In this newsletter, we discuss some new details regarding the FTX scandal, plans to integrate gamers into the Web3 world, and other developments of the week.
Dear readers,
Thank you for choosing to read us in this cold weather. If you missed our newsletter , Debt and Punishment, that we sent you last week, you can find it here. You can read it by clicking here. We would also appreciate it if you listened to our podcast about " Principles of Trust in Crypto Systems" in the section below!
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As we recently learned, a large majority of people in America still don't know what cryptocurrency is and don't trust these systems. According to Harris polls, one in ten people have never even heard of Bitcoin .
FTX 's former CEO, Bankman-Fried, revealed that the affair was actually connected to many well-known names. These included Meta , Amazon , Apple , Netflix , and LinkedIn . Let's not forget Twitter and Adobe as well . Of course, beyond these big names, many others from the crypto world contributed to this drama in one way or another. We learned that Coinbase , Binance , Chainalysis , BlockFi , Silvergate Bank , and some NFT brands were also involved.
The judicial system has, so to speak, " ordered " the disclosure of the names of those who helped raise Bankman-Fried 's $250 million bail . Amidst all this , Mark Wahlberg announced he's working on a documentary focusing on and examining the relationship between FTX and Binance . We think exactly what we needed: an escape from the realities of life to focus more intensely on this scandal .
The documentary also drew inspiration from the backgrounds of the founders of the two major platforms. Changpeng Zhao , known as CZ , the CEO and founder of Binance , actually comes from a rather humble family. We also know that he immigrated from China to Canada when he was only 12 years old. Sam Bankman-Fried , on the other hand, was raised by an academic family, and we cannot forget his family's political connections.
These two characters, from very different backgrounds, rose to the top in the crypto world over time, sometimes seen as rivals, but also considered friends. We'll let you know as soon as the documentary comes out; let's see what details it will contain…
Another development comes from Orion Protocol , which provides liquidity for both centralized and decentralized cryptocurrency exchanges . They were attacked last week , costing them 1700 Ethereum worth $3 million .
Orion CEO Alexey Koloskov announced on his Twitter account that no user accounts had suffered any losses and that everyone's money was safe , adding that the amount in question had been lost from the company treasury .
Our next development is of great interest to gamers . ImmutableX will launch an application called Immutable Passport to bring players into the Web3 world. Immutable, promising easy transaction processing without passwords , says they will develop a tool similar to Apple ID and Xbox Gamertag . In addition to accessing a secure digital wallet, users will be protected against fraud and attacks , and will have easy access to Web3 games and platforms .
Toyota , one of the world's leading car brands , will be sponsoring a Web3 Hackathon targeting DAO developers . If you want to learn more about DAOs, you can listen to our podcast below, or click here to access our summary.
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EverlendFinance , a Solana- based decentralized finance lending protocol , has announced the closure of its platform. The platform, which asked users to withdraw their assets, cited liquidity issues as the reason for this decision.
Kraken , the global cryptocurrency exchange that recently ceased operations in Japan , has announced the closure of its Abu Dhabi headquarters , citing current market conditions and resource constraints as the reason .
Indian Finance Minister Nirmala Sitharaman has released a summary of planned regulations regarding cryptocurrencies . The government is concerned about potential illegal activities involving cryptocurrencies in the country, and plans to address this concern with the help of artificial intelligence . In addition to public awareness campaigns , the government is expected to implement some strict regulations .
That was this week's events; we hope you have a peaceful and wonderful day and that it inspires you on your other days.
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Once again, see you next week on a much happier Sunday morning.
Decentralized Bulletin
Originally published on Medium on February 05, 2023. English translation of “Web3'ün Yeni Hedefi”.