Weekly Crypto News Recap - Sep 2, 2022

September 2, 2022

Ethereum Layer 2 Arbitrum Completes Nitro Upgrade

Crypto Briefing
The Ethereum Layer 2 network Arbitrum successfully migrated the existing Arbitrum One network to Arbitrum Nitro Wednesday, exactly one year after the network’s mainnet first went live. Offchain Labs, the company developing Arbitrum, announced the completion of the upgrade which increases transaction throughput, reduces fees, and provides a better UX for developers building applications. In more detail, Arbitrum’s transaction throughput was throttled previously to maintain network performance and stability, but these limitations have now been lifted, vastly increasing the number of transactions the network can handle. It also has helped compress transaction data that it posts back to L1, reducing costs further. However, the bulk of the Nitro upgrade comes in the form of a new prover, which can process Arbitrum’s interactive fraud proofs using WebAssembly code, replacing the custom-designed language and compiler that was previously used. The result is a much more streamlined and intuitive experience for those building on Arbitrum. Now that Nitro has expanded Arbitrum’s transaction throughput, the network will likely restart its Arbitrum Odyssey Campaign that was previously shut down as it briefly pushed gas prices on the L2 network above those on Ethereum mainnet.

DeGods Have Ascended: Solana NFT Project Soars Ahead of Buzzy y00ts Launch

As buzz builds around this week’s launch of the y00ts NFT project on Solana—which has attracted celebrities and crypto influencers alike—prices for the team’s current NFT collection, DeGods, surged to new heights this week, flipping Mutant Ape Yacht Club to become the fourth highest valued collection by floor price (assuming only collections w/ 10,000+ items). DeGods momentum has picked up considerably lately as the project’s creator—who goes simply by Frank—plans to launch a new NFT collection called y00ts on Friday. Y00ts is a Solana-based profile picture project that will launch with 15,000 NFTs, and it has curated its whitelist by requiring people to apply for a “scholarship” and then publicly posting about those that have been accepted via the y00tlist Twitter account. Y00ts aims to differentiate itself from traditional PFP projects by implementing new forms of customization, along with ways for creators to make money. According to its whitepaper, y00ts plans to launch a storefront where holders can purchase and equip visual traits for their NFTs from various artists, with the artists taking a cut of royalties in the process. The project has also discussed topical plans to prevent OTC transactors from receiving any of the utility of the project should they try to bypass royalties.

An NFT Marketplace Is Letting Buyers Avoid Royalty Payments. Creators Aren’t Pleased

The popular NFT marketplace X2Y2 announced it will no longer make buyers pay royalties on certain NFT purchases, sparking debate on the importance of such payments to the industry. Royalty payments have become a cornerstone of the growing NFT industry, allowing artists to make money when people resell their work, venues to capture revenue on secondary marketplaces for NFT tickets and musicians to subvert streaming services in favor of more lucrative, blockchain-driven products. But there’s a problem: Royalty payments are only enforceable on a marketplace level, and not on-chain. An NFT buyer, for example, could send ETH to a designated wallet after making an off-chain agreement to buy their NFT, and the seller could send them that NFT with no marketplace as a middleman for the transaction, paying no royalty fees in the process. Sellers on marketplaces such as OpenSea can program a designated fee into each sale, in most cases between 5%-10% of an item’s purchase price, but if a marketplace wanted to waive the fee altogether, there’s nothing stopping them from doing so. That’s exactly what’s happened with X2Y2, a popular NFT marketplace that announced on Friday that all royalty payments would be optional, making them the equivalent of a blockchain tip jar.

Fireblocks launches support for Solana NFTs, games and DeFi

The Block
Crypto custody and services firm Fireblocks is now supporting Solana-based applications. This integration enables Fireblocks users to connect and interact directly with decentralized applications built on Solana. Developers also will be able to utilize a suite of tools that increase security for builders working in Solana’s ecosystem. “Fireblocks’ Web3 Engine offers Solana builders the highest level of security when it comes to accessing the blockchain and its ecosystem of applications for their customers,” Fireblocks CEO Michael Shaulov, said.

