Cryptocurrency

What You Missed in Web3 – May 2022

Jack Dorsey contacts the EPA, Hawaii launches a Crypto Task Force, Musk pauses Twitter deal, and Beeple’s Twitter gets hacked.

Cryptocurrency

What You Missed in Web3 – May 2022

Jack Dorsey contacts the EPA, Hawaii launches a Crypto Task Force, Musk pauses Twitter deal, and Beeple’s Twitter gets hacked.

Hypemoon brings you the highlights of what you may have missed in May for everything Web3.

Jack Dorsey Sends ‘Bitcoin Mining’ Defense Letter to EPA

Twitter co-founder Jack Dorsey and MicroStrategy CEO, Michael Saylor, sent a letter to the Environmental Protection Agency (EPA) stating their position in defense of bitcoin mining.

This isn’t the first time a letter has been sent to the EPA, with House Democrats previously urging the agency to take a closer look at the environmental effects of bitcoin mining. 

However, crypto advocates have refuted specific language used by House Democrats, arguing that Bitcoin mining farms are “no different than data centers operated by Amazon or Google” – rather than as “power generation facilities,” as previously described.

Hawaii Government Launches Crypto Task Force

Hawaii’s State Senate approved a legal bill (SB 2695) that will establish the state’s blockchain and cryptocurrency task force. The task force, according to the bill, will help speak to how businesses are regulated when dealing with Web3 infrastructures. 

This comes after the March 2022 executive order signed by U.S. President Joe Biden, calling on states to create Web3-oriented infrastructures.

For more on this story, please click here

Twitter Deal On Hold?

Elon Musk announced in a tweet that his plans to buy Twitter have been put on hold due to the social media giant allegedly failing to provide requested data speaking to its claim of spam bots accounting for less than 5% of user accounts. 

Eliminating spam bots has been a crucial part of Musk’s reported plans in taking over Twitter and making it a private company. 

Binance CEO Changpeng “CZ” Zhao also pledged to invest $500 million USD to help finance the SpaceX founder’s acquisition of the social network.

For more on this story, please click here

Robinhood Building New Crypto Wallet

Robinhood announced that it is developing a new non-custodial crypto wallet that will reportedly  allow users to have access to their own private keys, hold and trade crypto and NFTs, and remove network fees. 

Previously, Robinhood users were allowed to purchase cryptocurrencies like Bitcoin, Dogecoin, Ether, and more – however, their assets were only able to be held natively on the Robinhood app and could not be transferred outside of it.

For more on this story, please click here

Twitch Co-Founder Raises $24M USD

Twitch co-founder Kevin Lin announced that his Web3 entertainment company, Metatheory, raised $24 million USD in a funding round. The round was led by a16z, Pantera Capital, and FTX Ventures

Metatheory is focused on developing its NFT-integrated game, DuskBreakers, as well as exploring virtual worlds and franchise intellectual properties.

For more on this story, please click here.

Coinbase Joins Fortune 500

Coinbase has become the first crypto-based company to make the Fortune 500, while its founder Brian Armstrong now serves as one of the youngest CEOs to make the list. 

The crypto exchange now ranks 437 on the list of 500 companies, with a reported annual revenue of $7.8 billion USD in 2021. 

For more information on this story, please click here

Beeple’s Twitter Hacked in Phishing Scheme

Even Beeple isn’t immune to cybersecurity attacks, following his announcement that his Twitter account was hacked, which led to the loss of over $438,000 USD by users who believed they were communicating with the artist himself. 

For five hours, the account was taken hostage, whereby the hackers posted two fake links to NFT drops that were actually phishing scams, designed to steal wallet information. 

A MetaMask security analyst revealed that hackers drained over 98 ETH, 37 Wrapped ETH, and 45 NFTs – totaling $438,000 USD in stolen digital assets. 

For more on this story, please click here.

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

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