| |
| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! The opening arguments in the former FTX CEO's criminal trial hit the headlines as the week nears to close. Today's issue covers the key highlights from the trial's second day as well as several of the other most prominent stories in the crypto market, including OpenSea's new no-code NFT minting hub, The Open Network's strategic partnership with the crypto exchange MEXC, Cardano's leading position in developer activity on GitHub, and more. Enjoy your reading, and if you find this newsletter useful, please do not forget to share it with your friends and colleagues! Doğa
p/dogayurduneri | |
| 1 | | OpenSea, one of the largest NFT marketplaces, has launched a new no-code hub that allows users to create and mint NFTs without any coding skill, third-party assistance, and experience in working with blockchain technology. The no-code studio came to heat the market up amid an NFT market downturn, in which NFT trading volumes and floor prices saw a significant decline. More: - The new hub will help creators enter the NFT space, mint new digital collectibles, manage their collections, and put their projects up for sale all in one place with no technical knowledge.
- The move mainly aims to simplify the NFT creation process and make it available for everyone.
- Users will be able to choose a blockchain to build their project from most of the networks compatible with OpenSea through the new service.
- The studio will also aim to replace lazy minting, which allows artists to create NFTs off-chain until right before the NFT is sold so that they can receive the minting fee from buyers after the sale.
Q: Do you think the NFT creation activities should be available for everyone? Join the conversation here. |     | |
| 2 | | 
What the numbers say: Crypto analytics platform CryptoDep has analyzed the number of events in crypto projects' GitHub repositories in September to reveal the leading project in developer activity. The results have shown that Cardano, best known for its native token ADA, took the lead last month among all other blockchain projects, recording 572 events. In the top five, the network was followed by Polkadot, Chainlink, Hedera, and Cosmos, respectively. Cardano's leader position on the list means that the network's team worked much harder on building the blockchain than the teams of other networks in September. Relevance: On the other hand, Cardano hit the headlines again in June with a steady increase in the total number of ADA wallets. At the end of June, the figure surpassed 4.17 million, suggesting a significant surge in adoption. The wallet number on the network currently stands at 4.31 million. Brands that should care: Meanwhile, the upward trend and positive indications in Cardano's key metrics over the past several months have paved the way for the network to enter into partnerships with several major mainstream brands, including Samsung, Dish Network, and Vodafone. | | | |
| |
|
| 3 | | Prosecutors from the U.S. Department of Justice (DOJ) and lawyers for the bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), have presented their opening arguments on the second day of the ongoing criminal trial. The opening statements were presented after U.S. Judge Lewis A. Kaplan completed the jury selection, choosing 12 jurors. More: - The jury comprises nine women and three men whose professions cover various areas, including health, finance, legal system, information technologies (IT), and education, with ages from the early 30s to late 60s.
- In their opening arguments, U.S. prosecutors said SBF intentionally committed fraud and misled customers about the safety of their funds, stealing billions of dollars.
- They also claimed that the former CEO took money whenever he wanted in order to finance his lavish lifestyle, adding that his wealth, power, and influence were built on lies.
- In addition, the prosecution pointed out that the former Alameda Research CEO, Caroline Ellison, would tell the jury how they stole money together with SBF, stating that they would use SBF's own words against him.
- Several former FTX executives, including Ellison, Gary Wang, and Nishad Singh, have already pleaded guilty to charges related to their involvement in the collapse.
- The defense, on the other hand, stressed the volatility in the crypto market and how it could quickly overwhelm growing companies like FTX, underlining that the former CEO encountered a storm last year after lenders received their loans back from Alameda Research during the crypto market downturn.
- Lawyer Mark Cohen also blamed Ellison, saying that SBF advised her to hedge Alameda Research's crypto bets, but she did not listen.
- Cohen confirmed that Alameda Research had certain privileges in its relationship with FTX, though both SBF and Ellison previously said the two companies were completely separate.
Zoom Out: - FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the 130 entities under the roof of FTX Group.
- The downfall followed the claims that SBF used customer funds in FTX to compensate for losses at the sister company Alameda Research.
- The 31-year-old former CEO is currently being tried with seven charges, including money laundering and misappropriation of customer funds, to which he pleaded not guilty, facing a statutory maximum of 110 years in prison.
| | | |
| 4 | | The Open Network (TON) blockchain project has entered into a strategic partnership with the crypto exchange MEXC's venture capital (VC) arm, MEXC Ventures, to jointly support global Web3 accessibility by reducing the barriers to entry. As part of the partnership, MEXC Ventures has invested an eight-figure funding in the network. More: - The collaboration will also see MEXC offering marketing and promotion services to TON-based projects listed on its platform.
- Additionally, the platform will launch a collateral lending service for the network's native token, TON, and eliminate trading fees for the cryptocurrency.
