Snapshot Web3

September 26, 2023

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Regulatory and Legal News

Senator Gillibrand Rallies Democrat Colleagues to Adopt Digital Assets Regulation

Senator Gillibrand is mobilizing Democrat colleagues for bipartisan cryptocurrency regulation amid government shutdown concerns. She emphasizes the role of the Senate Banking Committee and collaborates with skeptics like Senators Warren and Brown. Gillibrand and Senator Lummis propose the Responsible Financial Innovation Act to categorize most crypto assets as commodities. The US crypto market grapples with regulatory uncertainty, prompting fears of industry migration. Recent victories for Ripple and Grayscale against the SEC offer hope for the future.

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Innovation and Launches

Indian Crypto Investment Platform Mudrex Expands to Italy

Indian crypto platform Mudrex has expanded into Italy, a notable move for Indian firms facing challenges in the crypto space. CEO Edul Patel revealed their ambitious global expansion plans, with a focus on Italy and the UK. Mudrex, known for index investing options, gained approval from Italy's Organismo Agenti e Mediatori on Sep. 1, 2023. The company, which already holds an EU license, chose Italy due to favorable conditions. Mudrex's EU user base has surged from 5,000 to 17,000 in six months. They aim to offer their products through various registered entities, including banking partner apps.

NASA plans to prove its next Moon landing is real using blockchain

NASA, in partnership with computing startup Lonestar and the Isle of Man, plans to send data cubes to the Moon in February 2024. The data will be secured using blockchain technology and verified on Earth. This initiative aims to provide irrefutable proof of human Moon landings, starting with NASA's Artemis 3 mission in 2025. The blockchain's immutability will allow future astronauts to verify their presence on the Moon, addressing potential conspiracy theories. While blockchain may not change historical beliefs, it will serve as an indisputable record for future lunar missions.

Santiment Unveils New Data Tracking Features on its Platform

Santiment, a blockchain market intelligence platform, has introduced the "Asset Activity Matrix" feature. It allows users to track on-chain and social activities of multiple crypto assets in one dashboard. The tool uses hot (red) and cold (blue) tabs to represent increased or reduced activity. Data from a 90-day period is displayed. This update streamlines user experience, eliminating the need for multiple tabs. Santiment clarified it doesn't indicate buy zones for tokens. Since 2016, the platform has tracked nearly 2000 crypto assets and analyzes over 7 million social media data points monthly.

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NFT, Gaming and Metaverse

CFTC to Hold Virtual Events on Social Media Investment Fraud and AI

The CFTC will host a virtual event on October 4 to tackle the surge in online investment scams, particularly on social media. Last year, such scams cost Americans $2.57 billion. The event will also delve into the impact of AI on investing, including the risks of AI deepfakes and scams. Jorge Herrada of the CFTC emphasizes the need for education in understanding AI's capabilities. Some in the industry, like Coinbase CEO Brian Armstrong, question the CFTC's jurisdiction, urging DeFi players to challenge them in court.

The Latest Developments in the Fusion of Gaming and the Metaverse

The merging of gaming and the metaverse signifies a significant shift in the digital realm, offering new opportunities and challenges. The metaverse is a digital interconnected space, combining AR, VR, blockchain, and the internet for immersive experiences. Avatars, social interactions, commerce, and virtual asset ownership are central. Gaming pioneers this fusion, creating interactive 3D worlds. Blockchain and NFTs are crucial for virtual asset ownership. Decentralization ensures resistance to censorship. The metaverse also facilitates events, education, and economic ventures. Challenges include scalability, privacy, regulation, and inclusivity. This convergence promises a dynamic, interconnected metaverse shaping our digital experiences.

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Scams and Hacks

Russian Actor Loses Over $250k To Crypto Scam

Russian actor Tkachenko lost over $250,000 in a crypto scam orchestrated by entrepreneur Grigory Muluzyan. Tkachenko initially invested 7.5 BTC and received returns until his access was blocked, with 10 BTC frozen. Muluzyan requested an additional 0.5 BTC to release the funds. Tkachenko was later advised to sell his coins as Bitcoin prices fell. Realizing he'd been scammed, he reported the incident to the police, facing a total loss of around $262,000. This case underscores the risks in crypto investments.

Ontario Resident Loses $50,000 in Crypto ATM Scam

In Ontario, Canada, a resident lost $50,000 in a scam where fraudsters impersonated government agencies and the police. The victim was convinced to convert money to Bitcoin and send it via a Bitcoin ATM. Authorities warn against falling for such calls, emphasizing that government agencies do not communicate sensitive information this way. This incident reflects a growing trend of crypto scams in Canada, with losses reaching $24 million in 2022. In a separate case, a British Columbia resident lost over $7.5 million in a similar crypto scam.

Huobi Global hacked for $7.9M

On September 24, Huobi Global's HTX crypto exchange was hacked, resulting in a $7.9 million loss. The exchange claims to have identified the attacker and offered them a 5% "white-hat bonus" if the remaining 95% is returned. The attacker transferred 4,999 Ether (about $7.9 million) to an address with no history. A message from Huobi confirmed they know the attacker's identity. Investor Justin Sun assured users their funds are safe and the exchange is now operating normally after covering the losses. This incident adds to a series of crypto exchange hacks in 2023, some attributed to the Lazarus Group.

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Interesting Reads

Could Microsoft revolutionize the crypto market?

Microsoft's potential impact on major cryptocurrencies like Bitcoin, Ethereum, XRP, and BNB is generating speculation. Internal documents leaked related to Microsoft's acquisition of Activision Blizzard suggest plans to integrate crypto wallets into the upcoming Xbox console. The leak is attributed to documents from a Federal Trade Commission lawsuit against Microsoft. Xbox chief Phil Spencer acknowledged the leak but emphasized that plans have evolved. Meanwhile, there are rumors about major companies like Microsoft, Apple, Amazon, Google, Alphabet, and Meta showing interest in supporting cryptocurrencies. Microsoft recently announced a reduction in AI chip research and development, potentially reallocating resources to other technology areas like cloud computing and software development. This decision, while noteworthy, is specific to Microsoft and doesn't necessarily reflect the broader state of the AI chip industry. Players like NVIDIA, Intel, and AMD continue to make significant investments and progress in this sector.

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Quick Links

“Downfall of Crypto King:” BBC Set to Release SBF Documentary

BBC is set to release the highly anticipated documentary on FTX founder Sam Bankman-Fried in a series that will examine the rise and fall of FTX.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.