PlanetWatch

Shalini Nagarajan

Cryptocurrency exchange Binance is suspending US dollar transfers from Wednesday, but hasn’t given a reason for doing so.



“We are temporarily suspending USD bank transfers as of February 8th,” a spokesperson told Blockworks on Tuesday, adding that the exchange is upgrading its services. “Affected customers are being notified directly.”



Binance is working to restart services as soon as possible, but the spokesperson added, “only 0.01% of our monthly active users leverage USD bank transfers.” A current count of monthly active users was unavailable.



Meanwhile, all other methods of buying and selling crypto remain unaffected, the spokesperson said. This includes bank transfers using other fiat currencies supported by Binance (including euros), buying and selling crypto via credit and debit cards, Google Pay and Apple Pay and via Binance P2P marketplace.



Binance’s US arm said in a <a href="https://twitter.com/BinanceUShelp/status/1622653195225899025" target="_blank" rel="noreferrer noopener">tweet</a> that it’s not affected by the suspension, suggesting that only non-US customers who deposit or withdraw US dollars will be impacted.



The move comes after Binance said in January that its US banking partner Signature Bank would no longer handle SWIFT transactions <a href="https://blockworks.co/news/signature-bank-limit-on-swift-transactions-with-binance-affects-few-users">below $100,000</a> from Feb. 1. The lender’s move stemmed from wanting to decrease exposure to digital asset markets.&nbsp;



A Binance spokesperson said at the time that the exchange was working to find an alternative solution, and that less than 0.1% of its average monthly users were being serviced by the bank.



Binance CEO Changpeng Zhao acknowledge in a tweet that the move reflected “bad user experience” and hinted that some banks are moving away from supporting cryptocurrencies.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">While some banks withdrawing support for crypto, other banks are moving in. Some setbacks were expected from last year&#39;s incidents. Long term, keep building.&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1622703162850217984?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Binance saw a large spike in outflows after the announcement, with millions of dollar-pegged stablecoins including tether and USDC leaving to competitor platforms, <a href="https://www.cnbc.com/2023/02/06/binance-will-suspend-us-dollar-transfers.html" target="_blank" rel="noreferrer noopener">CNBC reported</a>, citing data from Arkham Intelligence.&nbsp;



Still, the amount of US dollar outflows represented just a tiny fraction for a company with $42.2 billion worth of cryptoassets, the report said.



Binance’s native token <a href="https://www.blockworksresearch.com/assets/bnb">BNB</a> didn’t appear to be impacted by the news, and last traded 0.7% higher late Monday.



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CZ Acknowledges Bad User Experience as Binance Suspends US Dollar Transfers

Bankrupt crypto lender Genesis has reached an agreement in principle with Gemini and other creditors on a restructuring plan about a month after Cameron Winklevoss <a href="https://blockworks.co/news/fraud-winklevoss-silbert-dcg">made their spat public</a>.&nbsp;



As part of the agreement, Gemini agreed to contribute $100 million in additional funds to users of the Earn product. The terms also include a sale of Genesis Global Trading.



In a <a href="https://twitter.com/cameron/status/1622717966260506624">tweet</a> late Monday, Winklevoss said the <a href="https://www.businesswire.com/news/home/20230206005640/en/Genesis-Reaches-Agreement-in-Principle-with-DCG-and-Key-Creditors-on-a-Global-Resolution-that-Optimizes-Outcome-for-Clients-and-Stakeholders">agreement</a> “provides a path for Earn users to recover their assets.”&nbsp;



Separately, Genesis’ parent Digital Currency Group will exchange its $1.1 billion note due 2032 for convertible preferred stock and refinance its existing 2023 term loans through a new secured term loan in two tranches made payable to creditors in the value of about $500 million.



All Genesis entities will be brought under the same holding company, Genesis Global Holdco.&nbsp;



Sean O’Neal, an attorney representing Genesis, <a href="https://www.reuters.com/technology/genesis-parent-dcg-reach-initial-deal-with-main-creditors-coindesk-2023-02-06/">reportedly</a> told a bankruptcy judge on Monday that the agreement would either result in a sale of Genesis or creditors would receive its equity.&nbsp;



“The agreement in principle remains subject to definitive documentation and necessary court approvals,” Genesis said in a press release.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">1/ Today, <a href="https://twitter.com/Gemini?ref_src=twsrc%5Etfw">@Gemini</a> reached an agreement in principle with Genesis Global Capital, LLC (Genesis), <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw">@DCGco</a>, and other creditors on a plan that provides a path for Earn users to recover their assets. This agreement was announced in Bankruptcy Court today.&mdash; Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1622717966260506624?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Genesis <a href="https://blockworks.co/news/genesis-in-chapter-11-wont-insulate-silbert-winklevoss-says">filed for bankruptcy</a> on Jan. 19 after suspending redemptions and new loan originations on its platform. Both Gemini and Genesis were associated through an offering called the Earn product, which promised investors returns of up to 8% on their deposits.



Through this product, Gemini loaned client funds to Genesis, which the Securities and Exchange Commission has called an <a href="https://blockworks.co/news/genesis-gemini-charged-with-securities-violations-by-sec">improper lending arrangement</a>.&nbsp;



Gemini was one of its largest lending customers, having sent the firm $900 million worth of cryptoassets. And Winklevoss <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">openly criticized</a> DCG and Barry Silbert, accusing them of not repaying the $900 million of deposits his clients had deposited with the firm.&nbsp;



“You continue to refuse to get into a room with us to hash out a resolution,” Winklevoss wrote. “You hide behind lawyers, investment bankers and process…your behavior is not only completely unacceptable, it is unconscionable.”



Bob Ras, co-founder of blockchain-powered network Sologenic, called the agreement a “decent resolution” and said it suggests the outcome won’t be as damaging to the industry as earlier predicted.



