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More than $22 million worth of cryptocurrency was stolen from the Gala Games this week after someone compromised the blockchain platform.

The company confirmed that it dealt with a security incident on Monday night, writing on social media that it was an isolated incident, the cause of which has been addressed.

We are working closely with law enforcement to investigate the individuals behind the breach, the company said, noting that it will provide updates as the investigation continues. Gala Games is a play-to-earn platform that rewards users with its own digital currency.

Eric Schiermeyer, the founder of Gala Games, explained in his own social media post that the hacker was able to trade in 600 million GALA coins for 5,913 Ethereum amounting to about $22.2 million.

The hacker was able to create even more GALA coins about 4.4 billion but the persons account was frozen by the platform before they could cash out the rest of their stolen loot.

I always knew there was a reason I never talk shit about other projects getting hacked...I'm sorry to say we had an incident that resulted in the unauthorized SALE of 600 million (21 million usd) $GALA tokens and the effective BURN of 4.4 billion tokens, Schiermeyer said. When tokens are burned it means they can no longer be sold or used in other transactions.

We identified the compromise and within 45 minutes we secured and removed unauthorized access to the $GALA contract, he added.

Schiermeyer went on to say that the attack happened because the platforms internal controls were messed up and the company has identified the perpetrator. . They are working with the FBI, U.S. Justice Department and a network of international authorities on the incident.

Several blockchain security sleuths said the issue started when someone was able to take over an administrative account and mint an endless amount of new coins.

Schiermeyer is best known for co-founding Zynga, a large gaming company behind popular online games like FarmVille.

Gala Games was created in 2019, touting itself as the first blockchain gaming platform.

Similar platforms have been a frequent target for hackers. About $320,000 worth of Binance Coin (BNB) was stolen from cryptocurrency play-to-earn game WonderHero.

One of the biggest cryptocurrency hacks on record involving the popular blockchain game Axie Infinity saw more than $600 million siphoned from the platform in 2022.

The U.S. Treasury Department attributed the Axie Infinity incident to North Korean government operators , who have stolen billions from cryptocurrency firms over the last three years.

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Jonathan Greig

is a Breaking News Reporter at Recorded Future News. Jonathan has worked across the globe as a journalist since 2014. Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.

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$22 million in crypto swiped from Gala Games blockchain platform - The Record from Recorded Future News

Cryptocurrency has seamlessly integrated into the global financial ecosystem, catering to diverse populations worldwide with its everyday utility. Nonetheless, BanklessTimes.com highlights an alarming 88% decrease in cryptocurrency's 24-hour trade volume over the past three months.

BanklessTimes crypto expert Elizabeth Kerr commented:

The decrease in the overall crypto 24-hour trade might signal the market's stability and maturity. The excitement about crypto is reducing, and people are not rushing to trade. Additionally, traders are adopting a more cautious approach to investing, prioritizing safety and risk management in their decision-making processes.

In 2021, the cryptocurrency market witnessed a monumental bull run, reaching a staggering daily trade volume of $500 billion. However, as the market stabilized in early 2022, the average daily trading volume settled around $150 billion.

Interestingly, the recent decline in trade volume mirrors a similar drop observed in 2018, which followed the boom of 2017. This pattern suggests a cyclical nature within the cryptocurrency market, characterized by periods of rapid growth followed by corrective phases.

The daily trading volume of cryptocurrency for the period peaked on March 5, with a total value of $329.98 billion transacted on the day. In stark contrast. on May 13, it dropped to the lowest, at $39.41 billion, accounting for the 88% drop.

Bitcoin and Ethereum, the two dominant cryptocurrencies, have been significantly impacted by these fluctuations in trade activity. Ethereum's daily trade volume has steadily declined, influenced by unfavorable market sentiments. Grayscale's recent decision to withdraw from listing the Ethereum Futures ETF further strained Ethereum's performance.

Conversely, Bitcoin's daily transactions have grown from 409204 levels in February to the current level of 583279.0. This signifies a substantial 42.54% surge in the number of daily Bitcoin transactions, indicating sustained activity within the Bitcoin network despite the overall market downturn.

