👨‍⚖️Former OpenSea Head of Product Indicted With Insider Trading - TWJ #157

Will JPEGs be treated as securities?

In today’s issue:

The crypto market is down with a total market cap of ~$1.2 trillion. WAVES is the best performer in the top 100 in the past 7-d. Jamie Dimon warned investors to prepare for an economic “hurricane”.

In other news, the former OpenSea Head of Product was indicted for insider trading, Solana suffers another network outage, and the South Korean government formed digital assets committee.

---

We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.

- Curated by Marco Manoppo (@manoppomarco)

📰Market News

⎆Former Opensea Head of Product Was Indicted for Insider Trading

The former Head of Product for the world’s largest NFT marketplace has been indicted by the DOJ after an insider trading scandal. Nathaniel Chastain was arrested on Wednesday in NY. Original accusation below.

0xZuwu.eth 🧪 @0xZuwu

Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?

⎆Solana Suffers Another Network Outage

Solana faced another downtime after new blocks fail to produce. Solana Beach block explorer showed that validators have not been processing block for more than 5 hours, causing a total downtime for all of the dApps on top of Solana. Details below.

T◎lyxNFT, 🇺🇸 @aeyakovenko

tldr: Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed. Network is restating with durable nonce feature disabled. Fix for durable nonces will be out asap.

Richard Patel @terorie_dev

Today, the Solana blockchain stopped. This commit leads to speculation that the durable nonces feature contains a DoS vulnerability (chain split) that has caused nodes to disagree, breaking consensus. https://t.co/oVivwcvQWW

⎆The South Korean Government Formed Digital Assets Committee

Post the collapse of UST and Terra, the South Korean Government is reportedly planning to launch a new committee specifically intended to oversee the digital assets market.

The US has been in a debate on who should be overseeing digital assets, whether it’s CFTC or the SEC. South Korea might be on to something if it becomes the first nation to formally introduce a new governing body over the digital asset market.

👨🏻‍💻Decentralized Finance (DeFi)

• Velodrome is Live

• GFX Labs Introduces Interest Protocol

• GMX Contract Issues and Updates

• Voltz Protocol is Live on Mainnet

• Solana Blockchain Suffers New Network Outage

🏛Governance - Active Proposals

• PoolTogether - PTIP-73 300k PTaUSDC for Project Optimism and Greater Prize Reserves

🦮NFT & Metaverse

• PoolTogether Raises 471 ETH with NFTs to Fund Legal Defense

• Kanye West Stakes Claim for NFT and Metaverse Trademarks

• Drift on Next Moves, State of NFT Photography

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

• InfStones - $66M Unknown Round

• Dework - $5M Seed Round

• GoSats - $4M Pre-Series A

⚖️Regulatory Update

• US Charges Ex-OpenSea Exec With NFT Insider Trading

• Tech Experts Lobby Washington Criticizing Crypto, Blockchain

• EU: Crypto Exchanges Should Lose Licenses for Laundering Breaches

• SEC Goes After Crypto Investing With Game Show Inspired Spots

• Germany Issues Crypto Securities Guidance as Deadline Looms

• BIS: DeFi Ledgers Can Help Regulators Oversee Sector

📚Noteworthy Reads

• Lars’s Thread on May Summary

• Vitalik’s Thread on New Idealistic Movement

• Arthur Hayes’s Read on Shut it Down

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.