The crypto charts are flushing this morning. The crypto market is responding to a harsh nudge from the equities market which is in decline due to a panic move by traders. Everyone is expecting Uncle Jerome Powell to yank the interest rate by another 25 BP in the upcoming Federal reserve meeting.
We’re excited to bring you all the burning topics in crypto from the last 7 days in yet another issue of Rebel Digest. Fasten your seatbelts, sit back and enjoy this ride that will leave you feeling crypto smarter in under 7 minutes.
In today’s digest we cover the following stories;
- Elon’s Twitter Is Building A Fiat Payment Tool With Crypto In Mind; Dogecoin reacts
- The Crypto Queen is back!
- Ordinals Released NFTS On Bitcoin And The Maximalists Are Not Here For It
- Some Secrets Are Out In The Open
- South Korea Braces Up To Take Down Cyber Criminals
Let’s dive in!
As shown by the numbers, not much happened to newly listed coins on Gate and Huobi, but we thought you should know that anyway.
Twitter is about to become just more than your choice platform for breaking news and unsolicited hot takes.
Chief Tweet, Elon Musk has given the go ahead for for the development of a payment system for the platform. The payment tool will initially support fiat payment, but will be created to support crypto payments when the time is right.
Elon has since Tweeted out loud his plans to make Twitter an ‘everything app’, but it wasn’t clear if ‘everything’ could also include crypto or blockchain.
For now, Elon is all about allowing bank accounts to be connected to Twitter profiles and incorporating debit cards along to facilitate money transfers on the app.
More than anyone else, this news seems to have tickled the Dodge community. After the announcement, the coin kicked $0.08 to $0.09, and has since settled back to roughly $0.08. The coin has now been intricately tied to Elon so much that when he smiles, the coin gains, and when he is sad, the price falls. (Don’t quote us).
In other news,
- VitaDAO, a decentralized autonomous organization that funds research projects in the field of longevity science, closed a $4.1 million raise supported by Pfizer. Read more.
- Binance is partnering with Mastercard to launch prepaid rewards cards in Brazil. Read more.
- OracleSwap, a DEX protocol on the Songbird Network, has suspended operations after being hacked and private keys are exposed. Read more.
- Ordinal Protocol is adding NFTs to the Bitcoin network by appending texts or images to Satoshis. This will create unique transferable digital artefacts.
- Opponents argue that Ordinals will compete with traditional payment transactions by crowding blocks and driving up transaction fees.
- Supporters think that the network can handle it all.
- Ordinals’ creator believes that the opponents are hating on his project
To be or not to be?
The launch of Ordinals protocol has sparked an existential debate on whether NFTs should have a place on the Bitcoin blockchain or nah!
In one corner of the debate are the maximalists pissed at the audacity of the protocol to desecrate the sanctity of the network. In the opposite end are the people asking for a chill out as the network is large and versatile enough to accommodate perhaps… JPEGS?
To Casey Rodarmor, the project’s creator, the criticisms are nothing more than a distraction.
“I actually love the haters,” he said. “I mean, they do more to drive people to find out about the project than anybody else. I don’t know what they think when they have these massive audiences, and they go, ‘This is an attack on Bitcoin’—it seems like you don’t want to do that if you don’t want people to use the thing.”
But What Would Satoshi Do (WWSD)?
Would he approve?
We doubt. Long before Ordinals, some Bitcoiners floated the idea of launching a domain name system on the network. This was quickly shot down by Satoshi.
In other news,
- The battle of the Birkins. Luxury brand Hermès filed a suit against digital artist Mason Rothschild after the artist released his Metabirkins NFT collection showing the company’s Birkin bag product without permission. Read more.
- In a series of new features announced, Coinbase Wallet will now show transaction previews for transactions to help prevent NFT scams. Read more.
- After Robinhood, Azuki’s Twitter account was hacked, and $750K was drained in 30 minutes. Read more.
- Guy Zyskind, the CEO of Secret Labs CEO Guy Zyskind made some assertions about the actions of the Secret Foundation to the community.
- Tor Bair, the Secret Foundation founder has confirmed the assertions to a large extent and said they had been previously disclosed to Secret Labs.
It’s no longer a secret if it is out there. In the ongoing tussle for transparency between the CEO of Secret Labs and the Founder of the Secret Foundation, some messy details have been brought to light.
Zyskind’s allegations are centred around a lack of transparency from the foundation. In a post shared on the Secret Network governance forum.
He alleged the mishandling of an OTC sale that resulted in a loss of about $250,000 and a potential open loan to collapsed trading firm Alameda. He also added that in 2021 the Secret Foundation sold a large amount of $SCRT tokens which Bair cashed out a significant part of them without disclosing this to the community.
Bair has confirmed the token sale but is yet to address the load to Alameda. He has also acknowledged the need for more transparency and possible restructuring.
Over the weekend, Smart Stake, a major validator on the network tapped out citing that it wanted no part in the ongoing mess.
In other news,
- The Crypto Queen is back! More than 5 years after disappearing from the public eye, Dr. Ruja Ignatova, the founder of OneCoin has resurfaced after being linked to a London property in a filing submitted to the British government. Read more.
- FTX wants its Turkish units removed from the bankruptcy case. Read more.
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- South Korean regulators are building a crypto tracking system to combat cybercrime.
Given the recent missteps in crypto, South Korea is about to clean house. The country, which has always been an important market for DeFi and Exchanges recently announced the launch of a cyber tracking system that will prevent cybercrime.
The system will be launched sometime this year. It will reportedly monitor the transaction histories of crypto users and try to ascertain the source of the funds used in such transactions before they are remitted to the recipient.
The tool will act as a barrier against cybercrime, offering more protection to South Korean Crypto Investors. There are ongoing speculations that this move may be an attempt to combat the bad publicity drawn from FTX and the recent Bithumb raids.
In other news,
- The Filipino SEC is seeking the public’s opinion on a draft crypto regulation. Read more.