API
Stands for Application Programming Interface, a software intermediary that helps two separate applications communicate with one another. They define methods of communication between various components.
US Crypto Crackdown Hurts USD Coin
Circle CEO Jeremy Allaire has blamed the declining market capitalization of USD Coin (USDC) on the cryptocurrency crackdown by US regulators. Allaire cited global concern about the US banking system and regulatory environment as major factors.
Genesis Capital's Settlement Disrupted by Creditors
Digital currency company Genesis Capital's settlement process has been disrupted by creditors, raising concerns about the timing of the process. Genesis' parent company, Digital Currency Group (DCG), has filed a motion for mediation, citing renewed demands from creditors.
South Korean Court Clears Former Terraform Labs CEO of Security Violations
A South Korean court dismissed charges of security violations against former Terraform Labs CEO Hyun-seong Shin, ruling that LUNA is not a security under the country's Capital Markets Act. The court rejected the prosecution's appeal for confiscation of Shin's properties and arrest, and stated that Luna is not a financial investment product regulated by the act. However, the prosecution has appealed to the Supreme Court against the verdict of the lower district court.
OPNX Reveals Venture Capital Backers
OPNX, a new exchange allowing traders to buy and sell claims against bankrupt firms, has revealed its venture capital backers, including AppWorks, Susquehanna, DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital. The exchange has faced criticism due to its association with the bankrupt 3AC hedge fund, but the company claims it will help make customers of failed crypto ventures whole again.
Web3 Startup Funding Drops 82 percents YoY
VC funding for Web3 start-ups decreased by 82% YoY in Q1 2023, dropping to $1.7 billion. The number of big funding rounds hitting nine figures almost completely dried up over the past year. The decline in Web3 funding is attributed to investors opting for a risk-off approach and seeking opportunities in industries they know best.
US Prosecutors Seek Lengthy Sentence for Crypto Shadow Bank Executive
US prosecutors seek a sentence of at least 7 years imprisonment for Reginald Fowler, a former minority owner of the Minnesota Vikings NFL team, over his alleged involvement in shadow banking practices through Crypto Capital Corp, an alleged crypto shadow bank. Fowler is accused of acting as an unlicensed money transmitter and deceiving financial institutions through Global Trading Solutions (GTS), a firm he established under Crypto Capital in 2018. GTS and Crypto Capital are alleged to have processed approximately $750 million in cryptocurrency transactions, providing unlicensed crypto firms with unlawful access to the U.S. banking system.
Cryptocurrency Soars in Q1 2023
CoinGecko's Q1 2023 Crypto Industry Report shows Bitcoin as the best-performing asset, with a gain of 72.4%. DeFi and NFTs have also surged, while stablecoins saw a drop in market cap due to Binance USD shutdown and USDC depeg. The overall market capitalization reached $1.2 trillion at the end of Q1.
Bitget Launches Web3 Fund
Bitget has launched a Web3 Fund to support venture firms and projects globally, with a focus on Asian projects solving real-world problems. Bitget plans to partner with venture capitalists and expand its products and services in 2023.
Twitter disables actions on tweets with Substack links
Twitter users are unable to interact with tweets containing links to Substack pages, receiving error messages that some actions on the tweet have been disabled by Twitter. It is unclear whether this is a bug or an intended feature. The problem arose around the same time that Twitter cut off the ability for Substack users to embed tweets in their posts. This issue comes after recent mysterious changes to Twitter, and the announcement of Substack's "Notes" application, which is seen as competition to Twitter.
Twitter Disables Interactions with Substack Links
Twitter users were unable to interact with tweets containing Substack links on April 7, receiving an error message or encountering issues with registering their interactions. It is unclear whether the issue is a bug or an intended feature. The problem began around the same time as Twitter cutting off the ability for Substack users to embed tweets. This comes as Substack announced a Twitter-like posting application, potentially competing with the social media platform.