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Latest Crypto News: American Footballer Tom Brady’s Firm Shuns NFTs, BarnBridge Halts Work On Defi Protocol

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

Updated on: 7 July 2023 8:16 am

Latest Crypto News: American Footballer Tom Brady’s Firm Shuns NFTs, BarnBridge Halts Work On Defi Protocol

Professional American footballer Tom Brady is reportedly changing the direction of his NFT-focused firm Autograph, which is now eschewing NFTs.

On July 6, The New York Times, citing people familiar with the company, reported that?Autograph’s marketing has “quietly” eliminated crypto jargons, like NFT, and switched focus?away from marketing them in favour of aiding stars to foster fan loyalty.

Brady co-founded the business in 2021 to assist celebrities in selling NFTs. In January 2022,?he secured a $170 million in a Series B funding round and set up NFT agreements with?ESPN, PGA Tour, and other organisations. According to a source, cited in the report,?Autograph’s revenue allegedly plummeted in 2022.

BarnBridge DAO Halts Work On DeFi Protocol?

Some DAO members joked about the situation while others believed there may be an ulterior?motive at play after BarnBridge halted its work on DeFi protocol.

BarnBridge has reportedly instructed its members to halt “all work” on the project in?response to a rumoured investigation by the US Securities and Exchange Commission (SEC).

A lawyer representing the decentralised autonomous organisation, Douglas Park, informed?users of the development in a post to the platform's Discord channel on July 6.

“I am letting you know that the Securities and Exchange Commission is investigating?BarnBridge DAO and individuals associated with the DAO,” Park said.

Co-founder Tyler Ward confirmed Park's message was true on BarnBridge's Discord. ?

It is alleged that Park and Ward failed to address the SEC’s probe into BarnBridge DAO. The?investigation is reportedly “ongoing” and “non-public”.

Multichain MPC Bridge Sees Over $100M Outflows, Sparking Fears Of Exploit

Some multichain contracts on Ethereum saw withdrawals of more than half of their deposits,?sparking fear that an exploit is underway. Such fears are normally triggered by abnormal big?outflows from multichain contracts. It was reported that on July 6, observers discovered?withdrawals worth $5 million from Moonriver, $666,000 from Dogechain, and about $102?million from Fantom bridge on Ethereum.

Additionally, the Ethereum contract for the Dogechain Bridge saw a withdrawal of $666,000,?or over 86 per cent of its deposits. Also, only over $700,000 worth of USDC and Tether?(USDT) were left in the Multichain Moonriver bridge contracts on Ethereum after?withdrawals totalling $5,872,661.