Top Crypto News Of The Day: Coinbase’s Oil Connection, Bitcoin ETF, and More!

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

Coinbase to Launch Gold And Oil Futures Trading

One of the major crypto exchanges, Coinbase, is set to launch retail-sized futures contracts for oil and gold starting June 3.

Coinbase Derivatives, the company’s regulated arm overseen by the Commodity Futures Trading Commission (CFTC), announced this strategic move to offer enhanced trading opportunities in traditional markets. 

The platform already offers crypto derivatives like Bitcoin, Ether, Bitcoin Cash, Litecoin, and Dogecoin futures. The new contracts will be sized at 10 barrels of oil and 1 troy ounce of gold, catering to retail investors’ demand for diversification.

BlackRock’s Bitcoin ETF Sees Massive Inflow 

BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), recorded $290 million inflow on Tuesday, May 21st, 2024. This inflow represented 95% of the total $305.7 million net inflow into all U.S. spot Bitcoin ETFs on that day. 

The surge reversed a six-week trend of low or zero inflows. This surpassed the fund’s combined inflows over the previous 21 trading days. With this latest influx, IBIT’s assets under management now stand at $19 billion. This closely leaves industry leader Grayscale’s GBTC spot ETF behind, which saw $20 billion of inflows.

Another Crypto News of the Day: Tech Giants Form Coalition to Combat Online Scams

Coinbase, Meta, Ripple, Kraken, Gemini, the Global Anti-Scam Organization (GASO), and Match Group have joined forces to launch the “Tech Against Scams” coalition. The coalition aims to combat online fraud and financial schemes by sharing knowledge and best practices across various technology sectors. 

With scams becoming increasingly prevalent, the coalition will focus on educating users about prevention strategies and enhancing consumer protection through collaborative efforts.

Potential $121M Risk for Ethereum Layer 2 Networks

A single multi-signature crypto wallet holds upgrade permissions for 12 Ethereum scaling networks, including Zora, Aevo, Hypr, Orderly, Ancient8, Lyra, Mode, Pgn, Parallel, and Metal.

If this wallet were to be compromised, it could potentially drain these networks of their combined $121 million in total value locked (TVL). 

However, Conduit founder Andrew Huang clarified that the wallet requires three out of five signatures from the team. The team’s private keys are stored in hardware wallets, making a compromise highly unlikely without physically compromising three individuals.

Crypto News: Gala Games Exploiter Returns $22M After Token Minting Incident

Gala Games has received around $22 million in Ether (ETH) from the individual responsible for the May 20th “security incident”. The incident involved the unauthorized minting and selling of GALA tokens.

On Monday, an attacker managed to mint $200 million worth of GALA tokens. Subsequently, he sold a portion worth approximately $22 million. Gala Games froze the remaining tokens using a new “blocklist protocol” within 45 minutes.

While the attacker’s identity remains undisclosed, Gala’s co-founder and CEO, Eric Schiermeyer, previously claimed on Discord that they have identified the alleged perpetrator.

Some community members speculate that the attack was caused by a security contractor’s mistake. However, Gala Games has not officially confirmed the details or method of exploitation.

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