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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 16, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 16, 2023

Sep 16 2023

8 months ago4 minutes read

Crypto Market Update

Written by Van

Table of Contents

Crypto Industry Leaders

  • Mark Cuban Recovers Millions, Loses Some to Hackers
  • CZ Addresses Binance.US CEO Departure and SEC Lawsuits
  • Armstrong Fights Back Against Anti-Crypto Bill
  • MakerDAO Adds $100M in Real-World Assets

Crypto Exchanges and Platforms

  • Circle Brings USDC to NEAR Protocol
  • Gemini Criticizes Genesis' Bankruptcy Plan

Issues and Controversies

  • Leaked Insights into Sam Bankman-Fried's Collapse
  • Ethereum Testnet Holesky Stumbles at Launch

Regulatory and Legal Developments

  • DJ 3LAU Exits Friend.tech Over Regulatory Concerns
  • PolkaWorld Ceases Operations Due to Funding Woes

Community Dynamics

  • Nouns Community Splits After Controversial Fork
  • Ethereum Users Fall Prey to 'Sleepdropping' Scam
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Mark Cuban Recovers Millions, Loses Some to Hackers

Mark Cuban, the American investor and owner of the NBA Dallas Mavericks, recovered 3.049 million USDC from his stolen wallet after it was idle for 160 days. The recovered funds were transferred to an address on the Coinbase exchange. 

However, the wallet still lost around $870,000 to the hacker or group of hackers. The incident was detected by an independent blockchain sleuth on the X app. It is speculated that the hacker or hackers had been monitoring the wallet for some time before attacking.  


CZ Addresses Binance.US CEO Departure and SEC Lawsuits

Binance CEO Changpeng Zhao has responded to rumors surrounding the departure of Binance.US CEO Brian Shroder, stating that Shroder is simply taking a break after a successful tenure. Binance.US has seen several top executives step down amid lawsuits from the SEC and CFTC. CZ emphasized Shroder's accomplishments during his time at the company and assured that Binance.US has become more resilient. 

Additionally, CZ addressed the increasingly hostile regulatory environment and expressed confidence in the new CEO, Norman Reed, to navigate these challenges. Binance, the world's largest crypto exchange by volume, has faced criticism regarding transparency and solvency but CZ has dismissed these concerns.  


Armstrong Fights Back Against Anti-Crypto Bill

As crypto coin prices fluctuate, Coinbase CEO Brian Armstrong publicly reacted to Senator Elizabeth Warren's increasingly popular anti-crypto bill with support from nine new co-sponsors. Armstrong stated that Coinbase will update the scorecards on standwithcrypto.org accordingly. 

The bill aims to impose stricter regulations on the crypto industry due to concerns about criminal activities, with the illicit use of digital assets reaching $20 billion last year, 44% of which were linked to sanctioned entities.  


MakerDAO Adds $100M in Real-World Assets

Decentralized finance protocol MakerDAO has added $100 million worth of Real-World Assets (RWAs) via BlockTower Andromeda, bringing its cumulative RWA assets to around $2.7 billion. This is part of MakerDAO's "Endgame Plan" to diversify its assets and enhance the ratio of decentralized collateral. 

The move has helped increase MakerDAO's annualized revenue, with a substantial portion derived from RWAs. Tokenization of global illiquid assets is predicted to become a $16 trillion industry by 2030. Other protocols dealing in real-world asset tokenization include GoldFinch, Centrifuge, TrueFi, and Maple Finance.

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Circle Brings USDC to NEAR Protocol

While cryptocurrency charts show mixed trends, Circle is boosting native USDC liquidity in the NEAR protocol ecosystem, streamlining global payments, trading, and financial services. This development follows Circle's strategic investment by Coinbase and signifies a pivotal moment in the evolution of cryptocurrency.

