Coindesk

Justin Sun bailed out Techteryx's TrueUSD stablecoin after nearly half a billion dollars of its reserves were rendered illiquid, people close to the matter confirmed, and the stablecoin issuer said in Hong Kong court documents.After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based fiduciary, to manage its stablecoin reserves.According to documents prepared by U.S. law firm Cahill Gordon & Reindel, FDT was instructed to invest the reserves in the Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle. However, court filings allege that approximately $456 million was instead improperly diverted into Aria Commodities DMCC, a separate, unauthorized entity based in Dubai.Court documents identify Matthew Brittain as controlling Aria Commodity Finance Fund...

Crypto asset manager Grayscale has listed two new exchange-traded funds (ETFs) that offer investors a differentiated source of income through bitcoin's (BTC) characteristic volatility.The two New York Stock Exchange-listed funds will start trading on Wednesday.The Bitcoin Covered Call ETF (BTCC) and Bitcoin Premium Income ETF (BPI) offer covered call writing strategies, which involves selling call options to generate income on the premium received. Call options are derivatives contracts betting on the price of an asset rising. They give the holder the right, but not the obligation, to buy the asset at a predetermined price within a define period of time.BTCC will write calls very close to spot prices to deliver income for investors seeking regular cash flow, with the options...

Avara, the parent company of decentralized finance (DeFi) platform Aave, has simplified its self-custody Family Wallet by replacing complicated seed phrases with emails and SMS, making wallet creation and recovery painless in a bid to onboard more users.Family allows users to manage assets across various Ethereum Virtual Machine (EVM) networks, using passkeys like fingerprint or face scans, tied to the users’ device, Avara said in an emailed statement. Avara has also launched a new web dashboard for the Family Wallet where users can manage their account, as well as send, receive, and manage assets, the firm said.Holders of digital assets are rightly skittish about leaving their crypto on exchanges or in anyone else’s custody, particularly after events like the collapse...

CME Group (CME) saw record activity in its cryptocurrency derivatives markets during the first quarter of the year, driven by increased interest in micro-sized contracts.The company reported average daily volume of 198,000 contracts for crypto products, representing $11.3 billion in notional value. It pointed to record highs across its micro ether futures, with 76,000 contracts being traded, as well as its BTC and ETH futures contracts with a volume of 18,000 and 13,000 contracts, respectively.Trading in micro bitcoin futures also stood out with a 113% year-over-year increase, hitting 77,000 average daily volume (ADV).The company’s cryptocurrency contracts were already at a record back in January.The exchange’s bitcoin and ether futures contracts have a notional value of 5 BTC and 50...

Japanese hotel company Metaplanet (3350) has acquired an additional 160 BTC at an average purchase price of 12.5 million yen, approximately ($83,600 per BTC), with a total investment of 1.998 billion yen ($13.4 million).This brings Metaplanet’s total bitcoin holdings to 4,206 BTC, acquired at an average purchase price of 12.9 million yen, approximately ($86,500 per BTC), amounting to a cumulative investment of 54.3 billion yen ($363.5 million).Metaplanet reported a 95.6% BTC yield in Q1 2025, while achieving a 3.9% BTC yield so far in Q2. BTC yield refers to the change in the ratio of total bitcoin holdings to the fully diluted shares outstanding over a given period.The company's Tokyo-listed shares closed down 1.22% at 404 yen on Tuesday.Disclaimer: Parts...