Mass withdrawal of virtual currency from Multichain bridge Trading volume of leveraged bitcoin futures ETF exceeds 500,000 shares | Summary of important bulletin on the morning of the 7th

Summary of important breaking news on the morning of the 7th

This is a summary of notable news related to virtual currency until the morning of Japan time.

Mass outflow of funds from Multichain (Attention: ★★★☆☆)

Tens of millions of dollars worth of tokens have been withdrawn from the “Multichain” bridge, a cross-chain protocol on Fantom, in what security firms such as PeckShield point to as suspicious outflows.

Hi @MultichainOrg you may want to take a look: https://t.co/D4GKGpuBtw pic.twitter.com/3qURqGmes8

— PeckShield Inc. (@peckshield) July 6, 2023

Tokens being moved include 58 million USDC, $4 million DAI, 1,020 WBTC, 7,200 WETH, tokens such as LINK, CRV and YFI.

At the moment, it seems that it remains in the destination wallet and has not been sold or transferred to a mixing service.

Multichain experienced multiple technical issues in May of this year, resulting in massive liquidity withdrawals by the Fantom Foundation and HashKey Group. Also, it seems that the CEO of Multichain has been lost.

Trading Volume of Leveraged Bitcoin Futures ETF (Attention: ★★★☆☆)

The first US leveraged bitcoin futures ETF “BITX”, which was listed on Cboe in the US on June 27, revealed that its trading volume exceeded 500,000 shares in the first week.

BITX is offered by a relatively small ETF issuer, Volatility Shares, and started trading last week.

BITX does not invest in physical bitcoin, but operates in bitcoin futures with double leverage.

connection: U.S. SEC’s first approval of leveraged bitcoin futures ETF

Bakkt considers overseas expansion such as Hong Kong (Attention: ★★★☆☆)

Bakkt, a cryptocurrency-related company owned by the US Intercontinental Exchange (ICE), is considering expanding into Hong Kong, the United Kingdom (UK) and the EU. Uncertain regulations in the US seem to be the main culprit.

Gavin Michael, the company’s CEO, said at a recent conference, “The reason we’re looking at Hong Kong, the UK and parts of the EU is because we see our partners wanting to expand into those economies, and we’re looking to them. Because we want to be able to support them,” he said.

Bakkt acquired cryptocurrency trading platform Apex Crypto in April of this year. Through Apex Crypto’s partner companies Webull, M1, etc., it will advance overseas, including stock trading services.

Bakkt ended its consumer app offering in March of this year and shifted to specializing in providing business-to-business (B2B) solutions.

connection: US Bakkt to end the provision of virtual currency related applications Change business policy

New York Fed announces results of CBDC demonstration experiment (Attention: ★★☆☆☆)

The New York Innovation Center (NYIC) of the Federal Reserve Bank of New York has released the results of a PoC (proof of concept) for Central Bank Digital Currency (CBDC).

The New York Fed announced last November that it would conduct CBDC trials with private companies such as Mastercard, BNY Mellon and Citi. The result of this experiment was announced this time, confirming that DLT (distributed ledger technology) may be useful for payment innovation in domestic and overseas payments.

The New York Fed said the announcement did not reflect the opinion of the central bank.

connection: The possibility and prospects of the stable coin business in Japan revealed by the US Circle CEO

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