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Gemini Criticizes Genesis' Bankruptcy Plan

Gemini, a crypto exchange, has criticized a bankruptcy recovery plan proposed by Genesis, its partner in a lending program. The plan, which aims to compensate over 230,000 retail creditors who used Gemini's Earn program, is deemed "misleading at best" by Gemini. 

The exchange argues that creditors will not receive the real value of the money they are owed under the current proposal. DCG, the parent company of Genesis, owes $1.65 billion to Genesis, which in turn owes $1.2 billion to Gemini. The proposed repayment plan would be paid over seven years and would eventually make Gemini Earn users "nearly whole," according to DCG's lawyers. 

However, Gemini's lawyers argue that the plan is inadequate and relies on risky counterparty loans instead of actual cash and digital assets. The ongoing feud between Gemini and DCG has led to legal action and disputes over the restructuring of DCG's lending unit.  


Leaked Insights into Sam Bankman-Fried's Collapse

Recently leaked writings from Sam Bankman-Fried, the former CEO of FTX, shed light on his state of mind before and after the collapse of his crypto empire. Bankman-Fried appears unwilling to take responsibility for the failure and expresses regret over losing his public persona. 

The leaked writings also reveal his belief that his ex-girlfriend and ex-employee, Caroline Ellison, is to blame for the failure, along with the law firm overseeing FTX's bankruptcy.


Ethereum Testnet Holesky Stumbles at Launch

Amid shifts in the Ethereum market cap, the new Holesky testnet encountered a hiccup during its initial rollout because of a configuration blunder. Some validators manually fixed the issue, but the network couldn't reach finality. The testnet, designed to be twice the size of the mainnet, aims to handle a client size three times larger. Developers are working on rebooting the network within two weeks with new genesis files.  

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DJ 3LAU Exits Friend.tech Over Regulatory Concerns

Popular DJ and crypto investor 3LAU has caused a stir by opting out of decentralized social media platform Friend.tech due to regulatory risks. He expressed concerns about the automated market maker feature and its potential regulatory gray area. 3LAU plans to donate his earnings to charity and reimburse anyone who bought his keys.  


PolkaWorld Ceases Operations Due to Funding Woes

Polkadot community PolkaWorld has halted operations after its funding proposal was rejected. They raised concerns about the treasury management under Polkadot's new open governance platform, claiming it negatively affects long-term contributors. 

Brushfam founder Markian Ivanichok also criticized Polkadot's governance system, stating it is difficult to secure financing in an ecosystem that lacks care for users and marketing. Polkadot's OpenGov system was implemented earlier this year to allow tokenholders to shape the platform through voting on proposals.  

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Top Altcoin Gainers and Losers

Gainers:

Toncoin TON (+13.34%)

THORChain RUNE (+8.28%)

Aave AAVE (+7.70%)

Losers:

Rollbit Coin RLB (-10.32%)

IOTA MIOTA (-3.20%)

Unus Sed Leo LEO (-1.80%)


NFT Market Map

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Nouns Community Splits After Controversial Fork

The NFT community Nouns has split into two after a proposed fork from the project was completed. Over 50% of NFT holders opted to leave and withdrew over $27 million worth of ETH from the project treasury. The move reflects a lack of confidence in the current Nouns DAO format, despite millions of dollars being spent on various Nouns-themed projects since the project's inception. 

The market value for Nouns has also sharply declined, causing some members to cash out. The Nouns DAO still has $21.7 million worth of ETH remaining, and remaining NFT holders can still vote on proposals and allocate funding.


Ethereum Users Fall Prey to 'Sleepdropping' Scam

In a landscape where crypto price remains volatile, a scam known as "sleepdropping" has caused Ethereum users to lose over $11.5 million since December 2022. The scam involves sending seemingly authentic NFTs to users, who are then tricked into authorizing transactions that allow scammers to steal their assets. Over 500,000 addresses have been affected, with over 20,000 confirmed victims. The scam uses counterfeit NFT airdrops to deceive users.

This article has been refined and enhanced by ChatGPT.

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