Crypto wealth manager Abra plans a Nasdaq debut through a SPAC merger, joining a growing wave of digital asset companies tapping public markets for capital. Digital asset wealth management platform Abra is going public through a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III, marking the latest attempt by a crypto company to access public markets as investor interest in the sector rebounds. On Monday, Abra announced that it had signed a definitive agreement with the blank-check company, or SPAC, valuing the crypto wealth manager at a pre-money equity valuation of $750 million. Existing investors, including Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street and SBI, will roll over their shares into the combined entity rather than cashing out. Read more
Dubbed “Operation Atlantic,“ the effort involves law enforcement agencies from the three countries and is aimed at preventing phishing attacks involving cryptocurrencies. The US Secret Service, UK National Crime Agency, and Canadian authorities have partnered to disrupt fraudulent schemes related to crypto, raise awareness of scams, and recover stolen funds. In a Monday notice, law enforcement agencies from the three countries — including Canada’s Ontario Provincial Police and the Ontario Securities Commission — said that they had launched “Operation Atlantic,” focusing on identifying people at risk of losing or those who had already lost crypto through “approval phishing” schemes. “Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, deputy assistant director for the US Secret Service’s Office of Field Operations. The agencies said they hope to identify and disrupt these scams in near real-time. Read more
Bitcoin achieved new six-week highs at the week's first Wall Street open, but analysis stayed risk-off, arguing that the long-term BTC price downtrend was still in place. Bitcoin (BTC) hit $74,600 at Monday’s Wall Street open as US stocks gained on Iran war deescalation signals. Key points: Bitcoin sets another local high near $75,000 after a solid weekly close reclaimed key trend lines. Read more
A small pricing error in wstETH collateral caused $27 million in Aave liquidations, highlighting the critical role of price oracles and automated risk systems in DeFi. A temporary 2.85% pricing discrepancy in wstETH collateral triggered about $27 million in liquidations on Aave, showing how even small technical issues can have major financial consequences in automated DeFi lending systems. The liquidation wave occurred because Aave’s system briefly valued wstETH at about 1.19 ETH instead of its market value near 1.23 ETH, making some borrowing positions appear undercollateralized. Price oracles are critical infrastructure in DeFi because they feed external market data to smart contracts, determining collateral values, loan health and when automated liquidations should occur. Read more