Crypto Firms Navigate Investments, Project Changes, and Legal Disputes
Crypto Firms Navigate Investments, Project Changes, and Legal Disputes
Recent market activity includes Ark Invest's strategic acquisition of Bullish shares, the winding down of the Ethereum Layer 2 Zero Network, and an ongoing legal dispute between Galaxy and BitGo over a failed acquisition.
Ark Invest Buys Bullish Shares
Ark Invest has expanded its portfolio by acquiring 139,117 shares of Bullish, a cryptocurrency exchange, totaling approximately $5 million across its ETFs. This move comes as Bullish's stock experienced a 3% slide on Thursday.
Ethereum Layer 2 Project Shuts Down
The Ethereum Layer 2 project Zero Network has announced its decision to wind down operations, joining a string of other protocols shuttering services. This strategic shift will see resources redirected to enhance Zerion's API and wallet services, as stated by the team.
Galaxy and BitGo Locked in $100 Million Legal Battle
A significant legal confrontation is unfolding between Galaxy, led by Mike Novogratz, and crypto custodian BitGo. The dispute, first reported by Bloomberg, centers on a $100 million claim, stemming from Galaxy's abandoned acquisition plan of BitGo in 2022. Galaxy had cited BitGo's 'failure to deliver ... audited financial statements for 2021' as the reason for withdrawing from the deal.