“Wonderland’s TIME tokens fell 32% in European hours after blockchain sleuths revealed ‘Sifu,’ a core member of the founding team, is allegedly a long-time serial scammer, with a conviction and deportation on his record. He was also the co-founder of QuadrigaCX, a failed Canadian cryptocurrency exchange.
Avalanche-based Wonderland has been among the most popular crypto protocols in recent months, with community members referring to themselves as the “Frog Nation.” The protocol locked up billions of dollars of investor funds at its peak.
Wonderland founder Daniele Sestagalli confirmed the allegations in a later tweet, saying he was aware of Sifu’s identity and connections to QuadrigaCX. The community wasn’t impressed by Sestagalli’s response.
In 2005, he pled guilty to credit and bank fraud. In 2007, he admitted burglary, theft, and computer fraud. In 2018, he and his partner ‘lost access’ to $115M in customer funds.”
“Anchor, the flagship savings protocol of the Terra Luna (LUNA) ecosystem, has seen its reserves decline by 35.7% in the past seven days. Since the beginning of December, the amount of Terra USD Stablecoin (UST) held in the smart contract has declined by over 50%, with only $35.7 million remaining.
Whenever there is a deficiency between the income generated through borrowers’ interest, collateral staking and the yield expenses paid out to depositors, Anchor must tap into the aforementioned TerraUSD (UST) reserves to make up for the difference. Last July, its creator Terraform Labs injected 70 million UST into the reserve protocol and its value was relatively stable. But in the past 60 days, the total deposit amount has increased from $2.3 billion to $6.1 billion, while the total borrowed amount only increased from $1.2 billion to $1.5 billion.
If the trend were to continue, the reserve would run out in the coming months, and Terraform Labs would need to inject another round of UST for liquidity or sharply lower Anchor’s promised interest rate.”
“An automated way of sharing proof that a user owns a private cryptocurrency wallet when transacting with a regulated exchange in Switzerland is being integrated by hardware wallet Trezor. The Address Ownership Proof Protocol (AOPP) streamlines and automates that manual signing process.
Going beyond the recommendations made by FATF, crypto requirements in Switzerland include the identification of private wallets transacting with the country’s virtual asset service providers (VASPs).
AOPP makes it simpler and faster for users to withdraw to the safest place for their coins: their Trezor.”
“Diem was in discussions with investment bankers to sell its intellectual property to return money to investors, Bloomberg reported on Tuesday.
The California bank, which serves blockchain companies, had agreed last year to partner with Diem in launching a U.S. dollar-pegged stablecoin. The agreement was supposed to breathe fresh air into a struggling project.
As Libra, the project originally envisioned a stablecoin backed by a basket of fiat currencies that could be used worldwide as a means of exchange. But it immediately spurred international regulatory backlash, with lawmakers demanding that all development cease until they could provide some regulatory guidance and ensure that it didn’t threaten financial stability.”
“Amazon Marketplace owners who sell their business to Elevate Brands will now have the option of being paid in crypto. Elevate Brands is teaming up with Coinbase to offer the option. Elevate has raised over $370 million from institutional investors and owns over 30 private label brands. The company says it’s a top 100 seller on Amazon.
We’ve learned that [Fulfillment by Amazon] sellers are already well entrenched in crypto, so we are thrilled to be the first company in the Amazon ecosystem to offer the option of Cash or Coin.”
“The institutional arm of the Consensys-owned MetaMask has integrated its first multichain digital asset custody solution called Cactus Custody. Cactus Custody will provide institutional customers with multichain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechains and layer 2s supported by MetaMask.
This is a profound DeFi offering for institutions.
The decentralized finance (DeFi) Connector feature will also provide additional security and compliance aspects, such as audit trails for transactions conducted on MMI, private key safeguarding and “role-based approval” processes.”
“The 11 representatives have challenged the infrastructure bill’s definition of “broker,” believing it to be incompatible with the crypto ecosystem. The representatives propose following a definition which avoids placing “unworkable customer reporting obligations” on parties who do not in fact have customers, such as crypto miners and stakers.
Similar concerns over how the act defines a broker were raised previously, with a group of six senators penning an open letter to Yellen in December.”
“NFTs are known for their transferability and commercial viability, but there are also downsides to those features, according to Buterin.
Buterin explained that if someone shows they own an NFT that is obtainable by doing X, such as attending an auction, it is not possible to tell if the person attended the auction to obtained it or simply bought the NFT via the secondary market.
The soulbound feature in WoW prevents an item from being traded, mailed or sold at the in-game Auction House to other players. It was designed by developers to prevent “twinking” or passing down gear from high-level to low-level characters. However, they also serve the purpose of demonstrating achievement; that is, the character earned the item by defeating challenging bosses and not via an heirloom.
The latter property seems to be of interest to Buterin, as the Ethereum co-founder raised the point that on-chain proposals to store driver’s licenses, university degrees, etc., would face problems if someone who doesn’t meet the necessary conditions can readily purchase them.”
“WMG is the owner of a slew of popular music properties, including record labels Atlantic, Warner Records, Elektra and Parlophone.
The virtual theme park will feature “concerts and musical experiences” from the music company’s star-studded roster of artists, which includes the likes of Ed Sheeran, Bruno Mars, Dua Lipa and Cardi B, according to a press release.
We are deeply focused on Web 3 right now and the impact it will have on music. We want to be driving opportunity, not behind the eight ball.
The Sandbox’s SAND token was up nearly 7% over the past 24 hours.”