October 24, 2022 / Unchained Daily / Laura Shin
What’s Poppin’?
Industry Leaders Debate How to Regulate DeFi
The debate about the regulation of the crypto markets continues to heat up as Sam Bankman-Fried received widespread criticism for his proposal.
Freeway Accused of $100M Ponzi Scheme As It Halts Withdrawals
by Samyuktha Sriram
A yield platform called Freeway that promises users 43% annual returns has halted all withdrawals after crypto whistleblower FatManTerra sounded the alarm over a potential Ponzi scheme.
$6M Users Funds Stolen in FTX API Keys Phishing Attack
by Samyuktha Sriram
Stolen FTX API keys led to $6 million worth of losses in a phishing scam. FTX intends to compensate affected users.
Why Maker Just Raised the DAI Debt Ceiling to 500M
by Samyuktha Sriram
A higher debt ceiling of 500 million DAI in Maker’s Peg Stability Module (PSM) will be used to increase exposure to GUSD.
Polkadot Founder Gavin Wood Leaves CEO Role at Parity
by Samyuktha SriramPolkadot founder Gavin Wood has stepped down as CEO of Parity Technologies to focus on his role as the blockchain’s chief architect.
In Other News… ✍️✍️✍️
- South Korean prosecutors say reports of Do Kwon’s stopover in Dubai are “not false.”
- The supply of Ethereum is close to reaching pre-Merge levels, as the token has gone deflationary over the past few weeks.
- BUSD, Binance’s stablecoin, reached an all-time high in its share of the stablecoin market.
- PACs supported by Sam Bankman-Fried are planning a last-minute ad blitz for midterm elections.
- The Federal Deposit Insurance Corporation (FDIC) Chairman said that stablecoins could alter the banking industry and thus should be regulated.
- A judge denied a motion to dismiss the fraud charges against Nathaniel Chastain, former OpenSea employee.
- UK Member of Parliament and Financial Secretary to the Treasury Andrew Griffith proposed measures to regulate crypto ads.
- A new research report from Galaxy Digital showed that Nike and Yuga Labs are the entities that earned the most in NFT royalties.
- Olympus DAO suffered an exploit of $300,000 worth of OHM tokens, but the funds were returned within hours after the hack.
- Argentina’s tax collection agency (AFIP) dismantled an illegal crypto mining operation.
Today in Crypto Adoption…
- The International Criminal Police Organization (Interpol) announced the launch of its own metaverse designed for law enforcement.
- Circle partnered with crypto bridge Axelar to enable native USDC to be used in cross-chain applications.
- Messaging app Telegram started auctioning usernames on the TON blockchain.
The $$$ Corner
Multi-strategy crypto investment firm Parataxis Capital aims to increase its assets under management to $500 million by the end of 2023.
What Do You Meme?
Recommended Reads
- Katie Haun and James Rathmell on OFAC sanctions
- Varun Shenoy, venture partner at Contrary, on ZK Snarks
- Leapfrog crypto report on the state of the industry
On The Pod…
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics:
- Everyone’s impression of Laura’s interview with Do Kwon
- The importance to differentiate failure and fraud
- The Mango Markets hack and whether code is law
- What happened with the BNB hack and the concerns it raised about decentralization
- Magic Eden’s decision to enable optional royalties and the debate about NFT royalties
- How creators are going to find a way around the royalties, according to Robert
- Whether NFTs should be treated as securities
Book Update
My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!
You can purchase it here: http://bit.ly/cryptopians
