The Block

Quick Take Crossover Markets has raised $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital. Illuminate Financial founder and Managing Partner Mark Beeston will join Crossover’s board as part of the deal.

The German government appeared to send another 250 BTC ($15.4 million) to Bitstamp and Kraken on June 26, according to Arkham.The government-labeled addresses have sent around $150 million to known crypto exchange addresses since last week.

Quick Take Two former executives of Hydrogen Technology have been sentenced for manipulating the price of Hydro tokens and defrauding investors. The U.S. Securities and Exchange Commission charged the firm in 2022 with market manipulation of crypto asset securities.

The supply of USDT stablecoin on the TON network crossed 500 million after two months of rollout.The Telegram-linked blockchain network has recently soared in popularity alongside in-app mini-games.

Quick Take The official X account of Metallica promoted a Solana token with the ticker METAL in what many presume to have been a hack. All posts mentioning the token have been deleted.

Quick Take VanEck’s head of digital asset research said that the firm aims to be a leader even if it loses money “at the outset.” VanEck filed its Form 8-A for a spot ether product on Tuesday.

The U.S. spot bitcoin ETFs recorded $31 million in daily net inflows on Tuesday following seven consecutive days of outflows.

Quick Take During a bankruptcy hearing on Tuesday, lawyers for FTX and creditors debated a disclosure statement — a document that gives creditors more information to decide on the exchange’s reorganization plan. A lawyer representing FTX said they planned to solicit a vote on the plan and said one of the purposes of the vote was to get feedback from creditors. Some, including those representing FTX’s largest creditor group, have opposed the plan and said the estate should pay out cryptocurrencies in-kind r

Quick Take SEC Chair Gary Gensler said the process for launching a spot Ethereum ETF is “going smoothly.” “It’s really about the asset managers making the full disclosure so that those registration statements can go effective,” Gensler said.

Quick Take Monica Long shares the strategy behind Ripple’s upcoming stablecoin launch.