Goldman Sachs is getting close to offering its first investment vehicles for Bitcoin and other cryptoassets to clients of its private wealth management group. Goldman is ultimately looking to offer a “full spectrum” of crypto investments.

Ethereum-based decentralized finance lending protocol Inverse Finance (INV) lost $15.6 million inan exploit that saw an attacker target its Anchor (ANC) money market to artificially manipulate token prices to borrow against extremely low collateral.

The CME Group is weighing introducing futures contracts for cryptocurrencies with smaller market capitalizations including Solana’s SOL and Cardano’s ADA. The move comes after it launched futures contracts tied to BTC and ETH.

Top stories in the Crypto Roundup today:

• Goldman Sachs to Offer Bitcoin to Wealth Management Clients
• DeFi Lender Inverse Loses $15.6 Million to Exploit
• CME Group Weighs Solana, Cardano Futures
• March 2022 Chart of the Month

Goldman Sachs to Offer Bitcoin to Wealth Management Clients

Goldman Sachs is getting close to offering its first investment vehicles for Bitcoin and other cryptoassets to clients of its private wealth management group. Goldman is ultimately looking to offer a “full spectrum” of crypto investments.

The bank aims to start offering investments in the emerging asset class in the second quarter of the year according to its recently named global head of digital assets for the private wealth management division, Mary Rich.

The move would see clients of two of the world’s most prominent investment banks – Goldman Sachs and Morgan Stanley – have access to cryptoasset investments. Earlier this year, Morgan Stanley told financial advisors they could place clients into Bitcoin funds starting this month.

Large U.S. banks have mostly shunned Bitcoin, deeming the cryptocurrency too speculative and volatile. Client demand, Rich said, won out and led to Goldman’s new offering. Its private wealth management business targets individuals, families and endowments with at least $25 million to invest.

DeFi Lender Inverse Loses $15.6 Million to Exploit

Ethereum-based decentralized finance lending protocol Inverse Finance (INV) lost $15.6 million in an exploit that saw an attacker target its Anchor (ANC) money market to artificially manipulate token prices to borrow against extremely low collateral.

 The attack underscores the increasingly sophisticated techniques attackers are using against decentralized finance protocols, and comes after the gaming-focused Ronin network lost $625 million last week, with Ola Finance also losing $3.6 million two days later.

Blockchain security firm Peckshield has detailed that the Inverse attacker took advantage of a vulnerability in the Keep3r price oracle that was being used to track token prices. The attacker tricked the oracle into thinking INV’s price was extraordinarily high, to take out a multi-million dollar loan on Anchor using that inflated INV as collateral.

The attacker notably withdrew 901 ETH worth over $3 million to trick the Keep3r oracle, as the funds were then injected into several trading pairs on decentralized exchange SushiSwap.

Inverse is now reportedly working with Chainlink to build a new oracle, and has announced plans to make a proposal to its decentralized autonomous organization to “ensure all wallets impacted by the price manipulation are repaid 100%.”

CME Group Weighs Solana, Cardano Futures

The CME Group is weighing introducing futures contracts for cryptocurrencies with smaller market capitalizations including Solana’s SOL and Cardano’s ADA. The move comes after it launched futures contracts tied to BTC and ETH.

The Chicago-based exchange’s director of equity and cryptocurrency products Payal Shah has detailed the platform is “looking at” creating altcoin futures contracts over significant client requests while speaking at a panel discussion at CryptoCompare’s Digital Asset Summit in London.

Shah added that launching altcoin futures will need the exchange to sort out issues related to price indexes and regulation. She detailed CME’s existing crypto futures products rely on indexes based on price feeds from five exchanges.

The CME exec also added there’s a lack of regulatory clarity for altcoins in the United States, as BTC and ETH are the only cryptos so far deemed to be non-securities by the U.S. Securities and Exchange Commission (SEC).

March 2022 Chart of the Month

This week we’re releasing our first chart of the Month, which provides an overview of all our ‘Chart(s) of the Week’ released in March.

Over the month we covered the rise in volumes of Ruble and Hryvnia on crypto exchanges following Russia’s invasion of Ukraine, how a small number of exchanges dominated Ruble trading volumes, Ethereum’s decreasing share of total value locked in DeFi, and GameFi’s growth.

State of the Crypto by Top Tier Exchange Volume

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