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Quick Take

• This is part of The Block Research’s Market Commentary series
• Galaxy Digital’s $1.2bn acquisition of BitGo has been called off with Galaxy Digital citing BitGo’s failure to provide audited financial statements for fiscal year 2021 
• BitGo responded with a +$100mm lawsuit and hired law firm, Quinn Emanuel, seeking damages 
• Galaxy Digital ($GLXY) closed Monday, August 15th, trading at $6.85 / share, a +6.3% move in intra-day trading
• Today, August 16th, Galaxy is currently trading at $6.05 / share, an (11.7%) decline in intra-day trading at the time of this writing 
• Disclaimer: This is a market commentary research piece and includes opinionated views from our research team. Nothing contained in this piece constitutes a solicitation, recommendation, endorsement, or offer by The Block Research.

As with many other identical suits, the SEC is calling Dragonchain’s $16.5 million raise an unregistered securities offering. 

The post SEC files suit against Dragonchain over $16.5 million ICO appeared first on The Block.

The crypto investment giant has registered a policy-focused executive to lobby on behalf of the company.

The post Digital Currency Group registers to lobby for the first time appeared first on The Block.

Bitcoin miner Riot reported $366.3 million in net loss for the second quarter and $72.9 million in revenues.

The post Bitcoin miner Riot posts $366.3 million net loss in second quarter appeared first on The Block.

According to the FT sources, Celsius CEO Alex Mashinsky pushed for decisions that cost the company millions and angered staff.

The post Celsius CEO ‘took control’ of trading strategy in January and clashed with staff: FT appeared first on The Block.

Zash’s partnership with Binance suggests that we may see an uptick of NFT projects designed in a similar way to data-backed businesses.

The post NFT analytics firm Zash partners with Binance, marking push for data-backed projects appeared first on The Block.

Dogecoin and other dog-themed memecoins have clocked double digits gains, while the wider crypto market rally shows signs of cooling off.

The post Dogecoin and other dog-themed memecoins rally while crypto market cools off appeared first on The Block.

Arbitrum has hired Andrew Saunders as its first chief market officer to lead and oversee all marketing and communications efforts worldwide.

The post Arbitrum hires its first chief marketing officer appeared first on The Block.

Quick Take

• Illuvium is a digital collectible card game (CCG), similar to the classic Pokémon game. Illuvials are Pokémon-like creatures that can be discovered, battled, and collected.
• Its native token ILV is ranked 6th most valuable gaming token with a valuation of over $1 billion. This sets Illuvium to be one of the most anticipated blockchain game releases this year.
• The economy of all three game modes is powered via a multi-token model. The token design enables more stable in-game currencies while generating strong value accrual to the ILV holders.

Jump Crypto announced today it is building a new open-source validator client for the Solana network.

The post Jump Crypto announces plan to build new validator client for Solana appeared first on The Block.