Web3 avec Anouk Apr. 10-14, 2023
Welcome to Web3 avec Anouk. I’m Anouk, a crypto enthusiast with a huge passion for the world of Web3 since 2019. Check back in every Friday for my take on the crypto news of the week.
FTX Report Reveals Management Disasters
A recent report on FTX’s financial woes has shed light on the lack of financial and accounting control within the company. The report, released by FTX’s debtors, reveals that the team behind the digital-asset empire had a tendency to lose track of millions of dollars in assets, a fact that was even joked about internally. This report marks the first public disclosure since FTX collapsed into bankruptcy last November, resulting in the loss of billions of dollars in customer funds.
The report attributes the cause of FTX’s downfall to the “hubris, incompetence, and greed” of Sam Bankman-Fried and other top executives, including Nishad Singh and Gary Wang. The release of the report was a much-needed call for transparency and highlights the disastrous management of FTX, which was not even close to what a company of its size would require.
On a brighter note, it was also announced this week that the bankrupt crypto exchange has managed to recover over $7.3 billion in cash and crypto assets, which is an increase of more than $800 million since January.
SEC Hires Attorneys to Ramp Up Crypto Enforcement Efforts
The Securities and Exchange Commission (SEC) is ramping up its efforts to police the crypto industry by hiring general attorneys for its Crypto Assets and Cyber Unit in three key locations: New York, San Francisco, and Washington D.C. This move underscores the agency’s ongoing commitment to cracking down on crypto-related infractions and signals a reinforcement of regulatory pressure against the industry.
The SEC’s hiring drive is part of a broader effort to bolster its expertise in tackling crypto crimes. The agency has already taken significant steps in this direction since the beginning of the year, cracking down on several high-profile cases.
With its latest hiring spree, the SEC is sending a clear message to the crypto industry that it will not tolerate any violations of securities laws. As the agency continues to build out its enforcement capabilities, market participants can expect to see even more stringent oversight and regulatory scrutiny in the months and years ahead.
Ethereum’s Shanghai Marks Milestone in Crypto Evolution
On April 12th, the Ethereum network completed the highly anticipated Shanghai Upgrade, signaling a major milestone in the evolution of the world’s second-largest cryptocurrency. The transition to a proof-of-stake system has been a long-awaited change, and its successful implementation has generated widespread excitement within the cryptocurrency community. By allowing users who have “staked” their ether to validate transactions on the blockchain, the upgrade promises faster transaction speeds and lower fees, making Ethereum even more attractive to investors.
The significance of the Shanghai Upgrade was not lost on the markets, as the price of ether skyrocketed to $2,000, its highest point since August. This surge in value demonstrates the confidence investors have in Ethereum’s future prospects, and serves as a clear indication that the upgrade will be a catalyst for growth, rather than a source of instability as some had feared.
This successful implementation of the Shanghai Upgrade highlights the ongoing potential for innovation within the Ethereum ecosystem. With this major milestone behind them, the Ethereum community can look forward to continued growth and development, as the network continues to evolve to meet the needs of its users.
Thanks for reading! Check in next Friday for the next edition of this weekly quick take on Web3, crypto and blockchain discussing the week ahead!
