This Week in Web3 reporting; we’re your go-to source for the latest updates and noteworthy conversations in the Web3 space in the chillest way possible. How’re you doin’? 👀
Catch our fren Dewasis rocking his 50th edition NFT! ✨
Help the next wave of web3 newcomers turn into web3 natives. How? By sharing your feedback with us and getting a chance to grab a custom-made pixel avatar NFT just like this one! ✨
Allbridge offers bounty to exploiter who stole $573K in flash loan attack
Your Vote Is Not a Vote! 🗳
It's official - the ARB holders have spoken, and they're not giving the Arbitrum foundation a whopping 750M ARB tokens for admin and operational costs! 🚨
But Arbitrum seems to have missed the memo because a twitter user mentioned that they’ve already gone ahead and spent 50.5M (that's 6.7% of the proposed amount) on their expenses.
Here’s what really went down:
The Arbitrum foundation proposed AIP-1 to allocate 750M ARB tokens for their costs, and a majority of the $ARB holders voted against the proposal
The foundation now claims that the vote was just to get community feedback.
First things first - the Arbitrum foundation is swearing up and down that they did not sell off 50M $ARB tokens. Phew, but…where did it all go? 🤔
Apparently, 40M of those tokens were loaned out to some fancy financial market player. 👀 And the remaining 10M $ARB tokens were converted into cold hard cash to cover their operational costs. Here’s the forum post.
The crisis may have been averted but maybe this little controversy will lead to even more transparency and accountability in the world of crypto governance?
Subscribe to This Week In Web3 & get the best web3 resources + jobs + conversations delivered straight to your inbox
Bitcoin Auction by the US Government? 💸
The US government sold $216 million worth of seized bitcoin from the Silk Road case. 💰
💡 What's the Silk Road case? Well, let us enlighten you. The Silk Road was a darknet market to buy and sell illegal goods using bitcoin. Needless to say, the government wasn't a fan, and they shut down the site in 2013.
⏩ Fast forward to today, and the government is finally cashing in on their seized bitcoin. They sold the bitcoin in two separate auctions, with the first one happening earlier this month and the second one happening just last week.
Looks like the government is taking the HODLing advice a bit too seriously because they're planning to liquidate the remaining 41,490 bitcoins in four batches this year.
Who knew crime could be so profitable? But seriously, it's interesting to see how governments are getting involved with crypto, and it makes you wonder what's next. 🤔
What are your thoughts on the government selling seized bitcoin? Let us know in the comments below!
Work in Web3 👩💻
Put your learning to work, upskill and join discussions that will help you level up!
🎯 Week 1 Prompt:
Imagine a scene with your favourite cinema/maker style.
The amazing team at Spacekayak is creating something beautiful and letting their creative self fly with Midjourney every week! 🚀 Enjoy the stunning results from last week.👇
You can also create masterpieces using this prompt and join in on the fun challenge! Show it off on Twitter, tag Spacekayak, and we might reward our favourites! 👀 Go!
That’s it for today, folks! 👋 We’ll see you with Posty next Monday! 🗞
