Web3 🌖 Tuesday Wonders: FTX's $3.4B Holdings, Zodia Custody in Singapore, Vitalik's SIM Swap, DeFi vs. Patent Trolls, and PayPal's Bitcoin Caution
💰 FTX unveils $3.4B in crypto assets
🏛 Zodia Custody by Standard Chartered expands to Singapore
🧑Vitalik Buterin's Twitter SIM Swap exposes $691K loss
💸DeFi takes on patent trolls
🔒PayPal Co-Founder's reservations on Bitcoin as daily currency.
Let's keep reading for more info! 🎈
Hello, and welcome to a thrilling Tuesday in the ever-evolving realm of #Web3! Our journey today unveils a tapestry of intriguing stories. Stay with us as we explore these captivating narratives!
1. FTX unveils $3.4B in crypto assets
The bankrupt FTX crypto exchange estate has amassed $7 billion in assets, including $3.4 billion in crypto. This revelation caused significant price drops for Solana (SOL) and Bitcoin (BTC). The estate is now seeking approval to liquidate $3.4 billion of cryptocurrencies. Additionally, FTX is exploring options for a relaunch, with over 75 potential bidders being approached. Blockchain company Figure and venture capital firm Tribe Capital are among the potential suitors. FTX's native token, FTT, saw a 17% surge in trading value, reflecting optimism about the potential relaunch. The bankruptcy proceedings and relaunch efforts will have far-reaching implications for the crypto industry and the future of FTX.
Ronaldo Marquez
2. Zodia Custody by Standard Chartered expands to Singapore
Zodia Custody, a subsidiary of Standard Chartered, has launched digital asset custody services for institutions in Singapore. It is the first entity in the country both owned by and partnered with banks to provide such services. Established in 2021, Zodia serves a diverse clientele, including hedge funds and exchanges. The company leverages Standard Chartered's reputation for risk management and compliance. Singapore, with a 19% crypto ownership rate, surpasses the global average. Despite industry challenges, Singapore remains a fintech hub. In 2022, crypto-related funding in the city-state reached $1.2 billion. Zodia's expansion into Abu Dhabi capitalizes on its crypto-friendly regulatory environment.
3. Vitalik Buterin's Twitter SIM Swap exposes $691K loss
Vitalik Buterin, Ethereum co-founder, fell victim to a "SIM swap" attack on Twitter, resulting in a loss of over $691,000. He revealed the incident on the decentralized platform Warpcast. SIM swapping involves a scammer taking control of a phone number to bypass security measures. Buterin learned to remove phone numbers from Twitter, as they could be used to reset accounts. The FBI warned of rising SIM swap attacks, targeting cryptocurrency owners. Bart Stephens and Bryan Pellegrino also suffered similar attacks. These incidents highlight the need for enhanced security in the crypto space. Users should remain vigilant to protect their assets.
4. DeFi takes on patent trolls
The DeFi Education Fund (DEF) has taken action against what it calls a "patent troll," True Return Systems. DEF filed a 90-page petition with the US Patent and Trademark Office, seeking to cancel True Return's patent, which claims to link off-chain data to a blockchain. This patent was granted in 2018. DEF's legal chief, Amanda Tuminelli, alleged that True Return attempted to sell the patent as an NFT, and later filed a lawsuit against DeFi protocols MakerDAO and Compound Finance. Tuminelli believes the goal was to obtain a default judgement. DEF argues that True Return's technology wasn't new when the patent was granted and points to existing tech like IPFS, Sia, Storj, and Swarm. True Return has yet to respond to the petition. The USPTO has six months to decide whether to review the patent and 12 months to determine its cancellation.
Jesse Coghlan
5. PayPal Co-Founder's reservations on Bitcoin as daily currency.
David Marcus, CEO of Lightspark and co-founder of PayPal, sees Bitcoin's lightning network as a universal protocol for cross-currency transactions. While Marcus believes Bitcoin won't become a common payment method, he aims to turn it into a global payment network using the lightning network. This layer-2 solution makes Bitcoin transactions faster and cheaper, processing them separately before settling on the main blockchain. Marcus envisions lightning as a universal protocol for online value exchange, comparable to texting for communication. It allows users to send any currency, ultimately received in their chosen form. This approach aligns with Jack Mallers' views at Strike, which also utilizes lightning for cost-effective global currency transfers. PayPal now supports various cryptocurrencies and introduced its stablecoin, PYUSD, to innovate Web3 payments.
Andrew Throuvalas
Today's Web3 highlights showcase the dynamic and ever-evolving nature of the cryptocurrency and blockchain industry. FTX's substantial crypto asset revelation, Zodia Custody's expansion into Singapore, and Vitalik Buterin's Twitter hack emphasize the importance of security and vigilance in the digital realm. Meanwhile, the DeFi community's fight against patent trolls and PayPal Co-Founder David Marcus's perspective on Bitcoin's role as a universal payment protocol spark critical discussions within the crypto space. As the industry continues to mature, these developments remind us of the ongoing challenges and opportunities that shape the future of decentralized finance and digital currencies. Stay tuned for more updates and insights in the world of Web3.
