Snapshot Web3

September 4, 2023

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Regulatory and Legal News

Robinhood Acquires Over 55 Million Shares From Former FTX CEO SBF in $606 Million Deal

Robinhood has acquired more than 55 million shares previously owned by Sam Bankman-Fried (SBF), the former CEO of FTX, in a $606 million deal. These shares were initially held by SBF and Gary Wang through their company Emergent Fidelity Technologies but were seized by the U.S. Department of Justice. Robinhood's board approved the acquisition, and it received approval from the U.S. District Court. The transaction was facilitated by the U.S. Marshals Service. The value of Robinhood shares on Nasdaq rose about 4% in response to the news, and Robinhood's engagement in the cryptocurrency landscape was highlighted, with a significant Ether wallet holding.

Korean Financial Authority Orders Suspension and Levies $1.4M Fine on Crypto Lender Delio

South Korea's financial authority, KoFIU, has ordered a three-month suspension and imposed a $1.4 million fine on Delio, a crypto lending company. The company, a registered VASP, halted withdrawals abruptly in June, prompting investigations. Delio engaged in trading with unregistered VASPs, violated affiliate-issued virtual asset restrictions, and neglected money laundering risk assessments and KYC obligations, according to KoFIU. KoFIU also recommended the removal of one of Delio's executives.

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Innovation and Launches

Hope.money Unveils HopeCard, a Holistic Crypto Solution for One’s Daily Spending Needs

Hope.money has launched 'HopeCard,' a crypto spending solution that allows users to top up USDT and USDC. It offers a Visa Platinum experience accepted by millions of merchants, is linked to various services like Google Pay, and rewards users with governance tokens for purchases. Hope.money aims to bridge traditional and crypto finance, with strategic collaborations with Coinbase Custody and Cobo. The card is part of their broader ecosystem, designed to make crypto more accessible to the masses.

Digital rupee gets big usability boost through Yes Bank integration with UPI

Yes Bank has integrated the Unified Payments Interface (UPI) with the Reserve Bank of India's (RBI) central bank digital currency, the digital rupee. This integration enables Yes Bank account holders to make transactions using digital rupees by scanning UPI QR codes. The UPI is a widely used national payment portal in India, serving 150 million merchants. Yes Bank's integration marks the first instance of UPI being combined with a central bank digital currency (CBDC), enhancing the digital rupee's usability and convenience. Yes Bank was among the initial participating banks in the digital rupee pilot project launched in December, which had considerable success.

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NFT and Metaverse

Clone X NFT Collection: Anime-Style Digital Avatars by Murakami

Japanese artist Takashi Murakami collaborated with design studio RTFKT to create Clone X, an NFT collection featuring 19.5K unique anime-style digital avatars. Launched in December 2021, it quickly sold over $1 million worth of Ethereum within a week. The collection includes various DNA types like human, robot, angel, and more, each with distinct traits. Clone X NFTs have gained popularity, with some items valued at significant prices. The collection has shown strong performance in the NFT space, holding a total volume of 396,545 ETH with 9,517 owners.

Hot Wheels Introduces New NFT Collection: Garage Series 6

Hot Wheels has launched its NFT Garage Series 6, featuring unique designs from brands like Porsche, Jeep, and Dodge. The collection offers five rarity levels and starts at $25. Collectors can get virtual versions of Hot Wheels cars. This series bridges the gap between physical and digital collectibles and includes models from Dodge, Porsche, and Jeep. Prices are reasonable, and premium packs offer a chance to acquire sought-after NFTs. Enthusiasts are flocking to the Mattel Creations website and Discord channel to secure these exclusive collectibles.

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Scams and Hacks

Russian Malware Targets Crypto Wallet: US and UK Intelligence Agencies Issue Joint Warning

US and UK intelligence agencies have jointly warned about a new malware called "Infamous Chisel," designed to target Android devices. This malware, attributed to Russian cyber actors, is linked to the Sandworm unit under Russia's GRU military intelligence agency. It allows unauthorized access to compromised devices, scans files, and extracts sensitive data, including cryptocurrency application information. Despite its low sophistication, it has been successful due to the absence of detection systems on many Android devices. This malware was initially directed at the Ukrainian military.

