Rapid crypto regulations in UK ⚡️, Trump drops more NFTs 💦, A thief swipes $10M 💸
Daily Crypto, Blockchain & Web3 Update 2023-04-19
BUSINESS
SEC Granted Access to Singapore Records for Terra's Do Kwon (2 min read)
According to court records, the U.S. District Court for the Southern District Judge Jed Rakoff last Friday rejected the request made by Do Kwon and Terraform to compel the Securities and Exchange Commission (SEC) to withdraw its demand for documents held by the Singaporean regulator and the defendants.
The documents in question are being sought from the Monetary Authority of Singapore (MAS), per a Bloomberg report.
UK ‘Moving Fast’ on Crypto Regulations, Says Coinbase CEO ( 2 min read)
Coinbase’s CEO Brian Armstrong appears as bullish as ever on crypto regulations in the UK. Coinbase has also provided nine recommendations that would cement the "UK as a leader in the sector."
The recommendations comprised removing blanket bans on buying crypto, establishing proper regulations, and developing a plan for decentralized ID implementation.
Gala v2 Airdrop Announced: What You Need to Know (2 min read)
Web3 gaming project Gala Games will airdrop GALA v2 tokens to all GALA holders on May 15, the team announced in a blog post.
An automatic 1:1 conversion for all users has been arranged, with support for the GALA v1 token being immediately dropped. No action is required from users holding GALA in their Ethereum wallet(s).
TECHNOLOGY
A Hacker Has Stolen $10 Million in Ethereum and No One Knows How (3 min read)
A $10 million hack targeting sophisticated crypto users has top security experts baffled.
Taylor Monahan, former CEO and founder of Ethereum wallet manager MyCrypto, said on Twitter Tuesday that over 5,000 in ETH had been stolen since December. That’s over $10.4 million-worth of crypto at today’s prices.
In other words, these aren’t crypto newbies clicking on obvious phishing links that are being drained. The attack is far more sophisticated than that, and it’s OGs who are being “rekt,” Monahan explained. “No one knows how.”
NFTS
New Frontiers: Jeremy Booth Lassos More Western Artists Into Web3 (4 min read)
When it comes to creating Western-themed art, Jeremy Booth could be considered the NFT world's head honcho. Booth created the Western Art Dept to bring traditional Western artists into the Web3 space, and work with established NFT creators to honor the historical genre.
The Western Art Dept will kick off in early May as a collection hosted on NFT art platform, Foundation. Showcasing 1-of-1 NFTs from several artists, it’s both an opportunity to highlight people’s talent and bring more of the Wild West into the digital space.
Trump Drops More NFTs—And Now the First Batch Is Plummeting in Price (3 min read)
There are now tens of thousands of new collectibles available for minting. But prices for the controversial politician’s original NFT set have quickly plummeted now that the total supply has more than doubled.
The second series of Trump Digital Trading Cards spans a total of 47,000 NFTs minted on Polygon, an Ethereum side chain network, with 1,000 of the NFTs held back by the developer. Each sells for $99, as with the original December 2022 drop, with some cards featuring Trump’s digital signature.
Jeremy Cowart to Create 10,000 Photo NFTs in 20 Minutes-In Front of an Audience (3 min read)
In Nashville on May 2nd, Cowart is hosting "Auras", where he will endeavor to create 10,000 distinctive photography-based NFTs live in around 20 minutes, without using generative code or post-production effects. The event will also be streamed live online for remote audiences.
Unlike other collections that use computer programming to create NFTs with rare traits, Cowart will produce thousands of one-of-a-kind photos in minutes using multicolored lighting setups, robotics, three layers of projection, and a giant 130-foot LED wall.
COINS
This Upgrade Could Make It Harder for Governments to Censor Bitcoin (4 min read)
The enduring popularity of Bitcoin is largely due to the fact that no third party controls it, including governments. BIP 324 is a long-standing Bitcoin Improvement Proposal to encrypt traffic between nodes on the Bitcoin network. By making network metadata, such as transaction origins, more private, it becomes difficult for eavesdroppers to monitor user activities.
In 2021, Bitcoin Core developer Dhruv Mehta revived the project, building on the progress made by former Bitcoin Core maintainer Jonas Schnelli.
MARKETS
Tether market cap eyes record high after regaining 65% stablecoin dominance (2 min read)
Tether's market cap has reached nearly $81 billion, up 20% YTD, as it outperforms rivals USDC and BUSD amid the US banking crisis and crypto crackdown. While market participants think USDC and BUSD would be affected by both further banking crises and regulatory action, they seem to believe USDT is relatively insulated from this.
USDC’s market cap has dropped over 25% YTD, while Binance USD has seen a 60% drop in 2023. Capital flowed directly into USDT from USDC and BUSD as regulatory scrutiny and uncertainty about the global banking system increased. This has pushed USDT’s market share over 65%, the highest it’s been since May 2021.