Three Arrows Capital (3AC) founder Zhu Su broke his month-long silence by taking to Twitter to post letters from their legal counsel. One of the letters accuses Russell Crumpler and Christopher Farmer, the firm's liquidators, of "baiting" both founders. More: - 3AC filed for Chapter 15 bankruptcy in June due to Voyager Digital not being able to repay a loan of $646M.
- On July 8, both Crumpler and Farmer reported to the U.S Bankruptcy Court in New York's Southern District that both founders "have not yet begun to cooperate with the (proceedings) in any meaningful manner."
- After a month-long silence, co-founder Zhu Su responded on Twitter by saying, "Sadly, our good faith to cooperate with the liquidators was met with baiting."
- The filing also claimed that both founders were missing and that there was a "heightened risk" Su and co-founder Kyle Davies could transfer the firm's assets to other wallets and accounts.
- Advocatus Law LLP questioned the liquidators about whether there was any mention of "threats of physical violence" that 3AC founders were receiving.
- 3AC lawyers also stated that both founders "have been working under a lot of time pressure" to handle matters with the Monetary Authority of Singapore (MAS) and that "we will let you know when our clients can reasonably be expected to speak with you."
Decrypt 
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GameStop launched an NFT marketplace during the crypto winter as the price of Bitcoin continues to decline. The marketplace is now open to the public for beta testing with 250 NFT collections. More: - GameStop, best known for selling videogames, is now allowing its customers to buy, sell and trade NFTs.
- Users can connect their own digital asset wallets and trade NFTs for virtual goods.
- The company entered the Web3 space to generate growth and will offer its users more features in the future, which will include Web3 gaming.
- Salesforce estimates that half a million NFTs are expected to be purchased from retailers between November and December, making the GameStop NFT a potential hot holiday gift.
- Skeptics argue that GameSpot entered the space too late due to a market downturn and high competition from established marketplaces such as OpeanSea.
Barrons
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The Financial Stability Board (FSB), a global financial regulator with all G20 countries, will propose international regulations for crypto and stablecoins in October. The aim of the proposal is to minimize the risk of fragmentation and regulatory arbitrage. More: - The recent crypto market downturn has led regulators to speed up a regulatory framework for digital assets in an effort to protect investors from illicit crypto activity.
- FSB explains that global regulators need to supervise crypto markets with the "same activity, same risk, same regulation" as traditional finance.
- The primary concern is the potential failure of certain stablecoins that also threatens the outcome of DeFi.
- The FSB will report to the G20 finance minister and central bank governors in Oct. 2022 with recommendations on crypto and stablecoin regulations.
- Two other reports will release a public consultation that aims to promote global consistency of regulatory, supervisory approaches and "how existing frameworks may be extended to close gaps and implement the high-level recommendations."
- CoinStats CEO Narek Gevorgyan notes that this is a challenging task for regulators and said, "Existing legal frameworks can help regulate the speculative aspects of the market and centralized exchanges, but how does the FSB plan to integrate the hundreds of existing and newly emerging protocols that are radically resistant to regulation by design?"
Coin Telegraph
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Binance, the world's largest crypto exchange, operated in Iran despite U.S. sanctions. Traders were able to register on the platform using just their email address and continued to use their accounts until September of last year. More: - The U.S government imposed sanctions on Iran as part of Iran's nuclear deal with major world powers in 2018.
- During the same time, Binance announced that it will no longer allow users to continue trading on its platform and asked members to liquidate their accounts.
- Traders in Iran could still register on the platform. Asal Alizade says, "It didn't need identity verification, so we all used it."
- Binance employees were well aware of trading activity in Iran despite sanctions, and senior employees knew and joked about the popularity of the exchange in Iran.
- The company released a statement amid Western sanctions on Russia by saying it "follows international sanction rules strictly" by using a "global compliance task force, including world-renowned sanctions and law enforcement experts."
Reuters
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Texas-based Bitcoin miners halted mining activity due to a severe heat wave. Bitcoin mining companies switched off their machines as temperatures exceeded 104 degrees Fahrenheit (40C), increasing the statewide need for air conditioning and stressing the state's energy grid. More: - Lee Bratcher, president of the Texas Blockchain Association, explained that almost all the leading Bitcoin miners in the state have shut off their equipment due to concerns about added stress on the power grid, which could leave millions about electricity if it fails.
- Over 1,000 megawatts worth of Bitcoin mining were shut off for energy conservation as the state marked an all-time high record for energy usage at 78,206 megawatts.
- Bitcoin miners moved to Texas for operations due to its low electricity prices, but productivity is expected to remain slow during the summer months as temperatures remain well north of 100 degrees.
Crypto Potato
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Gnosis Safe, an Ethereum-based Web3 wallet, raised $100M to further develop its ecosystem. The round was led by 1Kx with participation from Tiger Global, A&T Capital, and Blockchain Capital. More: - The fresh funding will be used to develop a full-fledged digital asset management platform.
- The company has also rebranded to "Safe" following a community vote to spin off from Gnosis Ltd in April.
- The strategic partnership and funding will enable the company to grow its ecosystem of applications and tools to be built atop its smart contracts.
- The company also landed a list of 50 strategic partners, some of which include industry veterans like Kraken Ventures, Polygon, Lightspeed, ParaFi, and more.
- Safe aims to foster a host of applications on its platform, including wallets, SafeDAO, a native token called SAFE, and decentralized autonomous organization.
Blockworks
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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