MakerDAO, the organization behind the issuance of the DAI stablecoin, is currently voting on how to allocate 500 million DAI of its treasury into U.S. Treasury bills and bonds. The vote is the result of the community agreeing on a liquid bond strategy and execution.

Canada-based investment firm, Cypherpunk Holdings (HODL), has sold all of its bitcoin and ether holdings to ride out the current market risks. In total, the company sold 205.9209 ETH worth around $227,000 and 214,7203 BTC, worth about $4.7 million.

Sky Mavis, the developer behind the popular non-fungible token-based video game Axie Infinity,  is reopening the bridge connecting the game’s Ronin sidechain to the Ethereum network, almost three months after closing it over a $600 million hack.

Top stories in the Crypto Roundup today:

• Maker to Invest $500 Million in Treasuries and Bonds
• Investment Firm Cypherpunk Holdings Sells its BTC and ETH Holdings
• Axie Infinity’s Ethereum Bridge Reopens After $600 Million Hack

Maker to Invest $500 Million in Treasuries and Bonds

MakerDAO, the organization behind the issuance of the DAI stablecoin, is currently voting on how to allocate 500 million DAI of its treasury into U.S. Treasury bills and bonds. The vote is the result of the community agreeing on a liquid bond strategy and execution.

Maker has said that the allocation would result in the creation of a real-world asset vault. The decentralized autonomous organization (DAO) is voting on allocating DAI to Treasury Bills as Maker’s treasury is currently largely held in stablecoins generating little-to-no yield.

Investing excess funds elsewhere is also meant to reduce counterparty and credit risk. Maker’s liquid bond strategies would involve U.S. short-term Treasuries and investment-grade corporate bonds as preferred asset allocation options.

The ongoing vote is on whether Maker should allocate $500 million to U.S. short-term Treasury bills, or split the funds and allocate 20% to investment-grade corporate bonds.

Investment Firm Cypherpunk Holdings Sells its BTC and ETH Holdings

Canada-based investment firm, Cypherpunk Holdings (HODL), has sold all of its bitcoin and ether holdings to ride out the current market risks. In total, the company sold 205.9209 ETH worth around $227,000 and 214,7203 BTC, worth about $4.7 million.

The company said it has $14.1 million of cash and stablecoins on hand, and added it has around $1.5 million allocated to structured products with 30 days redemption notice. Cypherpunk’s President and CEO Jeff Gao said the decision to sell its BTC ad ETH holdings came amid rising market volatility that made holding the assets increasingly risky for investors. Gao said:

“We believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion.”

Gao added the firm maintains a “long-term bullish outlook” on cryptocurrencies and will look to take advantage of future investment opportunities in the space.

Axie Infinity’s Ethereum Bridge Reopens After $600 Million Hack

Sky Mavis, the developer behind the popular non-fungible token-based video game Axie Infinity, is reopening the bridge connecting the game’s Ronin sidechain to the Ethereum network, almost three months after closing it over a $600 million hack.

Reopening the bridge means users can now make deposits and withdrawals from the Ronin network directly from the Ethereum network. The bridge was hacked for 173,600 ETH and 25.5 million USDC back in March.

In April, the United States Treasury connected the Ronin bridge hack to the Lazarus Group, an infamous North Korean state-sponsored hacking group that is tied to the 2017 WannaCry ransomware attack, among others.

Sky Mavis also revealed that users who had funds stolen in the attack have been refunded. 56,000 ETH stolen in the incident belonged to the Axie DAO, and will remain unaccounted for while Sky Mavis works with law enforcement to recover them.

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