BlackRock Files Spot Ethereum ETF 📁

GM. This is Degen Scoop. It’s FRIDAY, let’s close out the week with the following stories:

• BlackRock Files Spot Ethereum ETF 📁

• Crypto Laundering of $10M 🏃

• Aave Rebrands to Avara 🆕

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

BlackRock Officially Files For Spot Ethereum ETF

BlackRock, the world's largest asset manager, has officially filed with the SEC for a spot Ethereum ETF named iShares Ethereum Trust. The ETF aims to mirror the performance of ETH. This goes to show that should these ETFs be approved as expected, both Bitcoin and Ethereum alike will receive significant inflows.

The filing comes a week after BlackRock registered the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations. Coinbase Custody Trust Company has been selected as the custodian for the proposed ETF.

BlackRock previously filed for a spot Bitcoin ETF in June, and its approval is pending SEC review with an official answer to be known come January of next year. The news led to a nearly 2% jump in Ethereum's price to around $2,080 which is much less than expected.

Three Individuals Charged With Laundering Over $10M in Crypto

Three individuals—Zhong Shi Gao, Naifeng Xu, and Fei Jiang—have been charged with laundering over $10M in crypto. The U.S. DOJ has accused them of a scheme that involved enlisting foreign nationals in the U.S. to assist them with their scheme.

The scheme entailed opening bank accounts, making unauthorized transactions, crediting their accounts, and then withdrawing funds as cash or purchasing cryptocurrency. The funds were swiftly moved to foreign crypto exchanges to escape potential freezing of funds as seen in other cases.

If found guilty, the trio faces a maximum of 30 years in federal prison. This development underscores the authorities' increased focus on prosecuting cryptocurrency-related crimes, following recent cases like the collapse of FTX and the trial of SBF.

Aave Rebrands to Avara, Acquires Los Feliz Engineering

Aave, the lending protocol, has rebranded to Avara and unveiled the acquisition of Los Feliz Engineering, a web3 startup based in LA. Avara will now serve as the parent entity for Aave, Lens, $GHO, Sonar, and other brands. This move comes out of left field as we prepare for the madness of the next bull market.

The acquisition includes the web3 software development startup Los Feliz Engineering, known for creating the Ethereum crypto wallet Family and the developer library ConnectKit. Benji Taylor, the founder of Family, will join Avara as the Senior Vice President of Product and Design, along with the entire Los Feliz Engineering team.

Avara aims to contribute to the development of an open, decentralized internet that encourages participation and innovation. This move follows Avara's earlier acquisition of the web3 social gaming app Sonar in December 2022. This acquisition will likely allow Avara to offer a simpler UX to users that join its ecosystem.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.