Weekly Flip Thru: Crypto Crime Also Fell as Markets Tumbled in Early 2022; Charles Schwab Offers Investors Exposure to Crypto Companies
Whoosh! That’s the sound of crypto news rushing to your eyeballs. Thanks for being here. Now, let’s get to it because there's a lot to cover this week. A report found that crypto crimes fell significantly as markets struggled in the first half of 2022, a mainstay investment firm is offering clients exposure to crypto companies through a new bundled ETF, and football fans in Texas can secure an in-game suite with crypto – sweet!
Here are the biggest crypto news stories that came zooming across our radar for the week of August 22, 2022.
Crypto crimes dropped along with the markets in the first half of 2022 (Chainalysis) A report from the blockchain insight firm Chainalysis found that the number of crimes related to crypto fell 15% through the beginning of 2022 compared to the previous year. This is encouraging on the one hand, because fewer people were hit by the most common crypto scams as the market declined. But even as the overall amount of crypto crimes dropped in early 2022, the amount of funds stolen in hacks or exploits went up. The Chainalysis report mentions that $1.9 billion worth of crypto was stolen as a result of hacks through July 2022, compared to $1.2 billion for the same period in 2021.
Protecting your information during crypto transactions is a vital first step in preventing scams. As a reminder, all cryptocurrency transactions are final and irreversible.
Charles Schwab offers investors access to crypto companies through bundled ETF (CNBC) Investors now have an indirect way to gain exposure to crypto markets – which are famous for their volatility – in a more insulated fashion. The new bundled exchange-traded fund (ETF) from Charles Schwab doesn’t include any actual cryptocurrencies, but bundles companies that have a stake in crypto. The crypto-thematic ETF (ticker: STCE) is being touted as one of the “lowest-cost crypto-related product[s] in the marketplace” by Schwab Asset Management Solutions SVP David Botset. The launch timing of an index tied to the performance of crypto companies such as Robinhood, Coinbase, MicroStrategy, Riot Blockchain, and Marathon Digital just as crypto winter set in may have been less than ideal; the fund is down about 8% since launching in early August.
Let the sunshine in: Mecobit Solar harnesses the sun’s rays to mine crypto (PR Newswire) The carbon footprint of crypto mining has been much discussed, as crypto’s most vocal critics tend to latch onto the energy consumption of mining rigs and all the computing power needed for proof of work blockchains. Now, a company is staking its claim to be the world’s largest solar-powered crypto mining solution as efforts to reduce crypto’s carbon footprint gain momentum. Mecobit Solar specializes in all-in-one, solar-powered crypto mining rigs that include the panels, a backup generator, and a mining machine.
More reading: Here are the businesses who accept bitcoin in 2022
The Houston Texans are selling game suites for crypto, a first in the NFL (CoinTelegraph) Fans attending Houston Texans home games will have the opportunity to pay for stadium suites with cryptocurrency during the 2022-23 season. The new program at the Texans’ home stadium is in partnership with BitWallet, a Texas-based crypto wallet provider. Partnerships between professional sports teams and crypto companies have gone from minor to major in the past 24 months, with crypto firms like FTX and Crypto.com inking large-scale endorsement deals for sports stadiums, in-game promotions, and the occasional celebrity athlete sponsorship. The one thing missing from the playbook? The ability to purchase single game tickets with cryptocurrency. Now, the Texans become the NFL’s first franchise to allow fans to directly purchase their tickets with crypto (even though, for now, they’re limited to the more premium in-game suite options instead of single seats).
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