• Senator Elizabeth Warren is reintroducing a bill that would extend anti-money laundering (AML) regulations to decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) platforms.
• The proposed legislation seeks to outlaw financial institutions‘ use of digital asset mixers, which are designed to mask blockchain data and prevent tracking.
• Warren’s efforts primarily focus on protecting individual investors and consumers from the potential risks and abuses associated with digital assets.
Senator Elizabeth Warren is pushing for the reintroduction of a bill that would extend anti-money laundering (AML) regulations to decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) platforms.
The proposed legislation, which spans seven pages, seeks to outlaw financial institutions‘ use of digital asset mixers. These mixers, like Tornado Cash, are designed to mask blockchain data and prevent tracking. If passed, the bill would prohibit their use.
Senator Warren’s efforts primarily focus on protecting individual investors and consumers from the potential risks and abuses associated with digital assets. She has raised concerns about the lack of regulatory oversight in the cryptocurrency space and called for greater transparency and accountability from companies involved in this market.
At the Senate Banking Committee’s hearing on Feb. 14th, 2023 titled „Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets,“ Warren argued that the crypto community is strong-hearted on decentralized entities running on code’s exemption from anti-money laundering (AML) requirements.
Sen. Elizabeth Warren is dedicated to protecting investors from potential risks in DeFi platforms by introducing legislation that extends anti-money laundering (AML) regulations across DAOs and DeFi platforms. Her warnings about AML exemption for decentralized entities serves as an important reminder for those involved in cryptocurrency trading.
• Blur NFT marketplace is outperforming OpenSea in terms of trading volume despite having fewer traders.
• Blur has the lion’s share of the total NFT volume traded across all marketplaces with $14.3 million daily compared to OpenSea’s $11.3 million.
• Despite trailing in second place for trading volume, OpenSea leads the pack in weekly trades with 29,600 transactions compared to Blur’s 12,601.
Blur Outperforming OpenSea in Trading Volume
NFT marketplace Blur is outperforming OpenSea in NFT trade activities, including trading volume, despite having fewer traders than its biggest competitor. As of writing this, data from Dune analytics reveals that Blur currently accounts for 46% of the total weekly trading volume compared to OpenSea’s 36%. In addition, Blur has scooped up the lion’s share of the total NFT volume traded across all marketplaces with roughly around $14.3 million traded on the platform daily while OpenSea only boasts $11.3 million – again trailing behind Blur.
OpenSea Leads Pack in Weekly Trades
Despite being second in terms of trading volume, OpenSea leads the pack when it comes to number of weekly trades as data shows that it houses 29,600 transactions compared to Blur’s 12,601 trades as of yesterday.
Blur Bidding Pools Skyrocketing
Since its launch last October, Blur NFT marketplace raised 11 million dollars and its bidding pools have skyrocketed to all-time highs of $42 million as reported by their Twitter account on February 6th 2023 – which is around 2/3rds of Aptos TVL!
User Accidentally Lost 70 ETH Using Platform
In December 8th 2020 a Twitter user going by Keungz lost 70 ETH (around $83k at that time) using the platform’s bidding system but later was refunded 50% after it was linked back to be an issue with their new system instead of his own fault due to him operating his digital assets while exhausted .
It seems clear that despite only recently entering into this sector last October; Blur has managed to make a huge impact on both the trading volumes and overall usage amongst users within the cryptocurrency space since then – making them a force not just to be reckoned with but one that could very well take over this space if they continue along this path!
• The total supply of Ethereum (ETH) decreased in January, resulting in a net deflationary value of $16 million.
• The Ethereum network underwent a significant change with the finalization of the Merge, moving it from proof-of-work (PoW) to proof-of-stake (PoS).
• The Merge has since reduced energy consumption by almost 100%, paving the way for sharding to enhance Ether’s scalability in a future hard fork.
In January of 2021, the total supply of Ethereum (ETH) decreased, resulting in a net deflationary value of $16 million. This shift in the cryptocurrency’s supply and demand dynamics is significant, as it suggests a trend towards increased scarcity and higher market value in the future. The impact of this change on the Ethereum market and its stakeholders is worth paying attention to for anyone interested in the cryptocurrency industry.
