From $0 to $500M to $0 in 48 Hours
The story of a Ponzi game …
News Recap Synopsis and additional links found on the unchainedpodcast.com website:
Bitcoin received huge validation this week when Microstrategy became the first publicly traded company to buy Bitcoin as part of its capital allocation strategy. As if to underscore the significance, Bitcoin and gold reached a correlation of 70% for the first time.
For those following the DeFi shenanigans du jour (or not), this week’s escapade, $YAM, went from boom to bust in 48 hours, with the moment of truth coming only after the community thought it had gotten whales to save it. Read below for more details, plus why the team could and should have done a number of simple things to prevent this fiasco.
We’ve also got news from Coinbase and ConsenSys as well as a roundup of exploits, scams and crimes in crypto.
MicroStrategy Is First Public Company to Buy Bitcoin
The Rise and Fall of YAM
Ethereum Transaction Fees Reach All-Time High
Coinbase Plans to Offer Loans to Crypto Investors, Resigns From the Blockchain Association
JPMorgan Leading ConsenSys Fundraiser with $20 Million Investment
Hacks, Attacks and Crimes Roundup
Another 51% Attack on Ethereum Classic
Opyn Publishes Post-Mortem on ETH Put Exploit
How North Korean Hackers Laundered Millions From Upbit
The Justice Department Seizes Millions in Bitcoin From Al Qaeda ISIS and Hamas
Fred Ehrsam on Crypto-Native Insurance
FUN BITS
Vitalik Scraps Ethereum 2.0 to Audit Supply of Ethereum
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