The significant drop in daily trade volume might have several meanings. The most likely reason is the maturation of the crypto market. The crypto market has continuously grown, integrating with the traditional finance system, leading to reduced volatility but a more stable trading volume.

The drop also highlights the impact of various factors such as regulatory scrutiny, mining crackdowns, market sentiment, and the emergence of alternative investment opportunities.

While these developments may contribute to short-term fluctuations, the long-term outlook for cryptocurrencies remains positive.

Continued here:

Overall Cryptocurrency 24-hour Trade Volume Is Down 88% in the Last 3 Months - Bankless Times

United Kingdom prime minister (PM) Rishi Sunak, leader of the conservative party, announced on May 22 that general elections would take place on July 4.

The timing may come as a bit of a surprise to many, but the announcement appears to have received the unabated approval of the U.K.s Labour Party, the conservatives chief rival for the PMs seat, much to the reported chagrin of Sunaks fellow conservatives.

Theres no secret why Labours keen to get the elections over with: as of current, local polling shows overwhelming support for Labour Party leader Sir Keir Starmer.

While there are no guarantees in the world of politics, especially when it comes to free elections, the historical precedent indicates that Starmer has an outsized shot at winning a fair election compared to his rivals including Sunak.

This leaves the future of cryptocurrency, blockchain, and related verticals in the digital assets sector in flux as the Labour Party has been somewhat tight-lipped about how a Starmer-led U.K. government would approach regulation and growth in the industry.

As Cointelegraph reported back in 2022, Rishi Sunak made crypto a part of his platform and was elected with the promise that the U.K. would embrace the new technology to the benefit of the entire industry.

Now, just two years later, there are bills still up for debate that Sunaks parliament promised to try and pass ahead of the general elections which, at the time of their proposal, were expected to happen later in the year.

With the July 4 election looming and the prospect of a Labour Party victory seeming the most likely scenario, the crypto industry could be forced to reckon with a different future.

Unfortunately, theres not a lot to go on. The Labour Party hasnt made any party-line decrees concerning the future of crypto nor taken any hardline stances for or against related technology such as blockchain.

In January the Labour Party published a document pertaining to its finance platform. While it didnt mention the words cryptocurrency or blockchain, it did say that embracing securities tokenisation and a central bank digital currency were part of the partys vision for the United Kingdom.

Related: UK AI Safety Institute ventures across the pond with new US location

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UK election on July 4: What would Labour Party win mean for crypto? - Cointelegraph

On 22 May 2024 when Brian Kelly, a notable crypto investor and CNBCs Fast Money trader, suggested that Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States. Kellys prediction has ignited a lively debate among industry experts and market observers.

Kelly is a financial analyst and television personality known for his expertise in cryptocurrencies and blockchain technology. He is the founder and CEO of BKCM LLC, an investment firm focused on digital currencies. Kelly is also a frequent contributor to CNBC, where he provides analysis and commentary on financial markets, with a particular focus on cryptocurrency trends and investment strategies. He has authored The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World, which explores the potential of Bitcoin and other digital currencies to revolutionize the financial industry.

According to a report by Cointelegraph, during the CNBC post-market talk show Fast Money, Kelly expressed his belief that Solana might be the next major cryptocurrency to be featured in a spot ETF. Youve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle, Kelly remarked.

Not everyone shares Kellys optimism. Nate Geraci, president of The ETF Store, countered that a spot Solana ETF is unlikely unless there is a Solana futures product listed on the Chicago Mercantile Exchange or a robust cryptocurrency regulatory framework is established by Congress.

James Seyffart, a Bloomberg ETF analyst, echoed Geracis caution. Seyffart suggested that a spot Solana ETF would require a Commodity Futures Trading Commission (CFTC)-regulated market, which he believes could happen within a few years. He noted that such an ETF could see significant demand, second only to Bitcoin and Ether. However, he also pointed out that the Securities and Exchange Commission (SEC) has previously classified Solana as a security in lawsuits against Coinbase and Kraken, potentially complicating future applications.

