Daily Bullets 💊: Tornado Cash Sanctioned - Regulators Coming Down Hard!
💊 M6 Daily Bullets 💊 Monday, August 8th
The crypto markers are seeing a little bit of oomph today. Bitcoin tagged $24k and ETH was able to kiss $1800 before retracing. Let’s see if we see any follow through. The biggest developing narrative we see today is that on the regulatory front with the US officially sanctioning Tornado Cash. This, in addition to recent developments by the US Department of Justice and SEC to label certain cryptos as securities highlight that crypto is at the stage where this type of regulation feels inevitable. The suits are coming. Crypto exchanges and entities are also in the process of declaring sides in the upcoming potential PoW forking of Ethereum after the merge
⛓ Crypto News:
- The U.S. Treasury Department has barred all U.S. persons from using Tornado Cash, alleging its use in laundering stolen crypto funds by North Korean hackers poses a national security threat
- Three crypto exchanges so far will allow traders to speculate on tokens for anticipated Ethereum fork. Poloniex and MEXC listing tokens tied to a possible miner-led fork of Ethereum. BitMEX - futures derivative product. Huobi, Gate, Digifinex, and OKX evaluating official support
- Cryptocurrency lending platform Hodlnaut has frozen withdrawals, deposits and token swaps after facing "difficult market conditions"
- The victim of an email-based cyberattack, cross-chain protocol deBridge Finance says its investigation shows the action likely came from the North Korea-associated Lazarus Group
- Galaxy Digital eyeing growing via mergers and acquisitions, particularly in the area of tokenization - despite $554M loss
- Beanstalk stablecoin relaunches four months after $182M exploit
- Forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol
- Polygon-Based Web3 Game Dragoma Supporters Fall Victim to $3.5M Rug Pull
- Redacted v2 launch on August 8 - transition from a bond-centric, dilutive token model to a model focused on producing real yield for rlBTRFLY holders
- Ren has integrated Kava to provide native BTC and more cross-chain support
- zkLend - Artemis test is live
- Arweave ecosystem is launching 6 new services and protocols
- New ACA Staking Program, Altair rewins parachain slot on Kusama, Polkadot Weekly Digest
- Aston Martin has announced the implementation of crypto payments on its official online store
- BitMEX, one of the longest running derivatives exchanges in the crypto market, is moving into traditional financial markets with the launch of perpetual swap contracts tied to foreign currencies
- Crypto.com receives South Korean regulatory licenses after buying local firms
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow: WETH ($23.3M), USDC ($9.7M), USDT ($6M)
- Outflow: WBTC ($6M), aWETH_v2 ($1.4M), APE ($775k)
Nansen NFT Hot Contracts:
- The Awakened Woman: $471k
- Webaverse Genesis Pass: $296k
- ProjectAtama: $95k
- Wu Blockchain - Weekly Project Update: Aptos Update, Optimism Bedrock, Polygon unlock and Top 10 Projects - source
- Delphi - The Complete Guide to Rollups - source
- Variant Fund - Sufficient Decentralization: A Playbook for web3 Builders and Lawyers - source
- Nansen - How Is Smart Money Playing The Bounce? - source
- What the Ethereum Merge Means for Crypto Projects and Investors - source
- A Framework for Web3 Infrastructure - source
- Manifold Finance and how they aim to target the $650m+ MEV industry - source
- Messari - State of Metaplex Q2 2022 - source
- Messari - State of Decentral Games Q2 2022 - source
- Bankless - The AMM Edition (Part I) | DeFi Download - source
- USDT, US Banks & More Coincidences - source
- Derivatives markets & products - source
- Web3 — Tokenised Communities vs. Tokenised Economies - source
🖼 NFTs/Metaverse News:
- Animoca Brands releases the TOWER Token Web Store - currently available in Phase 1, allowing players to purchase in-game items for Crazy Defense Heroes using the $TOWER token on the Polygon network
- Luxury jewelry retailer Tiffany & Co. debuted and sold out all 250 NFTiffs in about 20 minutes. Each NFT sold for 30 ETH, or about $50,000, generating some $12.5M in revenue
- Netflix Builds Metaverse Experience from Netflix’s new action movie “The Gray Man” in Decentraland
- Coca-Cola has distributed the new NFT collection launched on Polygon, among participants that joined its metaverse last year
🌍 Crypto Twitterverse:
- Multi-blockchain platform Geeq has received a $25M 'capital commitment' from alternative investment group Global Emerging Markets
- Social gaming platform INK Games Raises $18.75M
- FiNANCiE, a crowdfunding platform that utilizes blockchain, Raises $5.8M
Momentum 6 offers research, analysis, and coverage of the fast-paced Crypto space.
The Crypto space never sleeps. Each day is filled with an overwhelming amount of information spread across various sources.
This newsletter offers a Crypto-native perspective and a one-stop shop for everything you need to stay updated on the daily goings on in the Crypto world.
Subscribe to receive our brief daily and extended weekly newsletter along with in-house research content!
Please Share, Leave Feedback, and Follow us on Twitter, Telegram, and LinkedIn to stay connected with us.