Jan. 2023 Wrap-up
The Friends of Pooly Monthly Digest
The world of cryptocurrency is buzzing with activity, with major developments that took place in Jan. 2023.
Let us review the latest updates and news in the world of crypto.
First up, a major loss has been reported by Bitcoin developer Luke Dashjr, who claims to have lost $3.3 million due to a PGP exploit. While the COO of Nike's RTFKT lost his NFTs in a large 'hack' and a DeFi user lost $3.4 million in GMX tokens in a phishing attack.
A critical vulnerability was also disclosed to the Uniswap by the Dedaub team and a warning was issued to users about the expiry of Bitcoin Knots, this comes after a user lost $3.6 million in a hack.
The founder of Mutant Ape Planet is alleged to have defrauded customers of $2.9 million. The SEC charged eight individuals for a $45 million blockchain fraud scheme involving CoinDeal and Chinese researchers claim to have found a way to break encryption using a quantum computer.
In other news, the UK has made a significant move to enforce a crypto tax break for foreign residents using local investment managers.
Meanwhile, South Korea has launched a metaverse replica of Seoul, a move that has been seen as a significant step forward for the country's tech industry.
Coinbase, one of the largest crypto exchanges, has confirmed that it is halting operations in Japan, citing a difficult regulatory environment as the reason for the decision. Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange.
Binance, another major crypto exchange, has been named as a counterparty in a FinCEN order against Bitzlato. Bitzlato and its founder is accused of laundering $700 million by U.S. authorities.
The Genesis crypto lending business has filed for bankruptcy protection, with the company claiming $5.1 billion in liabilities in its first-day bankruptcy filing. Genesis owes over $3.5 billion to its top 50 creditors, and has over 100,000 creditors among its three companies that have declared bankruptcy.
Amazon is reportedly set to launch an NFT initiative soon, a move that is expected to have a major impact on the industry. Meanwhile, Mastercard and Binance are launching a prepaid card in Brazil, a move that will further expand the reach of crypto in the country.
India's retail giant Reliance has announced that it will accept CBDCs at its stores, while Pick n Pay, a retail giant in South Africa, will accept Bitcoin in its 1,628 stores across the country. These moves show the growing adoption of crypto by mainstream businesses and are a positive sign for the industry.
Nexo, a crypto lending platform, is under investigation in Bulgaria for alleged money laundering and tax offenses. Meanwhile, the SEC has charged Gemini and Genesis with an unregistered securities offering.
South Korean prosecutors have arrested an executive linked to crypto exchange Bithumb, with Kang Jong-Hyun being charged with embezzlement, breach of trust, and fraudulent illegal transactions.
National Australia Bank has created a stablecoin called AUDN, while Hong Kong is set to require stablecoin licensing as early as this year. The founders of 3AC have pitched to raise $25 million for their new crypto exchange, while crypto infrastructure firm Blockstream has raised $125 million for bitcoin mining.
HashKey Capital recently closed its Fund III with $500 million in commitments. This new fund is aimed towards building the infrastructure for Web3, the decentralized version of the internet.
FTX Recovers Over $5 Billion in Cash and Cryptocurrencies According to Attorneys.
Victims of the BitConnect Ponzi scheme will be receiving over $17 million in restitution from the company's assets while a judge has granted Celsius rights to $4.2 billion in customer deposits.
In conclusion, the cryptocurrency and blockchain space continues to evolve, and these recent updates and developments show that it is a constantly growing and changing industry. From new fund raises to regulatory actions, there is always something happening in the world of crypto.
Keeping up with Friends of Pooly
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Hot Takes:
Udi Wertheimer has proclaimed that "your wallet sucks" and "you will lose your crypto”.
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