Dive into our comprehensive coverage of the latest trends and events shaping the world of Bitcoin, blockchain, DeFi, NFTs, Web3, and the ever-evolving realm of crypto regulations.
Friend.tech – From Crypto Rockstar to Dropped Mic?
Ever heard the buzz around Friend.tech – that shiny new decentralized social network? Some say it’s already running out of steam, just three weeks post-launch.
Hosted on Coinbase’s Base network, this dApp had us all talking when it hit a wild $1.7M in daily fees and a whopping 525,000 transactions, all in a day (Aug. 21, to be exact). But fast forward just a bit, and things look a tad bleak. By Aug. 26, the fees took a nosedive by 87%, settling at $215,000, says DefiLlama. Dune Analytics wasn’t painting a rosy picture, noting transactions plummeted 90% to 51,000 by Aug. 27.
Coinbase’s payments risk manager, Lisandro Rodriguez, didn’t hold back on Aug. 27, declaring the platform pretty much “dead,” blaming “greed and poor execution.” Some peeps even cheekily marked its lifespan as “RIP Friendtech August 2023 – August 2023.” 😬
Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff. Let's dig into how this failure came to be 👇🏾 pic.twitter.com/WDQncTQJ21
— Lisandro (@TheRealLisandro) August 27, 2023
And get this: last week, our favorite crypto commentator, Yazan, told Cointelegraph he saw the writing on the wall for Friend.tech, predicting a slide in activity and user key prices within six to eight weeks.
PayPal’s PYUSD – More like ‘Why?’ USD
PayPal jumped into the stablecoin game with its PYUSD, but if we’re going by Nansen’s on-chain deets, it’s more of a “soft opening.” Since its Aug. 7 debut, a whopping 90% of PYUSD is still cozying up with Paxos Trust (the OG issuer). Only 7% has ventured onto exchange giants like Kraken, Gate.io, and Crypto.com. In the crypto lingo, PYUSD isn’t exactly making the rounds yet.
Check this: Outside contracts and exchanges, only a handful – 10 to be precise – have stacked up over $1k in PYUSD. As for the “smart money” crew (read: big institutions and pro traders) are playing it real cool, with next to no movement.
Considering PayPal boasts a hefty 350M+ user base, we all thought PYUSD would be the next big crypto splash. But so far? More like a drop. Nansen chipped in with some food for thought – maybe PYUSD’s catering to a different audience? Whatever the play, it’s a “watch this space” moment.
FTX Crypto Breach – A Digital Whoopsie?
FTX, the now-defunct crypto exchange, is sounding the alarm bells. They’ve had a minor cyber hiccup with their bankruptcy case’s claims agent, Kroll, leading to some non-spicy (read: nonsensitive) customer data getting a bit of unwanted attention. The good news? Your funds, account passwords, and systems are sitting pretty – no harm done.
FTX slid into everyone’s DMs via the X platform (that’s old-school Twitter for you newcomers) on Aug. 25, giving everyone the lowdown on this cyber snag. They’re teaming up with Kroll, ensuring those affected are in the loop and armed with steps to keep their digital selves on the safe side.
In case you’re wondering, FTX wants to make it crystal clear – the hiccup happened on Kroll’s watch. And nope, Kroll wasn’t babysitting any FTX passwords or systems, so those are untouched. FTX and their crew are on top of it, eyes peeled, ensuring things are handled right.
Word to the wise: Keep an eagle eye on your inbox. Some shady emails are masquerading as bankruptcy bigwigs. Stay sharp, and don’t get played!
What customer data is non-sensitive? https://t.co/StqcS1EviC
— Dyme (@CryptoParadyme) August 25, 2023
In related news, Celsius Network is also battling the aftermath of a data breach – causing ripples in their bankruptcy reorg. ZachXBT, our go-to blockchain sleuth, has dropped some tea: FTX clients are getting spammed with real fishy emails. Heads up, FTX fam – your deets might’ve been snagged.
Speaking of snags, Celsius Network (that crypto lending platform on the brink of bankruptcy) has had a data hiccup of its own. Their email records got exposed, throwing a bit of a wrench in their bankruptcy makeover plans.
But here’s a twist: FTX isn’t just sitting on its digital hands. They’ve teamed up with Galaxy Digital, captained by the crypto maverick Mike Novogratz. The mission? Beef up FTX’s game against market wild swings and make sure those Bitcoin (BTC) stacks – even with tickers dipping by $25,941 – work harder and smarter. Hold tight, crypto crew – the game’s always evolving!
Key Takeaways:
- Bitcoin (BTC): Feeling blue with a dip to $25,940
- The DeFi and Web3 spaces? Still buzzing with innovation!
