Crypto Weekly Roundup: BTC Drops After Mass Liquidation And More

Do Kwon’s troubles continue as a judge has recently allowed the SEC to access Luna Foundation Guard’s Singapore records, which could shed more light on the TERRA/LUNA crash. On the other hand, BTC is also struggling to stay afloat after a series of sudden liquidations took the market by surprise. Let’s find out more. 

Bitcoin

The environmental impact and centralization issues associated with traditional Bitcoin mining have reared their head in recent years. Emerging solutions in the Web3 space may offer a more sustainable and decentralized path forward.

A cascade of liquidations sent Bitcoin and the crypto market dropping suddenly on Wednesday.

Ethereum

The finalization of Ethereum’s Shanghai hard fork, also known as Shapella, was completed at around 22:42 UTC. 

Altcoins

Layer-1 protocol Sui Network has announced that it will officially be launching its mainnet on the 3rd of May, 2023. 

There has been a major upheaval in the memecoin space as crypto Twitter looks to move past the Doge and Shiba Inu and get into PEPE.

With Bitcoin taking a slight pullback and dominance looking ready to crash, is a short altcoin season in the offing?

Technology

Société Générale Forge (SG Forge) has unveiled a new stablecoin, CoinVertible ($EURCV), pegged on the Euro.

The Bank of England has initiated a pioneering venture, Project Meridian, which aims to examine the potential of distributed ledger technology. 

The TON Foundation has announced the rollout of a two-way bridge to enable the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens on TON.

Business

US-based cryptocurrency exchange Gemini has revealed that it is planning to open an offshore derivatives platform. 

CoreWeave, a specialized cloud provider, recently announced the successful completion of a $221 million Series B funding round. 

The U.S.-based crypto exchange, Coinbase has recently acquired the license required to offer crypto trading services in the island territory of Bermuda. 

Pop sensation Taylor Swift pulled out of a $100 million deal with FTX, thus saving herself from the class-action lawsuit that is targeting so many other celebrities. 

Cryptocurrency exchange Kraken has revealed that it has secured a virtual asset service provider (VASP) license from the Central Bank of Ireland. 

Coinbase CEO Brian Armstrong has warned that the cryptocurrency exchange faces a multi-year court battle with the SEC. 

Crypto exchange Luno announced on Monday that it would soon suspend its operations in Singapore, giving customers time until June 19 to withdraw cryptocurrencies from their Luno Wallets.

Regulation

Recently arrested CEO of Terraform Labs, Do Kwon, has denied that he defrauded investors and says that SEC allegations are unfounded.

Several crypto companies in the US are facing major regulatory challenges and have announced their plans to relocate offshore. 

Virtual asset laws in the Middle East and North Africa region (MENA) have given it a competitive advantage in cryptocurrency markets and trading. Binance is taking advantage.

The world’s largest cryptocurrency exchange, Binance, is facing a probe in Brazil, with authorities confirming the launch of an official investigation into the exchange. 

The records of the Luna Foundation Guard and Do Kwon’s operations, which have been stored with the Monetary Authority of Singapore (MAS), can now be accessed by the SEC. 

SEC Commissioner Hester Peirce is continuing to express her dissent at what her regulatory agency is doing to crypto under the charge of Chairman Gensler.

Celebrity athlete Shaquille O’Neal has finally been served with a copy of the class-action lawsuit against public figures who promoted the now-defunct crypto exchange FTX. 

SEC Chair Gary Gensler has been called a hypocrite by critics after footage of him promoting Algorand and praising Silvio Micali emerged. 

NFT

The MadLads NFT public mint, initially set for launch on 4/20, was been postponed for over a day due to a groundswell of interest in the project. It later launched after setting up a honeypot trap for bots.

Mattel Inc. has announced an upcoming update to the Mattel Creations Virtual Collectibles Platform to change it into a peer-to-peer marketplace for collectors.

Athletics and lifestyle apparel brand Nike is releasing its first-ever drop on the.Swoosh Web3 community platform that will host Polygon-based NFTs.

Security 

A recent incident involved a vulnerability found in the WebAssembly feature (WASM) of Trust Wallet. 

Metaverse platform MetaPoint ($META) recently experienced an exploit on its POT smart contract.

Layer-2 blockchain Optimism witnessed a significant security breach involving the multichain lending protocol Hundred Finance.

Web3 wallet developer MetaMask has denied claims that an exploit on its wallet has led to a “massive wallet-draining operation,” resulting in the theft of over 5,000 in $ETH. 

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.