Bitcoin
The average transaction fee on Bitcoin has hit a 20-month high as unconfirmed transactions on the mempool continue to pile up.
Business
Each phone is allocated BONK, the Shiba Inu-themed memecoin on Solana that has surged more than 600% over the past two weeks. The BONK allocation is now worth more than the retail price of the mobile device.
On its website, Arbitrum said that the sequencer and feed were operational again, it was working to fix technical issues and that it would conduct a post-mortem.
Regulation
The regulator’s decision supports the idea that existing security laws apply to crypto markets.
Ethereum
The Arbitrum Foundation has joined a growing list of contenders to provide Celo a tech stack for its planned migration to being an Ethereum Layer 2 network.
A new research note from the banking giant has a cautious outlook for the crypto industry, and expects Bitcoin to underperform against lofty expectations.
The hardware wallet maker says the vulnerability has been fixed, but users of several dApps and protocols are still being warned against using them until the situation is clearer.
DeFi
A faulty multisig script resulted in a large amount of the Yearn protocol’s treasury being drained, with the affected tokens being “strictly protocol-owned liquidity.”
CTFC Chair Rostin Behnam said that most crypto tokens constitute commodities, while admitting that there is a “turf war” between regulatory bodies when it comes to jurisdiction over the crypto industry.
The Treasury Department’s Office of Foreign Assets Control (OFAC) said the penalty related to 989 transactions that were processed for CoinList users between April 2020 and May 2022.
