FFATH 🇸🇻 Salvador Start Buying 1 BTC/Day 🤣 FTX hacker used his personal Kraken account to send 500 TRX to cover the gas fee
We are very Far From All Time High
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Headlines
🚀 Apple Pay is now available on Circle
🇸🇻 El Salvador to start buying 1 Bitcoin every day says president Bukele
⚽ Cristiano Ronaldo NFT collection on Binance
👟 Adidas virtual gear and Nike sprint into web3 with new .SWOOSH platform
🎮 PlayStation has been working on NFTs and blockchain
⚽ Adidas' Bored Ape NFT makes appearance with Messi, Benzema in new world cup trailer
🏎️ NFT rides shotgun as Red Bull Racing closes out F1 season
🇧🇷 Singapore-based crypto exchange Bitget opens operations in Brazil
⚖️ Wells Fargo, HSBC add offshore Yuan to Blockchain Foreign-Exchange System
🏴 Binance gets regulatory nod for institutional crypto custody in Abu Dhabi
Featured Story
What’s in a Wallet? Guarding your assets with social recovery wallets
After last week’s article highlighting the Reserve Requirement Ratio (RRR) in most countries is 1%, 2% or even 0.0 %, we thought this week would be a good time to talk about wallets. With so many to choose from how can one decide which wallet is best? Let’s talk about two:
Hardware wallets require a physical device to use. While your crypto is indeed kept on the blockchain, hardware wallets require users to plugin a USB-style device to a desktop app and enter a password to access their assets. Hardware wallets are generally safe and effective for long-term holdings. Like paper wallets, you will want to keep your mnemonic phrase hidden, or have more than one device connected to your wallet just in case something goes wrong.
Hardware wallets: Ledger, Trezor
Social Recovery Wallets benefit from being the favorite of Ethereum co-founder Vitalik Buterin and for good reason. Not yet as widely adopted as other wallet types, social recovery wallets utilize a "guardians" system to protect the user if they were to ever lose their signing key. Guardians can be friends, family, other institutions or even yourself on another wallet.
With traditional wallets such as hardware or paper wallets, users protect their wallets by keeping safe a mnemonic phrase of 12 - 24 words. These words, for all intents and purposes, are the wallet. Most users of hardware wallets will keep these phrases written down on some physical paper in their homes, leaving the risk of theft. This single point of failure is not very user-friendly and may be a barrier to mass-adoption.
In response to this, the guardians system of social recovery wallets requires users to assign 3 or more guardians. If the user loses their wallet (breaks or buys a new phone, for example) the user can simply reach out to a majority of their guardians and ask them to sign a special transaction to change the signing pubkey registered in the wallet contract to a new one. This recovery process alongside the wallets use of a single signing key make it a user-friendly alternative that is arguably safer than against theft.
In his article, Vitalik also extrapolates on the possibility of including the “vault” to further safeguard transactions.
“Every social recovery wallet can come with an automatically generated vault. Assets can be moved to the vault just by sending them to the vault's address, but they can be moved out of the vault only with a 1 week delay. During that delay, the signing key (or, by extension, the guardians) can cancel the transaction.”
This sounds quite similar to the court system we highlighted a few weeks back, but instead of strangers, allows the user to place trust in specific people they choose.
Social recovery wallets: Argent, Loopring
What wallet do you prefer? Let us know on Twitter and Linkedin!
Read: Why we need wide adoption of social recovery wallets (vitalik.ca)
Will FTX’s Drama Ever End?
👮 US reportedly considering Bankman-Fried extradition for questioning
🚫 Bahamian liquidators say FTX wasn’t authorized to file for bankruptcy in the US
🇧🇸 Bahamas approves provisional liquidators for FTX assets
🇧🇸 Bahamian FTX liquidators cite ‘serious fraud and mismanagement’ in court filings
👮 New FTX boss condemns management of the crypto exchange during Sam Bankman-Fried's tenure
💸 FTX's 'chief regulatory officer' Dan Friedberg tied to online poker scandal
💸 FTX team received free money from Alameda
🤣 FTX hacker used his personal Kraken account to send 500 TRX to cover the gas fee of the transaction.
❌ Australia suspends FTX's financial services license
❌ Mercedes F1 team suspends FTX deal
❌ GameStop to end FTX ties and Refund Customers
❌ Miami to yank FTX name from iconic downtown stadium
❌ Esports Giant TSM suspends $210M FTX naming rights deal
❌ UC Berkeley Suspends Stadium Naming Rights Deal With FTX
❌ Visa has terminated global debit card agreements with FTX
❌ Golden State Warriors Joins List of Sports Franchises Cutting FTX Ties
👮 Celebrities, Investors scramble to erase evidence of SBF ties
Insider News
🐶 Crypto.com holds 20% of its reserves in meme token SHIB👉 Chainlink Labs offers proof-of-reserve service for embattled exchanges
🦎 CoinGecko new feature: exchange's proof of reserves
🧾 CZ and Vitalik are working on platform to prove CEX reserve
👉 Cosmos community rejects ATOM 2.0 white paper
👉 Arbitrum decentralization update
🔥 InsureDAO launched on Arbitrum
👉 StarkNet token is deployed on Ethereum
🔺 Liquidity Book by Trader Joe
👉 Mina following the ZK trend
👉 Nexo set to launch their own non-custodial smart wallet
💳 Binance US, fighting for BlockFi credit card customers
🔥 The 1inch Router v5 is released
🖼️ Chainlink and NFT
🔥 yBribe : Yearn’s new platform for Curve gauge voting.
⚖️ U.S. SEC delays decision on ARK 21Shares spot bitcoin ETF to Jan. 27
⚠️ Paxos ordered by US officials to freeze $19M in crypto tied to FTX
⚽ Chilliz saving users from FTX
👉 Proof of Reserves is a good start, but it needs to be coupled with Proof of Liabilities
🚨 Binance will launch a new ‘industry recovery fund’
🧾 Kraken, Coinbase and Gate.io publish proof of reserves with liabilities
Data
📊 Nansen take stock of major exchange on-chain holdings
Reads
📚 Solana Ecosystem Facts Related To FTX Bankruptcy - Solana Foundation
📚 Why DeFi > CeFi in terms of financial stability and resilience?
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