Do not make this same mistake as Gitcoin! 🚨 143 crypto exchanges blacklisted by UK and FTX again in the news. Two web3 products you need to find better jobs and NFT experience!
GM fam! We’re here to shoot some hot updates your way! 🚀
We're diving into how Gitcoin lost $460K in a transfer, some Crypto Exchanges getting blacklisted and uncovering an FTX sham. Plus, we’ve got a product for you to level up your job hunt and a way to set a new standard for storing your NFTs! ✨
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In yet another incident of “minor error resulting in a significant financial loss” and a lesson to learn, Gitcoin has made a mishap, and it's a big one—$460,000 big!
What happened? 👀
During a routine transaction on October 6, Gitcoin mistakenly sent a heap of tokens, 521,440 GTC to be exact, to an unrecoverable contract address! Nearly half a million bucks, gone!
The funds were supposed to go towards a proposal for merchandise, memes, and marketing.
But, instead of landing in a multi-sig address, they've been sent into crypto-abyss! 🌌
Gitcoin devs scrambled to see if there was an escape hatch—a withdraw function or upgradeable option. But nah, it's a lock-in! The funds are now officially unrecoverable. 👀
Gitcoin is taking steps to ensure a blunder like this never recurs. They're talking about safeguards, clearer accountability, and yes, a DAO Guardians program!
💡 A multi-signature wallet is a type of cryptocurrency wallet that requires multiple signatures to execute each transaction. Each signature corresponds to a different cryptographic private key, and a specific threshold of keys must sign a transaction to validate it.
Community Speaks 🗣️
While some say this is a 'Crypto UX failure,' others see it as just a reduction in GTC supply. Gitcoin researcher Umar Khan even suggests re-imagining these lost tokens as a 'supply cut' rather than a treasury mishap. 🎤
The Bright Side 🌞
Despite this hiccup, Gitcoin has recently seen a 100% rally! The project, aimed at advancing the Web3 ecosystem, has promising partnerships and an expanding list of governance features.
So, not all is doom and gloom!
Still Hopeful? 🌠
With an aim to decentralize grant distribution and enhance DAO governance features, Gitcoin is still a star in the making. Who knows, maybe this is just a bump on their road to greatness! 🚀
Got any thoughts on Gitcoin's recent mishap? Spill the tea below! 🍵
Weekly Product Spotlight ⚡️
Got a product you want to get on our 34K+ readers’ radar? Reach out to us at gm@spacekayak.xyz & spill the beans! Let's get your product the hype it deserves ✨
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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 👇
The National Bank of Georgia (NBG) has brought in Sharat Chandra, co-founder of the India Blockchain Forum, as a key player in its Central Bank Digital Currency (CBDC) project, Digital GEL. This move sets the stage for international collaboration in the blockchain arena. "I'm honoured and excited for what this means, not just for Georgia but for global blockchain innovation," says Chandra.
FTX's former CTO, Gary Wang, has dropped a bombshell, claiming the exchange's "Backstop Fund" was a sham. In recent court testimony, Wang revealed that the $100M insurance fund was never real! Instead, it was a Python-scripted illusion, pegged to daily trading volumes of FTX Token (FTT) multiplied by an arbitrary number. This comes after FTX faced hundreds of millions in losses due to a margin system bug. Wang, already pleading guilty to multiple fraud charges, says the fund's insufficiency was often masked by moving losses to Alameda's more private balance sheets.
The Financial Conduct Authority (FCA) in the UK has just expanded its warning list, adding 143 crypto exchanges, including big names like Huobi and KuCoin. The message is clear: "Avoid dealing with these firms." This comes as PayPal and Bybit halt UK operations to comply with FCA rules. The regulatory body has only approved38 of 291 applications for crypto activities, signalling a tightened grip on the crypto market.
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!
🇬🇧 In response to the United Kingdom's newly-implemented financial promotions regulations, crypto giants Binance, OKX, and MoonPay have officially announced their commitment to compliance.
🇺🇦 Ukraine's Ministry of Digital Transformation released an AI regulatory roadmap aimed at prepping local businesses for future laws akin to the EU's AI Act.
💰 Investors in India's northern state of Himachal Pradesh lost over $24 million in a Ponzi-style crypto scam spanning five years. Unveiled in the state legislature, the scheme involved fraudulent cryptocurrencies like KRO and DGT coins.
🌊 OpenSea faces scrutiny as social media accounts NFT Ethics and Lookonchain allege former head of ventures, Kevin Pawlak, was involved in the 2021 AnubisDAO rug pull.
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