62% of wallets did not sell Bitcoin for a year amid the bear market: Data
El Salvador Bitcoin bond delayed due to security concerns: Tether CTO
Ethereum’s Vitalik Buterin “Worried” About Bitcoin’s Future for Two Reasons
El Salvador’s Bitcoin Beach Included in $203M Tourism Investment
Mt. Gox Trustee Repayment Announcement Triggers Fear in Bitcoin Market
Mercury Wallet is pitching itself as Bitcoin’s answer to scalability, privacy
Mt. Gox creditors dismiss rumors of massive Bitcoin dump Potential Ethereum Hard Fork Token ETHPOW May Trade at 1.5% of Ether’s Price, Futures Suggest
Ethereum Name Service Touts Third-Highest Monthly Revenue as Merge Approaches
Ethereum Merge and the hefty tax bill you could be in for
Largest Ether mining pool Ethermine opens new ETH staking service
Data Giant Shocks Ethereum With Ban on Mining Decentralized NFT Marketplace Sudoswap Announces Ethereum Token Airdrop
1inch announces 300,000 OP token airdrop for users on Optimism
Crypto users push back against dYdX promotion requiring face scan
Socios extends Argentina soccer deal tapping into a market ravenous for digital assets
Crypto Asset Manager Babylon Finance Will Shut Down After Failing to Recover From Rari Hack
BNB Chain Introduces Liquid Staking to Provide Crypto Users Access to More Income Streams
LUNA Classic pumps 70% on ambitions to wipe the past, revive the chain
Amid crypto winter, Nexo commits additional $50M to buyback program
Compound discovers bug in new update, freezes cETH market
SushiSwap Members Rejoice as Whale Bails from Token
Helium developers propose a full migration to the Solana blockchain
Polkadot Parachain Moonbeam Integrates Cross-Chain Messaging Protocol LayerZero
Kylin network wins parachain auction 25 on Polkadot
AVAX Soars After Avalanche Founder Denies ‘Gangster Style’ Litigation Claims
Aave community proposes to temporarily suspend ETH lending before the Merge
Synthetix Community Considers Ditching Inflationary Tokenomics
Most Acala Services Still Offline Twelve Days After Attack
SushiSwap reduces proposed salary for its ‘Head Chef’ role after community pushback
DeFi Lending Platform Compound (COMP) Launches New ‘Streamlined’ Protocol Upgrade
Ripple CEO comments on Crypto Leaks, denies funding law firm to target others
Crypto Lender Celsius Files to Return Custody Clients’ Funds
Tether asks court to terminate Roche Freedman from class action
Curve founder says it’s ‘possible’ crvUSD stablecoin will launch next month
Bybit expands spot USDC trading pairs as support for stablecoins grows
Tether Promises Audit Following WSJ Criticism
Buterin makes the case for alternative stablecoin technology in high inflation environment
MakerDAO co-founder recommends DAI-USD depegging to limit attack surface Digital casino Stake.com facing $400M lawsuit filed by former partner
Mayo Clinic taps into blockchain technology for clinical trial design
Unstoppable Domains Users Can Now Send Private Emails With Skiff
Cointelegraph promotes Wes Kaplan to CEO, Jay Cassano joins advisory board
Hardware wallet Trezor enables direct crypto purchases with MoonPay
Crypto Lawyer Kyle Roche Pulls Out of Lawsuits Against Tether, Binance and Others
Brown Rudnick’s crypto practice gains four seasoned partners
Hodlnaut get creditor protection, interim judicial management
Soulbound Tokens vs Self-Sovereign Identity: Web3’s Search for a Digital ID Solution You Can Now Get Advice From a Bored Ape NFT on Cameo
New Otherside clip teases dark backstory for Yuga Labs’ Kodas
Crypto bank Sygnum to open metaverse hub in Decentraland
Twitter brings back suspended NFTs accounts as Solana threatens to pause ad spend
Mythical Games Is Building an Ethereum-Compatible Chain
‘Beer With Bill Murray’ NFT Sells for $185K in ETH at Charity Auction
A16z proposes a set of licenses especially for NFTs, based on Creative Commons model
