EddieJayonCrypto
3 Aug 22
• Over 8K Solana-based wallets have been liquidated of over $8M• Zipmex resumes altcoin withdrawals, but Bitcoin and stablecoins are noticeably absent• The New York State Department of Financial Services (NYDFS) has fined Robinhood's crypto trading division $30M• Binance-owned WazirX being probed by...
• Over 8K Solana-based wallets have been liquidated of over $8M• Zipmex resumes altcoin withdrawals, but Bitcoin and stablecoins are noticeably absent• The New York State Department of Financial Services (NYDFS) has fined Robinhood's crypto trading division $30M• Binance-owned WazirX being probed by India over alleged money laundering of $350• MicroStrategy announces almost $1B Q2 loss along with Michael Saylor moving from CEO to Executive Chairman roleThe big news is all around Solana, but don't miss the other events. Here is what is on my mind today. 1. Over 8K Solana-based wallets have been liquidated of over $8M in SOL and other Solana-based coins in wallets supporting Solana, such as Phantom and Slope and is ongoing. Other wallets may be affects, but at this point we know hardware wallets like Ledger have not been reported. The Solana community is trying to figure out what is going, but the root cause has yet to be identified. 2. Zipmex resumes altcoin withdrawals, but Bitcoin is noticeably absent. Stablecoins were also missing from the reversal. There has not been any word about when those will all be allowed again. Truthfully, this just adds to the list of centralized exchange woes and opportunities around the world. 3. The New York State Department of Financial Services (NYDFS) has fined Robinhood's crypto trading division $30M for alleged anti-money laundering (AML) and cybersecurity violations. Why are so many of these exchanges and crypto platforms so lax. If this turns out to be true, this is a self-inflicted bill and was completely avoidable. This would point to not having compliance as a focal point of the business. That would mean management was asleep at the helm. This is also evident in Robinhood announcing another round of cuts equating to 23% of their workforce. 4. After making major cuts to staff back in June there is more bad news for the Binance-owned crypto exchange as WazirX India is probing them for alleged money laundering of over $350M. This is a major blow to the platform and could also wind up being another black eye for the parent company Binance who has its own string of missteps as of late. Being this is happening in India, this probe will not go away quickly and may lead to more damaging news later. 5. While MicroStrategy posts an almost $1B loss for Q2 stemming from a seriously diminished Bitcoin value, the firm simultaneously announces Michael Saylor will be stepping down as CEO and moving into a newly created Executive Chairman role. Interesting developments to say the least.