“Indeed, some had been making absolutely dire predictions for Genesis and its parent company, DGC. Of course, there could very well be more blowups in the offing that stem the FTX-Terra-Three Arrows daisy chain of bankruptcies, but today’s news makes me think that we might have seen the worst of it all,” Ras told Blockworks.



Genesis and Gemini didn’t return Blockworks’ request for comment by press time.



On Tuesday, Winklevoss said there’s still work to be done to complete the process, including due diligence of Genesis’ financials and judicial approval of the plan.



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Genesis Agreement Will See Gemini Contribute $100M to Compensate Earn Users

Bessie Liu

Blockchain infrastructure company Chorus One has released a white paper and an open-source prototype that can enable validators to capture maximum extractable value (MEV) on the Solana network.



Although characteristics of Chorus One’s prototype are similar to Ethereum&#8217;s Flashbots’ block-building marketplace, because of the technical differences between the two blockchains, the Solana solution does not require a public mempool, as it does not follow the marketplace model.



On Ethereum, MEV is the additional revenue made by rearranging the order of transactions in a block. Validators aggregate transactions into blocks and are looking at ways to build a block that is more profitable for them.&nbsp;



By contrast, on Solana, a block processor is known ahead of time, and nodes will deliver transactions to a sole validator who will be responsible for proposing a block in a slot — this also contributes to the faster block processing times on the network when compared to Ethereum.&nbsp;



As transactions go straight to a block and users don’t have a buffer period to reorder transactions, the marketplace model to capture MEV, which works on Ethereum, would have significant downsides if replicated on Solana.



The proposed solution by Chorus One, dubbed “the decentralized extraction by validators,” will introduce a modified Solana client that will handle MEV opportunities in the banking stage of the validator, Thalita Franklin, a research analyst at Chorus One, told Blockworks.&nbsp;



In this solution, validators will check after every batch of user transactions to see if it could have created an MEV and add transactions if it notices that there is an opportunity. This modification of the transaction process will not introduce new network requirements or protocol changes.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="518" src="https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-1024x518.png" alt="" class="wp-image-46554" srcset="https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-1024x518.png 1024w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-300x152.png 300w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-768x388.png 768w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-1536x777.png 1536w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-2048x1036.png 2048w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-428x216.png 428w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-470x238.png 470w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-389x197.png 389w, https://cms.blockworks.co/wp-content/uploads/2023/02/Solana-MEV-client-explanation-80x40.png 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: <a href="https://chorus.one/" target="_blank" rel="noreferrer noopener">Chorus One</a></figcaption></figure></div>


“Because the solana-MEV client does not introduce any new central coordination point, it enables a diverse set of validators to flourish without creating new censorship risks,” the company said in its white paper.&nbsp;



<blockquote class="wp-block-quote">
Adding that, “Unlike the block building marketplace, the Solana MEV client would bring more transparency and democracy around MEV to Solana, without degrading performance, or thwarting Solana’s main networking innovations.”
</blockquote>



It is important to note that the Solana MEV prototype will be wholly open sourced — available under a free software license — and is not meant to be a competitor to other MEV solutions on the network. 



“Chorus One is not doing this commercially and we&#8217;re not releasing a full-fledged product,” Hari Iyer, marketing manager at Chorus One, told Blockworks. “We [have been] working on this for the last few months and now are releasing a prototype so that the community can test it out.”



Iyer notes that through this open-source solution, the Solana community can eventually evolve this white paper into “something more,” and that Chorus One itself is not looking to maintain the prototype in the future.



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Chorus One Releasing Prototype To Capture MEV on Solana

Sebastian Sinclair

Interim judicial managers of distressed Singapore-based crypto lender Hodlnaut have begun fielding inquiries from prospective buyers and its claims against bankrupt exchange FTX.



The managers are reportedly negotiating non-disclosure agreements with the buyers, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-02-06/potential-buyers-circle-ailing-singapore-crypto-firm-hodlnaut-and-its-ftx-claims" target="_blank" rel="noreferrer noopener">reported</a> Monday, without naming who those buyers are.



It follows a little under three weeks since the rejection of a proposed restructuring plan was floated to creditors, who are instead pushing for the lender’s liquidation.



Hodlnaut, which also has operations in Hong Kong, owes roughly $160 million to various creditors representing 62% of its outstanding debt, per the report.&nbsp;



Around 72% of Hodlnaut’s digital assets deployed to centralized exchanges are held on FTX including 514 bitcoin, 1,395 ether, as well as about 1,000 FTT tokens and 280,000 USDC.&nbsp;



FTT, the native token of FTX, has shed roughly 94% of its value following the exchange’s collapse at the start of November. That means creditors are only able to claim pennies on the dollar of FTT’s original value.



Some of those creditors include the Algorand Foundation, Hodlnaut’s custodian Samtrade, S.A.M. Fintech and software engineer Jean-Marc Tremeaux. All four did not immediately respond to a request for comment.



The lender fell on hard times midway through last year, opting to freeze withdrawals, token swaps and deposits in what it viewed as <a href="https://blockworks.co/news/crypto-lender-hodlnaut-freezes-withdrawals-pulls-singapore-application">an attempt to stabilize liquidity</a> and preserve assets.



A week later, Hodlnaut <a href="https://blockworks.co/news/crypto-lender-hodlnaut-cuts-80-of-staff-amid-police-investigation">slashed its headcount by 80%</a>, or roughly 40 employees, attempting to lower expenses with those staying behind tasked with carrying out its key functions.



Its decision to reduce its workforce also came amid an investigation by Singapore police into the lender and its directors’ dealings with a “<a href="https://www.police.gov.sg/media-room/news/20221123_inv_into_hodlnaut_pte_ltd" target="_blank" rel="noreferrer noopener">certain digital token</a>” for potential cheating and fraud offenses.



