Crypto-themed restaurant stops accepting crypto

Two television screens showing a beef menu and vegan menu, emblazoned with Bored Apes and Mutant Apes. Prices start at $13 for beef hamburgers and $15.50 for vegan burgers.Bored & Hungry menus (attribution)
The Bored Ape-themed "Bored & Hungry" restaurant in Long Beach, California has stopped accepting crypto payments. Despite excitedly announcing the first ever crypto purchase, made with Apecoin, when the restaurant opened in April, it seems crypto payments haven't been working out for them.

The LA Times reported that the restaurant had stopped accepting crypto at some point in the past, and that an employee described the crypto payment option as both unwieldy and unpopular with customers.

For now, and indefinitely going forward, customers will have to pay for their $13 hamburgers with plain old fiat.

Cryptocurrency exchange Bitpanda announces layoffs, rescindment of offers

The Austrian cryptocurrency exchange Bitpanda joined the recent litany of crypto companies laying off employees. In an announcement to staff, later shared publicly, the company cited changing market sentiment and unsustainably fast hiring as reasons for the layoffs.

The company announced they would be "scal[ing] down to a target organisational size of about 730 people". The company seems to have had around 1,000 employees, which means they are laying off around a quarter of their workforce. They also announced they would be rescinding employment offers they had extended recently.

Cryptocurrencies notionally worth $100 million stolen from Horizon Bridge

The Horizon Bridge is a blockchain bridge allowing assets to be used across Ethereum, BNB, and Harmony blockchains. The bridge is run by the Harmony blockchain project.

On June 23, someone was able to steal assets from the bridge that they then converted to more than 85,800 ETH. The stolen funds are notionally valued at almost $100 million, assuming the thief can cash them out successfully. Hours after the attack, most of the funds remained in the thief's wallet and had not yet been laundered.

Senators Lummis and Gillibrand solicit feedback on their proposed crypto legislation via Github and it's off to a predictably chaotic start

Github issue titled "Floppa Thread", with a comment reading "Feds are not looking post floppa". There's an image of an upside-down caracal wearing a crocheted red and white hatOne of several Github issues on the proposed legislation (attribution)
After announcing their crypto-friendly proposed legislation earlier in June, Senators Lummis and Gillibrand have uploaded it to Github to solicit feedback, as was apparently widely requested of them by crypto advocates.

As one might expect, apparently-unmoderated open comments from some of the most online people out there has been off to a chaotic start. The first comment on the proposal, by a user with a Pepe the Frog avatar, is titled "Taxation is theft!" and reads, "Why should we pay any taxes to a corrupt government that prints money out of thin air and gives it away for free! Eliminate the FED!!! BITCOIN FOREVER!"

Another comment thread begins, "Feds are not looking post floppa" and accumulated over 100 replies containing photos of caracals within half an hour.

A different person submitted a pull request replacing the entire text of the bill with "cryptocurrencies are banned lmao".

CoinFLEX stops withdrawals due to "continued uncertainty involving a counterparty"

Yield farming platform CoinFLEX is the latest crypto platform to stop allowing customers to withdraw their money. Customers had raised concerns about withdrawals not processing, to which a team member repeatedly replied that "we haven't stopped withdrawals" and urged chatters to "please stop spreading FUD".

The company then posted an announcement that they would be "pausing all withdrawals" due to "extreme market conditions last week & continued uncertainty involving a counterparty". They were cagey about the identity of the counterparty, though the announcement explicitly stated it was not the underwater hedge fund Three Arrows Capital, which has been causing a domino effect throughout the crypto industry.

Invictus Capital suspends withdrawals

Invictus Capital, the group operating several cryptos in the Cayman Islands and the British Virgin Islands, announced to investors that it would be suspending redemptions. The company cited exposure to both Terra and the Celsius project, both of which have gone under in recent months. According to the announcement, the group is pursuing restructuring. The group claimed to have over $135 million under management.

Ontario Securities Commission settles with Bybit, bans and fines KuCoin for securities violations

The Ontario Securities Commission (OSC) accused crypto trading platforms Bybit and Kucoin of operating unregistered platforms and offering unregistered securities to Ontarian investors.

Bybit opted to settle with the OSC, disgorging about CA$2.5 million (US$1.9 million) and has begun working with the OSC to become compliant.

OSC accused KuCoin of not complying with the investigation, and permanently banned the exchange from operating in Ontario. The OSC also levied a CA$2 million (US$1.5 million) fine against the exchange.

Voyager Digital reduces withdrawal limit after reporting $660 million exposure to Three Arrows Capital

Voyager Digital disclosed that they had loaned $350 million in stablecoins and 15,250 Bitcoin (around $310 million) to Three Arrows Capital, a crypto hedge fund that could not meet its margin calls amidst a crypto downturn and the failure of large projects like Terra. Voyager asked 3AC to repay the loan, but reported they were "unable to assess at this point the amount it will be able to recover". They did not disclose whether they held collateral for the loan. After the announcement, shares of the publicly-traded company plummeted more than 60%.

Later that day, Voyager reduced the daily withdrawal limit from $25,000 to $10,000, suggesting they were having trouble meeting customer demand for withdrawals.

The prior week, Voyager announced they had secured a line of credit from Alameda Research amounting to $200 million in cash and 15,000 Bitcoin. Alameda Research is a trading firm founded by Sam Bankman-Fried, who also runs the FTX crypto exchange.

Sam Bankman-Fried performs second bailout, loaning $250 million to BlockFi

Crypto exchange FTX loaned $250 million to BlockFi, a crypto lending platform that recently announced 20% layoffs as they struggled to weather the crypto downturn. BlockFi also had loaned funds to Three Arrows Capital, an insolvent crypto hedge fund, although they claim to have successfully liquidated 3AC's positions.

The FTX loan represents the second bailout of a crypto firm by Sam Bankman-Fried's companies, after his Alameda Research trading firm extended credit equivalent to around $485 million to floundering crypto platform Voyager.

Bybit plans to cut 20–30% of its workforce

Bybit, a Dubai-based cryptocurrency exchange, is reportedly joining the group of crypto companies laying off employees amidst plummeting cryptocurrency markets. Journalist Colin Wu reported that Bybit plans to lay off about 20–30% of its 2,000 employees, or around 400–600 people.

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