Marathon Digital is going big

Good morning. A Thai crypto exchange suspends withdrawals, Gemini goes through another round of layoffs, and Marathon Digital scales up their mining operations. All that and more today!

Market Update (as of 7:02am ET):

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Top 5:

1. Zipmex suspends withdrawals as CEO denies financial trouble rumors. Thai crypto exchange Zipmex has suspended withdrawals citing a "combination of circumstances" beyond the company's control. According to sources, Zipmex lent Babel Finance $100 million and that loan is now at risk of default. Shortly before the announcement suspending withdrawals, the Zipmex CEO denied "rumors" of trouble at the company. Earlier this year Coinbase made a strategic investment in the exchange after a failed acquisition attempt.  

2. Binance.US starts affiliate marketing program taking aim at Coinbase. The US subsidiary of the global crypto exchange is launching an affiliate marketing program even as rival Coinbase has closed its affiliate program, citing bear market conditions. The program incentivizes third-party influencers and others to promote the platform via social media and pays out $10 on every referral that completes their first $100 in buys and/or trades within 30 days of completing account verification.

3. Lido Finance proposal wants Lido DAO to sell 2% of all LDO tokens. The liquid staking platform is considering a governance proposal to sell 2% of the company's LDO token supply in order to fund operating expenses for the next two years. The Lido DAO treasury currently holds $230 million in assets including 157 million Lido DAO (LDO) tokens ($241 million), 20,940 ETH ($32 million) and 4930 staked ETH ($7 million). The proposal argues that by selling into stablecoins treasury funds will be more diversified while also allowing the DAO to more easily pay future operating expenses. Dragonfly Capital will be the lead investor in the LDO token sale if the governance proposal is accepted.

4. Crypto mining hosting firm Applied Blockchain stock surges after 200MW deal. The share price of Applied Blockchain more than doubled yesterday after a deal was announced between the crypto mining hosting provider and bitcoin miner Marathon Digital. The five year agreement will see Applied host 200MW of mining capacity for Marathon in both Texas and North Dakota. Marathon is targeting a hash rate of 23.3 exahash per second (EH/s) in 2023 and has signed deals with other hosting providers in pursuit of that target.

5. Gemini Exchange cuts workforce for second time in two months. According to reports the Winklevii owned exchange will be cutting resources again, following a 10% reduction in headcount in June. This round of layoffs will impact 7% of staff or approximately 68 individuals. After internal communications around the layoffs were leaked, co-founder Cameron Winklevoss called the leaks "super lame" and said, “friendly reminder that Karma is the blockchain of the universe — an immutable ledger that keeps track of positive and negative behavior.”

Updates and other stories:
- US Rep. Brad Sherman urges SEC to 'go after' crypto exchanges that had traded in XRP...Read More
- Crypto custodian BitGo cleared to operate in Italy...Read More
- FBI seizes $500K in crypto and ransom payments from North Korean hackers...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.