At the time, Singapore police <a href="https://www.straitstimes.com/business/invest/crypto-lender-hodlnaut-fights-singapore-police-order-as-it-faces-opposition-to-judicial-manager-candidate" target="_blank" rel="noreferrer noopener">issued an order</a> for Hodlnaut to hand over its balance assets, which totaled $127 million worth of stablecoins USD Coin (USDC) and Tether (USDT).



A Hodlnaut spokesperson did not immediately respond to a request for comment.



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Hodlnaut Hunts for Buyer, Creditors Want Liquidation

Governance tokens of liquid staking derivatives continue to outpace other digital assets as anticipation for Ethereum’s upcoming Shanghai upgrade grows.



Shanghai, expected to launch sometime next month, is set to allow validators to withdraw staked ether from the Beacon Chain — some of which has been locked up for over three years.



Associated protocols and assets representing staked ETH are outgunning most other digital assets on the day, as well as on a year-to-date basis.



Liquid staking solution Lido DAO (<a href="https://blockworks.co/price/ldo">LDO</a>) clinched a near 9% gain as of 7 pm ET. Frax Share (<a href="https://blockworks.co/price/FXS" target="_blank" rel="noreferrer noopener">FXS</a>) — the governance token of the Frax ecosystem behind frxETH — and staking pool Rocket Pool (<a href="https://blockworks.co/price/RPL" target="_blank" rel="noreferrer noopener">RPL</a>) were up 20% and 6%, respectively.



In year-to-date terms, LDO, FXS and RPL are up between 100% and 190%. Bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) and ether (<a href="https://blockworks.co/price/eth">ETH</a>) were down roughly 1% on the day and are each up roughly 35% so far in 2023.



As a result of the upgrade, tokens representing staked ETH will have the ability to achieve better price parity with ETH, making people more likely to trust them and hold on to them, according to <a href="https://www.blockworksresearch.com/sign-up" target="_blank" rel="noreferrer noopener">Blockworks Research</a> analyst <a href="https://twitter.com/WestieCapital">Ryan West</a>.



“We&#8217;ve seen the supply of [liquid staking derivatives] already grow 5% since the start of 2023, with some versions growing more than others, such as frxETH growing 74% and rETH (Rocketpool) growing 10%,” he said.



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/iBBpeRmPGiVSPzWaJbiCypJWtQxMFxP8IEgIoMZnvx_JCbpwqglSoYZnqsTYa0cRE9Z-014WgmGLMcrrtm8QjqNhRbzwgst1UZhyJ6P2T8KpUDIlBloxPfvyL_lAlyS946DqUWIUSkN8myASaSitI9M" alt=""/></figure>



Market expectations are punting on the basis that the supply of liquid staking derivatives will continue to grow after the upgrade as there is a greater trust in the tokens to stay in line with ETH&#8217;s price.



“The liquid staking protocols sit in a unique position, where they can give their users withdrawals much quicker than the Ethereum protocol processes validator withdrawals,” West said.



This is because the protocol typically has ETH that is constantly coming in through new deposits and from staking rewards that can satisfy withdrawals in the short term, he added.



Lido has revealed its plans for withdrawal processing, estimating a window of 28 to 48 hours for completion, unlike the Ethereum protocol which could take several weeks.&nbsp;



This is due to a steady influx of ETH from new deposits and staking rewards that enable Lido to fulfill short-term withdrawal requests, West said.



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Ethereum Upgrade Expectations Fuel Liquid Staking Token Growth

Ben Strack

The world’s largest crypto exchange, which has stepped in to offer Ukrainians relief in recent months, is now “working on a solution” to help the victims of the earthquake in Turkey, as others in the crypto industry have already pledged support.



Binance CEO Changpeng Zhao said in a Monday tweet that team members at the exchange had met several times over how to best help those affected by the earthquake felt in Turkey, Syria and elsewhere.&nbsp;&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">We are truly saddened by the earthquake in Turkey 🇹🇷. Our team has been working on a solution to help the people. There are quite a few details. I have had 4 meetings on it today. More details to come. Stay strong. 🙏&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1622632162418692097?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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A Binance spokesperson did not immediately return a request for further comment.



While details on upcoming crypto-centric relief efforts are sparse, such initiatives have taken multiple forms in the past.



Amid the ongoing Russian-instigated war, Binance <a href="https://blockworks.co/news/war-torn-ukraine-is-turning-to-crypto">partnered</a> with Ukrainian pharmaceutical company ANC last month to offer crypto payment services for Ukrainian citizens purchasing goods at ANC’s 1,000 stores across the country, through Binance Pay.



The crypto exchange has also <a href="https://www.binance.com/uk-UA/event/VARUSBinancePay">partnered</a> with Ukrainian supermarket chain VARUS to facilitate crypto payments in nine cities in the country and <a href="https://blockworks.co/news/binance-blocks-newly-sanctioned-russians-launches-card-for-ukrainian-refugees">launched a cryptocurrency card</a> for Ukrainian refugees last April.&nbsp;



The Ukrainian government <a href="https://blockworks.co/news/ukraine-fund-spends-54m-of-crypto-donations-on-military-gear">received assets worth up to $54 million</a> up until August 2022 through donations to the nonprofit “Aid For Ukraine,” which is operated by Ukraine’s Ministry of Digital Transformation. The funds for this particular initiative came in bitcoin, ether, USDT, solana, polkadot and other tokens — and were largely spent on military equipment.&nbsp;&nbsp;



Turkey <a href="https://blockworks.co/turkey-bans-crypto-as-form-of-payment-bitcoin-price-drops">banned crypto as a form of payment</a> in April 2021. In December of that year, Turkish President Recep Tayyip Erdoğan revealed that a <a href="https://blockworks.co/news/cryptocurrencies-stable-as-turkey-eyes-digital-asset-regulation">long-awaited bill regulating digital assets was ready</a>.&nbsp;



Crypto ownership or usage in Turkey, a country with the 7th highest <a href="https://www.visualcapitalist.com/mapped-which-countries-have-the-highest-inflation/">inflation rate</a>, increased from <a href="https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/">25% to 40%</a> of the population, according to the 2022 Statista Global Consumer Survey.