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Interesting Reads

Binance CEO CZ forecasts DeFi outgrowing CeFi in the next bull run

Binance CEO Changpeng “CZ” Zhao believes that decentralized finance (DeFi) could overtake centralized finance (CeFi) during the next crypto bull run. CZ sees DeFi as the future, with the potential to exceed CeFi trading volumes. He also praised the recent dismissal of a lawsuit against Uniswap, emphasizing the need for regulatory clarity. Venture capitalists are increasingly investing in DeFi projects, with investments surging while CeFi investments decline. This shift suggests that DeFi may become the high-growth area of the crypto industry.

Nigeria Leads The World In Crypto Awareness: Unveiling Web3 Insights And Regional Contrasts

A survey across 15 countries found that 99% of respondents in Nigeria are aware of cryptocurrencies, with 90% willing to invest in them. However, only 8% consider themselves very familiar with Web3. Globally, 92% have heard of cryptocurrencies, with Nigeria, South Africa, and Brazil being the most crypto-savvy nations. The study revealed regional variations, with some regions showing more skepticism about cryptocurrencies, while others, particularly in Southeast Asia, South America, and Africa, view them as a financial opportunity and a hedge against unstable local currencies. The survey highlights the need for greater education about Web3 and its potential benefits.

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Quick Links

Internal Turmoil at Gala (GALA): Founders Sue Each Other

Co-founders of Gala Games, a blockchain gaming company, are suing each other. Eric Schiermeyer accused Wright Thurston of illegally obtaining and selling $130 million worth of GALA tokens and breaching the company's operating agreement. Thurston accused Schiermeyer of financial mismanagement and filed a lawsuit against him. Their dispute stems from disagreements over the company's direction and management.

The Number of Bitcoin Holders Reaches a Staggering Level: Comparable to a Country’s Population!

Bitcoin whales are accumulating the cryptocurrency, with over 48.5 million Bitcoin holders, exceeding Spain's population. This comes alongside Grayscale Investments' legal victory against the SEC, which added $1.5 billion to BTC holdings in late August, indicating confidence in Bitcoin's future despite recent price declines.

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Miscellaneous

FTX wallet shifts $10M in crypto, sparking fear of token dumps to come

A wallet associated with the bankrupt crypto exchange FTX moved $10 million in digital assets from Solana to Ethereum, raising concerns about potential token sales amid the exchange's bankruptcy. The wallet transferred over $6 million in Ether and more than $4 million in altcoins, including FTX Token, Uniswap, HXRO, SushiSwap, and Frontier Token, to another FTX wallet via the Wormhole Bridge. FTX has proposed a plan appointing Galaxy Digital Capital Management as an investment manager to oversee the sale of recovered crypto holdings, with weekly limits on token sales. The case is set to be heard in the Delaware Bankruptcy Court on Sept. 13.

MakerDAO co-founder proposes fork of Solana codebase for native chain

MakerDAO co-founder Rune Christensen has proposed building the project's "NewChain" native chain using a fork of Solana's codebase instead of Ethereum. He cited Solana's technical quality, resilience, and efficiency as reasons for this choice. While Ethereum's EVM is crucial for user-facing applications, Christensen believes Solana is better suited for NewChain's backend, supporting the SubDAO tokenomics and governance security. Maker (MKR) and Dai (DAI) will continue operating on Ethereum. The final upgrade phase is expected to take about three years.

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Resource of the Day

Demystifying Price Charts with Elliott Wave Theory

Elliott Wave Theory, created by Ralph Nelson Elliott, is a technical analysis method used to predict market movements based on patterns. It identifies 13 price movement patterns, categorizing them into impulsive waves (five subwaves moving with the trend) and corrective waves (three subwaves moving against the trend). These waves are classified by degrees, indicating their size. While the theory can be complex and relies on traders' interpretations, it's often used alongside Fibonacci levels to forecast potential profit points and support/resistance levels, making it a valuable tool in technical analysis for trading and market trend analysis.

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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.