tl;dr
• CoinFLEX demands Blockchain.com return 3M FLEX coins loaned last year, alleging a $4.3M debt, while Blockchain.com calls the claim meritless• Oasis ordered by High Court of England to retrieve stolen assets from the Wormhole hack; working with unnamed third party they've reclaimed $198M• Shibarium...
• CoinFLEX demands Blockchain.com return 3M FLEX coins loaned last year, alleging a $4.3M debt, while Blockchain.com calls the claim meritless
• Oasis ordered by High Court of England to retrieve stolen assets from the Wormhole hack; working with unnamed third party they've reclaimed $198M
• Shibarium team launches portal to boost adoption, warns against beta tokens
• Animoca Brands CEO Yat Siu says Blur's market share play versus profits is hurting creators, as the platform doesn't charge fees or enforce creator royalties
• Gary Gensler plans to treat every crypto as a security, except for Bitcoin, potentially leading to a mass exodus of crypto firms from the US
• Solana experiences outage for around 20 hours, raising concerns over their technology's reliability following over a dozen outages over the past two years
Gary Gensler is working overtime to chase crypto out of the country. Here is what is on my mind today.
1. It looks like there is about to be a battel between crypto exchanges with CoinFLEX saying Blockchain.com owes $4.3M in FLEX. CoinFLEX is demanding Blockchain.com return the loan of 3M FLEX coins last year. Blockchain.com is saying the claim is meritless. I am pretty sure this is going to court.
2. About a year ago, Wormhole, developed by Jump Trading, was hacked and about $320M was stolen. Well, in a counter attack, Oasis, a DeFi platform, was order by the High Court of England to work with an unnamed third party to retrieve the assets. Approximately $198 of the stolen assets has been retrieved according to reporting by The Daily HODL. Score one for the good guys and gals!
3. In a lead up to the launch of Shibarium, the team has launched a portal to boost adoption. The portal comes with a warning to crypto traders to avoid the beta tokens. This is a reminder that they are close but not quite there yet. Hence, the term beta.
4. Animoca Brands, Yat Siu says the play for Blur is all about market share versus profits. The new NFT platform has overtaken OpenSea in terms of trade volume already. The platform is not charging any fees and is also not enforcing creator royalties. Those are proceed of about 5-10% paid to the creator each time an NFT is traded. The market share play is hurting creators as it impedes them from earning money from their work. For this reason alone, I am not a fan of Blur. They are going to eventually completely surpass OpenSea on the backs of the creators.
5. Once again Gary Gensler makes clear his plans of treating every crypto as a security, save Bitcoin. He is quoted as saying, "They might drop their tokens overseas at first and contend or pretend that it’s going to take six months before they come back to the U.S. But at the core, these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group." I fully expect crypto to leave the United States en masse unless he is forced to change course. Meanwhile, Europe is pushing a strong case for crypto firms to move overseas in light of intensifying US regulatory crackdown.
6. As we well know, in this latest outage Solana was down for about 20 hours. I have said I really like the potential of Solana, but their tech is in dire need of help and as a technologist I cannot bank on them to handle mission-critical tasks. I know people are not pleased with my outlook, but reports show that Solana has been down over a dozen times over the past 2 years. That is a lot.