More recently, Turkey’s central bank said the first payment transactions on the Digital Turkish Lira Network were executed successfully, as pilots are set to continue throughout this year.&nbsp;



<h2>As Binance plans its next steps, others have pledged fiat funds</h2>



Bitfinex, Keet, Synonym and Tether pledged 5 million Turkish lira — worth about $270,000 — for relief and recovery efforts in Turkey. The companies “will seek ways to provide continued support towards helping [Turkey] rebuild for the future,” according to a <a href="https://blog.bitfinex.com/announcements/bitfinex-keet-synonym-and-tether-pledge-5-million-try-for-turkiye-earthquake-recovery/">blog post</a>.&nbsp;



Cryptocurrency exchange Bitget said Monday that it would send 1 million Turkish liras —&nbsp; roughly $50,000 —&nbsp; to similar causes.&nbsp;



Crypto exchange Gate.io has started to prepare aid packages for those impacted by the earthquakes, the company <a href="https://twitter.com/gate_io/status/1622509321555771392?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1622509321555771392%7Ctwgr%5Ed6bb663d22606c8ae2360637c690ae959940c71f%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcdn.embedly.com%2Fwidgets%2Fmedia.html%3Ftype%3Dtext2Fhtmlkey%3Dcb7145f1731b4c328f8e4d2201854ceaschema%3Dtwitterurl%3Dhttps3A%2F%2Ftwitter.com%2Fgate_io%2Fstatus%2F1622509321555771392image%3Dhttps3A%2F%2Fabs.twimg.com%2Ferrors%2Flogo46x38.png">tweeted</a> Monday morning, noting it would “deliver them in coordination with the authorities.”&nbsp;



And crypto charity platform <a href="https://thegivingblock.com/">The Giving Block</a> noted several charities that accept donations in crypto, and that have pledged aid to the region.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The Giving Block is actively monitoring the situation in <a href="https://twitter.com/hashtag/Turkey?src=hash&amp;ref_src=twsrc%5Etfw">#Turkey</a> and <a href="https://twitter.com/hashtag/Syria?src=hash&amp;ref_src=twsrc%5Etfw">#Syria</a> after the recent 7.8 magnitude earthquake. We will be updating the following thread with nonprofits that accept crypto donations who are actively responding to this tragedy. 👇🧵&mdash; The Giving Block (@TheGivingBlock) <a href="https://twitter.com/TheGivingBlock/status/1622633804769763329?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Crypto Firms Rush To Help Earthquake Victims

Raullen Chai

In the crypto and blockchain space, the “machine economy” will emerge this year as one of the most promising opportunities for consumers, businesses, and enterprises.



The metaverse is one of the four major machine economy use cases and the one with the most potential to unlock a multi-trillion-dollar economy for users, businesses, and smart device makers.&nbsp;&nbsp;



Out of the three metaverse sectors — <a href="https://www.weforum.org/reports/demystifying-the-consumer-metaverse/" target="_blank" rel="noreferrer noopener">consumer</a>, <a href="https://bernardmarr.com/the-enterprise-metaverse-what-it-means-for-businesses/" target="_blank" rel="noreferrer noopener">enterprise</a>, and <a href="https://new.siemens.com/global/en/company/insights/what-is-the-industrial-metaverse-and-why-should-i-care.html" target="_blank" rel="noreferrer noopener">industrial</a> — the latter has more potential.



The industrial metaverse, a hot topic during this year&#8217;s World Economic Forum (WEF) summit in Davos, is set to outgrow the rest by at least threefold due to its wider range of applications, such as advanced training, industrial simulations, medicine and surgery, among many others. It combines immersiveness, real-time data, and digital twins to create new business models and accelerate digitalization.



And while technologists try to figure out how the metaverse will impact businesses and consumers, the industrial metaverse has already transformed how we design, manufacture, and interact with physical entities across industries.



One of the industrial metaverse&#8217;s critical applications is digital twins, a virtual replica of a product or process used to predict how the physical entity will perform throughout its lifecycle.



BMW, for example, created a virtual twin of its production plant in Bavaria before building the physical facility. Boeing uses a digital twin development model to design its airplanes. The government of Singapore even created a digital representation of the Southeast Asian nation —&nbsp; Virtual Singapore — to support its policy decisions and test new technologies.



However, challenges remain. One of the puzzle pieces of the industrial metaverse is to connect edge devices and trusted data flow with the digital twins to create near real-time simulation and prediction for real-world situations.



That’s where Web3 comes in.



<h2>Machine economy, the next digital frontier</h2>



The metaverse showed tremendous growth in 2022 despite the global economic slowdown. Experts believe it will continue to grow significantly — the WEF, for instance, predicts the market will reach $800 billion in 2024.&nbsp;



According to Deloitte, the global metaverse market <a href="https://www2.deloitte.com/content/dam/Deloitte/sg/Documents/center-for-the-edge/sg-metaverse-in-asia-deloitte-center-for-the-edge-nov22.pdf" target="_blank" rel="noreferrer noopener">could grow</a> to $13 trillion in the next seven years. McKinsey <a href="https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse" target="_blank" rel="noreferrer noopener">states</a> that metaverse is a massive business opportunity that companies should pay attention to because it has the potential to grow to $5 trillion by 2030.



The machine economy represents an era of automation driven by billions of intelligent, connected and economically independent machines interacting and transacting with each other on behalf of people and businesses, unlocking trillions of dollars in business value.



Vast amounts of user data — which today has become the most valuable commodity worldwide — are powering this thriving new Internet of Things (IoT) frontier which, according to PwC, will contribute to 70% of the global gross domestic product in the next seven years.



