⚠️FTC: $1 Billion+ Crypto Fraud Since 2021 - TWJ #159
Social media platforms need to do their job.
In today’s issue:
The crypto market is up with a total market cap of $1.2-1.3 trillion. WAVES is the best performer in the top 100 in the past 7-d. The European Central Bank is set to meet this week, which will set the stage for a rate increase next month.
In other news, the White House crypto mining report is expected to come by August, Bored Ape Discord got hacked, and the FTC commented on crypto scams.
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
⎆White House Crypto Mining Report
Bloomberg reported that the White House will potentially release its crypto mining report in August. The administration is currently focusing on policy that will recommend lower mining energy consumption and emissions footprint.
Bitcoin has been continuously attacked from an environmental angle due to the large amount of energy it utilizes to secure the network. Although there are nuances to this argument, the most interesting analysis would be on whether or not the crypto space will survive if Bitcoin doesn’t.
⎆Bored Ape Discord Got Hacked
Blue-chip NFT collection Bored Ape Yacht Club (BAYC) has once again been hacked, this time via its Discord server, which resulted in more than 200 ETH getting stolen from users. Yuga Labs founder, Gordon Goner, blamed the incident on Discord, saying that it “doesn’t work” for the web 3.0 communities.
High-profile entities in the crypto space really need to focus on their cybersecurity practices, including funds and projects. Yuga Labs’ challenge is even bigger as any successful attack vector towards any of their channel might/will also impact the end-users, whereas a much more closed-loop, institution-like entity won’t affect any individual outside of the firm.
⎆The FTC Commented on Crypto Scams
The FTC reported that more than 46,000 people have lost more than $1 billion due to crypto scams since the beginning of 2021. Approximately half of the scams started on social media platforms, specifically 32% on Instagram and 26% on Facebook.
Once again, the second-order effect of social media and its negative implications are still being discovered. Clueless individuals will continue to become easy victims of these scammers if social media platforms aren’t doing a better job at policing fake/scammer-related content.
👨🏻💻Decentralized Finance (DeFi)
Chainlink Price Feeds Live on Solana
Solana Mainnet Beta Outage Report
MixBytes and Curves Launch stDOT Stable Pool
Astroport Smart Contracts Live on Terra 2.0 Testnet
JPEG’d Introduces The Citadel
Router x Harmony Integration
Protofire Deploys a Gnosis Safe Fork to Evmos
Terra Bridge V2 is now Live on Terra Mainnet
01 Exchange Introduces ZAMM
Solace Live on Fantom & ETH Mainnet
STAX v0.1 is Live
Yearn x llamapay to Automate and Stream Grants and Salaries
🏛Governance - Active Proposals
Babylon Finance - BIP-20: Idle Finance Bounty
Babylon Finance - BIP-21: Security Bounty- Rewards
🦮NFT & Metaverse
ApeCoin Community Initiated Proposal to Stay in ETH Ecosystem
Epic Games Store’s First NFT Game Is Gala’s Wild West Shooter GRIT
Snoop Dogg to Open Bored Ape NFT-Themed Dessert Restaurant
Ice Cube: BIG3 Re-Launching Its Ethereum NFT
Metagood Uses NFTs for Social Good
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Anmol Network -$1M Seed Round
The Red Village - $6.5M Seed Round
PlayV - Undisclosed $ Series A
PancakeSwap - Undisclosed Strategic Investment from Binance Labs
⚖️Regulatory Update
FTC: Consumers Lost Over $1B to Crypto Fraud Since January 2021
White House Office Report on Crypto Mining Expected in August
Bermuda Persists in Developing Digital-Asset Industry Amid Downturn
South Korean Police Charge Man with Using Social Media to Steal Crypto
📚Noteworthy Reads
H’s Thread on A bit on crypto options landscape
Nat Eliason’s Read on Is it a Ponzi?
Coinlist’s Read on The Evolution of Token Distribution Models
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.