The Coinbase Q3 revenue that surprised everyone. Why is Safemoon in trouble? Blockchain x AI can help you live longer. NFT sales surge to $129M in November.
What’s up with Safemoon’s execs getting arrested? Is there hope for extending human life with blockchain and AI? Seems like an unlikely combination. 🤷♀️ We’ve also got something actually likely to help users create self-custody wallets. Let’s jump into today’s edition.
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SafeMoon, once a crypto sensation, is now facing a crisis that has investors on edge. 🤭
SafeMoon’s leaders, including CEO John Karony and CTO Thomas Smith, have been arrested, and the community is looking for answers.
🤨 The Accusation
Dipping into the investment pool to buy themselves high-end toys while their investors were left in the dark. It’s a big disappointment for everyone who trusted them with their money.
SafeMoon’s big promise was to keep investors' money locked up tight. But now, the SEC says those promises weren’t kept. The coin that was once worth over $5.7 billion has now seen its value disappear, leaving investors questioning everything.
Smith claimed he didn’t ownanySafeMoon to stay true to his job.
But now, it looks like he and his team were buying and selling their own coin to jack up the price, all while hiding behind fake names and wallets.
They’re also accused of engaging in wash trading to create a false impression of trading activity.
📉 The Oversold Zone
The trouble didn’t stop there for SafeMoon. Their value took a nosedive, losing almost 100% in just a week, a blow that might just be the last for any recovery hopes.
📅 November 1st: The coin’s value dropped by over 50%, and it kept falling, with no signs of stopping.
Right now, SafeMoon is in what traders call the "oversold zone," meaning there are way more sellers than buyers, and the price keeps dropping. 📉
Earlier this year, SafeMoon got hit by hackers who walked away with $8.9 million after they moved a whopping 32 billion SFM tokens. They traded these for Binance Coin at a high price, pocketing 27,380 BNB.
So far, those funds are still missing, adding another layer of trouble for SafeMoon. However, the Safemoon community, atleast some of it, is still going strong on X backing their support. What do you think of this whole scenario? Let us know in the comments below 💡
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Web3 is not just about finance; it's reaching into healthcare, too. The Web3-based app Rejuve.AI is using blockchain to gather global health data for longevityresearch. It's not just sticking to the West – they're filling data gaps worldwide to give a clearer health picture for all. Rejuve.AI users can share their health data and get tokens in return, which can be used for advanced health tests or other services.
Tech leaders are reconsidering the metaverse's role in business, as many projects failed to develop sustainable models, seeking quick wins over long-term strategies. At Dubai's Cardano Summit, MetaMinds CEO Sandra Helou highlighted that success in the metaverse requires a deep shift in business vision and a focus on interoperability to ensure a seamless user experience. While tech executives are now favouring AI, Dubai's crypto-friendly policies are setting the stage for metaverse innovation, showing how regulatory support can be a catalyst for growth in the emerging tech sector.
In Hong Kong, the SFC has issued new rules for businesses offering tokenized investments, aiming to align with market demand and blockchain's benefits. These guidelines touch on the tokenizationprocess, disclosures, intermediaryconduct, and ensuring teams are up to speed. The SFC is clear: token providers must be responsible, with tight record-keeping and appropriate blockchain controls.
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🇮🇳 India is making waves in the web3 sector, boasting 11% of the world's talent. With projections of adding $1.1 trillion to its GDP by 2032, India is on track to become a powerhouse in the digital economy.
💸 Coinbase's Q3 revenue hit $674 million, outdoing the predicted $616 million. Yet, their stock fell 5.5% afterwards. They earned more from interests and non-trading services, like subscriptions, which brought in $334.4 million.
👀 The crypto community has its eyes peeled for the next big hit as the market shows signs of revival. Tokens like ApeMax and Worldcoin are just a couple of the names gaining traction in 2023.
📈 NFT sales volumes surged to $129 million in November, with a notable weekly increase in Ethereum-based sales, according to Nansen. The uptick in sales began in early October, starting at $56 million and growing to over $129 million.
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