Franklin Templeton applies for spot Bitcoin ETF

Published on:

Franklin Templeton applies for spot Bitcoin ETF; Google Cloud has partnered with LayerZero; CoinEx exchange allegedly hacked

Franklin Templeton applies for spot Bitcoin ETF

Asset manager Franklin Templeton has applied to the United States Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. 

The SEC had recently postponed its decision on the spot Bitcoin ETF applications of WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco. 

Grayscale also won its lawsuit against the SEC on 29 August, and the regulator has to reconsider the spot Bitcoin ETF proposal. 

According to Franklin Templeton’s application, the fund, structured as a trust, will work with Coinbase and Bank of New York Mellon. Coinbase will protect Bitcoin assets, while Bank of New York Mellon will be the cash custodian. 

Fund shares will be traded on the Cbox BZX exchange, and the SEC must make a decision on the spot Bitcoin ETF by 16 October.

The company also drew attention to the risks arising from legislative uncertainty in the application and made the following statements:

“There is regulatory uncertainty in the digital asset markets in the US. Unfavorable legal regulations can cause significant harm, such as banning, restricting or imposing various severe conditions on the use of Bitcoin.”

Google Cloud has partnered with LayerZero!

Google Cloud oracle has announced its availability on LayerZero after more than a year of collaborative effort. Google Cloud oracle is a validator available to all LayerZero applications. Google Cloud oracle will be configured by default as of 19 September.

This means that by default, every message in LayerZero will benefit from secure infrastructure operated by one of the most security-focused organizations in the world. In other words, Google Cloud will validate every message in LayerZero by default.

Read more:  Grayscale re-files Bitcoin ETF application, as Barry Silbert departs

Google Cloud oracle and LayerZero

Google Cloud oracle will serve as the https of cross-chain messaging. Just as they validate all https certificates to prove the validity of the website, Google Cloud oracle now validates all LayerZero messages by default.

LayerZero is excited to work with Google Cloud and play a role in creating a secure messaging layer for the entire industry. User applications that want to migrate to Google Cloud oracle immediately can change the oracle address in their UA configuration to Google Cloud oracle.

CoinEx exchange allegedly hacked

Cryptocurrency exchange CoinEx is believed to have been hacked. 

According to chain data, four hot wallets connected to the exchange have been emptied due to an exploit. It was stated that the losses were around 28 million dollars.

Blockchain security company PeckShield said on Twitter (now X) that there was a suspiciously large outflow of funds from CoinEx wallets.

Wallets containing 4,946 Ether and 354,762 TRX were affected by the exploit.

CoinEx confirmed the abuse in a statement on X and used the following statements:

“Our Risk Control System detected abnormal withdrawals from various hot wallet addresses used to store CoinEx’s foreign exchange assets. Recognising the seriousness of the situation, we immediately set up a dedicated investigation team to look into the matter.”

The exchange stated that the amount of the loss is still in the process of being determined:

“Preliminary assessments indicate unauthorized transactions involving Ether, TRX, MATIC. The exact amount of the loss is still being determined, and the affected funds account for a very small portion of CoinEx’s total assets.”

Finally, the exchange emphasized that all user funds are safe:

“We assure all our users that their assets are completely safe”

Franklin Templeton applies for spot Bitcoin ETF; Google Cloud has partnered with LayerZero; CoinEx exchange allegedly hacked