Coinbase to launch gold and crude oil futures trading
Coinbase, one of the major crypto exchanges, will begin retail-scale trading of crude oil and gold futures contracts on June 3.
Coinbase Derivatives, the company’s Commodity Futures Trading Commission (CFTC)-regulated division, announced this strategic move to provide enhanced trading opportunities in traditional markets.
The platform already offers crypto derivatives futures such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dogecoin. The new contract size is 10 barrels of crude oil and 1 troy ounce of gold, meeting the needs of retail investors for diversification.


Source: X
BlackRock's Bitcoin ETF Sees Massive Inflows
BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), recorded $290 million in inflows on Tuesday, May 21, 2024. This inflow accounted for 95% of all U.S. spot Bitcoin ETF inflows on that day.


Source: Farside Investors
The sharp increase reversed a six-week trend of low or zero inflows. This exceeded the fund's total inflows in the previous 21 trading days. With this latest inflow, IBIT's assets under management reached $19 billion. This almost surpassed the industry leader Grayscale's GBTC spot ETF, which attracted $20 billion in inflows.
In other crypto news: Tech giants form alliance to fight online scams
Coinbase, Meta, Ripple, Kraken, Gemini, the Global Anti-Scam Organization (GASO), and Match Group have joined forces to form the “Tech Against Scams” coalition, which aims to combat online fraud and financial scams by sharing knowledge and best practices across various technology fields.


Source: X
As scams become increasingly prevalent, the alliance will focus on educating users on prevention strategies and strengthening consumer protections through collaborative efforts.
Ethereum’s Second Layer Network Could Be At Risk of $121 Million
A multi-signature crypto wallet holds upgrade rights to 12 Ethereum extension networks, including Zora, Aevo, Hypr, Orderly, Ancient8, Lyra, Mode, Pgn, Parallel, and Metal.


Source: X
If the wallet is compromised, it could lead to the loss of $121 million in total locked value (TVL) in these networks.
However, Conduit founder Andrew Huang clarified that the wallet requires three signatures from three people on the team. The team's private keys are stored in a hardware wallet, and the chances of being compromised are very low unless an attacker physically threatens the three people.
Crypto News: Gala Games returns $22 million after token minting incident
Gala Games received approximately $22 million in Ethereum (ETH) from individuals responsible for a “security incident” on May 20. The incident involved the unauthorized minting and sale of GALA tokens.


Source: X
On Monday, the attacker successfully minted $200 million worth of GALA tokens. He then sold a portion of it, worth about $22 million. Gala Games froze the remaining tokens within 45 minutes using a new “blocklist protocol.”
While the attacker’s identity remains unknown, Gala Games co-founder and CEO Eric Schiermeyer claimed on Discord that they have confirmed the identity of the person involved.
Some community members speculated that the attack was caused by a mistake by a security contractor. However, Gala Games has not officially confirmed the details or the method of exploitation.
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