Crypto Weekly Roundup: Musk’s Twitter Takeover, Hacktober, More

As Elon Musk finally completes his Twitter takeover, the crypto community is hopeful that this will address the bot problem on the social media platform leading to better security frameworks. On the other hand, Hacktober continues wreaking havoc as two more protocols fall victim to attacks. Let’s find out more. 

Bitcoin

Bitcoin is holding a sideways accumulation pattern, and the Fed could be getting toward the end of its rate-hiking spree, leading people to wonder if the crypto winter is nearing its end. 

China has hitherto taken a harsh view of crypto. Will it now use Hong Kong as a proxy for transacting crypto to reduce its dollar position?

As the crypto market largely went sideways throughout Q3, Bitcoin only dipped 1% QoQ, which was better than all other major assets except the US Dollar Index.

DeFi

The decentralized autonomous organization FriesDAO lost $2.3 million worth of funds as it fell victim to the latest Hacktober exploit. 

The SushiSwap DAO has voted to restructure its business model by creating three separate DAOs, that will be based in Panama and the Cayman Islands. 

Polygon’s popular decentralized exchange QuickSwap has been hit by a flash loan attack, resulting in losses amounting to $220,000. 

A $40 million collateral gap has forced the shutdown of the USN stablecoin, which was launched in April 2022 by the NEAR Protocol. 

Altcoins

Filecoin has launched a new content delivery network called Saturn, which will help increase accessibility for public contributors to the Filecoin network. 

Business

After months of back and forth, Elon Musk has finally completed the takeover of social media giant Twitter. 

Meta’s Reality Labs suffered heavy losses in the third quarter of the year and hemorrhaged nearly $3.7 billion. 

Crypto futures exchange BitMEX’s CEO Alexander Hoeptner has been the latest in a long string of top crypto executives to resign from his post. 

The CEO of Altimeter Capital has written an open letter to Mark Zuckerberg and the Meta board of directors asking them to reduce headcount and limit investment into the metaverse.

Regulation

The Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, reiterated their stance on Bitcoin (BTC) and Ether (ETH), calling them commodities, not securities. 

President Macron of France wants to make Paris a crypto hub; however, the strict French regulators might prove to be an obstacle. 

NFT

The Ethereum-based NFT marketplace, LooksRare, has made paying creator royalties optional when trading NFTs, making it the latest marketplace to do so. 

A crypto-friendly bank based in Switzerland, SEBA, has announced that it is launching an institutional custody service for Ethereum-based NFTs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.