Ethereum's Centralisation Risk?+ Fallout From Tornado Cash Sanctions
Ben Simpson
Navigating the world of crypto with confidence & expertise | Founder & CEO of Collective Shift | Helped 1000+ investors maximise their returns & create a winning portfolio strategy
Delivered each Friday, our free?Weekly Shift Round-Up?covers the week's major crypto news, price action and the latest content from Collective Shift.
Hi Linkedin,
Welcome back to our weekly Crypto Round-Up for August 19—where we cover the major news, announcements and a summary of content for the week!
No time to waste, so let's jump in! ??
???The Week In Crypto
?Crypto markets remained stable as the total market cap hit a 2-month high (BTC -2% and ETH +1%). Although markets slid after Federal Reserve minutes hinted another 75 basis point increase is on the cards for September.
?Due to Tornado Cash sanctions, USDC issuer Circle froze sanctioned addresses, while DeFi front ends blocked users.
?The move generated significant debate about Ethereum's centralisation—specifically the power stablecoin issuers have over the network and the ability for validators to be sanctioned.
?The move sparked a controversial?proposal?by a MakerDAO co-founder to change DAI's (largest crypto-native stablecoin issued by MakerDAO) collateral from USDC into ETH. The idea has split the community.
?A Tornado Cash developer was arrested and accused of "facilitating money laundering",—raising significant questions over privacy. Last week, the U.S. Treasury issued the first sanction to take down a Decentralised Finance (DeFi) protocol in a landmark case. Strap in, as Coin Centre (the largest crypto advocacy organisation) is?preparing?a legal challenge.
?Acala Network's aUSD stablecoin depeged ~99% due to a hacker issuing >$1B aUSD. aUSD has almost recovered its peg after Acala passed a community vote to burn the hacked funds—2022 has been a record year for cryptocurrency hacks and thefts.
?Buenos Aires said they will run Ethereum validator nodes in 2023. The move is for "exploratory and regulatory purposes" to "develop adaptable regulation".
?The struggling lender is reportedly in ~$2.8B of debt—up from initial claims of $1.2B—with fears they'll run out of money by October. It comes as Canadian regulators are?probing?the failing lender and revelations Celsius CEO Alex Mashinsky reportedly "took control" of trading strategy months before bankruptcy.
?Some shining light is Celsius?claims?it's received several cash-injection offers and a judge allowing the sale of mined bitcoins to find operations.
?? Notable Project-Specific News
?? The Best Free Content From Collective Shift ??
?? How to Use Solscan for Beginners
A guide to help you navigate Solscan—a block explorer and data analytics platform for all things Solana.
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?How to use Solscan to find and interpret a simple Solana transaction plus MetaVerse Explorer introduces another Solana tool.
??? The Best NFT Content That You Are Missing Out!
Matt shares bits of alpha from our fortnightly NFT report.?
??? Ben & Bergs Podcast: Crypto Scams & Real Estate Investing
All about crypto scams and security, real estate and P.R. strategies for startups.
??Twitter Spaces: Crypto Market; NFTs & VeVe Platform
?On this week's Twitter Spaces, Matts joined with Rhys from VeVe and Ecomi (a proud education partner of Collective Shift). Matt and Rhys talk all things NFTs, collectibles and markets. Catch up below! ??
?? Why The Ethereum Merge Is A Mistake: Insider This Week's Free Article
Checkmate provides the bear case for Ethereum's merge, highlighting his concerns, questions and risks on the upcoming move from proof of work to proof of stake. Click to?view?the full post!
???? The Best Member Content From Collective Shift ??
?? Best From The Collective Shift Discord
#NFT: Dive into the NFT x DeFi narrative?
Matt?shared?some great write-ups from his NFT Report last week.
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