Contrary to Kellys and Seyffarts views, Adam Cochran, partner at Cinneamhain Ventures, argued that either Litecoin (LTC) or Dogecoin (DOGE) would be more likely candidates for the next spot ETF.

At the time of writing (8:47 a.m. UTC on May 23), SOL is trading at around $177.31, down 1.6% in the past 24-hour period. In the year-to-date period, SOL is up 70% vs USD.

Original post:

Spot Solana ($SOL) ETFs: The Next Frontier in Cryptocurrency Investments? - CryptoGlobe

Mon 20 May 2024 5 min of reading by Evans S.

The crypto sphere is buzzing as the SEC is set to make a pivotal decision regarding an Ethereum ETF this week. Nate Geraci, president of the ETF Store, recently stated that the SEC will evaluate a spot Ethereum ETF, a decision that could have major implications for the adoption and regulation of this cryptocurrency. Lets explore the details of this decision and its potential implications.

To launch an Ethereum ETF, the SEC must approve two essential elements: the 19b-4 and the S-1. The 19b-4 are filings submitted by national securities exchanges when they wish to amend their rules or introduce new products.

In this context, it means that platforms like the NYSE or the Nasdaq are seeking permission to add Ethereum ETFs to their offerings. This approval is crucial as it would allow investors to buy and sell ETFs of this crypto in the same way as ordinary stocks.

The S-1, on the other hand, are initial registration statements necessary for new securities offered to the public. These documents provide the SEC and investors with detailed information about the funds structure, management, and how it aims to replicate the performance of the ETH crypto. Without S-1 approval, the ETFs cannot be legally marketed to investors. Even with 19b-4 approval, this restriction persists.

The SECs decision-making process is meticulous and can take several months. The Commission has a legal deadline of 45 days to make an initial decision on a 19b-4 filing. This period can extend up to 240 days. This time allows the SEC to deeply evaluate the proposals and ensure they meet all necessary regulations.

Even if the SEC approves the 19b-4, it is possible that it will slow down the approvals of the S-1, especially considering the lack of participation observed so far. This dilatory tactic could indicate a cautious approach by the SEC, reflecting concerns about the complexity and risks associated with cryptocurrencies.

The slow pace of approvals also reflects an attempt by the SEC to better understand the crypto market conditions. It also seeks to analyze the specific structures of Ethereum ETFs before allowing their launch. This caution may be justified by the historical volatility of cryptocurrencies and the ongoing concerns about their stability and security as investments.

For investors, these delays can be frustrating. However, they offer the SEC an opportunity to ensure that Ethereum ETFs launch under a robust and secure regulatory framework. The diligence of the SEC in this process is essential to maintain investor confidence and ensure safe and sustainable widespread adoption.

SEC approval of an Ethereum ETF could transform the investment landscape in crypto. An ETF offers a regulated and accessible way to invest in Ethereum, which could attract new institutional and retail investors, thereby increasing liquidity and market stability.

Furthermore, approval of an Ethereum ETF could set a precedent for other financial products based on cryptocurrencies, opening the door to a broader range of regulated investments.

This could also encourage increased adoption of cryptocurrencies in traditional portfolios, marking an important step toward integrating digital assets into the global financial system.

However, a rejection or significant delay could signal continued reservations by regulators regarding the viability and security of crypto investments. This could dampen investor enthusiasm and slow the adoption of these digital assets, while highlighting the need for more robust regulatory frameworks.

The SECs decision regarding the Ethereum ETF is eagerly awaited by investors worldwide. It could represent a major turning point for the adoption and regulation of cryptos. By approving the ETF, the SEC could pave the way for broader adoption and a more secure investment environment for Ethereum and other cryptocurrencies.

However, the SECs caution in this process underscores the importance of regulation in the crypto sector. Regardless of the outcome, this decision highlights the challenges and opportunities that come with integrating digital assets into the traditional financial system.

Ultimately, the evolution of this situation could well define the future of crypto investments, marking a crucial step in their acceptance and regulation on a global scale. Investors and market observers eagerly await the SECs decision, aware that the implications will be profound and long-lasting.

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Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Cryptocurrency: Crucial decision this week for the Ethereum ETF - Cointribune EN