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Crypto Weekly Roundup: Market Tanks, Celsius And 3AC Struggles, MetaMask Vulnerability, Difficulty Bomb Delayed, USDD Stumbles, And More

Crypto Weekly Roundup: Market Tanks, Celsius And 3AC Struggles, MetaMask Vulnerability, Difficulty Bomb Delayed, USDD Stumbles, And More

It has been a very trying week for the community as the crypto industry took a beating like never before. Crypto lending platforms like Celsius and Babel Finance suspended all withdrawals to protect liquidity, while VC firm Three Arrows Capital had to be liquidated. Keep reading to find out more. 

Bitcoin 

Despite being approved by the Panamanian national assembly only a couple of months ago, President Laurentino Cortizo has paused the country’s Bitcoin adoption. 

Despite the drop in BTC’s value and the economic troubles in El Salvador, President Nayib Bukele has hinted that the country might buy bitcoin yet again.

After a decade or so of solid growth, crypto looks to be having a similar crash as to what was experienced in the early 2000s after the dot-com bubble popped, as BTC drops below the $20K mark. 

Ethereum 

Ethereum’s core developers have announced that the ‘difficulty bomb,’ which is a crucial component of The Merge, has been postponed by two months. 

Goldman Sachs expanded its Ethereum trading options with the first-ever ETH-linked derivative trade.

DeFi

Stablecoin troubles are still plaguing the community, as Tron’s newly launched stablecoin, the USDD, runs into trouble only a few months after its launch.

Altcoins

Billionaire CEO Elon Musk has been sued for $258 billion by a disgruntled investor over alleged claims of running a pyramid scheme for Dogecoin. 

Despite the worst market downturn, Ripple has revealed that they will continue to hire, with CEO Garlinghouse urging investors not to panic.

Technology

Blockchain analytics platform Nansen has launched and rolled the much-awaited encrypted Web3-based messaging app - Nansen Connect

MetaMask, Phantom, and other browser wallets disclosed that they patched a critical security vulnerability that could have exposed sensitive user login credentials on compromised devices. 

Business

A new report has revealed that venture firm Three Arrows Capital (3AC) has reportedly failed to meet margin calls from lenders, bringing up the risk of insolvency.

The crypto lending platform Celsius is trying everything, including a company restructuring, to stay solvent after suspending withdrawals.

Transcripts of Elon Musk discussing his plans for Twitter and crypto payments in a Q&A have been leaked. 

Babel Finance suspends all further withdrawals, citing that it is “facing unusual liquidity pressures” as the crypto market flounders.

The Kazakhstani government has approved legislation that will regulate interactions between local crypto exchanges and financial institutions, even allowing registered exchanges to have bank accounts in the country. 

Huobi’s operations in Thailand have been halted as the Thai SEC revoked the crypto platforms operations in May this year.

NFT

The leading NFT marketplace OpenSea has announced that it is moving to the Seaport blockchain, a new web3 marketplace protocol designed for safely and efficiently trading NFTs. 

The Swiss watchmaker TAG Heuer has created a smartwatch feature that will allow users to flaunt their NFT collection. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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