MetaDecrypt Weekend Vibes

Hi guys!

We present to you another captivating assortment of Web3 news highlights, blockchain tales, and insightful crypto analyses, alongside a TGIF Meme, crafted for your utmost enjoyment. So, take a deep breath and savor the ride!

Until then, join our Telegram Channel to avoid missing any crypto updates from us.

https://t.me/MetaDecryptAnnouncements

A. This Week in the Crypto Space (Top 10 Highlights)

SEC’s Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security.

Arbitrum launches native governance token ARB and self-executing DAO governance model

Sam Bankman-Fried got $2.2 billion from FTX, was nearly forced out in 2018 CoinGeek

Sam Bankman-Fried was paid $2.2B Mostly from Alameda—Ex-CEO Caroline Ellison only $6M

Ethereum’s Shanghai upgrade gets official release date

USDC minting and redemption backlog almost cleared by Circle

Ethereum developers confirm April 12 for Shanghai hard for

Galaxy Digital CEO recommends buying crypto and Bitcoin amid US credit crunch

Republican Congressman Tom Emmer queries FDIC on alleged efforts to purge crypto activity from US

Signature Bank buyers have to give up all crypto businesses, says FDIC Bitcoinist

B. Sneak Peeks from Jerry and Jeniffer’s Crypto Diaries

Episode 6: The Troubled Reunion at ETH Dubai

Jerry had arranged for a private jet to take him and Martha to the ETH Dubai event. Martha was surprised by the gesture, but she couldn't deny the excitement she felt. They arrived safely and hurried into their hotel room as it was the night before the Demo Day. Jerry and Martha were both nervous about their upcoming presentation, but the excitement was building up between them. As they went over their slides of their crypto project, Jerry couldn't resist kissing Martha's neck. She moaned softly, and soon they were making out on the bed. Their clothes quickly came off, and they explored each other's bodies with eager hands and lips. They forgot all about their presentation and spent the night lost in each other. Damn!

The shock of the day was seeing Jennifer among the team of Judges, looking stunning in her formal dress. Jerry’s heart raced in despair, but they both knew they had to be professional and focus on their respective roles at the event. Meanwhile, Martha did not recognize so early that it was Jennifer. Expectedly, Jerry fumbled throughout the presentation with Jennifer looking straight to his eyes, but Martha covered-up and performed excellently.

As the other judges deliberated on ratings, Jennifer exited through the backstage feeling sad and teary. She considered using her VETO power against the project Jerry and Martha co-presented, but she also had the nod to be professional.

It dawned on Jerry that he and Martha just had a pitching that was dead-on-arrival, as his emotions and regrets of how he ditched Jennifer did not afford him a glimpse of hope. Jennifer returned to the high table with a request to turn-in her grades in 24 hours. Jerry saw this as a lifeline but it’s up to Jennifer to be willing to forgive the duo stabbers. Shortly after the Demo event, Jerry tracked Jennifer to her room and.........

To be continued next week.

C. Manna From The Metaverse

Scam Alert: $300K Stolen by Fake Blur Airdrop Websites

Scammers are targeting non-fungible token (NFT) users with fake websites promising access to Blur token airdrops. These malicious websites use smart contracts that automatically prompt transactions when users connect their Ether wallets.

TrustCheck, a web3 browser security extension, has identified 24 scam websites that have stolen over $300,000 since February 15. While some of these websites are still operational, users are warned to be wary when connecting wallets.

The legitimate Blur platform has seen booming user numbers and trading volume as a result of its three-phase airdrop incentive scheme. However, scammers are taking advantage of the scheme's mechanics by promoting fake airdrop links to malicious websites. TrustCheck and other similar tools can flag suspicious websites and transactions to help protect users from these scams.

Lesson: Web3 users must be vigilant against phishing attacks and other scams in the crypto space to avoid getting scammed.

B. Signature, SVB, Silvergate Failures: Effects on Crypto Sector

Two of the banks that were friendliest to the crypto sector and the biggest bank for tech startups failed in less than a week, creating instability in the stablecoin market. Silicon Valley Bank (SVB) collapsed after depositors withdrew more than $42 billion following the bank’s announcement that it needed to raise $2.25 billion to shore up its balance sheet.

Signature, which also had a strong crypto focus, was seized by banking regulators, and Silvergate Capital said that it would be winding down operations and liquidating its bank. Both Signature and Silvergate were the two main banks for crypto companies, and nearly half of all U.S. venture-backed startups kept cash with SVB, including crypto-friendly venture capital funds and some digital asset firms.

The Federal Government stepped in to guarantee all deposits for SVB and Signature depositors, sparking a small rally in the crypto markets. The shutdown of the crypto banking trifecta could present problems for Bitcoin and the crypto liquidity overall, as Silvergate Exchange Network (SEN) and Signature’s Signet were real-time payment platforms that crypto customers considered core offerings.

Stablecoins are supposed to be pegged to the value of a real-world asset, such as a fiat currency like the U.S. dollar or a commodity like gold. But unusual financial conditions can cause them to drop below their pegged value, which happened with USDC, the second-most liquid U.S. dollar-pegged stablecoin, over the weekend. USDC and DAI have since shifted back toward their dollar peg. The shutdown of crypto-friendly banks created a void that industry insiders are hoping will be filled by banks like Mercury and Axos.

C. Meme of the Week

Thanks for checking in this week! See you next weekend for another interesting episode!

The MetaDecrypt Team

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