Clock Ticks for Genesis ⌛

In today's edition: 🎙️ New episode of The Chopping Block, ⏱️ a 30-day mediation, 📈 Bitcoin Ordinals, and more!

May 01, 2023

On the Pod…

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in digital assets. In this live episode from Consensus 2023, they are joined by Avery Ching, chief architect of Aptos, to discuss the latest SEC enforcement actions, an embarrassing admission by audit firm Certik, and crypto’s impact on the coming election.

What’s Poppin’?

by Samyuktha Sriram

The mediation will focus on DCG’s contribution to the Genesis bankruptcy estate.

Mastercard has teamed up with the entities behind Aptos, Avalanche, Polygon, and Solana to scale up adoption of its Web3 solution across blockchain ecosystems.

The number of daily inscriptions on the Bitcoin Ordinals protocol hit a record high of 307,365 over the weekend.  

An anonymous blockchain user sent messages to wallets linked to Russian intelligence, accusing them of being used to pay hackers.

Daily Bits…✍️✍️✍️

  • Crypto-friendly Cross River Bank faced an FDIC consent order concerning "unsafe or unsound banking practices" without admitting or denying the allegations related to compliance, internal controls, and credit underwriting.

  • According to an FDIC report, Signature Bank's collapse resulted from mismanagement, contagion effects following the downfall of Silicon Valley Bank and Silvergate Bank, and its exposure to the crypto industry. 

  • Coinme, its subsidiary Up Global, and CEO Neil Bergquist agreed to pay nearly $4 million to settle SEC charges alleging they conducted an unregistered security offering and made false statements about UpToken's demand and amount raised in the 2017 ICO.

  • Binance CEO Changpeng Zhao warned Justin Sun against using recently deposited TUSD to farm SUI tokens, prompting Sun to apologize and reverse the inadvertent actions.

  • Terra Classic community members are considering reviving the failed terraUSD (UST) stablecoin with a new model aimed at sustaining its peg through various strategies, including buybacks and staking.

  • Rep. Patrick McHenry announced that the U.S. House Financial Services Committee and House Agriculture Committee plan to draft crypto legislation within two months, following joint public hearings starting in May.

  • Tornado Cash developer Alex Pertsev made his first comment on Twitter after being released from prison in the Netherlands and is now subject to ankle bracelet monitoring. “Sorry I was afk for a while, what did I miss?” he wrote. 

  • Core Scientific secured contracts to host nearly 18,000 bitcoin mining rigs for three firms amid ongoing Chapter 11 bankruptcy proceedings, indicating improved prospects for the company.

Today in Crypto Adoption...

  • Nigeria's SEC is considering allowing tokenized offerings backed by equity, debt, or property, but not crypto, on licensed digital asset exchanges and is processing applications for digital exchanges on a trial basis.

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📈 Your Market Update 📉

  • BTC is down 2.4%, trading at $28,535

  • ETH is down 3%, trading at $1,847

  • BTC dominance: 44.94%

  • Crypto market cap: $1.23 trillion

*All data as of today, 7:30 am ET

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