SEC acknowledges Grayscale’s amendment filing to convert its | The Crypto Basic on Binance Square

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SEC acknowledges Grayscale’s amendment filing to convert its Digital Large Cap Fund into an ETF covering BTC, ETH, XRP, SOL, and ADA. 

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Brad Garlinghouse Confirms Ripple Has No Business Relationship with Linqto Amid Federal Investigation. #CryptoNewsCommunity

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#Shibalnu Lead Says Prepare for July, Teases Multiple Announcements Ahead. Meanwhile, Kusama shared a short video clip, indicating that the team has been steadily working behind the scenes all year. “It all started in January, and February came and went. March, April, and May,” the voiceover remarked. Notably, it mentioned how the world stood still for 12 days in June, highlighting the period of war between Israel and Iran. With June ending, the voiceover emphasized that “It’s time for July… JUL-AI,” signaling the potential roll-out of AI-driven initiatives. In May, Kusama disclosed that he was writing a final paper, which would explore the interplay between AI, Shiba Inu, and the SHY token. He also indicated that the upcoming paper will highlight Shiba Inu’s role in the next phase of technical evolution, which will be driven by artificial intelligence. The lead developer made the disclosure after pointing out the lack of AI-related discussions on X. According to him, many people are still unaware of AI’s potential. He plans to integrate Shiba Inu with AI early to ensure the project benefits from the next wave of technological evolution. Kusama’s recent update indicates that he might release the AI paper this month, detailing Shiba Inu’s role in the AI-driven technological evolution. Additionally, the Shiba Inu lead developer might also announce and release other AI-driven initiatives. However, the precise nature of these projects remains under wraps. #CryptoNewss

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500M #XRP Unlocked as Ripple Sends 400M XRP to Escrow. Shortly after the unlocks, Ripple resumed its monthly rebalancing. In particular, the firm locked 400 million XRP ($869 million) with its Ripple (15) address. However, before locking the 400 million XRP, the address received the tokens from two different wallets. Specifically, wallet “rGKHDy” sent 200 million XRP by 23:55 UTC yesterday before “rHGfmg” sent another 200 million three minutes later to the Ripple (15) address. Meanwhile, the transactions follow XRP’s price inconsistency, following a broader market trend. After breaking to a high of $2.32 on June 30, XRP slumped to $2.15 yesterday following Bitcoin’s retest of the $105,000. At the time of writing, XRP has recovered slightly from yesterday’s lows, trading at $2.18 at the time of writing. Interestingly, a recent analysis has identified that XRP would reach a minimum price target of $6.5 this month and could potentially extend to $8. #Crypto

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#FTX creditor representative Sunil Kavuri has provided a new update on the next distribution of claim payments to creditors of the defunct crypto exchange. Recall that FTX commenced the distribution of funds to eligible users on February 18, 2025, starting with small creditors with claims under $50,000. According to Kavuri, FTX paid creditors in this category (those entitled to claims under $50,000) 120% of their initial claim value. This indicates that creditors received a 20% premium on their original claim value. Afterward, FTX commenced the second round of repayments on May 30, 2025, distributing $5 billion to creditors with claims over $50,000. The exchange distributed the funds within three business days of May 30. However, creditors with claims exceeding $50,000 received only 72.5% of their initial claim value. Next Payment Schedule Notably, Kavuri has disclosed the next repayment date for the remaining 27.5% of claims to large creditors. According to him, the upcoming distribution is expected to take place in Q4 2025, specifically from October to December. Additionally, he suggested that the repayment schedule could be extended to 2026 or 2027. This repayment will ensure that creditors with claims exceeding $50,000 receive 100% of their claim. Besides the claim value, these large creditors are also entitled to post-petition interest, which totals 40% to 80%. FTX’s Epic Collapse and Repayment Efforts This ongoing repayment schedule comes more than two years after FTX’s collapse in November 2022. The exchange declared bankruptcy, with key executives sentenced to several years in prison. Specifically, a federal court in New York sentenced FTX founder Sam Bankman-Fried (SBF) to 25 years in prison due to his role in mismanaging users’ funds, leading to the exchange’s downfall. The court subsequently sentenced other executives, including Alameda Research CEO Caroline Ellison and FTX Digital Markets CEO Ryan Salame, to two and seven-and-a-half-year jail terms, respectively. #CryptoNewss

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#Cardano founder Charles Hoskinson has reacted to a recent development that would enhance the multi-chain functionality of the Midnight Network. Midnight, a privacy-focused Cardano sidechain, is imminent, and the crypto community remains expectant. Paima Studios, one of the partners of the Midnight Network, recently announced an ongoing project to build a hybrid DApp feature for Midnight, drawing accolades from Charles Hoskinson, the founder of Cardano. Hybrid dApps Coming to Midnight Sebastien Guillemot, the co-founder of Paima Studios, disclosed that his team is working on bringing hybrid decentralized applications (dApps) to Midnight. According to the June 29 tweet, this feature will enable applications with multi-chain functionalities. Meanwhile, Guillemot shared a prototype of the Paima Explorer, featuring the different chains a developer’s dapp connects to, the primitive data dashboard, and the state machine table. The Paima Studio co-founder emphasized that the state machine column enables developers to visualize how smart contracts update based on data across multiple chains. Recall that it was on this basis that Midnight forged a collaboration with Paima Studio. The Web3 gaming studio partnered with Midnight to bring Ethereum Virtual Machine (EVM) compatibility to the Cardano sidechain. For context, this feature will enable Ethereum developers to deploy dapps on Midnight with just a few lines of code. Furthermore, Paima Studios would also explore the application of zero-knowledge technology (ZK) in Web3 gaming. Hoskinson Applauds New Explorer As usual, Hoskinson cheered the development, calling it a “bedrock of cooperative economics.” He argued that the multi-chain explorer is one of the most essential workstreams in the crypto industry, alongside Midnight’s dual token model and the capacity exchange. The founder’s comment echoes his new belief that crypto projects should collaborate more for the greater good of the industry, shifting from the current zero-sum game. #CryptoNewsCommunity

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