Well, that didn't take long.

• Carta yesterday decided to get out of the secondary stock trading business, as first reported by Axios and then confirmed by company CEO Henry Ward.
• The move came just two days after a salesman for Carta, which provides cap table management software for most VC-backed startups in the U.S., was discovered to have used confidential customer data while trying to arrange a private stock sale.

The big picture: This is the right move by Carta, even if borne of scandal.

• The company's main competitive advantage in secondary trading was the customer data that it wasn't supposed to be leveraging for that purpose, thus eliminating that advantage if Carta was acting ethically.
• It also has existing business relationships with most private stock issuers, but the past 48 hours had significantly eroded that goodwill.
• In other words, it no longer had competitive advantage in what's still a small cottage industry with meager success rates. Yes, the margins are sweet — Carta charged 2% of transaction value to both the buyer and seller, per a document obtained by Axios — but the volume is low, particularly since most VC-backed company boards must grant approval.

But, but, but: Just because this was a relatively small business for Carta right now, both it and its investors had high hopes.

• Carta's $8.5 billion valuation was at least in part based on the promise of secondary trading growth, as was its decision to hire a slew of bankers away from Wall Street firms.
• The company's core business may remain stable, particularly now that it's stemmed the PR bleeding, but that's not necessarily what Carta's backers were buying.

Look ahead: There are still a ton of questions left unanswered.

• For example, was this really just one rogue employee or was there a systemic accessing of cap table information? Ward promised his board that there would be an investigation, per a source, but he didn't mention a word of it in yesterday's statement.
• If it was just a rogue employee, how did he access the data? And, if Carta indeed tracks and audits such things, why did it not come to light until an angry founder took to social media?
• What happens to the people Carta hired for this business? And, if being laid off with severance, will they be asked to sign NDAs that would prevent them from chatting with folks like me?
• Ward wrote in his post that "in ten years Carta has never released a data product." Hmmm .... someone had better tell Carta's data product.

The bottom line: A software vendor is nothing without customer trust, and Carta clearly saw the precipice. It just took a giant step backward, but still has a few more to go.

Source: Giphy

Second Dinner, the game studio behind Marvel Snap, raised $100 million in Series B funding from Griffin Gaming Partners.

Why it's the BFD: Marvel's box office is diminishing and some Marvel games from big publishers have flopped, but Second Dinner seems to be making it work.

• This round values the Irvine, California-based company north of $400 million. Existing investors include NetEase.

Details: Marvel Snap is a digital card game, which I'm told is different than an NFT-based game. It originally launched on mobile and since has migrated to PCs, but doesn't yet have console versions.

• The company reports over 22 million downloads and more than $200 million in revenue for Marvel Snap since launch.

The bottom line: "Marvel video games were supposed to be easy money, but some weren't good (Marvel's Avengers) or haven't found a big audience (Marvel's Midnight Suns). And the mobile market, while huge, has contracted. But Second Dinner's founders are hitmakers twice over, first with Blizzard's Hearthstone and then with Snap, so a long term bet on them makes sense." — Stephen Totilo, Game File

• Anecdotes, a Palo Alto, Calif.-based enterprise GRC startup, raised $55m in Series B funding. Vertex and DTCP co-led, and were joined by Gilot Capital Partners, and insiders Red Dot Capital Partners, Vintage Investment Partners, and Shasta Ventures. https://axios.link/41O3Q3P

• Conta Simples, a Brazilian expense management and corporate card startup, raised $41.5m in Series B funding. Base10 Partners led, and was joined by insiders Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven, and DOMO. https://axios.link/3TTlotf

⚡ Vortexa, a London-based energy and freight software company, raised $34m in Series C funding. Morgan Stanley Expansion Capital led, and was joined by Notion Capital, Monashees, Metaplanet, FJ Labs, and Communitas Capital. https://axios.link/48pBQGg

⚡ Recurrent, a Seattle-based EV battery data startup, raised $16m in Series A funding, per Axios Pro. ArcTern Ventures led, and was joined by Automotive Ventures, Goodyear Ventures, Wireframe Ventures, and Pioneer Square Labs. https://axios.link/3TRs0sn

