tl;dr
• FTX and Binance receive much coveted licenses from Middle East countries• Ethereum is getting really close to that Beacon chain merge launching a public testnet• Defi firm Deus Finance has $3M swiped in another defi hack• Cryptocurrency security company, Elliptic, has joined the fight against the ...
• FTX and Binance receive much coveted licenses from Middle East countries
• Ethereum is getting really close to that Beacon chain merge launching a public testnet
• Defi firm Deus Finance has $3M swiped in another defi hack
• Cryptocurrency security company, Elliptic, has joined the fight against the war in Ukraine and has identified crypto wallets linked to sanctioned Russian officials
• A member of the NetWalker ransomware gang has been extradited from Canada to the United States
• Coinbase has taken another step back in trading volume in February
• ConsenSys, owners of MetaMask, has raised $450M as MetaMask reaches 30 million active users
• In a major push to bridge Web 2.0 and Web3, Polygon is poaching talent from all over the place
Sifting through it all, I can see some seriously long-term impacts from the news I am seeing. Here is what is on my mind today:
1. Continuing what I said yesterday about UAE embracing Russian crypto it is not a surprise that FTX and Binance get licenses from a couple of countries in the Middle East. Yesterday, FTX Europe & MENA announced regulators in Dubai UAE to operate virtual asset exchange and clearing house services. The world's largest crypto exchange, Binance, announced they have made inroads with the Kingdom of Bahrain and has received licensing to bring regulated crypto to the oil-rich nation.
2. Ethereum took a significant step toward merging with Proof of Stake (PoS) Beacon chain with the implementation of the public Kiln testnet. Once merged with the Beacon chain, I expect Ethereum to launch into new highs with the greener PoS process and lower gas fees. As you may have guessed, people have a very close eye on progress.
3. In another defi hack, Deus Finance lost $3M. I am interested in defi, but I am mindful of the pitfalls. There are risks in the investments and also in their security. I look for the security practices and their history. If they don't pass the security piece, I don't even bother looking at anything else. Remember, it is not if you will get hacked, it is when.
4. Cryptocurrency security company, Elliptic, has joined the fight against the war in Ukraine and identified over 400 crypto wallets linked to sanctioned Russian officials and oligarchs. More importantly, they have linked over 15 million crypto addresses to criminal activity having a nexus or focal point in Russia. Co-founder, Tom Robinson, says the holdings amount to millions of dollars. Dispelling myths about hiding wealth with crypto. Russian crypto trading volumes also took a dive because Binance blocked Visa and Mastercard transactions.
5. A member of the NetWalker ransomware gang has been extradited from Canada to the United States to face wire fraud charges. Sebastien Vachon-Desjardins has been a target of US officials. US and Canadian authorities finally busted him. Over $28M in BTC and 788K CAD ($618K USD) has been seized.
6. Coinbase took dropped another 25% in trading volume in February down to $93B compared to February 2021, including $1.2B in Bitcoin alone. There has been a steady decline in Coinbase's trading volume. Money is leaving centralized exchanges in a major fashion.
7. ConsenSys (MetaMask) raised $450M as MetaMask reaches 30M monthly active users. Doubling the valuation of ConsenSys from its Series C raise. Microsoft, Softbank Temasek, Anthos Capital and more are a part of this new raise.
8. In a major push to bridge Web 2.0 and Web3, Polygon is poaching talent from all over the place. They are snatching Web 2.0 talent from major financial institutions, as well as other major players like Amazon, Electronic Arts. Michael Blank, from EA, joins Polygon as COO. Ryan Wyatt came from YouTube Gaming. Young Ko comes from Penske Media (Billboard, Variety and Rolling Stone). Clearly, people want to join in on the journey.