Cryptocurrency

What You Missed in Web3 – June 2022

OpenSea employee charged with first case of insider trading, Shiba Inu left in the dark, Prada dives into Web3.

Cryptocurrency

What You Missed in Web3 – June 2022

OpenSea employee charged with first case of insider trading, Shiba Inu left in the dark, Prada dives into Web3.

Hypemoon brings you the highlights of what you may have missed in June for everything Web3, beginning with perhaps the biggest story of the month.

Former OpenSea Employee Charged With Insider Trading

OpenSea, the industry’s largest NFT marketplace, has found itself in some serious legal trouble after its (now former) product manager, Nathaniel Chastain, was charged with “insider trading” – a first for the industry.

Chastain, who was responsible for selecting NFTs to be featured on OpenSea’s homepage, allegedly “flipped NFTs” using exclusive information about various projects he received in his official capacity with OpenSea. He was let go from the company back in September.

The indictment also lists additional charges, including one count of wire fraud and one count of money laundering – each of which carries a maximum prison sentence of 20 years. This is an ongoing investigation by the SEC and the FBI’s newest “National Cryptocurrency Enforcement Team.”

For more information on this story, please click here.

Pharrell Joins Doodles

During NFT.NYC 2022, Doodles appointed songwriter/producer Pharrell Williams as its new Chief Brand Officer.

The announcement also revealed that Williams will produce a new, upcoming album called “Doodles Records, Volume 1” with Columbia Records.

For more on this story, please click here.

BAYC Takes On “Ryder Ripps” in New Lawsuit

BAYC parent company, Yuga Labs, is suing Los Angeles-based artist Ryder Ripps, alleging trademark infringement in the artist’s ongoing efforts in selling counterfeit Bored Ape NFTs, which it believes is creating consumer confusion and diluting the BAYC brand.

The lawsuit further alleges that Ripps has been using and selling Bored Ape IP for over a year, and has made millions of dollars leveraging the goodwill of BAYC. Ripps has argued that his project is a “parody” and form of protest against BAYC.

OpenSea has currently removed Ripps’ collection from the marketplace during the ongoing litigation.

For more on this story, please click here.

Jay-Z Creates Bitcoin Academy

Former Twitter founder Jack Dorsey and rapper Jay-Z launched “The Bitcoin Academy” – a collaborative education program exclusively for residents of Marcy Housing, a public housing complex in Brooklyn where Jay-Z grew up.

The classes, hosted by the Shawn Carter Foundation and Cash App, will focus on financial literacy and crypto empowerment. While the program is tailored towards adults, The Bitcoin Academy will also offer a “Crypto Kids Camp” for children and teens.

For more on this story, please click here.

Shiba Inu Coin Founder Signs Off

The anonymous founder of the memecoin, Shiba Inu, who goes by the alias “Ryoshi,” announced that they will be stepping down from the role.

The announcement was almost immediately followed up by the entire deletion of any and all social media posts, including the Medium blog in which the news was first shared.

“I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my ‘identity’ even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi,” the since-deleted Medium post stated.

For the foreseeable future, the Shiba Inu community appears to (now) be self-governing. For more on this story, please click here.

3AC Reportedly Ordered To Liquidate Assets

Crypto hedge fund Three Arrow Capital (3AC) has reportedly been ordered to liquidate its assets after defaulting on a $675 million USD loan from Voyager Digital.

3AC is one of many crypto firms currently navigating the market crash and bear market.

For more on this story, please click here.

Prada Launches New “Timecapsule NFT” Collection

Prada announced its entrance as the latest luxury house to enter into the Web3 space, rolling out an NFT drop directly linked to its Prada Time Capsule – an online event where different exclusive items are made available for limited periods of time.

Each month, Prada says it will release a new, exclusive physical product – coupled with an NFT. The NFT will reportedly grant the Prada community (and its NFT holders) access to a Discord server called “Prada Crypted,” which will dive into deeper conversations surrounding fashion and Web3.

For more information on this story, please click here.

FTX Buys BlockFi for $240M USD

FTX has purchased BlockFi for $240 million USD, following the ongoing aftermath of the bear market, including 3AC’s default and Celsius’ recent bankruptcy.

Unfortunately, BlockFi was waiting to receive a loan repayment from 3AC, which was forced to liquidate its assets last week.

BlockFi also recently laid off 20% of its staff, causing an increase in user withdrawals from the platform. As of today, BlockFi has reported $80 million USD in losses.

For more on this story, please click here.

Ethereum Successfully Tests “The Merge”

The Ethereum Foundation announced a major step forward in its long-awaited transition from PoW to PoS.

This month’s successful test on Ethereum’s Ropsten Testnet confirmed that Ethereum’s main network should be able to switch to PoS – through a process known as “The Merge,” which is expected to take place in August.

For more on this story, please click here.

Axie Infinity’s Ronin Bridge Back Online

The Axie Infinity Ronin bridge is finally back online after the play-to-earn game suffered a $622 million USD hack in March – the industry’s largest DeFi hack to date.

The bridge is a protocol used to transfer digital assets between the Ethereum and Ronin blockchains, and got hit by one of the largest crypto hacks to date.

All missing funds have since been reimbursed, and Axie Infinity has continued to improve its security protocols.

For more on this story, please click here.

Happy 5th Birthday “CryptoPunks!”

One of the industry’s most notable NFT projects, CryptoPunks, is celebrating its 5th anniversary after launching in June 2017.

Larva Labs, its creator, has set the standard for many other ERC-721 projects by leveraging its 8-bit character project. CryptoPunks has traded a total volume of over 913 ETH (approx. $1.6 billion USD) as of press time.

For more on this story, please click here.

Did you miss what happened in May? Get caught up now by clicking here.

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