The Unchained Web Daily Crypto News #27

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Coinbase’s Armstrong Pushes for Grassroots Crypto Advocacy in SEC Fight

Coinbase CEO Brian Armstrong and other executives urged US crypto enthusiasts to push their local congresspersons to adopt a pro-crypto stance via Crypto 435, an advocacy program. The call came after the SEC sent Coinbase a Wells Notice, indicating potential enforcement action for violating securities laws. Coinbase emphasizes crypto's potential for job creation and innovation in the US. With 50 million Americans holding crypto, the company believes they have power as a voting bloc. Critics argue that the SEC has been overly aggressive towards the industry, limiting its growth by not providing clear regulatory guidelines. Coinbase's chief policy officer expects US Congress to be the next focus for regulatory action, with bills and hearings anticipated in the coming months. More information here.

Nasdaq Eyes Second Quarter For Launch of Its Crypto Custody Services

Nasdaq Inc plans to launch crypto custody services by the end of Q2 and has applied for licensing with New York regulators. The company aims to be licensed as a limited-purpose trust company charter and will initially provide custody for Bitcoin and Ethereum. This move into the crypto space comes amid the collapse of major crypto-friendly banks due to regulatory scrutiny. Nasdaq's entrance is seen as evidence of the industry's growth, and the company is considering other crypto services. Traditional financial institutions like BNY Mellon and Fidelity already provide crypto custodial services, and asset management firm BlackRock has also shown interest in the crypto scene. Click here for more.

Canada’s Bankrupt ‘Crypto King’ Kidnapped, Tortured, Held for $3 Million Ransom

Canadian "Crypto King" Aiden Pleterski has been accused of running an investment scheme, allegedly investing only 2% of the 41.5 million CAD he received from investors in cryptocurrency and foreign exchange positions. Pleterski reportedly spent 16 million CAD on a lavish personal lifestyle. In December, Pleterski was kidnapped and tortured for three days, with his captors demanding a ransom of 3 million CAD. He was released under the condition of quickly finding money to pay his kidnappers and not contacting the police. Pleterski testified that he lost all his investments in November 2021 and took aggressive positions to recover losses, but greed led to further losses. More information can be found by clicking here.

G7 to collaborate on tighter crypto regulation

The G7 meeting in May may see the world's seven largest democracies push for stricter cryptocurrency regulations. Japan, the US, the UK, Canada, France, Germany, and the EU aim to collaborate on increasing crypto transparency, enhancing consumer protection, and addressing potential risks to the global financial system. Japan already regulates cryptocurrencies, the EU's MiCA regulation will be effective from 2024, and the UK is gradually developing its crypto framework. Meanwhile, the Financial Stability Board, International Monetary Fund, and Bank for International Settlements are working on recommendations for stablecoin and crypto asset regulations to be delivered by July and September. More information can be found by clicking here.

First Citizens to Buy Silicon Valley Bank

First Citizens BancShares, the parent company of First Citizens Bank, plans to acquire Silicon Valley Bank, as reported by Bloomberg. SVB Financial Group, the parent company of Silicon Valley Bank, filed for bankruptcy protection on March 17. Notably, key crypto companies like Circle Financial banked with Silicon Valley Bank. After announcing $3.3 billion of its deposits were with the bank, Circle's USDC stablecoin briefly fell from its $1 peg. Brian Brooks, former acting head of the OCC, stated that the U.S. government is trying to limit crypto's access to the banking sector. However, some crypto stakeholders believe this banking crisis will ultimately strengthen crypto in the long run. More information can be found by clicking here.

$4M ‘exit scam’ suspected as Kokomo Finance flies off radar, token plunges

Kokomo Finance, an Optimism-based lending protocol, is suspected of a $4 million exit scam involving a smart contract loophole. Blockchain security firm CertiK reported that the KOKO token's value plummeted by 95% within minutes, and the platform's social media accounts were removed. The attacker allegedly exploited the smart contract code of a wrapped Bitcoin token, resulting in a $4 million profit. This incident is the largest detected on the Optimism network by CertiK. More information can be found by clicking here.

