Ava Labs layoffs 12% 💯, BNB scam losses down 75% 🔻, UK stablecoin regulation 🇬🇧
Daily Crypto, Blockchain & Web3 Update 2023-11-07
CRYPTOCURRENCY
LHV Bank founder has $470M worth of Ethereum, but lost his private key (2 min read)
The founder of Estonia-based LHV Bank, Rain Lõhmus, has been revealed as the owner of a massive 250,000-Ether stash bought during the Ethereum initial coin offering, which is now worth an eye-watering $470 million.
Ava Labs cuts 12% of staff to ‘reallocate resources’ toward expansion (4 min read)
“This reduction in force affected 12% of Ava Labs, and allowed us to reallocate resources to double down on the growth of our firm and the Avalanche ecosystem,” the firm’s founder and CEO, Emin Gün Sirer said.
BNB Smart Chain scam losses dropped 75% in Q3: Report (2 min read)
Scams facilitated on BNB Smart Chain (BSC) decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter, according to an AvengerDAO report contributed by security firm HashDit.
Binance’s spot trading market share falls to 40% in 2023: Report (2 min read)
The exchange’s share in crypto spot trading has been slashed by one-third over the past year.
QUICK LINKS
Crypto data platform Glassnode sells Bitcoin tax software to Blockpit (3 min read)
Cryptocurrency intelligence firm Glassnode has said it’s dropping crypto tax-related projects to focus on new solutions targeting institutional investors and decentralized finance (DeFi).
'107,000 GPUs on the waitlist' — io.net beta launch attracts data centers, GPU clusters (5 min read)
Over 100,000 GPUs from data centers and private clusters are set to plug into a new decentralized physical infrastructure network (DePIN) beta launched by io.net.
Fiat on-ramps, banking partners crucial for institutional Web3 adoption — European Blockchain Convention (5 min read)
Prominent fiat payment rail services and neobanking platforms are becoming catalysts to address institutional mistrust in the cryptocurrency sector.
Kraken looking to ‘solve’ industry challenges amid layer-2 rumors (2 min read)
Crypto exchange Kraken neither confirmed nor denied rumors of the company’s plans to potentially release a layer-2 solution similar to what its competitor Coinbase did with the Base network earlier this year.
SK Telcom to launch Web3 wallet with Aptos and Atomrigs Lab (2 min read)
South Korean telecommunications operator SK Telecom (SKT) announced plans to launch a Web3 wallet service, T wallet, in partnership with layer-1 mainnet Aptos Labs and Atomrigs Lab.
Caitlin Long’s Custodia Bank launches Bitcoin custody platform (2 min read)
The firm took to X (formerly Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin custody service targeting businesses like fiduciaries, investment advisers, fund managers, and corporate treasurers.
Conflux multichain protocol shuts down after 2 years (2 min read)
ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation — also known as the Shanghai Tree-Graph Blockchain Research Institute — will shut down after two years.
Meta bans usage of generative AI ad creation tools for political advertisers (2 min read)
Meta updated its help center with a note explaining that political advertisers are prohibited from using its new generative AI ad campaign creation tools.
Kazakhstan’s authorities confirm they blocked access to Coinbase: Report (2 min read)
The Ministry of Culture and Information of the Republic of Kazakhstan has officially confirmed it has blocked the Coinbase website in the country. The authorities of Kazakhstan have been blocking local IP addresses from accessing Coinbase since September at least.
Kenyan lawmakers ask local Blockchain Association to come up with crypto bill (2 min read)
Kenya might become the first country in the world where the industry’s representatives develop the regulatory framework for crypto.
SEC Inspector General says prohibition on crypto ownership hinders agency hiring (3 min read)
The Office of the Inspector General (OIG) of the United States Securities and Exchange Commission has released its annual examination of the most serious management and performance challenges facing the agency. Crypto was on its list, as no surprise to anyone in the crypto community.
UK stablecoin regulation begins to take shape in multiple FCA, BOE documents (3 min read)
The discussion paper outlined potential retail and wholesale stablecoin use cases. Its discussion included auditing and reporting, the backing of coins owned by the issuer and the independence of the backing assets’ custodian.