7-Day Market Moves

BTC showed a modest 0.96% rise over the past seven days, settling at $27,401.42. Not to be outdone, ETH flexed its muscles with a 1.97% climb during the same period. CoinMarketCap reports that the overall crypto market cap now stands at $1.14 trillion.

Amidst all the market chatter, experts have their eyes fixed on the looming debt ceiling drama in the U.S. As the June 1 deadline approaches, discussions around this issue could present a golden opportunity for cryptocurrencies. Worries about a potential default risk could drive investors towards digital assets, seeking refuge from the tumultuous waves of the traditional financial system. We can only imagine the dire consequences if the U.S. government fails to settle its debts on time, shaking both domestic and global markets to their core.

As always, we'll be keeping a close watch on how these developments unfold. Stay tuned for more updates!

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Stepn Steps Up the Game With Apple Pay

TL: DR

• Stepn, has launched an in-app marketplace for NFT sales on its iOS app.
• The integration includes Apple Pay, allowing users to make purchases using credit and debit cards.
• Stepn has found a way to work within Apple's regulations by using a new in-app currency called Sparks.

Stepn, a mobile "move-to-earn" game that rewards players with crypto tokens for physical activities, has launched an in-app marketplace for NFT sales on iOS. This is a significant development as mobile apps typically don't allow NFT purchases due to complexities and fees imposed by Apple and Google. Stepn has overcome this challenge by integrating Apple Pay, allowing users to make purchases using credit and debit cards.

To enable in-app NFT trades, Stepn has introduced a new in-app currency called Sparks, which users can purchase through Apple Pay. The prices of NFT sneakers on the app are higher when purchased with Sparks compared to Stepn's native GMT crypto token on the web marketplace. This increase accounts for the fees handled by Find Satoshi Lab, the developer of Stepn, to comply with Apple's regulations and taxation policies.

While Apple's 30% fee on in-app purchases has been a point of contention for dapp developers, Stepn believes that the convenience of in-app purchases outweighs the higher costs for users. The integration of Apple Pay is seen as a significant step forward for Stepn in onboarding more users into the Web3 space. Stepn aims to comply with Apple's policies and foster genuine user adoption from the Web2 world.

In other news,

• Biden Rejects Crypto-Friendly Debt Deal Amidst Looming U.S. Default Crisis. Read more.
• MetaMask Clarifies: Crypto Funds Will Not Be Withheld for Taxes. Read more.

The Tornado DAO Attacker Offers Reversal Proposal

TL: DR

• The Tornado Cash DAO attacker has submitted a proposal to reverse damage.
• The attacker exploited the lack of proper audit, granting them 1.2 million TORN tokens.

In a recent incident involving Tornado Cash, a privacy-preserving mixer on the Ethereum network, the attacker who gained control over the project's governance has submitted a new proposal to reverse the damage caused.

The attacker took advantage of a malicious proposal that was mistakenly voted in by the Tornado Cash DAO due to a lack of proper audit. By granting themselves 1.2 million TORN tokens, the attacker gained control over the DAO and converted 380,000 tokens into 372 ETH through the privacy protocol. The malicious proposal included a self-destruct function that replaced the original proposal, allowing the attacker to withdraw governance votes and drain tokens from the contract.

Subsequently, a proposal was made to revert the changes, but due to the attacker's majority voting power, governance mechanisms became ineffective.

The attacker also proposed returning the TORN tokens they had acquired, but speculation arose that this was merely an attempt to boost the token's price.

In other news,

• Arbitrum DeFi Exchange loses $3M as another CertiK audited project faces rug pull. Read more.

Hotbit Shuts Down Operations

TL: DR

• Hotbit is shutting down its centralized exchange (CEX) operations.
• Users have until June 21 to withdraw their assets from the platform.
• Hotbit's decision comes after facing challenging operating conditions.

Hotbit, the popular trading platform with 5 million users, has decided to bid farewell to its centralized exchange (CEX) operations. They've cited challenging operating conditions and the evolving crypto landscape as the driving forces behind this decision. Hotbit is giving its users until June 21, 04:00 UTC to withdraw their assets.

This move comes after a tumultuous period for Hotbit. Last August, they had to temporarily suspend trading deposits and withdrawals due to law enforcement authorities freezing some of their funds during a criminal investigation involving a former employee.

The FTX collapse also triggered a series of fund outflows from CEX users and put further strain on Hotbit's cash flow. Hotbit believes that the crypto industry will now shift its focus towards decentralized business models.

In other news,

• Lawsuit against Binance over $8M Tinder 'Pig Butchering' dismissed. Read more.
• Malaysia’s SEC orders Huobi to halt operations. Read more.
• Philippines SEC accuses Gemini's Derivatives Exchange of operating without approval. Read more.
• Bitget will be staying off ChatGPT to avoid the risk of misinformation. Read more

Pudgy Penguins Waddle Strong on Amazon

TL:DR

• Pudgy Penguins, the popular NFT collection, made a splash on Amazon with its new "Phygital" Toy Collection & Experience.
• The project generated over $500,000 in sales and sold more than 20,000 individual toys in just two days.

Pudgy Penguins, the NFT sensation, has taken the Amazon marketplace by storm with its revolutionary "Phygital" Toy Collection & Experience. In just two days, these adorable penguins managed to waddle their way into the hearts of consumers, raking in $500,000 in sales.

Despite the recent market downturn, the chubby avian collectibles stood tall, raising $9 million in funding. With backing from big-shot investors like 1kx, Big Brain Holdings, and Kronos Research.

Not content with simply ruling the digital realm, Pudgy Penguins is on a mission to bring millions of new users into the Web3 space. They've teamed up with industry titans and A-players from the music and sports worlds to make it happen.

In other news,

• Axie Infinity launches a lite version of the game on Apple store. Read more.
• Game Boy can be turned into a Bitcoin and Ethereum hardware wallet. Read more.

Openfort Scores $3M Seed Funding to Make Crypto Wallets for Game Developers

TL:DR

• Openfort raises $3 million in seed funding.
• The startup aims to offer a seamless and frictionless wallet technology compatible with various game types.

Crypto infrastructure startup Openfort has secured $3 million in seed funding to revolutionize the world of crypto wallets for game developers and publishers.

The funding round was co-led by Gumi Cryptos Capital and Maven 11, with participation from Game7, NGC Ventures, and Newman Capital. Openfort's ambitious goal is to offer game studios a seamless and frictionless wallet technology that integrates with various types of games, including browser games, PC games built in Unity and Unreal Engine 5, and even mobile games.

One of the standout features of Openfort's wallet solution is the concept of "game sessions" or session keys. Users won't need to frequently interact with the blockchain, as the experience is designed to recall player activity and information, similar to how cookies work on the internet.

As Openfort tackles the challenges of crypto gaming, it enters a competitive market with existing wallet providers like MetaMask, Sequence, Phantom, and Coinbase Wallet. However, Openfort is focused on enhancing user experiences while embracing Web3 functionality to drive the adoption of crypto wallets in the gaming industry.

In other news,

• Gala Games partners with PokerGO to introduce Web3 poker platform. Read more.