This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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Tornado Cash, a popular transaction privacy shielding protocol, has been sanctioned by the US’ OFAC (Treasury’s Office of Foreign Assets Control), and has been blacklisted in the US. Due to their nature of hiding transaction history for users, it has become a primary tool for hackers to launder their illicit gains. Github shortly after suspended founder Roman Semenov’s account, taking the open source code offline:
However, the crypto community has been overwhelmingly against this move. According to countless Twitter posts, there seem to be a good percentage of law-abiding Web3 users who prefer their privacy for no more their their own self-interest. An anonymous user is sending small amounts of ETH to celebrity wallets to show that the ban would be hard to enforce as well.
Once again, I have mixed feelings to these types of events. On one hand, exploits and hacking have become rampant in this world of DeFi and NFTs, and those that are suffering are ordinary people, who end up having a good chunk, if not all, of their money stolen. The government, with the power they wield, are stepping in to remove a tool that is protecting hackers from getting tracked. We all need to agree, this definitely has become out of hand.
However, there are many that use this service to protect their privacy for the sake of their own sanity. We have lived a life so far where no one can just come and see what’s in your bank account. Within this world, your money is on a public ledger and with enough clues, you can potentially figure out who may own what wallet. Tornado Cash allowed law-abiding users protect themselves from potential thieves who might be tracking their movements. Is it up to the government to remove their citizens’ right to privacy like that? Wouldn’t it have made more sense to facilitate a way for Tornado Cash to put up guards and barriers to laundering (whatever that scenario might be)?
Written by: nikethereum.eth / Medium / Mirror
https://media.giphy.com/media/10htoZz7rhLZ6w/giphy.gif
Tornado Cash, a popular transaction privacy shielding protocol, has been sanctioned by the US’ OFAC (Treasury’s Office of Foreign Assets Control), and has been blacklisted in the US. Due to their nature of hiding transaction history for users, it has become a primary tool for hackers to launder their illicit gains. Github shortly after suspended founder Roman Semenov’s account, taking the open source code offline:
However, the crypto community has been overwhelmingly against this move. According to countless Twitter posts, there seem to be a good percentage of law-abiding Web3 users who prefer their privacy for no more their their own self-interest. An anonymous user is sending small amounts of ETH to celebrity wallets to show that the ban would be hard to enforce as well.
Once again, I have mixed feelings to these types of events. On one hand, exploits and hacking have become rampant in this world of DeFi and NFTs, and those that are suffering are ordinary people, who end up having a good chunk, if not all, of their money stolen. The government, with the power they wield, are stepping in to remove a tool that is protecting hackers from getting tracked. We all need to agree, this definitely has become out of hand.
However, there are many that use this service to protect their privacy for the sake of their own sanity. We have lived a life so far where no one can just come and see what’s in your bank account. Within this world, your money is on a public ledger and with enough clues, you can potentially figure out who may own what wallet. Tornado Cash allowed law-abiding users protect themselves from potential thieves who might be tracking their movements. Is it up to the government to remove their citizens’ right to privacy like that? Wouldn’t it have made more sense to facilitate a way for Tornado Cash to put up guards and barriers to laundering (whatever that scenario might be)?
Written by: nikethereum.eth / Medium / Mirror
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