Ticketmaster selects Flow blockchain for minting NFT event tickets
Hermès reveals plans for Metaverse fashion shows, crypto and NFTs
OpenSea commits to ‘solely supporting’ NFTs on proof-of-stake Ethereum blockchain
Study discovers 40% of web3 gaming accounts are bots using on-chain data
What to Expect From the UK’s Royal Mint NFT Collection
South Korea’s Science Ministry to develop ethical principles for the metaverse
NFT project Art Blocks launches engine for generative asset creation
Frida Kahlo art finds permanent home in the metaverse
GameFi investors are now prioritizing fun factor over money: Survey
BarrelDAO sells out NFT-linked Solana Summer Shandy beer
Merch and perfume: Formula One trademark filing paves the way for F1 NFTs Crypto Miner PrimeBlock’s CEO Has Left Firm After Canceled SPAC Deal: Sources
Sneaky fake Google Translate app installs crypto miner on 112,000 PCs
Bitcoin Mining Middleman Compass’ Georgia Facilities to Close as Energy Prices Soar
SBI Crypto Has Reportedly Cut its Ties with Russian Bitcoin Mining Firm BitRiver
Bitcoin mining has never been more competitive even as BTC loses 13% in August
Paraguay President Squashes Bitcoin & Crypto Mining Bill with ‘Total Veto’
Ethereum miner balance reaches four-year high weeks before the Merge
The End of the Texas Bitcoin Mining Gold Rush
Crypto Mining Giant Says Ethereum’s Upcoming Merge Presents Risk of Censorship
AntPool won’t maintain client assets on Ethereum after The Merge amid ‘risk of censorship’ Coinbase Mispricing Allows Users in Georgia to Cash Out for 100 Times Rate
US Asked Binance for Documents Related to Money-Laundering Probe: Report
Binance, Crypto.com to support for BNB beacon chain upgrade
Former CFTC commissioner Jill Sommers joins FTX US Derivatives board
Second Round of Layoffs at Brazilian Crypto Unicorn 2TM
Binance Froze Russian Gun Maker’s Crypto Assets, Amid Ukrainian Pressure
Crypto.com Pulls Plug on $495M Champions League Sponsorship Deal: Report
Indonesia plans to set up its crypto bourse by the end of 2022
US congressman to review all Binance.US files related to consumer safety
S. Korean City Busan Taps FTX to Develop Crypto Exchange, Promote Blockchain Businesses
Court Rules Bithumb Must Pay Damages to 190 Customers Over ‘Computer Errors’
FTX Denies Any Plans to Acquire Huobi
CME Adds Euro-Denominated Ethereum Futures as Merge Approaches
Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto
Coinbase says it will ‘evaluate any potential forks’ following the Merge Banking platform LevelField is raising $50 million, secures first acquisition
GoGoPool raises $5 million to provide decentralized staking on Avalanche
Pantera leads $13 million round for creator-owned livestreaming platform Stacked
NFT Security Startup Tokenproof Raises $5M to Keep JPEGs Safe From Scammers
Luabase raises $4.5m to get reliable web3 data at scale
Moonbirds will store NFT art ‘in chain’ — Raises $50M in Series A funding
Lightnet secures $50 million LDA capital commitment for remittances
Lemniscap leads investment in oracle provider Redstone’s $7 million round
Blockchain Gaming Platform Xterio Raises $40M Led by Partner FunPlus
Singapore state investor leads $100M round for crypto firm Animoca: Report
GammaX Raises $4M to Launch Crypto Derivatives Exchange on Ethereum Layer-2 Solution
Fintech Firm Lightnet Group Gets $50M From LDA Capital to Boost Velo Protocol’s Technology Crypto Developer Brothers Leave VC Firm After CoinDesk Exposé
Wave Financial makes first acquisition in Europe, plots further deals taking advantage of ‘fire sale’ environment
Pantera Capital COO Samir Shah Leaves the Crypto Venture Capital Firm After Two Months
Crypto Investment Products Volume Hits ‘Lowest since October 2020’
