Gemini Threatens DCG with Lawsuit ⚖️

GM. This is Degen Scoop. It’s Wednesday, here’s the scoop:

• Gemini Threatens DCG with Lawsuit ⚖️

• Binance Sees $3.8B of Outflows in June 🍃

• Ethereum Community Proposes Circuit Breaker 💾

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Gemini Threatens DCG and Barry Silbert with Lawsuit

As Genesis undergoes restructuring, Cameron Winklevoss of Gemini has given them a final offer. This has been an ongoing debacle for months and despite bringing discussions out into the public, Barry Silbert doesn’t appear to want to play ball with the Winklevii. The most recent letter posted is illustrative of the frustration coming from Gemini despite wanting to do this as simply as possible to make their customers whole again.

In the above letter, Cameron Winklevoss lays out a plain plan in regards to the repayment options. The offer must be accepted by July 6th, tomorrow, before this is taken to court. It’s notable that Cameron also accuses DCG and Silbert of committing alleged fraud, a bold accusation. Within 24 hours we’ll know whether this will be taken to court or not.

Binance Experiences $3.8B of Outflows in June Due to Regulatory Pressure

The last month has been a tough time for Binance as they have been sued by the SEC, the SEC tried to freeze its assets, and it has been forced to cease operations in certain locales. This pressure has a tendency to scare off investors and lead them to take their funds elsewhere that they are more safe. The key result of this as that Binance loses revenue.

Looking back on this hectic month, it’s no wonder they experienced nearly $4B of outflows of capital. In terms of outflows, it is the worst month for Binance since December 2022. As we’ve seen EDX being announced as well as the filing for spot Bitcoin ETFs by large institutions, Binance is set to lose even more market share.

New Ethereum Standard Proposed As Circuit Breaker For Hacks

In crypto, hacks are all too common. In fact over $5B has been lost to hacks, primarily from unaudited protocols. This new Ethereum standard ERC 7265 has been proposed in hopes of hack mitigation which continue to plague the ecosystem. This standard will create a ‘pass-through vehicle for token outflows’ that seeks to add security.

Audtis are often trustworthy, but smart contracts are difficult to fully trust considering their complexity. At the very least, this new standard would prevent hackers from being able to immediately drain a contract and protect the majority of funds. Crypto has had a tendency to play out TradFi at an accelerated pace and this standard would be no different.

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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.