Hey insiders! Know anyone with a very strong understanding of business, VC, data, and tech who also loves to write? Send them our way! We're hiring several Business Researchers to join our 100% remote team in July. Reply here or check it out at jobs.inside.com. In today's newsletter: - Balancer DeFi protocol suffers second hack in less than 24 hours.
- Report: Bitcoin will be worth around $400,000 by 2030.
- Crypto Masterclass, featuring Ashish Singhal, the founder and CEO of Indian cryptocurrency exchange CoinSwitch, who says that India is unlikely to ban cryptocurrencies.
A reminder: If you subscribe to our premium content, you'll receive Inside Cryptocurrency ad-free five days a week, along with features like our daily Masterclass, interviews with crypto experts, and the latest studies and reports on crypto. Sign up now for a 14-day free trial! Best, | |  Rebecca |  | | |
Market Watch Monday trading sees Bitcoin dropping closer to the $9,000 mark following a high of $9,600 last week after the news broke that PayPal and Venmo are to begin supporting Bitcoin transactions on its platform. | Bitcoin | $9,095 | -0.69% | | Ethereum | $224 | -1.35% | | Tether | $0.998 | -0.31% | | XRP | $0.178 | -0.83% | | Top 100 Winner: SwissBorg | $0.114 | +35.22% | | Top 100 Loser: Loopring | $0.072 | -6.31% | Prices are as of 3:00 p.m. ET.
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The Balancer DeFi protocol has suffered a second hack, resulting in the loss of $2,300 worth of COMP. The attack involved the use of a dYdX and Uniswap flash loan, which allowed the attacker to loan over $33m. This was used to create cTokens that represented ownership in a Compound pool. The cTokens were transferred to a Balancer tool, which initiated Compound into distributing the COMP tokens. The Balancer updated the pool's balance, including the flash loaned money, which tricked the system into thinking that the hacker was entitled to a share of the COMP. More: @FRENZY_HAO/TWITTER 
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 A new report has suggested that Bitcoin could be worth around $400,000 by 2030. The Crypto Research Report states that by 2025, the crypto market will see a surge in price, which will continue for around five years. The coins the report looks at are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar. By 2025, it predicts that Bitcoin will rise to $341,000, before reaching $397,727 by 2030. However, by 2033, it projects that Bitcoin's value will drop to $395,270. Bitcoin is currently valued at just over $9,000. The report predicts that Ethereum will be worth $3,549 by 2025 and $3,644 by 2030. Ethereum's current value is $226. CRYPTO RESEARCH
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Our Crypto Masterclass features a well-known thought leader or expert in the crypto space. Today, I focus on Ashish Singhal, the founder and CEO of Indian cryptocurrency exchange CoinSwitch, who talks about how the chances of a crypto ban in India are low. "Right now, the proposed draft bill has a low probability of passing." To get more of Singhal's views and receive our Masterclass every day, sign up for Inside Crypto Premium. GET YOUR 14-DAY FREE TRIAL  | | | |
The Finance Department of Switzerland has said that the country doesn't need to change its current tax legislation to cover blockchain-based developments. The Federal Council said existing legislation "has proven its worth" regarding income, profit, wealth, and capital gains taxes based on distributed ledger technology (DLT) and blockchain. It went on to say that "no legislative action is necessary." The statement from the Council added that it had first requested a report on the subject from the Federal Department of Finance on December 7, 2018. More: - In February, it was reported that Switzerland had stepped up its crypto regulations to prevent money laundering. It placed limits on the amount of crypto that can be purchased anonymously.
- Back in 2018, Switzerland was labeled as one of the most crypto-friendly countries and has often been referred to as a "crypto nation."
THE FEDERAL COUNCIL
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 Three crypto companies have joined the Confidential Computing Consortium (CCC). Software firm R3, cloud computing firm iExec, and internet of things (IoT) blockchain company IoTeX are three of the consortium's 10 new members. They join the likes of Facebook, NVIDIA, and Accenture, among others, who will work together with a yearly budget of $800,000. Robert Ober, chief platform architect at NVIDIA, said that the CCC sets goals for its members to "improve the security of these systems." DECRYPT
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Quick Hits - Counter-Strike superstars are to take part in a crypto-powered tournament, which will see two million fans betting with crypto tokens. The tournament, which is sponsored by Verasity – an attention-based platform for video and gaming and rewards with a native VRA token – will feature Nathan Schmitt and Kevin Susanto.
- Crypto derivatives platform BitMEX is launching a new program for corporate clients, known as BitMEX Corporate.
- The John McAfee-backed privacy coin Ghost Coin is to be used as a payment option in vending machines at Hong Kong Disneyland after partnering with crypto payment system ivendPay.
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 |  | This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. | | | | Editor | Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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