The Ethereum network underwent a significant change in September of 2022 with the finalization of the Merge. This transition moved Ethereum from proof-of-work (PoW) to proof-of-stake (PoS), bringing several benefits to the network. PoW miners previously issued around 13,000 ETH in daily block mining rewards, but post-Merge, stakers receive only around 1,700 ETH in daily tips, resulting in an 87% reduction in issuance.
The Merge has since reduced energy consumption by almost 100%, paving the way for sharding to enhance Ether’s scalability in a future hard fork. Base fee burns enable a daily net reduction in supply depending on network usage. The busier the network, the more base fees are burned. For burned base fees to exceed 1,700 ETH and result in a net decrease in supply, the network must have a minimum activity of 16 Gwei daily.
The periods of supply inflation could be seen in the past, however, the deflationary value of Ethereum is likely to remain strong in the years to come. As the demand for Ethereum grows, the limited supply will become an increasingly scarce resource, increasing its value in the cryptocurrency market. This trend will likely have a positive impact on Ethereum’s stakeholders, as increased value could lead to increased profits and benefits.
• Vitalik Buterin, co-founder of Ethereum, saw his wallet holdings decrease by 75% in 2022, from $1.3 billion to $328 million.
• Buterin’s top asset was Ethereum, comprising nearly the totality of his holdings.
• His biggest outflows of the year included $60.25 million worth of Ethereum, two transactions of $50 million worth of USD Coin for a total of $100 million and $48 million.
In 2022, the cryptocurrency industry saw an overall decrease in value and many investors going bankrupt. Despite this, how did portfolios of top institutions and insiders fare? Vitalik Buterin, the co-founder of Ethereum and the face of the ecosystem, had a total of $1.3 billion worth of assets in his publicly-known wallet addresses as of January 1, 2022. However, by the start of 2023, this had decreased by a staggering 75% to $328 million. At press time, the wallet’s value has increased to $423 million.
Buterin’s top asset was Ethereum, comprising nearly the totality of his holdings and amounting to $316 million. His other assets were worth considerably less than a million dollars each, according to data from Arkham Intelligence. The price of Ethereum began the year at $770 and is now trading at $1,612, indicating some increase in value. Yet, Buterin’s wallets are now holding fewer assets due to numerous outgoing transactions and the falling value of several tokens.
Some of the biggest transactions from Buterin’s wallet in 2022 include $60.25 million worth of Ethereum, two transactions of $50 million worth of USD Coin for a total of $100 million and $48 million. This is not an exhaustive list of outgoing transactions, though, as Buterin also sent numerous other payments throughout the year.
In conclusion, Vitalik Buterin’s wallet holdings decreased significantly in 2022, but the price of Ethereum also increased over the course of the year. While his outgoing transactions decreased the total value of his wallet, it has since recovered to $423 million as of Jan. 1, 2023.
– An attacker allegedly drained Raydium’s liquidity pools and transferred 1,774.5 ETH to Tornado Cash to cover their tracks.
– Tornado Cash is a Decentralized privacy and data protection platform developed on the Ethereum blockchain.
– The attacker reportedly used admin wallets to verify the drainage without burning Liquidity Pool tokens.
Recently, a hacker was able to exploit a bug in the Circle’s USDC stablecoin and wrap SOL’s liquidity pools. This resulted in a major loss of over two million dollars for Raydium. To cover their tracks, the hacker allegedly transferred 1,774.5 ETH to Tornado Cash.
Tornado Cash is a Decentralized privacy and data protection platform developed on the Ethereum blockchain. It allows users to deposit and anonymously withdraw Ethereum’s ERC-20 tokens and ethereum (ETH) using different wallet addresses. By doing this, the hacker is able to hide their transaction history from the public.
According to Nansen Portfolio, Raydium lost over two million dollars in the LP compromise. The hacker was able to access the platform’s admin wallets, which allowed them to verify the drainage without burning Liquidity Pool tokens. This enabled them to cover their tracks and make their digital money transfer anonymous.
In response to the attack, CertiK issued a SkyNet Alert, warning users to be vigilant. They warned that a large sum of money had been transferred to Tornado Cash, and advised users to remain aware of the situation.
Etherscan monitoring progress indicates that the hacker’s 0xb98ac wallet address transferred the funds to Tornado Cash. This is just one example of how hackers are using privacy-enhanced smart contracts to hide their tracks and make their transactions anonymous. It is important to remain vigilant and aware of these types of attacks in order to protect yourself and your funds.