Sam who?

#Web3Weekly: Dec. 4–10, 2022

FTX founder Sam Bankman-Fried in an interview during the Bitcoin 2021 conference. Unrevised photo courtesy of Cointelegraph via Wikimedia Commons under Creative Commons license.
  • 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.



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Peter A. McKay

I publish the newsletter #Web3Weekly. Former Head of Content & Writer Development at Capsule Social. Other priors: WSJ, Washington Post, and Vice News.