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$33 Million In Funding For Web3 Security + BTC Moons

$35,000 USD Sounds Good Doesn't It?

Author

Gannon Breslin
October 26, 2023

All the web3 and crypto news you need in one Drop! We do all the heavy lifting for you! Follow our Twitter for breaking news that drops lately.

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We hope everyone had a great weekend! What better way to start of the week than a surge in crypto prices?!

Here is the breakdown of today's newsletter:

🔒 Blockaid’s Big Round
🚀 Bitcoin explodes To $35,000 USD hitting a 16-month high

Blockaid’s $33 Million Raise 🔒

Web3 has always struggled with one thing: security, which is something Blockaid is specifically trying to solve.

💡 How does it work?

Blockaid offers two security solutions for decentralized applications (dApps):

1. the dApp Scanning Engine, which detects malicious actions and dApps

2. dApp Scanning Sandbox, which simulates user interactions without risking user assets and instantly marks malicious dApps to protect all users

The $33 million round was led by Ribbit Capital and Variant with help from Cyberstarts, Sequoia Capital, and Greylock Partners.

Speaking of security, there has been a lot of commotion about the recent case that ZachXBT broke open. Definitely worth the read:

TL, DR: Scammers are “Sim Swapping” which is a hack in which scammers can find your phone number attached to your Twitter account (to then override 2FA). Hackers have then posted malicious links on accounts that they have hacked into stealing millions of dollars. Lesson: Always use an authentication app!

  • NFTs are still getting big offers and just recently an Alien CryptoPunk (#5905) received a 1,100 ETH offer (close to $2 million USD). Check it out here.

  • RTFKT Air Force Ones that just launched are already being seen sold on EBay for thousands of dollars.

  • A new wallet got loaded and spent $500,000 USD on sweeping 45 Azukis and 100 Elementals over the weekend. (@CirrusNFT)

  • Legendary artist and American Icon Norman Rockwell (via the Rockwell Museum, Rockwell Family, and IMG) is producing limited print editions of previously unreleased images along with a digital collectible, representing the artist's first presence on the blockchain. The release is scheduled for November 23. (@iconic__culture)

  • The French National Assembly passed the Sorare law, which regulates video games using NFTs and crypto-powered monetization. The law was voted on by 561 members of the assembly as part of the Digital Space Regulation Law. TL, DR: They ruled that NFT gaming is NOT gambling. (DC)

  • The Sandbox has appointed Nicola Sebastiani (Ex Playstation Exec) as its Chief Content Officer. With an impressive track record at reputable organizations, any tech-savvy company would be thrilled to have such a gaming expert on their team. (NP)

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🚀 Bitcoin Explodes To $35,000 USD

Just a week after the false alarm was raised by our friends at CoinTelegraph Bitcoin surged past $35,000, reaching its highest price since May 2022. This movement is amid newfound optimism for the approval of a Bitcoin ETF in the U.S. Recent court rulings and BlackRock's application has boosted hopes for ETF approval, leading to an ongoing bullish trend in cryptocurrency markets.

Briefly yesterday BTC kissed $35,000 USD

💡 Where did this pump come from?

Although we don’t have a crystal ball here at the Drop (if we did we would be retired) many are pointing to Blackrock’s iShares Bitcoin Trust being listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades) as the main signal for this surge in price.

Bitcoin wasn’t the only one experiencing the surge in the past 24 hours with several alts doing numbers.

Wait a minute, it was reversed??

Say What Hold Up GIF by DaBaby

Yes, quickly following these announcements Blackrock’s iShares were delisted from the DTCC causing another frenzy on Twitter. Shortly after people noted that is back on and listed on the site.

However, others on Twitter have thoughts about the DTCC lasting impact:

As usual whenever Bitcoin makes a massive move the alts follow…

ATH for the past 24H including 24H % price change:

  • $ETH hit $1,845 - 10.2%

  • $SOL hit $32.47 - 7.8%

  • $XRP hit $0.55 - 4.4%

  • $LINK hit $11 - 3.5%

  • $DOT hit $4.40 - 9%

  • $ADA hit $0.28 - 8%

  • ‘Crypto Winter’ is over according to J.P. Morgan (CS)

  • Bitcoin hits 3-month high price above $33,000

  • Capital One Ventures and MassMutual Ventures back Prove Identity with $40M funding (@ProveIdentity)

  • California Governor signs web3 licensing regime into law (x)

  • SEC drops charges against Ripple executives.

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.