Banking crisis pushed over $286B to money market funds in two weeks

In response to the banking crisis, investors have moved over $286 billion into US money market funds in March, as per Emerging Portfolio Fund Research data. Goldman Sachs, JPMorgan Chase, and Fidelity have seen significant inflows, with Goldman Sachs' funds growing by 13%. Money market funds, which offer high liquidity and low risk, are popular during uncertain times. Total money market fund assets rose by $117.42 billion to $5.13 trillion in the week ending March 22. Inflows are driven by concerns about the financial system's health, as banks face liquidity constraints due to monetary policy tightening. More information can be found by clicking here.

Coinbase wants devs to build inflation-pegged ‘flatcoins’ on its new ‘Base’ network

Coinbase has identified four "critical" innovations for its layer-2 network Base: inflation-pegged "flatcoins," an on-chain reputation system, an on-chain limit order book exchange, and tools for a safer decentralized finance (DeFi) ecosystem. Flatcoins, which track inflation and consumer price indices, would offer stability and resilience from legacy financial systems. An on-chain reputation system would establish trust between users, while an on-chain limit order book exchange could provide advanced exchange capabilities with self-custody. Lastly, tools for a safer DeFi ecosystem would protect against smart contract vulnerabilities and protocol logic errors. More information can be found by clicking here.

Euler Finance Hacker Sends 51,000 Stolen Ether Back to Protocol

The hacker responsible for Euler Finance's $200 million exploit has returned a majority of the stolen funds to the protocol. Following the return of the tokens, Euler's native EUL tokens rose 25% in 24 hours. The hacker sent back over 51,000 ether, worth nearly $90 million, to the Euler deployer contract. However, tens of millions of dai stablecoins were transferred to another wallet. Euler had previously offered a $1 million bounty for the return of 90% of the stolen funds. Click here for more.

Banking Deposits Drop as Investors Climb Into Bitcoin

US banks' deposits dropped by $98 billion between March 8 and March 15 due to fears of a banking collapse, while Bitcoin increased by 35% over the same period. Data indicates customers moved funds from regional banks to larger banks considered too big to fail. Small US banks borrowed $669.6 billion this week to prevent bank runs, reaching the highest rate since the turn of the century. Meanwhile, 47% of the purchases that fueled Bitcoin's price increase came from US institutional investors, suggesting growing interest in cryptocurrencies as an alternative to traditional banking. More info can be found here.

Titanium Blockchain CEO behind BARs ICO fraud, put behind bars for 4 years

Michael Stollery, the CEO of Titanium Blockchain, has been sentenced to four years in prison for his role in a 2018 ICO that defrauded investors of $21 million. Stollery admitted to falsifying aspects of the company's whitepapers, planting fake client testimonials, and falsely claiming business relationships, all of which misled investors. He also commingled ICO investors' funds with his own. The SEC has been increasing actions against the cryptocurrency space, with 30 enforcement actions against digital-asset market participants in 2022, up 50% from the previous year. Click here for more info.

ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day

ARK Invest purchased $12.6 million worth of Coinbase shares and $18.1 million worth of Block shares on Friday. This marks the second consecutive day ARK Invest bought Coinbase shares following the company receiving a Wells Notice from the SEC, which initially caused the shares to tumble by 16%. The fund also continued to buy Block shares after a negative report by short seller Hindenburg Research led to a 17% drop in the stock's value. More information can be found by clicking here.

ApeCoin Community Rejects Proposal for Two New NFT Collection Series

The ApeCoin Community has voted against a proposal to create two new NFT collections, Ape Coin Armory Club and Ape Coin Pet Club. With 83.95% of voters rejecting the idea, the collections would have introduced 20,000 NFTs each and been distributed for free to the crypto community. The NFTs could have been linked to other projects like Otherside, Decentraland, and The Sandbox. Meanwhile, Yuga Labs' Bitcoin NFTs remain popular, with its first Bitcoin-based NFT collection raising $16.5 million in 24 hours. For more information click here.

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Brought to you by?Alexandros Ntolgkov.