🚑 Heranova Lifesciences, a Boston-based developer of noninvasive endometriosis tests, raised $13.5m in seed funding from insiders Pivotal bioVenture Partners China, Sinovation Ventures, Emerging Technology Partners, and Triwise Capital. https://axios.link/47qrvs8

🚑 DigitalOwl, a New York-based natural language processing startup focused on medical records, raised $12m from Reinsurance Group of America. www.digitalowl.com

🚑 Imbed Biosciences, a Middleton, Wis.-based medical device startup focused on wound repairs, raised $10m led by Niterra, per Axios Pro. https://axios.link/3TSfjNH

• Mush Foods, an alt proteins maker, raised $6.2m in seed funding, per Axios Pro. Viola Ventures led, and was joined by TKH, Siddhi Capital and Arc Impact. https://axios.link/3NUqUbA

• Hi.health, a Vienna-based health insurtech, raised €6m in pre-Series A funding from SpeedInvest and Calm/Storm. https://axios.link/3TS6cgi

🚑 Credo, a Denver-based developer medical record retrieval and analysis tools, raised $5.25m in seed funding. FCA Venture Partners led, and was joined by insiders Hannah Grey VC, FirstMile Ventures, and SpringTime Ventures. https://axios.link/3RTt6AW

🚑 WTHN, a wellness startup that offers products based on traditional Chinese medicine, raised $5m in Series A funding. L Catterton led, and was joined by Halogen Ventures. https://axios.link/3vzdgUB

🚑 Health In Her Hue, an New York-based digital health startup aimed at reducing racial health disparities, raised $3m in seed funding. Seae Ventures led, and was joined by by J&J Impact Ventures, Morgan Stanley Inclusive Ventures Lab, Genius Guild, HBCU Founders Fund, and Stanford Impact Fund. https://axios.link/4aPiegs

• Maalexi, a UAE-based cross-border trade platform for SME agri-businesses, raised $3m in pre-Series A funding. Global Ventures led, and was joined by Rockstart and Ankurit Capital. https://axios.link/3tQ25GE

• Altamont Capital Partners invested in Mini Melts, a Philadelphia-based ice cream treats brand. https://on.wsj.com/48Gk6pC

• AmerCareRoyal, an Exton, Pa.-based portfolio company of HCI Equity Partners, acquired TTM, an El Segundo, Calif.-based provider of thermoformed and flexible packaging solutions for foodservice, food production, and grocery. www.amercareroyal.com

• Blue Wolf Capital and Stonepeak completed their C$1.2b take-private buyout of Logistec, a Montreal-based provider of marine cargo handling solutions. www.logistec.com

🚑 ClearPoint Health, a Columbia, S.C.-based medical stop-loss platform for SMEs, raised funding from Stone Point Capital. www.getclearpoint.com

• Concord Technologies, a Seattle-based portfolio company of Excellere Partners, acquired Biscom, a Westford, Mass.-based provider of on-premises enterprise fax and secure file transfer solutions, from ParkerGale Capital and Maranon Capital. www.biscom.com

• Crest Rock Partners invested in SPT, an Ohio and Texas-based provider of large diameter, heavy wall mechanical pipe and tubing. www.specialtypipe.com

🚑 EQT agreed to buy Mabtech, a Swedish provider of antibody tools and kits. www.mabtech.com

• Hyle Capital Partners of Italy acquired a majority stake in potato gnocchi producer Ciemme Alimentari. https://axios.link/48EMQ2N

⚡ McIntyre Partners agreed to buy Norwegian energy services firm Moreld Group from HitecVision. www.moreld.com

• Siris Capital completed its acquisition of BearCom, a Garland, Texas-based distributor and integrator of voice, video, and data solutions, from Bertram Capital. www.bearcom.com

• Sycamore Partners completed its $1b take-private buyout of apparel retailer Chico's FAS. https://axios.link/3LFzgCD

• Vantage Data Centers of Denver secured $6.4b in equity funding from DigitalBridge Group and Silver Lake. https://on.wsj.com/3tLaxqG

