Dec 11, 2022
Sam who?
#Web3Weekly: Dec. 4–10, 2022
This post is adapted from the latest edition of my newsletter #Web3Weekly. If you would like to receive it in your inbox every Sunday, subscribe here.
CoinDesk just published its ninth annual 50 Most Influential People in Crypto list. Binance founder “CZ” Zhao took the number-one spot, while FTX’s Sam Bankman-Fried came in at…
Number 47?
Given what a trainwreck this year has been in the industry, and considering that “influence” can be either a positive or negative thing, I would have put SBF a lot higher, to be honest.
Sure, the year’s market losses and slide in public perception started well before FTX collapsed. But that story is at least highly emblematic of how things have gone overall in 2022. In the future, when we look back at this Crypto Winter as a historical event, no doubt SBF will be its poster child.
At any rate, these lists are inherently designed to provoke arguments among readers. CoinDesk will definitely accomplish that with this latest one, I guess.
The week’s other notable headlines:
- Since FTX’s meltdown, crypto trading at rival centralized exchanges has leapt. Industrywide transaction volume rose 23% to $705 billion in November, led by a 30% jump at Binance, according to Bloomberg News.
- Binance’s customer bitcoin reserves are slightly overcollateralized, according to a new report from the crypto auditing firm Mazars.
- Washington updates: Congressional hearings on FTX are scheduled for Tuesday and Wednesday… Rep. Madison Cawthorn (R-N.C.) was fined $15,000 by the House Ethics Committee for improperly promoting a cryptocurrency… Switzerland-based crypto lender Nexo announced it will phase out services for American users due to a lack of regulatory clarity in the U.S. Ouch.
- Stablecoin issuer Circle called off plans to go public via a special purpose acquisition company. The deal, which would have valued Circle at $9 billion, failed to garner regulatory approval by the deadline the company and its SPAC partner Concord Acquisition Corp. had planned for themselves.
- Glassnode says bitcoin investors have realized $213 billion in losses over the past year, according to on-chain data.
- ConsenSys published a user update about data retention policies for its popular MetaMask and Infura apps. The company, which had recently drawn criticism from privacy advocates, says it is “narrowing” the window for holding onto user data to seven days.
- PayPal is launching crypto services for users in Luxembourg. The move could open a regulatory gateway to other European Union countries as well, Bitcoinist reports.
- Starbucks launched a new NFT-based loyalty program for a limited number of beta users. But on a less promising note for customers…
- Some botanists believe wild coffee could go extinct by mid-century due to climate change. Yikes.
That’s it for now. Thanks for spending some time with the newsletter today! If you would like to receive updates like this in your inbox every Sunday, please join our email list here.
As ever, a brief disclaimer: This content is intended for journalistic purposes only, not as investment advice. For the latter, please DYOR and consult appropriate financial pros to make the most suitable choices for your individual needs.
Best wishes for a healthy and productive week ahead.
