Web3🌕Monday Snapshot: Javier Milei's Win Lifts Bitcoin, Kronos Research Halts $26M Crypto Theft, OpenAI Turmoil, Atomic Wallet's $100M Hack Lawsuit

Step into the dynamic landscape of Web3 with this week's riveting highlights! From the seismic impact of Javier Milei's Argentine Presidency win, surging Bitcoin prices by nearly 3%, to Kronos Research's revelation of a $26 million crypto hack, halting trading operations in Taipei. Dive into the intriguing realm of OpenAI's unique structure that vested four individuals with the unprecedented authority to dismiss Sam Altman. Plus, uncover the legal complexities as Atomic Wallet seeks dismissal of a lawsuit, citing its absence of US affiliations amidst a $100 million hacking incident. Stay tuned for comprehensive insights and continuous updates on these significant developments shaping the Web3 space!

1. Javier Milei's Victory in Argentine Presidency Boosts Bitcoin by Nearly 3%

Javier Milei, an anarcho-capitalist, supports Bitcoin as a means to restore money to the private sector. He won the Argentine presidency with 56% of the votes over opponent Sergio Massa. Bitcoin rose by nearly 3% to $37,350 following Massa's concession. Milei advocates against the central bank, aiming to dollarize the economy amid severe inflation. While not proposing Bitcoin as legal tender, he seeks to eliminate the country's central bank, emphasizing Bitcoin's role in returning control of money to the private sector. Milei's win and Bitcoin's surge reflect a growing interest in decentralized financial systems as solutions to economic challenges.

Javier Milei Wins Argentine Presidency; Bitcoin Gains Nearly 3%

The self-described anarcho-capitalist has been supportive of bitcoin, calling it “the return of money to its original creator, the private sector.”

CoinDeskStephen Alpher

2. Kronos Research in Taipei Verifies $26 Million Crypto Hack, Halts Trading Activities

Kronos Research, a Taipei-based firm, faced a breach losing $26M in crypto assets, leading to a trading halt. WOO X, affected by the incident as Kronos' market maker, paused operations briefly. Despite reassurances of fund safety, backlash arose over their unclear association. The incident represents a significant theft in November 2023, adding to a month where crypto attacks led to $173M in losses, with Poloniex's $113M hack being prominent. WOO X has since resumed trading, assuring users of their fund safety. The breach highlights the vulnerability of crypto markets and prompts scrutiny over platform security amidst industry-wide challenges.

Kronos Research Halts Operations After Losing $26 Million In Security Breach

Kronos Research, a Taipei-based market maker, trading firm, and venture capital fund, witnessed the withdrawal of significant amounts of crypto assets due to a

BitcoinWorldSofiya

3. Exploring OpenAI's Unconventional Structure: The 4 Individuals Empowered to Dismiss Sam Altman

The upheaval at OpenAI stems from an unconventional structure designed to safeguard against rogue AI. Recent turmoil saw CEO Sam Altman ousted by a small board group. Investors, blindsided by this move, question the governance's effectiveness. Initially founded to counter profit-driven AI, OpenAI's board evolved with departures, altering its independence and leading to the recent turmoil. Critics condemn the governance model, calling for change. In contrast, rival Anthropic, established with a distinct governance framework, aims for a balanced power structure. OpenAI now faces a challenge in restructuring its governance amid criticism and uncertainty about its future direction.

How OpenAI’s Bizarre Structure Gave 4 People the Power to Fire Sam Altman

Chaos at OpenAI has its root in an unusual corporate structure designed to protect humanity against rogue AI—some investors had expressed fears it could weaken the company.

WIREDCondé Nast

4. Atomic Wallet Requests Lawsuit Dismissal Regarding $100M Hack, Citing 'No US Ties'

Atomic Wallet, an Estonia-based firm facing a $100 million hack lawsuit in the US, seeks dismissal. The company argued the suit should be filed in Estonia, not the US, as it lacks US ties. With only one affected user in Colorado, Atomic highlighted its user agreement disclaiming liability for theft losses and capping damages at $50 per user. The firm emphasized that negligence claims lack legal merit, citing no legal duty for security maintenance. Allegations of fraudulent misrepresentation were also refuted. The class action followed a $100 million hack affecting 5,500 users, attributed to North Korean and Ukrainian groups, occurring two months prior.

Atomic Wallet asks to toss suit over $100M hack, saying it has ‘no US ties’

Atomic Wallet sought to dismiss a class action suit in a U.S. court arguing it has “no U.S. ties” and plaintiffs should instead file a lawsuit in Estonia where it’s based.

CointelegraphBrayden Lindrea

As we conclude this dive into the vibrant world of Web3, these groundbreaking highlights underscore the intricate dynamics at play in our evolving digital landscape. Stay tuned for more captivating updates and deeper insights into the evolving landscapes of Web3. The week ahead promises to unravel even more intriguing narratives in the world of decentralized technologies and digital finance!

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