The 20th edition of our curated newsletter. In today’s newsletter we look at:
Catch Me if You Can South African Brothers Vanish, and So Does $3.6 Billion in Bitcoin South Africa has a weak spot for crypto scams. Africrypt, founded by Raees and Ameer Cajee, was supposed to be yet another trendy investment company that promised too-good-to-be-true returns.
However, things didn’t end well. The 20 and 17-year-old founders disappeared with 69,000 Bitcoins, which adds up to nearly $3.6 billion. The law enforcement reports that stolen digital assets have gone through multiple filters and portals on the dark web and are currently impossible to trace.
Smart Contract Risks In Hand Coinbase Introduces Solidify Peter Kacherginsky, Coinbase’s Principal Blockchain Security Engineer, has introduced the new tool they use to handle smart contract security when listing new Ethereum-based tokens. To increase the rate of new asset security reviews without lowering the high security standard, the team has developed Solidify.
It detects contract features, standardizes and scores smart contract risks, suggests mitigation strategies, and helps decide if the token is worth listing. Solidify evaluates security risks of hundreds of smart contracts either fully automatically or through identification of unique functions that require additional manual review.
Standing Strong DeFi Uncovered: Activity on DeFi Stalls Since the activity on DeFi’s main chain has slowed down, the price of ETH and DeFi tokens is showing certain weakness. Glassnode has looked into the situation, and shared a few curious findings in the weekly report.
Key insights show that price drawdowns have deepened across most major governance tokens, user growth has stayed relatively steady, gas prices have returned to early DeFi summer 2020 levels, liquidity hasn’t taken a beating, and yields still remain strong.
How 100 DAOs Manage Over $10B DAO Landscape DAOs, a democratic system designed to share value with a community, are getting trendier. A huge chunk of ETH supply is locked in DAOs, and digital working group coordination is a serious business.
You can think of a DAO as an internet community with a shared cap table and bank account where members work together to create, distribute, and capture value relative to a shared mission. Ownership shares economic, social and political components, creating best practices for digital coordination. A piece by Cooper Terry explores the current DAO landscape and examines the relationship between financial and social capital.
Another Crackdown Wave “China FUD”: Understanding China’s Recent Crypto Regulations In May, Chinese Financial Stability and Development Committee issued a notice on financial stability, and called for a crackdown on Bitcoin mining and exchange activity to prevent “individual risk spreading to wider society”. The market couldn’t help reacting, and BTC price decreased by over $5,000.
As a result, Chinese exchanges continue moving offshore or reducing their reliance on local users. Some bigger companies, such as Huobi, have previously established an internal Communist Party Committee in hopes to get some sort of immunity. Although, it’s not really clear how helpful it is. As for mining, the Bitcoin’s hashrate that used to reside predominantly in China has already fallen since the announcement of the mining crackdown.
Last But Not Least Watch the Burn 🔥
This is a weekly newsletter curated by our Blockchain Lead Vyacheslav Akhmetov. We cover the most sparkling events in the industry and sharing more about our journey. |
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