October 14, 2022 / Unchained Daily / Laura Shin
What’s Poppin’?
Celsius Creditor Committee Won’t Let Executives Get Away So Easily
Directors of bankrupt crypto lender Celsius want to get legal immunity, but creditors are pushing back.
Is The Cosmos Ecosystem Under Threat?
by Samyuktha Sriram
An audit following the BSC exploit led Cosmos developers to discover a critical security vulnerability that impacts all IBC-enabled chains. Cosmos CTO Ethan Buchman urged all chains and validators to upgrade to a new patch release that will be deployed on Friday.
Tether Cuts $30B Commercial Paper Reserves To Zero
by Samyuktha Sriram
Tether said it has reduced its $30 billion worth of commercial paper exposure to zero as part of its commitment to back its stablecoins with the “most secure reserves in the market.”
Gas Theft on FTX: Hackers Steal 81 ETH By Minting XEN
by Samyuktha Sriram
Blockchain analysts found that a user took advantage of the fee subsidy on FTX to mint $70,000 worth of XEN.
Uniswap Raises $165M in Funding Led by Polychain Capital
by Samyuktha Sriram
On Thursday, Uniswap announced a $165 million round of Series B funding led by Polychain Capital. Investment firms a16z, Paradigm, SV Angel and Variant also joined the investment round which valued the DEX at $1.66 billion.
In Other News… ✍️✍️✍️
- Law firm Roche Freedman was removed from a class action against Tether Bitfinex.
- Bitcoin services company New York Digital Investment Group (NYDIG) laid off about a third of its headcount in September.
- $200 million in crypto long positions were liquidated before the CPI report was published.
- CFTC Chairman Rostin Behnam keeps pushing to expand the regulator’s authority in crypto.
- US Senator John Hickenlooper wrote a letter to the SEC asking for digital asset regulation.
Today in Crypto Adoption…
- The government of Caribbean country Dominica partnered with Tron to issue Dominica Coin (DMC).
- Beeple is building a physical studio to bring NFTs into the real world.
The $$$ Corner…
- Binance launched a $500 million fund to provide loans to Bitcoin miners.
- BlockTower, a crypto-native asset management firm, is launching a new $150 million fund.
- Pillow, a Singapore-based crypto investment app, garnered $18 million in a round led by Accel and Quona Capital.
- Fabric Systems, a cryptography hardware technology company, closed a $13 million seed round to build energy-efficient Bitcoin mining hardware.
- NFT financing platform MetaStreet raised $10 million led by Dragonfly and OpenSea.
- NFT startup Otterspace raised $3.7 million in funding co-led by venture firms Cherry Crypto and Inflection.
What Do You Meme?
Recommended Reads
- pseudotheos on proposer-builder separation
- ponzilonger on the Mango Markets hack
- Salomon Crypto on the fundamentals of cryptography
On The Pod…
Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center’s lawsuit against the US Treasury over the sanctions on Tornado Cash. Show highlights:
- whether there’s an over-reliance on the Howey Test and how a token being non-fungible doesn’t mean it’s not a security
- what constitutes an investment contract and how it works in the Metaverse
- the consequences for NFT holders and issuers if the NFTs are considered securities
- why Coin Center is suing the US Treasury over the Tornado Cash sanctions
- Who the plaintiffs are
- whether this lawsuit differs from the one Coinbase is supporting
- how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money
- the remedy Coin Center is looking for in the lawsuit against the Treasury
- how long the lawsuit could take to be resolved
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
