Subject: 🚀🦎How much is enough? 🤔

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Monday blues begone, Geckos


Digital assets investment products set a record high outflows of $423 million last week with institutional investors from Canada being the main culprit.


This amount is double the previous record of $198 million of outflows in 6 months prior and comes after the release of the first short Bitcoin ETF by ProShares in the U.S. on 22 June. On the flipside, the outflows were partially offset by $70 million worth of inflows coming from U.S., Germany and Switzerland.


In today's news, a mining company fails to pay its bills, Harmony hackers begin laundering funds, and Ripple threatens to leave the States.


Read on!

24h Hot Searches Worldwide 


  • Umee                          (-5.0%)

  • Terra                           (+9.7%)

  • Evmos                         (+6.8%)

  • LCX                              (+2.1%)

  • TerraClassicUSD      (+70.0%)

  • STEPN                         (+0.6%)

  • Celcius Network        (-7.0%)


Financial markets rallied last week, giving crypto a rare positive week amidst the bear market, with market cap finally breaking back above $1T during the weekend. Meanwhile, crypto lending firms seek bailout to survive...


Catch up with the latest market developments in our latest article here!


You can also read our other articles for the week:

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Compass loses its way


Compass mining, a Bitcoin (BTC) hosting offering mining services to miners, loses its facility for not paying electricity bills.


One such facility owned by Dynamics Mining released a notice today stating that their agreement was terminated due to failure to pay power consumption charges, which were allegedly as much as $1.2 million.


Whether any of Compass Mining’s other facilities are affected by its inability to pay energy costs is currently unknown.


CryptoSlate

Not enough!


Hackers behind the recent Harmony bridge hack rejected Harmony’s $1 million bounty and have started to launder the funds through the mixing service, Tornado Cash.


Around 30k ETH ( roughly $36 million ) were sent to Tornado whilst $64 million remains in the hacker’s ETH wallet according to PeckShield.


Decrypt

Rippling out of States ?


During an interview, the CEO of Ripple (XRP) announced that the company would leave the United States without consideration should they lose the lawsuit against the SEC.


The lawsuit against Ripple was filed by the SEC in late 2020 and continues to be delayed. Despite the comments by Ripple CEO, Garlinghouse claims that the outcome of the lawsuit will not change anything in the crypto industry.


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⚙️Protocol of the Day
 

Umee


Umee (UMEE) is a cross chain DeFi hub that interconnects between blockchains.


As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity. The Umee Blockchain facilitates interoperability for a Tendermint Proof of Stake protocol with the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols.

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