Here is what happened yesterday in the crypto market:
Brothers Face Trial for $25 Million MEV Bot Trickery
Two MIT-educated brothers must stand trial for allegedly defrauding MEV bots out of $25 million from the Ethereum blockchain. A US District Judge denied their request to dismiss the charges, indicating the legal system is taking a serious stance on sophisticated crypto-related fraud.
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Traditional Finance Tools Enhance Crypto Accessibility
Traditional financial instruments are making crypto investing more accessible to a wider audience. This integration helps bridge the gap between complex crypto interfaces and volatile headlines, making it easier for new investors to enter the market.
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MEV Arbitrage on Ethereum Becomes More Centralized
Research indicates that Maximal Extractable Value (MEV) activities on the Ethereum network are increasingly centralized, with arbitrageurs gaining more control over transaction ordering. This trend could have implications for network decentralization and fairness.
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Societe Generale to Provide Liquidity for 21Shares Crypto ETPs
Societe Generale, a major banking conglomerate, is partnering with 21Shares to provide liquidity for their crypto-based Exchange Traded Products (ETPs). This move signifies growing institutional adoption and integration of crypto assets into traditional financial frameworks.
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FTX to Begin $1.9 Billion Payouts to Creditors in September
The FTX bankruptcy estate is set to begin distributing $1.9 billion to creditors in September. These funds are from claims that are no longer disputed, offering some relief to those affected by the exchange’s collapse.
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