Digital Assets Report 90
Summary
- America’s oldest bank, BNY Mellon, will hold Bitcoin and Ethereum.
- Google will accept Bitcoin payments beginning 2023.
- The exploiter who drained $114 million from Mango Finance and executed similar attacks in the past, returned similar $67 million this week-end.
- Ethereum Wallet MetaMask Adds Instant Bank-to-Crypto Transfers
- US Treasury’s OFAC and FinCEN announce $29M in enforcement actions against Bittrex.
- Arbitrum, one of the major Ethereum Layer 2, is continuing its expansion by acquiring Ethereum core development team of PoS and sharding.
Business
BNY Mellon Launches Bitcoin, Ethereum Custody Services for Investment Firms - Decrypt
The BNY Mellon crypto custody service means the bank will store clients’ private keys and provide bookkeeping on their BTC and ETH.
Google To Accept Bitcoin, Crypto For Cloud Services In Coinbase Partnership
Google will start accepting bitcoin and cryptocurrency payments for its cloud services in a partnership with U.S. exchange Coinbase.
How Market Manipulation Led to a $100M Exploit on Solana DeFi Exchange Mango
The trader capitalized on a lack of liquidity by manipulating the price of MNGO on decentralized exchange, Mango.
So just to recap the @mangomarkets situation:
— Alex Valaitis (@alex_valaitis) October 12, 2022
-Hacker exploits Mango for $100M+
-Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations
-Hackers uses 32M votes from the exploit to vote 'Yes'
LMFAO you cannot make this shit up! pic.twitter.com/LsdafMS7vQ
Ethereum Wallet MetaMask Adds Instant Bank-to-Crypto Transfers - Decrypt
Popular Ethereum wallet MetaMask has added instant bank transfers through compliance platform Sardine, allowing users to buy crypto faster.
Arbitrum’s Owners Acquire Key Ethereum Development Team - Decrypt
Offchain Labs today announced the purchase of Prysmatic Labs, consolidating two major players in Ethereum.
@Arbitrum gains in activities and projects while not having implemented any token but cheaper fees and faster tx instead, moving as much computation and data storage off of Ethereum's main blockchain. pic.twitter.com/xULuqNL4M8
— Romain Braud (@romainbraud) October 16, 2022
Blockchain Indexing Startup nxyz Raises $40M In Funding Led By Paradigm - The Defiant
Aims To Tackle Web3’s ‘Biggest Pain Point’
Blockchain games and metaverse projects raised $1.3B in Q3: DappRadar
Venture capital is pouring billions into blockchain gaming and metaverse projects despite the bear market.
Markets
- CPI hit its biggest level since 1982 last week with 8.5%, marking another big CPI surprise.
- This implied more rate hikes by the US Central Bank but crypto prices actually held-up nicely
- 3-weeks consecutively almost 0% movement in BTC and ETH spot markets.
Crypto Charts 83
Bitcoin Last week we were looking for: a move up towards the $20′500/$21′000 area where we would sell with stops remaining at $22′800. We still expect a drop in the BTC to new yearly lows to end the correction off the yearly highs We traded to $19′946 before selling
Regulations
SEC rejects WisdomTree’s application for a spot Bitcoin ETF... again
The SEC rejected a proposed rule change that would have allowed WisdomTree to list and trade shares of its Bitcoin Trust.
Bittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
Lawmakers Overwhelmingly Back EU’s MiCA Crypto Law in Committee Vote
The landslide support paves the way for the landmark crypto licensing regulation to take effect in 2024.
France to Explore Crypto Tax Treatment Next Year
The self-styled crypto hub won’t just copy-and-paste traditional finance norms, but Bruno Le Maire is also worried about energy consumption
Reading / Podcasts
Russell Napier: The world will experience a capex boom
Market strategist and historian Russell Napier warns of a 15- to 20-year phase of structurally elevated inflation and financial repression. He shares his views on how investors should prepare for this new world.
SLP423 Paolo Ardoino – What’s Going on with Bitcoin in Lugano?
Paolo Ardoino rejoins me on the show to chat about just what’s happening Lugano: Funding for the projectHelping merchants accepting Bitcoin, USDT, LugaWhy do this from the top down? Why not bottom …