Within that frontier, the machine economy — which combines distributed ledger technology, such as blockchain, with artificial intelligence and machine learning — will transform the IoT industry, according to <a href="https://www.iiconsortium.org/journal-of-innovation/" target="_blank" rel="noreferrer noopener">research</a> conducted by two leading tech firms, IoTeX and Siemens, published by the Industrial IoT Consortium.



<h2>Benefits and challenges</h2>



While IoT is already a fast-growing sector, blockchain or Web3 democratizes the multitrillion-dollar machine economy, benefiting intelligent device security, scalability, transparency, efficiency, speed and automation.



A chief problem with current IoT systems is their security architecture, with a centralized model managed by a central authority, making it highly susceptible to a single point of failure. Blockchain addresses this problem by decentralizing the decision-making process into a consensus-based network of devices.



The most visible challenges are that Web3 may not be accessible to advanced gadgets, it needs to become more user-friendly, and — due to a lack of understanding and education — it is still difficult for authorities to regulate, potentially leading to an increase in cybercrime.



Other challenges are for countries and organizations with legacy systems, which are difficult and expensive to replace. And social and human labor concerns still loom over the potential for digital automation because it is clear that decision-making AI and machines will be the primary driver of economic growth in the coming years.



<h2>Paradigm shift</h2>



The machine economy will shake the status quo for intelligent device makers and users. The combination of Web2 businesses and their IoT market footprint, plus a vibrant, ultra-dynamic environment of Web3, creates the perfect ground for significant disruption. In this context, the speed of adoption will once again be the primary driver for success.



However, to embrace the machine economy successfully and build a reliable and sustainable position in the future, business owners should consider several factors, including business model fairness and transparency, as well as the effectiveness of customer engagement strategies.&nbsp;



Also, the robustness of token economy models is needed — critical for incentivizing all stakeholders in a machine economy ecosystem. With these factors in place, we can ensure long-term sustainability and steady growth of machine economy businesses.



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Industrial Metaverse Primed To 3x Consumer, Enterprise Applications

As tax season quickly approaches, it appears a majority of crypto investors will have to do more research.&nbsp;



Just 38% of crypto investors correctly identified that crypto-to-crypto trades are taxable, according to a CoinLedger-commissioned survey conducted by YouGov. Nearly two-thirds knew that selling crypto was a taxable event.



A quarter of those surveyed incorrectly thought transferring crypto between wallets, a non-taxable event, needed to be reported to the IRS, while about one in five respondents incorrectly identified holding crypto as taxable.



The <a href="https://coinledger.io/annual-crypto-tax-report" target="_blank" rel="noreferrer noopener">report</a> found that 31% of cryptoasset investors do not report necessary transactions on their taxes, with half of those attributing that to not making profits — a common misconception.



Those who report crypto losses can actually reduce taxes, according to CoinLedger.



By claiming a capital loss on cryptoassets, investors can offset capital gains and up to $3,000 of income for the year, the report states. Any net losses can be rolled forward into future tax years.



While other respondents blamed not reporting crypto taxes on not knowing they had to, or not properly understanding how, a minority were more frank about their intentions.



Seven percent of those surveyed said they don’t want to pay taxes, while 4% said the government doesn’t know about their crypto holdings.&nbsp;



&#8220;The level of non-compliance may be shocking to some, but it isn&#8217;t surprising given the lack of regulatory clarity and enforcement guardrails in the space,&#8221; CoinLedger CEO David Kemmerer said in a statement.&nbsp;



Many investors also say crypto exchanges need to do more.&nbsp;&nbsp;



Nearly 70% of crypto investors said they wish crypto exchanges shared more information to help them report their taxes, the study found.&nbsp;



Binance <a href="https://www.binance.com/en/blog/ecosystem/introducing-binance-tax-streamline-your-tax-season-experience-9208476713086961306?ref=AZTKZ9XS&amp;utm_source=BinanceTwitter&amp;utm_medium=GlobalSocial&amp;utm_campaign=GlobalSocial&amp;irclickid=UgwUiJWE6xyNUuTxlHT7a0mSUkA3A-QByQmzRE0&amp;irgwc=1&amp;ref=#idrichtexttextconfigcontentavailable-in-canada-and-francestyle" target="_blank" rel="noreferrer noopener">revealed</a> the launch of a crypto tax calculator Monday, available to users in France and Canada. The system supports up to 100,000 reportable transactions and shares tax information around spot trades, crypto donations and blockchain fork rewards.&nbsp;



Coinbase also has a <a href="https://help.coinbase.com/en/coinbase/taxes/general-information/tax-info" target="_blank" rel="noreferrer noopener">tool</a> to help users understand what activity on the platform is taxable and includes IRS forms users may need to file. The company <a href="https://twitter.com/coinbase/status/1620186525194670085" target="_blank" rel="noreferrer noopener">tweeted</a> on Jan. 30 about updates to its tax center, which it launched last year. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">You can now easily see which tax docs you’re getting from us in the Documents section of your tax center. Don’t worry if you don’t see any IRS forms—the only IRS form Coinbase is required to provide is a 1099-MISC to customers who earned $600 or more in crypto income.&mdash; Coinbase (@coinbase) <a href="https://twitter.com/coinbase/status/1620186526880788482?ref_src=twsrc%5Etfw">January 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Non-US customers won’t receive any forms from Coinbase and must utilize their transaction history report to fulfill their local tax obligations, Coinbase’s website states.



The survey was conducted from Dec. 2 to Dec. 8 and included the responses of 305 US adults who own or invest in crypto.



Updated Feb. 6, 2023 at 1:43 pm ET: Added additional reporting about Coinbase&#8217;s tax tool.



