Welcome, this is The Crypto Explorer, your crypto tour guide.

A lot is going on in crypto land, but however strange, we're here to keep you updated.

Here’s what we got for you today:

• 💪 MicroStrategy Bounces Back!

• 🤯 Uniswap Bans HEX!

• 🧱 Around The Block: US prosecutors worry Binance charges could cause run on exchange.

💪 MicroStrategy Bounces Back!

MicroStrategy returns to profitability in the second quarter amid a surge in the price of Bitcoin.

In a Q2 earnings results filing, the company reported $22.2 million in net income, a significant turnaround from its prior-year net loss of $1.1 billion —with total revenues maintaining stability at $120.4 million.

So, what caused this change?

It’s attributed to a smaller digital asset impairment loss of $24.1 million, in contrast to a much higher loss of $917.8 million in Q2 2022.

And in MicroStrategy’s case, digital asset impairment occurs when the market price of Bitcoin falls below the price at which the Bitcoin was acquired (In case you didn’t know😉)

The company acquired 12,333 Bitcoin for $347 million in the quarter and purchased an additional 467 BTC by July 30, bringing their total Bitcoin balance to $4.5 billion at current prices.

MicroStrategy CFO Andrew Kang has stated that “the company’s bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021”.

They’ve also revealed plans to sell up to $750 million in stocks to acquire Bitcoin and other general corporate objectives.

You can check out the company’s financial results here.

 🤯 Uniswap Bans HEX!

Amid the downfall of Richard and his empire, a remarkable development has emerged on the scene!

Uniswap, the world's largest decentralized exchange protocol, has unleashed an audacious move by halting all trading activities involving HEX tokens within its platform.

But here's the real kicker

This move isn't just about trading. It's a thunderclap response to the recent SEC lawsuit alleging that HEX is an unregistered security.

Yep, you read that right. The SEC dropped the hammer just two days ago.

Now, if you hop onto Uniswap's interface, you'll find the HEX token glaring at you from the "unsupported" corner. Accompanied by a terse note calmly stating:

“The protocol blocks tokens that violate trademarks, have been proven to be scams, or otherwise based on legal considerations."

But hey, I don't think it's game over just yet!

Uniswap might have kicked it out of their interface, but that doesn't mean they can't be traded via the decentralized protocol since delisting only occurs at the front-end level.

All wallets on alternative hosted websites, such as this one for Uniswap, can still trade delisted tokens or interact directly with the protocol's smart contract.

And did I mention that Uniswap's bold move sparks a bonfire of debates? People are hotly debating just how decentralized Uniswap really is.

The platform's power to give thumbs up or thumbs down to tokens has got folks buzzing like bees in a honey jar.

But let's not forget the star of this show.

The SEC's allegation that ignited this fire in the first place on HEX and its mastermind, the enigmatic Richard Schueler, aka Richard Heart.

The SEC isn't mincing words—they're claiming Richard raised over a billion dollars in not one, not two, but three unregistered securities offerings since 2019.

They also accuse him of defrauding investors using their funds for personal expenses.

It's like someone yanked the curtains away, revealing all the smoke and mirrors. That inflation masquerading as staking, the marketing grandeur, and the illusions have all unraveled, leaving HEX exposed in all its glory.

We can only hope this fallout isn't too harsh on the unsuspecting folks who got caught up in the whirlwind. Fingers crossed!🤞

🧱 Around The Block:

US prosecutors worry Binance charges could cause run-on exchange

• US prosecutors worry Binance charges could cause run on exchange.

• US launches investigation into BlackRock owing to Chinese investments after Bitcoin ETF acceptance.

• Australian financial regulator sues eToro over ‘volatile’ trading products.

• Cardano Makes Significant Leap in Speed and Efficiency With Latest Upgrade.

• Terraform Labs may hold over $159,000,000 in Crypto Despite Claims of Almost Losing Everything: Arkham Intelligence.

• Justin Sun Withdraws 52.5 Million Stablecoins from Aave, Impacting Liquidity and Borrowing Rates.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW”