SBF Finally Goes To Jail
PayPal Stablecoin has flaws
It’s almost Friday!
Here is the breakdown of today's newsletter:
🪙 PayPal Stablecoin
🙌 SBF finally facing jail
Open Sea and Blur may be cutting out creator royalties in the near future. (AN)
A historical painting by Leonardo da Vinci is the latest old piece of artwork to be turned into an NFT. (ANP)
Tech giant Microsoft shakes hands with Aptos blockchain, partnering to work on blockchain AI tools. (CD)
New York proves to be a hot spot for NFT crypto and NFT enthusiasts and culture, as 19% of residents hold crypto, reportedly. (CB)
Popular artist Beeple recently purchased a Cryptopunk for over $200K. (@beeple)
391.305 BTC, valued at $11.4 million just moved in a wallet that has been dormant for over 7 years. (BT)
PayPal Stablecoin 👍 or 👎
Huge news broke when PayPal announced their stablecoin backed by dollar deposits, US treasuries, and other cash equivalents. The ticker will be “PYUSD” and you will be able to buy, sell, hold, and transfer it on the desktop and mobile PayPal App.
Immediate Community Reaction:
THIS IS HUGE FOR CRYPTO ADOPTIOONNN!!!
*nails on chalkboard*
What’s that? Did the internet devs find something? Yes, yes they did, and it’s major…
So the PayPal stablecoin contract:
- Is written in an extremely old version of Solidity
- Allows the owner to pause all transfers
- Allows the owner to freeze addresses to prevent actions
- Allows admins to increase the total supply at will
Centralized, but transparent at least.
— cygaar (@0xCygaar)
Aug 7, 2023
Ooof. What a 180. For now, we will have to wait and see if PayPayl will update these huge concerns.
SBF Has Been Arrested (Finally)
Just last week, SBF, the infamous leader of FTX, was handcuffed after violating his bail.
💡 What was the ruling?
He was found tampering with at least 2 witnesses
Using a VPN to hide his internet activity (he has a strict no-usage internet policy) Hmmmm $BALD?
Used encrypted messaging platforms that would auto-delete after a certain amount of time/days
Leaking Caroline Ellison’s private diary to the NYT.
Sketch of SBF in the courtroom
Needless to say, things are not looking well for SBF and finally, the “chickens have come to roost”.
Some people might not like this one but if you can’t laugh at your own projects this space might not be for you…
Bored Ape Yacht Club (BAYC) cringe
A Thread 🧵
— BAYC Holder Therapist (@Bh2800)
Aug 12, 2023
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