viral success with games like Hamster Kombat, which onboarded 239 million users in 81 days. Despite the hype, scams have surged, prompting Telegram to introduce features like registration month and country display for public accounts.

With blockchain games gaining traction, TON is launching a $50 million gaming accelerator to support game development on Telegram. Analysts warn of rising scams, urging users to stay vigilant. 🛡️ 

NEWS
Negative Balance Override: Bitfinex Allegedly Mirrors Alameda’s Strategy 😐️ 

From Protos: Crypto investors are alleging that Bitfinex, like Alameda Research, allowed special customers to trade with negative account balances. This claim, detailed in a class action complaint in the Southern District of New York, suggests Bitfinex used this feature to inflate Bitcoin prices artificially. 🔍

The Allegations

From 2017 to 2019, bitcoin prices on Bitfinex were consistently higher than on other exchanges. Plaintiffs argue this was no accident, claiming Bitfinex and Tether ($USDT) executives inflated prices to promote USDT. They assert that Bitfinex allowed certain accounts to trade on credit, using a "safe liquidation mode" to prevent liquidation even with negative balances. ❎ 

Context and Comparisons

This is reminiscent of Alameda’s privileges on FTX, where traders enjoyed a special "allow_negative" code, leading to billions in losses. Bitfinex allegedly used a similar strategy, placing accounts in safe liquidation mode to facilitate credit using other customers' coins.

However, it’s crucial to remember that these are allegations, and the presumption of innocence stands until proven guilty. 👩‍⚖️ 

STOCKTWITS & 11thESTATE PARTNERSHIP
Submit Your Alphabet Claim By July 25th!

$GOOG has agreed to a $350 million settlement with shareholders to resolve claims related to the security issues of Google+.  

Back in 2018, Alphabet was accused of hiding a major security flaw in its Google+ social network. This exposed users' private data to third parties between 2015 and March 2018. Following this news, $GOOG fell significantly, and Alphabet faced a lawsuit from shareholders.

Now, Alphabet has decided to pay the affected shareholders to avoid further litigation. 

CARDANO
Cardano’s TVL Surges: ADA Rebounds Over 40% 📈 

Cardano’s ($ADA) total value locked (TVL) has surged to $240 million, up from $188 million two weeks ago. This spike coincides with ADA’s price rebounding by over 40%, reaching a monthly high of $0.456. 🚀 

Leaders in TVL Growth

Splash Protocol leads Cardano’s TVL growth, posting a 51.78% increase in the last 24 hours. Minswap DEX remains the top platform for ADA enthusiasts, despite a recent 4.41% dip in TVL.

Despite impressive gains, Cardano is ranked 28th in TVL, down from 11th earlier this year. Major upgrades like the upcoming Chang Hard Fork could impact ADA’s price, but current metrics suggest limited engagement and decreasing trading volume. 🥹 

NEWS
Crypto News In Three Sentences 📰

💥 Rho Markets Exploited for $7.50 Million, Scroll Blockchain Halts 

Rho Markets lost over $7.50 million due to a potential exploit, causing the Scroll blockchain to halt temporarily. The incident involved 2,203 $ETH being drained in nine minutes, with the team pausing to assess the breach. Blockchain sleuth ZachXBT noted the exploiters offered to return the funds, blaming a price oracle misconfiguration. From CryptoBriefing.

⚡ Elon Musk Clashes with EU Over Free Speech 

Elon Musk accused the European Commission of offering X an "illegal secret deal" to suppress free speech. The EU claims X violated the Digital Services Act, potentially facing a $200 million fine. Musk's allegations sparked support from users, while the EC denies any secret deal, suggesting the matter could head to court. Cointelegraph has more.

🪙 Winklevoss Twins Donate Bitcoin to Unseat Elizabeth Warren 

Tyler and Cameron Winklevoss donated $1 million in $BTC to John Deaton’s Senate campaign and another million to Donald Trump. They aim to replace Senator Elizabeth Warren, criticizing her anti-crypto stance. Tyler Winklevoss has been particularly vocal, accusing Warren of waging an "illegal war" against cryptocurrencies. More at CryptoEconomy.

🔥 Terra Luna Bankruptcy Update: Shuttle Bridge Reopens 

Terraform Lab received court approval to reopen the Shuttle Bridge for 30 days and burn 125 million LUNA tokens. This move aims to reduce the circulating supply and address financial obligations. Creditors must file claims by August 9 for pre-January and pre-July obligations. Full story at CoinPedia.

🔄 Polkadot 2.0 Promises Major Upgrades 

Polkadot ($DOT) 2.0 hopes to lower development barriers while introducing features like "coretime" for renting computing power. The JAM upgrade will replace the Relay Chain, facilitating the transition. These changes are expected to make Polkadot more agile and accessible for developers. From Decrypt.

🔗 Copper Supports Internet Computer's ICRC and SNS Tokens 

Copper integrated support for ckBTC, a Bitcoin-backed token on Internet Computer ($ICP), along with ICRC and SNS tokens. This move enhances liquidity and institutional adoption for Internet Computer’s ecosystem. Copper's support aims to boost cross-chain interoperability and market accessibility. Copper.co has more.

📉 Messari CEO Steps Down Amid Controversial Tweets 

Messari CEO Ryan Selkis is stepping down to a senior adviser role after his political tweets supporting Donald Trump sparked controversy. Selkis apologized for his conduct and emphasized the decision to avoid distracting from the company's work. Chief Revenue Officer Eric Turner will take over leadership on an interim basis. More at Axios.

Links That Don’t Suck 🔗

💳️ American Express Q2 revenue falls short of expectations, EPS beat

⛈️ CrowdStrike CEO addresses downtime, confirms no security breach

🎮️ How to watch Evo 2024, the biggest fighting game tournament of the year

📞 Some Pixel 9 Pro pre-orders will get a ‘piece of Google Pixel design history’

😢 Comedian Bob Newhart, deadpan master of sitcoms and telephone monologues, dies at 94

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