- MEXC Ventures will continue to support TON-based mini apps financially while maintaining its ongoing support for existing projects.
- The partnership came nearly a month after Telegram, the initial developer of the network, integrated a self-custodial crypto wallet, TON Space, built on The Open Network as a mini app.
- The wallet allows Telegram's 800 million monthly active users worldwide to store, transfer, and manage their digital assets through the infrastructure jointly developed by Telegram and The Open Network.
- MEXC, founded in 2018, is a crypto exchange registered in the Seychelles and currently caters to users across 200 countries.
Zoom Out: - The blockchain project TON was initially developed by Telegram as the platform's first big step toward Web3.
- However, the firm had to abandon the project in 2020 due to legal conflicts it faced after the U.S. Securities and Exchange Commission (SEC) sued Telegram for offering unregistered securities through a $1.7B initial coin offering.
- Since then, TON has been run by the TON Foundation, an open-source project embodying community members.
| | | |
| A message from our sponsor, PerfectApps. |  | | Drag, drop, deploy, done! PerfectApps removes coding as a barrier between ideas and solutions. PerfectApps makes web app development easy and intuitive ― with zero coding. When app development isn’t limited to those with coding skills, there are endless possibilities and numerous benefits: - Accessibility – Distribute app development to free up IT resources.
- Faster Delivery – Deploy enterprise-ready web apps 10x faster.
- Lower Cost – Reduce operating costs and improve productivity.
PerfectApps has a comprehensive set of visual design tools that enable you to create custom web apps, web forms, workflows, and reports that meet your exact specifications. It’s everything you need for true customization in a single no-code platform. Transform ideas into solutions ― without coding complications. Try it free for 30 days | |
|
| 5 | | Crypto hardware wallet provider Ledger has conducted a mass layoff, impacting 12% of its headcount. The firm has cited the need to conserve resources efficiently to get through a prolonged industry downturn while explaining the decision. More: - Ledger CEO Pascal Gauthier said macroeconomic conditions are limiting their ability to generate revenue.
- The firm's LinkedIn page shows that the Paris-based company has 734 employees, meaning that the layoff will impact roughly 88 staff.
- The move came several months after Ledger raised $109M in funding at a valuation of $1.4B.
Zoom Out: - Ledger, founded in France in 2014, manufactures secure hardware devices used to store private keys, the passwords allowing users to access their crypto assets.
- According to the company, Ledger's devices store more than 20% of all cryptocurrencies and 30% of NFTs.
| | | |
| 6 | | Hong Kong's Securities and Futures Commission (SFC) has formed a new task force to supervise virtual asset service providers and combat illegal activities on crypto exchanges in collaboration with the Hong Kong Police Force. The agency said the group was established after a high-level meeting between two parties. More: - The task force aims to enhance coordination between government agencies, facilitate information sharing on suspicious activities on crypto trading platforms, and implement a comprehensive risk assessment process.
- The group involves officers from various authorities, including the police's Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau, along with the SFC's Enforcement Division and Intermediaries Division.
- The main goal will be to protect the interests of investors in the region.
Zoom Out: - The move came shortly after the SFC started investigating Dubai-headquartered crypto trading platform JPEX after receiving more than 1,408 complaints, accusing the firm of operating in the region without a license.
- Following the probe, the platform had to halt some of its services, and the region's law enforcement agencies asked local telecom operators to restrict online access to JPEX.
- The local law enforcement authorities have also arrested more than 20 people related to the case, including company employees and social media influencers.
| | | |
| 7 | | Quick Hits: - LiquidPiston's engines are up to 10x smaller and 30% more fuel efficient. Invest as they disrupt the $400B combustion engine market.*
- The U.S. Department of Justice (DOJ) has stated that two multi-million-dollar luxury jets belonging to the bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), are currently subject to forfeiture.
- Warner Music Group's chief digital officer, Oana Ruxandra, who led the operations related to emerging technologies like NFTs, blockchain, and AI, has stepped down from her role at the company.
- Yield Protocol, a blockchain protocol for lending and borrowing activities, has announced that it would gradually halt its operations, citing regulatory challenges and a lack of demand.
- These are the 5 core strategies for cloud innovation that showcase how digital native businesses are harnessing cloud innovations. Read now.*
*This is a sponsored post. | | | |
| Upcoming Events | | OCT
12 | | Panel discussion on cybersecurity insights for financial services companies* | | | | | | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | * This is a sponsored event | | | |
Term of the Day High-net-worth individual: A high-net-worth individual is a financial term used to describe an individual with over $1M in liquid assets. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
INSIDE CRYPTOCURRENCY LEADERBOARD (30 DAYS) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
| |
 | DoiT delivers the true promise of the cloud with ease, not cost. | |
|
| |
|
| |
Comments
Post a Comment