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DYOR, Especially Crypto Investors Reporting Taxable Gains

Casey Wagner

Digital asset investment products clocked their fourth straight week of inflows last week, with $76 million pouring into the asset class, according to data from CoinShares.&nbsp;



Year-to-date inflows for crypto investment vehicles now total $230 million, “highlighting a decisive change in investor sentiment,” James Butterfill, head of research at CoinShares, wrote in a <a href="https://blog.coinshares.com/volume-117-digital-asset-fund-flows-weekly-report-f9cda81d18a4" target="_blank" rel="noreferrer noopener">report</a> released Monday. Total investment assets under management in the crypto space have increased nearly 40% since the start of the year, according to Butterfill. 



Bitcoin was the most popular asset, making up 90% of total flows for the week, as investors put $69 million into bitcoin products. Ether, by contrast, which is up more than 35% since the start of the year, saw $700,000 in inflows last week.&nbsp;



The moves come amid a busy week for macroeconomic news as traders took in US jobs data, the Federal Reserve interest rate decision and other central bank moves last week. The Fed’s decision to opt for a <a href="https://blockworks.co/news/federal-reserve-raises-interest-rates-25-bps">25 basis point increase</a> calmed markets initially, but more hawkish remarks from central bank head Chair Jerome Powell spooked investors.&nbsp;



“While there were some promising aspects of the jobs report — cooling wage growth and higher participation — it&#8217;s impossible to ignore the fact that the labor market remains red hot,” Craig Erlam, senior market analyst at Oanda, said. “For now, it&#8217;s hard to argue that the easier policy move for the Fed is to keep hiking in 25 basis point increments.”



Crypto was trading relatively flat Monday, with bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) down around 0.2% and ether (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">ETH</a>) moving into the green with a 0.3% gain. Equities struggled to keep the momentum growing, with the S&amp;P 500 and Nasdaq Composite indexes posting 0.6% and 0.7% losses, respectively, as of 11 am ET. 



Overall, a shift into risk-off sentiment in the coming weeks ahead of the Fed’s next policy-setting meeting in March should not come as a surprise, analysts said.&nbsp;



“No doubt the Fed will worry about tipping the economy over into a recession that then spirals out of control, but no doubt it is also counting on being able to drop rates fast should unemployment start to move,” Noelle Acheson, editor of Crypto is Macro Now and former head of market insights at Genesis, wrote in a <a href="https://noelleacheson.substack.com/p/monday-feb-6-2023?utm_source=substack&amp;utm_medium=email" target="_blank" rel="noreferrer noopener">note</a> Monday.



“The market is counting on that, too, and indeed seems to have been pricing that in,” she said.



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Risk-off Sentiment Incoming, but Crypto Investment Products Aren’t Listening

SperaxUSD, a yield automator on Ethereum layer-2 rollup Arbitrum, announced a user was able to explode the balance of their stablecoin tokens over the weekend.&nbsp;



In a <a href="https://twitter.com/speraxusd/status/1622003045776195587" target="_blank" rel="noreferrer noopener">Twitter thread</a>, the team said an exploiter somehow obtained 9.7 billion <a href="https://www.coingecko.com/en/coins/stably">USDS</a> tokens for barely any collateral and managed to liquidate around $300,000 worth before being blocked by the Sperax and <a href="https://blockworks.co/tag/arbitrum">Arbitrum</a> teams.



The Sperax team has identified the account and is in the process of taking action in coordination with centralized exchanges. The liquidated amount will be recapitalized before the protocol’s relaunch, it said. The exploit did not impact the DeFi protocol’s governance token SPA.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">On February 4th, the SperaxUSD protocol on <a href="https://twitter.com/arbitrum?ref_src=twsrc%5Etfw">@Arbitrum</a> was exploited. The Core team is ready to share the known elements now, and the detailed report will follow on Monday, February 6th. 1/6&mdash; SperaxUSD: Stablecoin with organic Auto-Yield (@SperaxUSD) <a href="https://twitter.com/SperaxUSD/status/1622003045776195587?ref_src=twsrc%5Etfw">February 4, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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SperaxUSD didn’t return Blockworks’ request for comment on further details, but a detailed report was set to be published Monday.



“We have reached out to the exploiter to discuss options and we are hopeful for a peaceful resolution. The issue has been figured out and will be resolved with a smart contract upgrade. Recapitalization will be implemented early next week, then transactions will restart,” the team said.



<h2>Code bug?</h2>



A blockchain analyst who goes by the name “Spreek” on Twitter provided the likely attacker’s address in a <a href="https://twitter.com/spreekaway/status/1621737055112896512" target="_blank" rel="noreferrer noopener">tweet</a>, singling out its Ethereum Name Service as “kochironnosaif.eth.”



The attack was “puzzling” as there were no transfer logs of minting or transferring the infinite number of tokens, nor was there any malicious upgrade to the contract, the sleuth said.



“Therefore I would guess [the] likely cause is [a] bug in rebasing code,” they said.



Blockchain security firm PeckShield said the root cause of the hack was due to an “internal balance accounting discrepancy caused when migrating an account from non-rebasing to rebasing-based accounting.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The root cause of the <a href="https://twitter.com/SperaxUSD?ref_src=twsrc%5Etfw">@SperaxUSD</a> hack is due to its internal balance accounting discrepancy caused when migrating an account from non-rebasing to rebasing-based accounting. And here is the triggering tx from a simple transfer: <a href="https://t.co/tkLORdWnmg">https://t.co/tkLORdWnmg</a> <a href="https://t.co/QpYJyhpsXK">https://t.co/QpYJyhpsXK</a> <a href="https://t.co/VYN2n8ZoHs">pic.twitter.com/VYN2n8ZoHs</a>&mdash; PeckShield Inc. (@peckshield) <a href="https://twitter.com/peckshield/status/1622004310816198657?ref_src=twsrc%5Etfw">February 4, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



SperaxUSD is a “hybrid” stablecoin whose design includes both collateral-backing and an algorithmic stabilization mechanism, according to its <a href="https://raw.githubusercontent.com/Sperax/USDs-Whitepaper/main/USDs_Whitepaper.pdf" target="_blank" rel="noreferrer noopener">white paper</a>.



