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Welcome again to Chain response.
As if the pessimism surrounding cryptocurrency wasn’t sufficient, the trade faces one other quarter of hackers and scammers seeking to make a fast buck. And to make issues worse, it’s more and more tough to hint and get well misplaced funds.
Of the $204.3 million the trade misplaced to hacking, fraud and rug-pulling within the second quarter, solely $4.9 million was recovered, in keeping with a brand new report.
The report, created by web3’s “tremendous program” and anti-virus resolution De.Fi and knowledge from the REKT database, particulars that the trade has recovered round 183 million thus far this yr. USD, or nearly 28% of 666.5 million.
The report additionally discovered that exploitations and rug-pulling within the second quarter totaled 55.3 million and 47.3 million, respectively.
TLDR? Watch out as a result of hackers nonetheless hack and scammers even in bear markets.
This week web3
Q2 did not delay funding for web3 startups and unicorns (TC+)
We’re already midway by 2023, which suggests we’re only a few weeks away from a model new, tumultuous second quarter of information. But it surely’s all the time sensible to control the horizon, so we determined to attract a number of conclusions about Net 3 and unicorn funding tendencies that we are able to draw from earlier knowledge from the final three months.
Coinbase Executives: U.S. Urgently Wants Laws as International Crypto Politics Grows (TC+)
Coinbase, one of many largest cryptocurrency exchanges on the earth, has been round for 10 years. And whereas the corporate has expanded its choices, services, its coverage conversations have not modified, Kara Calvert, head of U.S. coverage at Coinbase, informed seethereality+. Anybody have what has modified, she mentioned, is the “momentum and urgency” to enact digital asset legal guidelines and rules on the US federal degree.
The combination of AI and cryptocurrencies goes to occur whether or not you need it to or not (TC+)
As synthetic intelligence continues to rise to new heights of recognition, trade gamers are contemplating new methods for the expertise to combine with cryptocurrencies and blockchains. At Coinbase’s State of Crypto Summit on Thursday, enterprise capitalists and synthetic intelligence specialists shared their ideas on the similarities and variations between the industries and the way traders, builders and customers can benefit from them.
Pillow, a crypto startup backed by Accel and Quona to terminate all companies
Singapore-based Pillow plans to close down all of its companies and apps within the coming weeks, it warned clients on Friday, citing regulatory uncertainty that has plagued various different cryptocurrency startups in latest quarters. It has raised a complete of round $21 million and has Accel India, Quona Capital, Elevation Capital and Bounce Crypto amongst its backers. Final October, Pillow disclosed its $18 million Sequence A funding.
Terraform Labs founder Do Kwon was jailed in Montenegro for 4 months
The subsequent chapter has been introduced in Terraform Labs’ lengthy and unusual Do Kwon saga. A annoyed cryptocurrency founder will spend 4 months in a Montenegrin jail for falsifying official paperwork. Kwon’s subsequent transfer stays unclear as each the US and South Korea search his extradition on prices filed in each international locations associated to the Terraform Labs collapse.
The most recent opening
For this week episode, Jacquelyn interviewed Jack Lu, founder and CEO of NFT market Magic Eden. That is his second time taking part in Chain Response, however the market has modified loads since his final look in 2022. in August, so we’re excited to have it again!
Earlier than founding Magic Eden in 2021, Lu labored as a product supervisor at Google and as a marketing consultant at Boston Consulting Group.
Magic Eden was initially constructed as a Solana-based NFT buying and selling platform, however has expanded its help to different blockchain networks reminiscent of Polygon, Ethereum, and Bitcoin. Immediately, it has grown into one of many largest NFT marketplaces with over 8,000 collections, round $3 billion in NFT transactions, and 22 million distinctive guests per 30 days. in 2022 in June, “Magic Eden” collected 130 million. USD within the Sequence B spherical, giving her unicorn standing.
We mentioned why Magic Eden expanded its help to different blockchains by including help for BRC-20 tokens on its secondary platform, and the way the corporate plans to remain aggressive in an ever-changing market.
We additionally talked about:
- NFT market volatility
- royalties
- Web3 recreation extension
- A tip for the NFT group
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Observe the cash
- Crypto change Bitpanda spins off from Bitpanda and secures $33 million in funding
- Gaming platform Legendary Video games raises $37 million in prolonged Sequence C1
- Web3 gaming platform Pixion Video games raised 5.5 million
- AI-powered cryptocurrency search engine Kaito has raised $5.5 million. USD by Sequence A
- Startale Labs Raises $3.5 Million
This checklist was compiled utilizing info from Messari and seethereality’s personal reporting.
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