Reddit co-founder’s VC firm seeking $177.6 million to invest in crypto tokens: The Information
Social Media Giant Snap Disbands Web3 Team Amid Mass Layoffs
Credit Suisse Held $31M in ‘Digital Assets’ for Clients Last Quarter
Tech giant Meitu loses over $43M of its crypto investment in bear market
Top market makers back new blockchain for trading founded by Goldman Sachs and Robinhood alums: Bloomberg
Meta Adds Ethereum, Polygon, Flow NFT Cross-Posting Between Facebook and Instagram
Indonesian e-commerce giant buys local crypto exchange for $8 million Case for retail CBDC ‘not compelling’ in Singapore – Menon
New Global CBDC Platform Could Cut Payment Costs, IMF Says
Digital Dollar Project Plans to Explore CBDC Technical Solutions With New Sandbox
CBDC Alternative FedNow to Launch Next Summer Thailand Toughens Rules for Crypto Ads
CFTC and SEC open comments for proposal to amend crypto reporting rules for large hedge funds
EU’s MiCA Crypto Law Text Ready Within 6 Weeks, Lead Lawmaker Says
Georgia aims to adopt European crypto standards for Anti-Money Laundering
Ripple’s plan to tokenize Colombian land stalls amid new administration
California State Assembly passes bill for licensing and regulating crypto firms
FASB crypto accounting rules to exclude NFTs, some stablecoins – WSJ
Bitkub’s CTO Appeals Against the SEC’s Decision
Australia Starts Research Program to Explore Digital Asset Opportunities
Thailand’s SEC Fines Bitkub Subsidiary $234K for Insider Trading, Bans Executive
Central African Republic court says new $60,000 citizenship-by-crypto-investment program is unconstitutional
Argentina’s Mendoza province now accepting crypto for taxes and fees
Iran implements rules allowing businesses to use crypto for import trade transactions
Senate committee preps hearing on CFTC regime for crypto exchanges: Sources
SEC seeks info from Grayscale about three crypto trusts: CoinDesk
Most of the responses to Joe Biden’s crypto executive order are due next week
Dubai issues crypto marketing rules to better protect investors
South Korea’s Central Bank Calls for End to ICO Ban
Singapore’s Central Bank Wants to Foster Digital Assets, Restrict Crypto Speculation ConsenSys to Launch ‘Sustainable’ NFTs Celebrating the Ethereum Merge
EU Lawmakers Vote Down Green Crypto Mining Study
Peruvians Are Buying Crypto to Hedge Against Inflation and Political Instability
NFT micro-philanthropy gives a new voice to the opera
Tron Network Energy Use Matches That of 15 US Households: CCRI Report
Bitcoin could become a zero-emission network: Report Hackers’ plan to sell stolen passport of Belarusian leader as NFT on OpenSea fails
Cardano Builder IOG Funds $4.5M Blockchain Research Hub at Stanford University
D.C. alleges Saylor, MicroStrategy evaded over $25 million in taxes
KyberSwap says it will pay 15% bounty if attacker returns $265K in stolen crypto
CoinGecko reveals the US state most interested in Bitcoin and Ethereum
Saylor respectfully disagrees with DC AG allegations of tax avoidance
Crypto.com Sues Woman After Sending Her $10 Million by Mistake: Report
FBI issues recommendations for DeFi investors amid exploits
Ukraine’s National Police Exposes Crypto Cybercrime Group Targeting Europeans
Cryptocurrency markets trade flat as Eurozone inflation hits record 9.1%
British National Accused in OneCoin Scam Set to Face US Extradition: Report
16 Arrested in South Korea over Suspected Crypto Kimchi Premium Trading Violations
NFTs Gaming CEO apologizes for losing 12% of startup capital through crypto trading
Elon Musk Sends Second Letter Terminating Twitter Acquisition
OptiFi locks up $661,000 by accidentally shutting itself down
Federal Reserve’s Powell: Inflation Battle Not Yet Close to Finished
Taliban Release Arrested Crypto Dealers, Ban Crypto in Afghanistan

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