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Arbitrum Stablecoin Exploiter Snagged $300K From 9.7B Token Boost

Capitual, a multicurrency digital bank that offers cryptocurrencies in Brazil, has partnered with Azimut to expand its services to various European countries and Mexico.



The Brazilian company that offers fiat on-ramp services is the point of entry into its country for many sizeable global cryptocurrency exchanges, including Kucoin, Huobi and Bitget, but this latest partnership will finally allow the company to offer its services internationally.



“We want to replicate the product we have in Brazil in other countries, serving our partners in other jurisdictions as well,” Guilherme Nunes, chief executive of Capitual, <a href="https://valor.globo.com/financas/criptomoedas/noticia/2023/02/03/capitual-recebe-aporte-da-azimut-para-expansao-externa.ghtml" target="_blank" rel="noreferrer noopener">told</a> Valor Econômico, a news company based in Brazil. “The idea is to become a center of blockchain technology in these markets,” he added.



Azimut will also invest 15 million euros ($16.1 million) into Capitual to assist with its expansion ambitions. This latest funding will bring Capitual’s valuation to 302 million euros, edging it closer to unicorn status in Brazil.



The asset management firm has always had an interest in cryptocurrencies. In September 2021, it launched a <a href="https://blockworks.co/news/sbi-sygnum-and-azimut-found-new-75m-fund">$75 million venture fund</a> with SBI Group and Sygnum to invest in early-stage startups working on decentralized finance DeFi, blockchain and distributed ledger technology (DLT) infrastructure projects.



Giorgio Medda, the CEO of Azimut, <a href="https://www.linkedin.com/feed/update/urn:li:activity:7027384652696809472/" target="_blank" rel="noreferrer noopener">noted</a> on LinkedIn that this latest partnership reflects the firm&#8217;s belief that blockchain technology will eventually change the financial services industry as we know it. 



“The partnership with Capitual focuses on the technology built to ensure protection and compliance in the infrastructure embedding the disruptive changes which are forming new business paradigms in our industry,” Medda said.



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Brazilian Crypto Company Moves Into European Markets With New Partnership

Venture capital firm <a href="https://blockworks.co/tag/a16z">a16z</a> voted against a governance proposal on Friday that, if passed, would deploy Uniswap V3 to Binance’s BNB Chain, connected to Ethereum via the cross-chain bridging solution Wormhole.



The vote is active for a total of one week, ending Feb. 10.



Wormhole, initially created by Certus One, is an interoperability protocol that allows users to bridge assets across blockchains.&nbsp;



The <a href="https://www.tally.xyz/gov/uniswap/proposal/31">proposal</a> will later seek to provide Uniswap V3 users the ability to partake in Uniswap DAO’s Ethereum-based governance on BNB Chain.



The bridge built atop the Wormhole protocol, previously lost <a href="https://blockworks.co/news/in-second-largest-defi-hack-ever-blockchain-bridge-loses-320m-ether">$325 million</a> in DeFi’s second-largest-ever exploit, at the beginning of last year, and <a href="https://wormholecrypto.medium.com/wormhole-protocol-vs-portal-bridge-whats-the-difference-a9ad98696e64">rebranded</a> to Portal.



Portal is a major competitor to LayerZero’s offering — an a16z-backed company whose solution the venture capital firm is hoping will handle the job instead. A16z, Sequoia Capital and FTX <a href="https://www.crunchbase.com/funding_round/layerzero-labs-series-a--7212c4e5">led</a> a $135 million investment round into LayerZero in March of last year with a valuation of $1 billion.



A16z’s 15 million votes cast against the measure has led some <a href="https://twitter.com/ChrisBlec/status/1622201701921964035" target="_blank" rel="noreferrer noopener">skeptics</a> to question the ability of Uniswap governance&#8217;s ability to act in the protocol&#8217;s best interest.



Typically, those holding more tokens have a greater share of voting power and are able to greatly affect the direction of a given proposal.



In a16z&#8217;s case, the firm owns roughly 64 million UNI, but many of those tokens are delegated to third parties. For instance, the venture fund <a href="https://twitter.com/UMichBlockchain/status/1402832670191669255" target="_blank" rel="noreferrer noopener">has delegated</a> to a blockchain group at the University of Michigan, which was one of the governance representatives voting in favor of the proposal.



The ‘for’ votes outnumber the ‘against’ by 62% to 38% as of Monday at 9:00 am ET, but a quorum threshold has not yet been reached.



Blockworks attempted to contact a16z, but did not receive a reply by press time.



<h2>Bridging Uniswap</h2>



After a prior debate and <a href="https://snapshot.org/#/uniswap/proposal/0x6b8df360fdf73085b21fdf5eef9f85916fbde95621a3d454cb20fbe545ffc852" target="_blank" rel="noreferrer noopener">Snapshot vote</a>, the community selected the Wormhole bridge for the Uniswap V3 deployment on the BNB Chain, receiving 28 million votes. The solution provided by the LayerZero team came in second at 17 million.



Uniswap’s aim is to capitalize on the growing interest in DeFi within the Binance ecosystem by allowing more capital to flow across various ecosystems, according to the proposal on Tally. Wormhole is designed to shore up the security involved in the bridging of digital assets, despite its exploit woes last year.



Total value locked on BNB Chain has ballooned roughly $1 billion this year to $5 billion, data at <a href="https://defillama.com/" target="_blank" rel="noreferrer noopener">DeFi Llama show</a>. That still pales in comparison to Ethereum’s $29 billion claim to the overall $48.5 billion locked across leading DeFi protocols. Still, authors of the proposal said Friday that Uniswap should be pursuing the more than 750,000 weekly users on BNB Chain.



BNB Chain has a large and growing user base, fast transaction speeds, low fees, staking, cross-chain support and an active community making it a suitable platform for Uniswap v3, they said.