🚑 Vision Innovation Partners, an eye care platform backed by Gryphon Investors, acquired Sellersville, Pa.-based Bucks-Mont Eye Associates. www.visioninnovation-partners.com

• Zendesk, owned by Vista Equity Partners, agreed to buy Klaus, an Estonian quality management platform that's raised around $19m from firms like Creandum, GFC, and Icebreaker VC. www.klausapp.com

• Love & Health, a SPAC formed by Hong Kong's Waton Financial, filed for a $50m IPO. https://axios.link/3vtGbtv

🚑 GlaxoSmithKline (LSE: GSK) agreed to buy Aiolos Bio, an SF- and London-based biotech focused on asthma and other respiratory diseases, for up to $1.4b (including $1b upfront). Aiolos raised $245m in Series A funding from RA Capital Management, Atlas Venture, Bain Capital Life Sciences, Forbion, and Soffinova. https://on.wsj.com/3RPNweq

🚑 Boston Scientific (NYSE: BSX) agreed to buy Axonics (Nasdaq: AXNX), an Irvine, Calif.-based maker of bladder-focused medical devices, for $3.7b in cash, or $71 per share (23% premium to Friday's closing price). https://axios.link/47r0Awv

⚡ Eversource Energy (NYSE: ES) said it's in advanced talks to sell its 50% stakes in three offshore wind projects to an unnamed private infrastructure firm, and plans to take upwards of a $1.6b fourth quarter charge. https://bloom.bg/3TOtBz5

🚑 GE HealthCare (Nasdaq: GEHC) agreed to acquire MIM Software, a Cleveland-based provider of medical imaging tools. https://axios.link/3NQUlLx

• Hewlett-Packard Enterprise (NYSE: HPE) is in talks to buy Juniper Networks (NYSE: JNPR) for around $13b, per Reuters. https://reut.rs/3TVmULw

🚑 Johnson & Johnson (NYSE: JNJ) agreed to buy San Diego-based cancer drugmaker Ambrx (Nasdaq: AMAM) for $2b in cash, or $28 per share (105% premium to Friday's closing price). https://axios.link/48r0l5K

• Apollo Global Management is targeting around $2b for its second credit opportunities fund, per Bloomberg. https://bloom.bg/41SJLtl

• Cinven raised $14.5b for its eighth flagship fund. https://bit.ly/3tV4Iad

• Ryan Engel, a former Peloton exec and angel investor, is raising a fund called Cade Ventures, per an SEC filing.

• Lexington Partners raised $22.7b for its 10th private equity secondaries fund. www.lexingtonpartners.com

• Maggie Abrahams joined Apis Partners as COO. She previously was with IH International Advisors. www.apis.pe

• Mark Almeida joined Welsh, Carson, Anderson & Stowe as an operating partner in the PE firm's tech group. He previously was founding president of Moody's Analytics. www.wcas.com

• Lauren Ipsen joined VC firm Decibel as a talent partner. She previously was a recruiter with Daversa Partners. www.decibel.vc

• Gordon Kroft joined Centerview Partners as a partner. He previously was co-head of Citi's global communications and media group. www.centerviewpartners.com

• Tim McKnight joined cybersecurity-focused SYN Ventures as an operating partner. He previously was chief security officer at SAP. www.synventures.com

• Sony Ventures named longtime Sony exec Kazuhito Hadano as CEO, with Gen Tsuchikawa transitioning to a chairman role. www.sonyinnovationfund.com

• Reze Wong joined Khosla Ventures as a partner. He previously was with Social Capital. https://bit.ly/3SaDJAJ

• Allied Industrial Partners promoted Alex Rich to partner. www.aliedindustrialpartners.com

⚡ First Reserve, an energy-focused PE firm, promoted Thomas Amburgey to managing director. www.firstreserve.com

It's red hot crypto summer, more than one year removed from the FTX fiasco.

• Bitcoin prices continue to soar, in part because the decade-long wait for a bitcoin ETF may be over.
• Axios' Crystal Kim reports that bitcoin ETFs could gain regulatory approval as soon as tomorrow and begin trading Thursday.