A glitch made this couple millionaires overnight. Is it wise to let AI be free? Bitcoin miners are going green and Xbox is going crypto! Explore web3 products and jobs to level up!
GM fam! Let’s start with a reality check, shall we? Don’t call yourself lucky unless you accidentally get $10.5 million in your bank!
Let’s get into what happens when a crypto exchange glitch decides to be generous, when we let AI be free and explore products like Web3 ID and Sense along with new opportunities to learn, earn and move up in web3! 🚀
If you like reading TWIW3, consider sharing it with your friends and help them climb up the web3 ladder! No Gatekeeping! 😋
The Overnight Millionaires: What happens when a crypto exchange makes a huge mistake 🤭
It’s story time!
Finding an extra $20 bill in your jeans is nothing compared to waking up to find $10.5 million in your bank account! A Melbourne couple got lucky and woke up to exactly this one fine morning!
The lucky couple in question: Thevamanogari Manivel and Jatinder Singh.
🗓 The Lucky Event
May 2021:
Manivel tries to transfer 100 AU$ into Singh's Crypto.com account.
A system glitch decides it’s a good day to be a liiiitle generous.
Instead of the $100, Crypto.com sent $10.5 million AU$ into Manivel's bank account!
The wildest thing here is that this "minor" error remained hidden away from auditors until December 2021! Now that they know, a lawsuit has been filed, and the couple has been ordered to return the funds.
🛍 The Shopping Spree
What do you do when you get that much money out of nowhere? YOU SPEND IT ALL!
And this couple didn’t shy away! We're talking four houses, fancy cars, and 4 million AU$ shipped to a Malaysian bank account. One more sad thing for them: One of their lavish 5-bedroom house in Craigieburn is now court-ordered to be sold.
1.35 million AU$ property bought by the couple. Source: Nine News
In court, the couple argued they thought they'd won a Crypto.com contest. 👀
But the company's compliance officer called BS on that, stating no such competition existed.
The Courtroom Drama 🏛️
Manivel has pleaded guilty to recklessly dealing with crime proceeds and has been served with an 18-month community order, including six months of unpaid community work.
Singh's plea trial? It's set for October 23.
And we all know the lesson here: If you wake up a millionaire overnight, maybe hold off on that shopping spree. 🤔 Read more here.
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A blockchain-based authentication system that prioritizes user privacy. With user consent, it securely verifies personal data from ID Wallets, enabling passwordless logins while preventing tracking and data collection. The system is open-source and free to use.
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Web3 playbooks are still being made, whether it’s BD, products or regulations. The Ramp Show Season 2 takes you to the BTS of web3 to talk to the people who build, grow and move Web3.
From PareenLathia, AyushRanjan, ArjunKalsy, DV and more of your favourite web3 folks, check out the playlist here 👇
If you liked this episode or found it useful, Support us in making Web3 accessible for all 👇
Brian Armstrong, Coinbase's CEO, believes AI should remain unregulated! He emphasised on its importance for national security and warned that regulation could push back innovation. Remembering the internet's "golden age of innovation," Armstrong suggested that AI should be given the same freedom. Instead of regulation, he proposes decentralising and open-sourcing AI to boost growth.
At the Hong Kong Digital Mining Summit, Bitmain introduced new efficient Antminermodels, emphasizing renewable energy use. As Bitcoin halving in 2024 is approaching, miners are focusing on sustainability and cost-effectiveness to stay profitable because of the reward reduction. The industry, in general, seems to be moving towards greener practices for a sustainable future, someting we love to hear!
A leaked Microsoft document hints at potential crypto support for future Xbox models. The leak, linked to Microsoft's Activision Blizzard acquisition bid, revealed a 2022 Xbox roadmap with crypto wallet features. But the new features, including crypto support, are set for a 2028 release, and they might undergo some changes. So are we now expecting Microsoft, Apple, and Amazon to explore crypto integration too?
Work in Web3 👩💻
Put your learning to work, upskill and join discussions that will help you level up!
Let’s get into Posty’s fresh pecks from the world of web3!
🇮🇳 India reportedly plans to develop a dark net monitoring tool to combat cryptocurrency fraud. The tool will keep tabs on crypto wallets and alert the Indian Ministry of Home Affairs about any irregular or suspicioustransactions, according to an undisclosed report.
🇰🇷 Busan, South Korea's second-largest city, plans to establish an urban blockchain and digital asset exchange. This move could position Busan as a leading city in blockchain technology and digital asset management, benefiting its 3.4 million residents.
💰 Arbitrum DAO has taken control of $56 million worth of unclaimed ARB tokens as the airdrop deadline came to an end. The unclaimed tokens represent 0.69% of ARB's total supply of 10 billion.
👀 The Miss Universe Organization has disassociated itself from a recently unveiled coin project, stating that neither the Miss Universe brand nor Miss Universe Philippines is involved in any cryptocurrency or blockchain offerings.
👛 A wallet linked to Vitalik Buterin has been observed sending 400 ETH, approximately valued at $600,000, to the Coinbase exchange. The transaction has caught attention, but it's unclear what the purpose or implications of this transfer might be.
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