August Crypto Unlocks to Push Token Releases to $1.5B

August will see nearly $1.5 billion in tokens unlocked from major crypto projects, with Ripple's 1 billion XRP tokens ($609 million) comprising a significant portion on August 1st.

Major crypto projects are set to unlock nearly $1.5 billion in tokens in August, with Ripple's 1 billion XRP tokens ($609 million) being unlocked on August 1st. This is part of Ripple's monthly 1 billion XRP release since 2017, with a large portion typically being re-locked. In June, 800 million XRP were re-locked, while 300 million ($182 million) were sold.

Other notable August unlocks include Wormhole's 600 million W tokens ($180.5 million) on August 3rd and Avalanche's 9.4 million AVAX ($268 million) on August 20th. Sui, dYdX, and ZetaChain will also have unlocks on August 1st, ranging from $11 million to $50 million. Later in the month, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum will also have significant token unlocks, ranging from $35 million to $80 million.

In other crypto news, a UK hacker has been sentenced to 3.5 years in prison for compromising over 500 Coinbase accounts through phishing websites in 2018-2019, stealing more than $900,000. Elliot Gunton, who was 17-18 at the time, pleaded guilty to conspiracy to commit fraud and money laundering.

This isn't Gunton's first offense. In 2019, he received a 20-month sentence for stealing TalkTalk customer data, which he avoided by completing a rehabilitation order. He was also ordered to repay £407,359 for hacking high-profile Instagram accounts.

Indian crypto exchange WazirX has announced a recovery plan after a $230 million cyberattack. The plan includes a 55/45 strategy where users get immediate access to 55% of assets, with 45% locked in USDT-equivalent tokens. Users have two options for managing remaining assets, to be chosen by August 3, 2024. WazirX will create a diversified portfolio for the unlocked 55% of assets, with valuation based on July 21, 2024 prices from CoinMarketCap and select exchanges.

Finally, Andrew Left, founder of Citron Research, is facing SEC charges for allegedly profiting $16 million through misleading stock recommendations. The SEC claims Left engaged in a “bait and switch” strategy, making public recommendations contrary to his trading activities. The Department of Justice has also filed criminal charges against Left for securities fraud and lying to federal law enforcement. If convicted on all 18 charges, he could face up to 25 years in prison.

Left, a vocal crypto skeptic, previously stated in July 2022 that the crypto industry is “just complete fraud, over and over and over.” In a recent interview, Left also claimed that he lost millions of dollars in crypto after being "tricked" by his friend, despite his skepticism.

A US grand jury has indicted North Korean national Rim Jong Hyok for conspiracy to hack and extort hospitals, launder ransom proceeds, and fund intrusions into defense, technology, and government entities worldwide. The US State Department is offering a $10 million reward for information leading to Rim's identification or location.

Rim and his co-conspirators, known as “Andariel,” “Onyx Sleet,” and “APT45,” are alleged to work for North Korea's Reconnaissance General Bureau. The Justice Department and FBI have seized approximately $614,000 in crypto proceeds from the group's activities.