To actually make it in Web3, much like practically every other industry, founders have to start with a gap they can realistically address. The impetus for starting Sending Labs, for example, came from our founding team noticing that Web3 had virtually no cohesive communications infrastructure, especially at the group level. Source ChatGPTsFoundersLessonsSuccessWeb3 CryptoX Portal
One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the business or bringing in new investors. According to the CEO of the FTX and Silicon Valley Bank-backed fintech startup, Chipper Cash had insignificant exposure to both SVB and Signature Bank. Chipper Cash ‘Never Sought to Be Acquired’ The FTX and Silicon Valley Bank (SVB) backed-African fintech giant, Chipper Cash, is weighing options including the sale of the business or bringing in new investors, a Bloomberg report that cites unnamed sources has said. According…
Unexpectedly, it has come to light by our sources that FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, had a staggering $6.8 billion hole in its balance sheet at the time of its bankruptcy filing last November. This news has sent shockwaves through the cryptocurrency industry, raising questions about the stability and sustainability of some of the world’s largest crypto firms. As per the presentation submitted on Friday to the court handling the bankruptcy case, The presentation revealed that FTX.com suffered a massive deficit of $10.6 billion, while its FTX.US…
The recent attack that drained $197 million from Euler Finance was dubbed the biggest decentralized finance (DeFi) hack of 2023 so far. However, this may not hold for much longer as the hacker reportedly had a change of heart. On March 18, roughly 3,000 Ether (ETH) ($5.4 million) were returned to Euler Finance’s deployer address from the Euler Finance hacker’s address. Blockchain investigator PeckShield identified three transactions that were used to send the funds. https://t.co/4OBksAu9od pic.twitter.com/Zb3MIyex2f — PeckShield Inc. (@peckshield) March 18, 2023 Cointelegraph confirmed that the hacker transferred 1,000…
“That means that billions of dollars went to creators but, more importantly, an even larger number went to owners of the assets of these entities that fueled an industry that made it possible to create companies like Blur, OpenSea or Magic Eden,” he said. Source FlourishNFTProjectsRoyalties CryptoX Portal
The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising. BTC market cap daily performance chart. Source: TradingView Moreover, Bitcoin has decoupled from U.S. stocks for the first time in a year, with its price rising about 65% versus S&P 500’s 2.5% gains and Nasdaq’s 15% decline in 2023. SPX and NDAQ YTD performance vs. BTC/USD. Source: TradingView Wall Street banks lose $100B in 2023…
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Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower house of Russian parliament, the State Duma, has adopted in the first reading a bill introducing legislative changes necessary for the realization of the digital ruble project. Most notably, it seeks to amend the law…
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Ethereum co-founder Vitalik Buterin has emphasized the importance of having a varied set of “guardians” to maximize the safety of crypto asset self-custody via multisig and social recovery wallets. Given the ever-growing rate of crypto scams and hacks over the past few years, and several major crypto firms going bust in 2022, the importance of self-custody and maintaining sufficient wallet safety procedures has never been more important. In a March 16 Reddit post on the r/ethereum community titled “How I think about choosing guardians for multsig and social recovery wallets,…