Indian Government Raids WazirX Director and freezes $8.4M - Here's what you need to know 🚨👮🏽♀️
GM,
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Will the real owner of WazirX please stand up? 🕵🏻♂️
What’s happening - India’s chief economic enforcement agency, the Enforcement Directorate (ED), announced Friday that they have frozen $8.14 million (64.67 Crore rupees) in assets from crypto exchange WazirX, claiming it helped others launder money.
The Enforcement Directorate reported that WazirX had engaged in activities that supported instant loan applications to move their illegal funds abroad, to unknown wallets through WazirX’s exchange.
Then things got interesting..
CZ, CEO of Binance, the supposed owner of WazirX, distanced and dumped WazirX claiming they never owned it as the acquisition was not completed.
Nischal Shetty, founder of WazirX claimed Binance does own WazirX including the WazirX domain, also claiming Binance has root access to WazirX and holds all the crypto + profits.
So who should be believed now? This is a bizarre situation for both. As the regulators crack down on both for money laundering, the two companies are passing an exchange away like a hot potato.
Amidst all this, the users have no idea if their funds are safe, who holds the funds, after their funds have been frozen what the next steps are etc.
Our take - We have no idea what happens next, but users should look at moving out their funds quickly before the gov cracks down further on both these companies.
Starbucks enters the Web3 world ☕️
Starbucks founder and interim CEO Howard Schultz teased the company’s upcoming web3 ideas & the future of Starbucks' popular rewards program.
What’s happening - Imagine a world where people receive digital collectables from Starbucks, and these collectables give you access to a community and content experiences around coffee. We’re thinking of exclusive events, gated access etc.
Now just imagine what Starbucks could do, given that they have ~27.4m active rewards members in the US where over 50% of their sales come from these rewards customers.
Our take: We can't wait to see how their execution plays out and how Starbucks bring people into the world of Web3.
A DAO just sent a Viral YouTuber to Space 🚀
MoonDAO just became the first decentralised organisation to send someone to space.
What’s happening - DAOs are like the web3 version of a company, only with way fewer rules and way more freedom to move around. There are different kinds of DAOs serving different purposes but their main idea is to keep things decentralised where people can take major decisions through votes (like new age shareholders but way more active).
MoonDAO is one of them which takes itself very seriously, and they just managed to send someone to space.
Here's how it happened:
They recently raised money from their tokens ($Mooney) and NFT collection
The funds were then used to buy a seat on Jeff Bezos' Blue Origin NS-22 rocket
The DAO voted in Coby Cotton, a Youtuber, to go into space.
Lucky to say all went well and Coby went to space and back last week. He’s now a part of history, becoming the first person ever sent to space by a DAO for a total of 20 minutes.
Our take: MoonDao looks legit, and with their marketing, they're on a mission to decentralise funding for space research & exploration, with the ultimate goal of creating their own Moon colony.
Crypto Bytes
NFTs.com has been purchased for a whopping $15M. It’s the second largest public domain sale of all time.
Around 8,000 Solana wallets and $5 million in crypto have been exploited actually because private keys were accessed. Yikes
Ishan Wahi, the ex-Coinbase product manager accused of insider trading, has pled not guilty.
Educational publisher Pearson aims to solve textbook renting issues, creating what may be the world's first textbook NFTs.
High Fashion brand Gucci is now accepting Apecoin via BitPay in select boutiques across America.
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DISCLAIMER:
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.