BlackRock’s IBIT Surpasses GBTC As World’s Largest Bitcoin ETF

Here are some of the major developments in the world of crypto over the past few days.
 Some of the major developments in the world of crypto.
Some of the major developments in the world of crypto.

BlackRock's Spot Bitcoin ETF has reportedly overtaken Grayscale Bitcoin Trust (GBTC) as the world's largest exchange-traded fund (ETF) tracking bitcoin prices. BlackRock’s $20 billion spot Bitcoin ETF recorded inflows of over $102 million on May 28, while Grayscale’s ETF bled again.

The inflows reportedly bring BlackRock's Spot Bitcoin ETF to a total of 288,670 Bitcoin (BTC) ($67,871), but this compares to Grayscale, which currently holds 287,450 BTC, despite having 620,000 BTC at the time the exchange launched in January, according to data from HODL15 Capital and Apollo Bitcoin Tracker. Both ETFs were launched on the same day in January.

BlackRock's Strategic Income Opportunities fund (BSIIX) raised $3.56 million worth of iShares Bitcoin Trust (IBIT) shares, while its Strategic Global Fixed Income fund (MAWIX) bought $485,000 worth, according to Securities and Exchange Commission (SEC) filings dated May 28. The ETFs will go through the S-1 approval process, which is the final hurdle they need to clear before they can be traded on their respective exchanges.

Hong Kong SFC to Inspect Crypto Firms' Offices for Compliance After License Deadline

The Hong Kong Securities and Futures Commission (SFC) announced that it will carry out "on-site inspections" of local virtual asset trading platforms (VATPs) that are still in the process of completing their regulatory applications following the June 1 licensing deadline. The SFC reminded crypto companies on May 28 about their requirement to get licensed before June.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms. It warned companies applying for a license not to "actively promote services or solicit new retail customers until an official license is obtained" and to deny mainland Chinese residents access to their services. Earlier this month, the number of cryptocurrency exchanges seeking operating licenses in Hong Kong steadily declined.

Cryptocurrency Exchange Gate.HK has suspended all activities related to new user acquisition and marketing, prohibited existing users from depositing funds, and began delisting tokens on May 23. Only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted a license to operate in Hong Kong, according to the SFC.

ZKasino gives investors a 72-hour window to get back deposited ETH

Blockchain-based gambling project ZKasino has launched a 72-hour, two-stage bridgeback process to return funds to investors, one month after being accused of fraud of $33 million. The ZKasino team will continue to work hard to make the project a success. We want to reassure everyone that we are here to deliver and will continue to do our best.

The refund process involves having the bridger send back their full Zkasino (ZKAS) token balance from the original address they sent their initial Ether ETH $3,805 investment, promising that a claim portal will be opened after a data verification process. The Medium post was not shared by ZKasino's X account, but only by the creator of ZKasino, a central figure in the controversy known as Derivatives Monke.

ZKasino was criticized last month for breaking a promise to return ETH to investors once the network went live, instead sending $33 million worth of investor and user funds to Lido for staking. We regret that misinformation has been spread regarding the ZKasino_io project. "We strongly reject FIOD’s and Binance’s claims that ZKasino has committed a so-called exit scam or rug pull" they wrote.

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