Top Crypto News Of The Day: Kujira DAO Proposal, Do Kwon’s Extradition, and More

Here are the top crypto news of the day curated by CoinChapter.com.

Kujira Proposes DAO to Address Liquidity and Security Challenges

Kujira, a DeFi platform, recently faced challenges after deploying operational funds to improve ecosystem liquidity and activity. This move led to exploits, attacks, and market instability. In response, Kujira announced plans to establish the Kujira Operational DAO to manage the treasury and core protocols, aiming to safely reduce debt.

The team acknowledged responsibility for the situation while refuting claims of a “rug pull.” They clarified that 14 million KUJI tokens remain secure in the treasury. Kujira plans to offer discounted KUJI through Fuzion’s Bonds product, with varying maturities and vesting schedules to minimize long-term price impact.

Crypto News: Montenegro Court Finalizes Do Kwon’s Extradition to South Korea

The Montenegro Appellate Court has upheld its decision to extradite Terraform Labs founder Do Kwon to South Korea, concluding a complex legal process. The ruling confirms the June 28 decision of the Higher Court in Podgorica, which granted South Korea’s extradition request while rejecting a concurrent request from the United States.

The court’s decision is based on Montenegro’s Law on International Legal Assistance in Criminal Matters. The court cited the order of received requests and other legal criteria as reasons for prioritizing South Korea’s claim over the U.S. request, despite both countries meeting the legal requirements for extradition.

Related Post: Do Kwon’s Extradition Returns to Montenegro High Court After Appeal

Bybit to End French Operations Amid MiCA Regulations

Bybit, a cryptocurrency exchange, will cease operations in France on August 2, 2024, in response to the EU’s Markets in Crypto-Assets (MiCA) framework. From August 13, 2024, French users will only be able to withdraw funds, with no new transactions allowed. The exchange, blacklisted by France’s financial regulator since 2022, will discontinue all services including Bybit Earn and spot trading for French accounts.

Crypto News: U.S. Spot Bitcoin and Ethereum ETFs See Positive Inflows

U.S. Spot Bitcoin ETFs reported net inflows of $50.64 million on Thursday, while Spot Ether ETFs saw $26.75 million in net inflows. Grayscale’s new Bitcoin Mini Trust led with $191.13 million in inflows, followed by BlackRock’s IBIT. The total daily trading volume for bitcoin ETFs reached $2.91 billion.

Ethereum ETFs saw varied performance, with BlackRock’s ETHA leading inflows at $89.65 million, while Grayscale’s ETHE experienced significant outflows. Overall trading volume for Ethereum ETFs has declined since their July 23 debut. The spot bitcoin products have accumulated a total net inflow of $17.74 billion since January.

Coinbase Shares Rise 3%

Coinbase shares increased 3.2% in after-hours trading following the release of its Q2 results. The crypto exchange reported $1.4 billion in revenue for the quarter, along with a significant year-on-year increase in crypto trading volume.

Consumer and institutional trading volumes reached $266 billion, aligning with analyst estimates and showing growth from the previous year, though it was lower than the $312 billion reported in Q1.

The company’s revenue saw the most substantial gains in subscription and services, which includes stablecoin revenue, blockchain rewards, and fees. This segment increased 17% from Q1 and nearly doubled compared to Q2 2022. Coinbase partly attributed this rise to its role as a custodian for several asset managers issuing spot Bitcoin ETFs. Transaction revenue, derived from crypto trading activity, doubled from Q2 2023 to $780.9 million, although it decreased from Q1 2024.

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