Tom Brady Lost $30M in FTX Collapse

Tom Brady lost millions in the collapse of cryptocurrency company FTX, for which he served as an "ambassador," ESPN reports. 

Under an agreement the retired NFL quarterback made with FTX in 2021, he received $30 million in now-worthless stock for his work pitching the company in television ads and at its conference. In step with him at the time was his then-wife, Gisele Bundchen, who received $18 million in stock, per the report.

FTX filed for bankruptcy last November. Its former CEO, Sam Bankman-Fried, is facing federal fraud-related charges.

Brady, who won seven Super Bowl titles in his career, also faces legal peril on top of the financial losses. Both Brady and Bundchen, who divorced in October, are being sued by FTX investors who want repayment from celebrity endorsers. Basketball Hall of Fame member Shaquille O'Neal also has been sued in the FTX case, as have Larry David of "Seinfeld" fame, tennis player Naomi Osaka and Stephen Curry of the Golden State Warriors.

Over $204M lost to DeFi hacks and scams in Q2

Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi, Cointelegraph reports. 

The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s “Rekt Database.” Over $208.5 million was initially lost during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods.

According to the report, the number of DeFi hacks in Q2 rose by “almost 7 times” year-over-year, with 117 incidents during the period compared with only 17 in the same quarter of 2022. A total of over $665 million was lost during the first half of 2023.

The top five hacks of the second quarter were against Atomic Wallet, Fintoch, MEV-Boost, Bitrue and GDAC. The June 3 Atomic Wallet exploit was responsible for $35 million, or around 17% of the total. Fintoch users lost $30.6 million from its alleged rug pull, and the MEV-Boost attack was responsible for $26.1 million. Together, these three attacks resulted in over 45% of the total losses for Q2.

Michael Saylor Makes Largest Bitcoin Acquisition Since Prices Peaked in Late 2021

MicroStrategy Inc. acquired about $347 million in Bitcoin during the second quarter, the largest purchase by the most prominent publicly-traded advocate of the cryptocurrency since prices peaked in late 2021, Bloomberg reports (via Yahoo Finance

The enterprise-software maker co-founded by crypto proponent Michael Saylor acquired 12,333 Bitcoin between April 29 and June 27 at an average price of $28,136, according to a US Securities and Exchange Commission filing on Wednesday. That brings the Tysons Corner, Virginia-based company’s Bitcoin purchases to around $4.5 billion, which is greater than it’s market capitalization of about $4.2 billion.

Bitcoin has surged in value this year after a series of industry scandals and bankruptcies sent cryptocurrency prices plunging late last year. The largest digital token climbed last week to a one-year high of more than $30,000 amid optimism that a series of new filings for a US Bitcoin exchange-traded fund would renew demand.

Bitcoin is up 12% this month

The world’s largest digital currency has risen more than 12% since the beginning of June. On Wednesday, its price topped $30,000 to hit its highest level since April 14, CNBC reports. 

Market players have attributed the jump to the news that U.S. asset management giant BlackRock had filed for a spot bitcoin exchange-traded fund tracking the market price of the underlying asset.

While that may be part of the reason, the outsized moved can be put down to another factor beyond the news flow surrounding large institutions taking steps to embrace bitcoin or other digital assets.

Crypto “market depth” has been sitting at very low levels this year. Market depth refers to a market’s ability to absorb relatively large buy and sell orders. When market depth is low and big players put in orders to buy or sell digital coins, prices can move in a big way up or down, even if the orders are not that huge.

Market depth is a measure of liquidity in a market.


Bitcoin Breaks $28,000 For First Time Since May

This Tuesday, the price of Bitcoin surpassed $28,000 for the first time since May 8, Cryptosaurus reports. 

At the time of writing, Bitcoin rose 5.23% to a price of $28,144, after having peaked at $28,211 during the day.

Bitcoin’s market capitalization surged 50% on Monday after news broke that the world’s largest asset management firm BlackRock will introduce a new Bitcoin Exchange-Traded Fund (ETF) this coming Thursday. The Grayscale Bitcoin Trust also saw a 12% rise after the BlackRock news broke.

It’s been a busy spring for Bitcoin, after largely recovering from the general market crash following the FTX debacle earlier in the year and the explosive popularity of Ordinals. But the overall cryptocurrency market has declined thanks to recent actions by the US Securities and Exchange Commission towards cryptocurrency exchanges Binance and Coinbase. Even so, the news of BlackRock’s Bitcoin ETF has revived hope that an approved Bitcoin ETF will finally get through.

BlackRock files for spot bitcoin ETF

Asset management giant BlackRock took the first steps Thursday to launch a spot bitcoin exchange-traded fund, which has long been a point of contention between crypto advocates and federal regulators, CNBC report. 

The firm filed an application with the U.S. Securities and Exchange Commission to launch the iShares Bitcoin Trust. If approved, the ETF would allow easy access for investors to get exposure to crypto in a product from one of Wall Street’s largest companies.

“The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange,” the filing said.

The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the U.S. The regulator is currently in a legal battle with Grayscale over whether the firm will be allowed to convert its Grayscale Bitcoin Trust into an ETF. A decision in that case is expected later this year.

Several other firms have filed and later pulled applications to launch spot bitcoin funds. If the SEC relents, there could be a flood of those products on the market.