Crypto Flipsider News – HSBC has partnered with Sandbox, ConsenSys has doubled its valuation, and Aptos has raised $ 250 million. NFTs will appear on Instagram. Three DeFi protocols were used for $ 14 million.Kazakhstan’s mining crackdown
Read the digest:
- HSBC has partnered with The Sandbox, Microsoft (NASDAQ 🙂 is backing ConsenSys for double valuation, and Aptos has raised $ 250 million from a16z.
- Instagram welcomes NFTs soon – Mark Zuckerberg
- Deus Finance, Agave, and Hundred lose $ 14 million in the Wave of DeFi exploit.
- Kazakhstan cracks down on crypto mining, the third wealthiest person in Mexico.
HSBC partners with Sandbox, Microsoft returns consensus to double rating, Aptos raises $ 250 million from a16z
Over the past six months, the $ 1 trillion industry, Metaverse has attracted the largest names from a variety of sectors. British banking giant HSBC has partnered with The Sandbox to become the latest company to enter the industry.
According to The Sandbox, in partnership with HSBC, banks have purchased land in The Sandbox’s virtual world. HSBC develops land to host sports, esports, gaming, and financial professionals.
Leading DeFi company ConsenSys has announced a $ 450 million Series D funding round backed by Microsoft. With this funding, the company’s valuation reached up to $ 7 billion, more than double that of November 2021.
Aptos, a Web3.0 project created by a former Meta employee, has deposited $ 250 million in a bank in a funding round led by Andreessen Horowitz. Former Meta employees claim to be the original creators, researchers, designers, and builders of “Diem.”
Flip Cider:
- Aptos disassociates from Meta and states that “there is no formal relationship with Facebook (NASDAQ 🙂 and no investment from Facebook (NASDAQ :).”
Why you need to care
A common vision for the world of Web 3.0 as the future of the Internet is driving more and more investments.
Instagram welcomes NFTs soon – Mark Zuckerberg
Meta-owned Instagram has the potential to become the next social media platform to integrate non-fungible tokens (NFTs) into the platform. Mark Zuckerberg made a presentation and sparked excitement in the crypto space while speaking at the South by Southwest conference.
In the “Into the Metaverse: Creators, Commerce, and Connection” session, Zuckerberg said, “We’re working on introducing NFTs to Instagram in the near future” to confirm our speculation.
In January, we reported that Facebook and Instagram are working on implementing NFT profile pictures and minting features on the platform. This is currently being confirmed by the Meta boss.
“In the coming months, we’ll be able to deploy some NFTs, and hopefully over time, we’ll be able to create things within that environment,” Zuckerberg said.
Flip Cider:
- Zuckerberg, who refused to provide an official launch date, said “there’s a lot of technical work to solve” before deploying the feature.
Why you need to care
Adam Mosseri, head of Instagram, explained that the company is “actively investigating” NFTs to bring the technology to more users.
Deus Finance, Agave, and Hundred lost $ 14 million in the Wave of DeFi exploit.
Exploits hit three DeFi protocols, resulting in a total loss of $ 14 million, raising questions about the security of decentralized finance again. Deus Finance, a bilateral over-the-counter (OTC) derivative platform, has been compromised, stealing $ 3 million from the network.
According to a post-mortem analysis conducted by PeckShield, hackers used flash loans to manipulate contracts and misrepresented that DEI (one of the two tokens issued by Deus Finance) had collapsed.
Just hours after Deus Finance was compromised, Agave and Hundred Finance reported a similar flash loan reentry attack on the Gnosis chain. The attacker used a bug to steal a total of $ 11 million from both DeFi protocols.
The attacker continued to borrow from the protocol by using the “call After Transfer” feature to request borrowing of funds without presenting additional collateral. Then I used tornado cash to suck up the money and hide my address.
Flip Cider:
- DeFi giant ConsenSys doubled its valuation in four months and set its value at $ 7 billion.
Why you need to care
The abuse of Agave, Aave’s fork, raises concerns about the financial security of users across the DeFi industry.
Kazakhstan cracks down on crypto mining, Mexico’s third wealthiest man to mine Bitcoin
After China banned cryptocurrency mining in 2021, Kazakhstan emerged as a hotspot and contributed 18.1% of the world’s Bitcoin mining. However, with new events happening, Kazakhstan is tightening its crackdown on cryptocurrency mining.
The Financial Monitoring Agency of Kazakhstan reported on March 15 that it closed 55 crypto mining companies and confiscated nearly $ 200 million worth of mining equipment. In addition, 25 companies have been further flagged as illegal businesses.
Taking another route, Ricardo Salinas Priego, Mexico’s third wealthiest person, is reportedly planning to start mining Bitcoin. Billionaires are reportedly able to use his geothermal power plant to mine Bitcoin from July.
Salinas previously stated that the plant is continuously generating 10 MWh of renewable energy. In February, Ricardo Salinas Priego advised Bitcoin investors to “keep looking for the bottom and hold the BTC firmly.”
Flip Cider:
- Despite the crackdown, Kazakhstan’s mining revenues are projected to surge to $ 1.5 billion over the next five years.
Why you need to care
Carbon emissions associated with Bitcoin mining energy consumption have led to increased crackdowns to eradicate illegal mining operations.
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