đĽ Ethereum ETF Issuers Slash Fees
An intense competition has emerged among U.S. Ethereum exchange-traded fund (ETF) issuers, as they vie to capture a significant market share before trading kicks off on July 23. This competitive landscape has triggered a fee war, with numerous issuers opting to reduce or waive fees to attract investors. Amid this financial jostling, a significant cyberattack targeted an Indian cryptocurrency exchange, and concerns of potential hacking attempts surfaced at Mt. Gox.
đ¸ Fee Reductions among Ethereum ETFs
Several issuers of U.S. spot Ethereum ETFs have committed to lowering fees as they prepare to launch. Documents submitted to regulatory bodies reveal that nearly all ETFs starting on July 23 will feature fee reductions or waivers. Notably, seven issuers have confirmed temporary fee cuts, positioning themselves aggressively in the market. In contrast, the Grayscale Ethereum Trust and Invesco Galaxy Ethereum ETF have not joined this fee battle. BlackRockâs recent filing disclosed an initial fee of 0.25% of net asset value for its fund.Â
Franklin Templetonâs Franklin Ethereum ETF announced a competitive fee of 0.19%, while other issuers aim for fees between 0.20% and 0.25%. This strategic move underscores the fierce competition as issuers look to lure investors with attractive pricing.
đ¸ Security Breaches Hit Crypto Platforms
Web3 security firm Cyvers identified a series of suspicious transactions involving WazirXâs Safe Multisig wallet on the Ethereum network. Reports indicate that $234.9 million worth of funds were transferred to a new address and subsequently mixed through Tornado Cash. The attacked assets included Tether, Pepe, and Gala (GALA), which were swiftly moved to Ethereum.
Simultaneously, Mt. Gox creditors faced potential security threats. User reports on a subreddit dedicated to Mt. Gox insolvency highlighted numerous login attempts, sparking fears of a widespread cyberattack. While some suggested these could be brute-force attacks.
