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welcome house Chain response.

As if the pessimism round crypto wasn’t sufficient, the trade faces one other quarter of hackers and scammers seeking to make a fast buck. To make issues worse, monitoring down and recovering misplaced funds is turning into tougher.

The trade recovered simply $4.9 million of the $204.3 million it misplaced to hacking, fraud and rug pulling within the second quarter, in keeping with a brand new report.

The report, based mostly on knowledge from Web3’s “tremendous apps” and antivirus answer De.Fi, and the REKT database, exhibits 28% of the $666.5 million the trade has misplaced to fraud and hacks to date this yr. It detailed that it recovered about $183 million, which was shut.

The report additionally discovered that exploits and lag pulls accounted for $55.3 million and $47.3 million, respectively, within the second quarter, highlighting that the chance from malicious actors is “equally prevalent.” there may be

TLDR? Even in a bear market, hackers are nonetheless hacking and scammers are nonetheless scamming, so watch out.

web3 of the week

Second Quarter Failed To Deliver Web3 Startups And Unicorns A Second For Funding (TC+)

We’re already midway by 2023. Which means he is solely two weeks away from the most recent and best Q2 knowledge. Nonetheless, it is all the time sensible to maintain your eyes on the longer term, so we determined to attract some conclusions about Web3 and Unicorn’s funding tendencies based mostly on early knowledge over the previous three months.

Coinbase Government: U.S. Urgently Wants Laws As World Crypto Coverage Expands (TC+)

Coinbase is likely one of the world’s largest cryptocurrency exchanges and is 10 years outdated. And whereas the corporate has expanded its choices, services, its coverage agenda hasn’t modified dramatically, Kara Calvert, Coinbase’s head of U.S. coverage, informed currencyjournals+.however what have The “momentum and urgency” of digital asset laws and regulation on the federal degree within the US has modified, she stated.

The combination of AI and cryptocurrencies will occur whether or not you need it or not (TC+)

As the recognition of synthetic intelligence continues to develop to new heights, trade gamers are exploring new methods to combine the expertise with cryptocurrencies and blockchains. Coinbase’s State of Crypto Summit on Thursday noticed a panel of enterprise capitalists and AI consultants focus on what the similarities and variations are in every trade, and what traders, builders and customers shared their views on how they may benefit from it.

Cryptocurrency startups Pillow to close down all companies, backed by Accel and Quona

Singapore-based Pillow plans to droop all companies and apps within the coming weeks, citing regulatory uncertainty that has damage numerous different cryptocurrency startups in latest quarters. I warned clients on Friday. It has raised a complete of round $21 million and backers embrace Accel India, Quona Capital, Elevation Capital, Soar Crypto and others. Pillow introduced an $18 million Sequence A funding spherical final October.

Terraform Labs founder Do Kwon sentenced to 4 months in jail in Montenegro

One other chapter within the lengthy and unusual story of Terraform Labs’ Do Kwon has been printed. A disgraced cryptocurrency founder will spend 4 months in a Montenegro jail for falsifying public paperwork. Kwon’s subsequent steps stay unclear, as each the US and South Korea search his extradition on prices in each nations associated to the Terraform Labs chapter.

newest pod

this week’s episode, Jacqueline was interviewed jack lou, co-founder and CEO of NFT market Magic Eden. This can be his second look on his Chain Response, however the market has developed loads since his final look in August 2022, so we will not watch for him to return. Excited to return.

Previous to co-founding Magic Eden in 2021, Lu labored at Google as a product supervisor and a guide on the Boston Consulting Group.

Magic Eden initially began as a Solana-based NFT buying and selling platform, however has expanded help to different blockchain networks reminiscent of Polygon, Ethereum, and Bitcoin. As we speak, it has grown to be one of many largest NFT marketplaces with over 8,000 collections, practically $3 billion in NFT transactions, and 22 million month-to-month distinctive guests. In June 2022, Magic Eden raised his $130 million Sequence B spherical, reaching Unicorn standing.

Focus on Why Magic Eden Expands Help To Different Blockchains, Provides BRC-20 Token Help To Secondary Platforms, And How The Firm Plans To Keep Aggressive In An Ever-Altering Market I used to be.

We additionally mentioned:

• NFT market volatility
• royalty charge
• Extending Web3 video games
• Recommendation to the NFT neighborhood

apply Chain response upon apple podcast, spotify Or take a look at the most recent episodes utilizing your favourite pod platform. In case you like what you hear, please depart a overview.

comply with the cash

1. Bitpanda Cryptocurrency Trade Splits From Bitpanda, Secures $33 Million
2. Gaming Platform Legendary Video games Raises $37 Million in Prolonged Sequence C1 Spherical
3. Web3 Gaming Platform Pixion Video games Raises $5.5 Million
4. AI-Powered Crypto Search Engine Kaito Raises $5.5M Sequence A Spherical
5. Startale Labs Raises $3.5M Seed Spherical for Web3 Infrastructure for Public Items

This listing was compiled with enter from Messari and currencyjournals’s personal studies.

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