Stay updated on the latest developments in the cryptocurrency world today. We cover the most significant events shaping Bitcoin’s price, blockchain advancements, DeFi strategies, NFT trends, Web3 innovations, and regulatory changes.
Recently, a CoinDCX exchange employee was apprehended in India following a $44 million hack in mid-July. Meanwhile, Ether saw its strongest monthly surge since July 2022, fueled by substantial inflows into spot exchange-traded funds (ETFs) and active participation from Ethereum’s treasury firms. Additionally, major US exchanges are negotiating with regulators to establish a unified framework for crypto fund listings.
CoinDCX Employee Arrested Over $44 Million Crypto Hack
Rahul Agarwal, a software engineer at CoinDCX – which suffered a $44 million security breach – has been detained by Bengaluru police. It is alleged that hackers compromised his work login credentials, enabling unauthorized access to siphon off funds.
The arrest followed an extensive internal investigation by Neblio Technologies, CoinDCX’s operator, confirming that Agarwal’s credentials were exploited via his work laptop. Agarwal denies involvement in the theft but admitted to managing part-time projects for up to four private clients during his employment.
CoinDCX urges the public and media to refrain from speculation to avoid hampering the ongoing probe.
As per a statement by CoinDCX CEO Sumit Gupta, the hack appears to be a sophisticated social engineering attack commonly targeting employees.
Ether’s Remarkable Monthly Gain Reflects Strong ETF Demand
Ether (ETH) achieved its highest monthly return in three years, soaring by 56% to $3,862 from a July 1 opening of $2,468. This marked the first 50%+ monthly gain since July 2022.
Bloomberg senior ETF analyst Eric Balchunas attributes this rise to robust inflows into spot Ether ETFs, comparing it to the growth trajectory of 1990s tech stocks due to accelerating adoption and network expansion, a contrast to Bitcoin’s depiction as “digital gold.”
CBOE and NYSE Arca Propose Unified Crypto ETF Listing Framework
The Chicago Board Options Exchange (CBOE) has submitted a rule change request to the US Securities and Exchange Commission (SEC) seeking approval for a unified crypto fund listing mechanism. This aims to streamline processes by allowing issuers to list cryptocurrency ETFs under a standard framework without the need for separate approvals for each fund.
ETF analyst Nate Geraci highlighted that if approved, issuers could launch new crypto ETFs meeting predefined criteria without filing individual requests. NYSE Arca filed a similar proposal.
Currently, each new crypto ETF requires a 19b-4 filing with the SEC, which involves a detailed review process. This move comes shortly after the SEC approved in-kind creations and redemptions for crypto ETFs, aligning them closer to traditional fund structures.
