Good morning, Coin Discoverers!

CRYPTO

• BTC: $60,679.50(+0.49%)YTD (+37.68%)

• ETH: $2,640.25(+0.65%)YTD (+12.82%)

• BNB: $586.16 (+0.34%)YTD (+86.28%)

*Crypto numbers as of 5:00 am EST on August 23th

SEC opposes Richard Heart's dismissal

The SEC has contested the motion to dismiss filed by Richard Heart, the founder of Hex, urging the court to reject it. In a filing made public on Thursday, the agency maintained that the motion lacked sufficient grounds for dismissal, indicating their firm stance against Heart's arguments.

On the other hand, Richard Heart's legal team argues that the SEC’s case should be partially dismissed, asserting that the matter does not involve securities, which are central to the SEC’s jurisdiction. Additionally, they contend that Heart resides abroad, implying that the case may fall outside of U.S. regulatory reach.

Former congressional candidate with ties to FTX faces charges

Donald Trump has thrown his support behind a new crypto project, 'The DeFiant Ones,' which is being led by two of his sons. This endorsement adds a high-profile boost to the venture, signaling Trump's ongoing interest in the cryptocurrency space through his family's involvement.

In other news, Michelle Bond, a former congressional candidate with connections to FTX, has been charged with unlawful campaign contributions, raising concerns about the intersection of crypto and political fundraising. Meanwhile, Grayscale has launched a new investment trust focused on Avalanche's AVAX token, further expanding its offerings in the rapidly evolving crypto market.

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Bitfarms' acquisition of Bitcoin miner Stronghold is seen as a strategic move to strengthen its position

Bitfarms has acquired Stronghold Digital Mining in a strategic effort to bolster its defenses against a potential hostile takeover by rival company Riot. This acquisition is seen as a key maneuver to strengthen Bitfarms' position in the competitive Bitcoin mining industry.

Bitfarms announced on Wednesday that it has agreed to acquire the crypto mining firm Stronghold Digital Mining in a $175 million deal. Market analysts suggest that this acquisition will enhance Bitfarm's valuation and operational capacity, making it a more difficult acquisition target for its competitor, Riot.

Obscurity, deception, and unethical practices define BitBNS

For over two years, thousands of investors in India have struggled to withdraw their own money from BitBNS, one of the country's major cryptocurrency exchanges. In the past 12 months, BitBNS has not only locked investor funds but also halted all withdrawals, all while continuing to accept new deposits.

Despite significant protests from investors, the exchange's operations have largely escaped scrutiny from Indian authorities, partly due to the Reserve Bank of India's (RBI) general skepticism toward cryptocurrencies. In light of the recent issues with the WazirX exchange and the suspension of customer funds, many investors now fear that WazirX might be following the same troubling path as BitBNS.

STOCKS

• DOW: 40,712.53(-0.43%)

• S&P: 5,570.64(-0.89%) 

• NASDAQ: 17,619.35(-1.67%)

*Stock numbers as of market close on August 22th

Skydance is requesting that Paramount cease negotiations with Bronfman

Skydance Media has accused Paramount Global's special committee of directors of violating their agreement by prolonging the timeframe for engaging with other potential bidders, according to a report from the Wall Street Journal on Thursday.

This development follows an enhanced offer from veteran media executive Edgar Bronfman Jr., who has proposed a $6 billion bid to acquire Paramount's controlling shareholder, National Amusements, along with a minority stake in Paramount itself.

Zenas BioPharma, supported by Bristol-Myers Squibb, has filed for an initial public offering (IPO) in the U.S.

Zenas BioPharma, which is supported by Bristol-Myers Squibb, has filed for an initial public offering (IPO) in the United States, according to a regulatory filing made public on Thursday. This move highlights a growing investor interest in new listings amid signs of market recovery.

The U.S. IPO market is showing early signs of rebound, driven by expectations of potential interest rate cuts and reduced market volatility. Since its founding, Zenas BioPharma, a company specializing in immunology and inflammation, has raised $358.3 million from investors.

REAL ESTATE

• 15-year: 6.00%

• 30-year: 6.48%

*Mortage rates via Mortgage News Daily

It might have seemed like a rough day, but...

Since reaching a peak last Thursday morning, bonds have been on a steady path of recovery. Each trading day has shown progressively lower closing yields, with yesterday's yields aligning closely with those from NFP Friday, which also marked the lower end of the current range at 3.80%. Whether this movement is attributed to a range-bound bounce or positive economic data, bonds have adhered to the range and increased by several basis points today.

While the movement may have appeared somewhat exaggerated at times, the closing levels remain within a 3.8-4.0 range, with rates under 3.86%. Volatility is expected to rise on Friday with the anticipated appearance of Powell at Jackson Hole, which could add uncertainty to the market.

TECH

A vulnerability in Slack's AI could have potentially exposed data from private channels

Security researchers at PromptArmor have revealed this week that Slack's AI assistant contained a security flaw that could allow attackers to steal sensitive data from private channels within the popular workplace chat app. The vulnerability stemmed from a weakness in the AI's instruction processing, posing a risk of compromising sensitive information across numerous organizations.

A spokesperson stated, “We initiated an investigation into the scenario where, under very specific and limited conditions, a malicious actor with an existing account in the same Slack workspace could potentially phishing users for certain data. We have since deployed a patch to fix the issue and currently have no evidence of unauthorized access to customer data.”

QUICK RECAP

#1. Japanese telecom SoftBank is negotiating to invest approximately ¥100 billion ($684 million) in Sharp, though deal feasibility is uncertain.

#2. Advance Auto Parts (AAP.N) announced it will sell Worldpac for $1.5 billion, cutting its forecast and dropping shares by 17%.

#3. Veteran Edgar Bronfman increased his bid to $6 billion for Paramount Global, up from $4.3 billion, boosting shares 2.4%.

#4. Adani Group's Holderind Investments is selling a 2.84% stake in Ambuja Cements for $500 million at 600 rupees per share.

#5. Disney (DIS.N) and Reliance (RELI.NS) have offered concessions for their $8.5 billion merger but refuse to sell cricket rights.