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A16z Delegated to Group that Opposed Its Vote on Uniswap for BNB Chain

Payments giant Visa reportedly seeks to meet customer requests to convert digital assets into fiat payments, similar to how it converts foreign currencies.&nbsp;



“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum,” Cuy Sheffield, head of crypto at Visa, said during the StarkWare Sessions 2023 event in Tel Aviv. “So, these are large value settlement payments.”



He noted that the effort would clone foreign currency exchange executed on the card network’s payment platform.



Global settlement with digital assets and fiat currencies is an area in which <a href="https://blockworks.co/tag/visa">Visa</a> wants to build “muscle memory,” Cointelegraph <a href="https://cointelegraph.com/news/visa-s-crypto-strategy-targets-stablecoin-settlements">reported</a>, Sunday.



“The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars,” he said.&nbsp;



Visa didn’t return Blockworks’ request for comment by press time.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">. <a href="https://twitter.com/cuysheffield?ref_src=twsrc%5Etfw">@cuysheffield</a> and <a href="https://twitter.com/Visa?ref_src=twsrc%5Etfw">@visa</a> have fell into the rabbit hole of Account Abstraction! This is huge! <a href="https://t.co/CFniLLBq5C">pic.twitter.com/CFniLLBq5C</a>&mdash; Starknet-Ecosystem.com ✨ (@StarkNetEco) <a href="https://twitter.com/StarkNetEco/status/1622212729061646339?ref_src=twsrc%5Etfw">February 5, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Visa announced the use of <a href="https://blockworks.co/price/usdc">USDC</a>, a stablecoin backed by the US dollar, to settle a transaction with the network over Ethereum in March 2021.



“We’re seeing wallets and crypto native neo-banks building payment products entirely with digital currency, and we want to meet these companies where they are,” <a href="https://blockworks.co/news/visa-partners-with-50-crypto-platforms-on-card-programs">Sheffield told Blockworks</a> at the time. “The ability to make settlement payments to Visa in digital currencies could offer meaningful benefits and efficiencies, particularly for fintechs who run their business in crypto.”



Visa hasn’t yet integrated blockchain tech to support regular money movement on its network, but is currently exploring the move. Still, the company has already launched a blockchain-powered business-to-business payments network called <a href="https://www.businesswire.com/news/home/20190611005296/en/">B2B Connect</a>.



It was among the first financial companies to embrace both blockchain and cryptocurrencies. To help clients and partners explore opportunities in the space, the firm launched a <a href="https://blockworks.co/news/visa-launches-crypto-advisory-unit">crypto advisory practice</a> in late 2021.



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Visa Eyes High-Value USDC Settlement Payments on Ethereum

Rallies in both traditional and crypto-related equities experienced temporary setbacks last week, as benchmark cryptocurrency, bitcoin, ended the session 3.4% lower to $22,930.



Digital assets have taken pause after a 33% increase in total market value year-to-date — from $828.7 billion to $1.1 trillion — driven largely by renewed interest in the asset class in the first quarter.



On-chain analytics platform CryptoQuant told Blockworks bitcoin appears to have bottomed with some valuation metrics suggesting the start of an “early bull stage.” The shift in sentiment is expected to have a ripple effect on the altcoin market as well.



&#8220;Altcoins have shown positive performances this year amidst a backdrop of rising on-chain network activity,&#8221; said CryptoQuant Senior Analyst Julio Moreno. “The total number of transactions on the Ethereum network has rebounded and is now near the record levels seen in June 2021.”



Market activity in US equities flashed signs of volatility on Friday as participants attempted to make sense of historic low <a href="https://blockworks.co/news/jobs-data-crushes-estimates-markets-rethink-fed-predictions">unemployment figures</a>.&nbsp;



The S&amp;P 500, which initially attempted a rally, closed the day roughly 1% lower, while the Dow Jones Industrial Average reported a 0.15% dip by the end of the week.



US stocks and crypto continue to be loosely correlated, which became less clear on Sunday as the <a href="https://www.questionpro.com/blog/spearmans-rank-coefficient-of-correlation/" target="_blank" rel="noreferrer noopener">Spearman coefficient</a> hit its lowest level in two weeks at 0.23. A coefficient of 1 indicates the two assets are moving in tandem, while a dip below 0 signifies they are moving in opposite directions.



US dollar strength bounced back to a three-week high, above 102.9 on Friday, after reaching a nine-month low on Wednesday. The US dollar index has started to gain steam again and is now above 103.3, according to data from the DXY US Dollar Currency Index.



It&#8217;s worth noting that this year&#8217;s crypto rally has gained momentum alongside a decline in the DXY, meaning a strengthening US dollar against most other currencies could put additional pressure on foreign buyers in the short term.



A strong US dollar can have both positive and negative effects on stocks. On one hand, a strong dollar can make foreign investments more profitable for US-based investors, leading to an increase in stock prices, particularly for multinational corporations and companies that generate a significant portion of their revenue from abroad.



On the other hand, a strong dollar can make US exports more expensive and less competitive in foreign markets, affecting the profits and stock prices of companies that heavily rely on exporting products and/or services overseas.



The Federal Reserve&#8217;s recent decision to raise the federal funds rate by 25 basis points marked the eighth consecutive meeting where the policy interest rate has been raised. Further Increases are likely in the coming months as the bank continues its inflation-busting efforts.



Despite the Fed&#8217;s projection for rates to peak above 5% and remain there, market sentiment is diverging as investors anticipate rate cuts before the end of the year.



If that market is right, it could bode well for digital assets long-term as participants begin to reallocate a portion of their capital back into the market amid declining rates and a weakening dollar.



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US Dollar Surge Dampens Crypto Market Momentum

Hindenburg Research is known for revealing corporate fraud and is notorious for betting against electric truckmaker Nikola in 2020, so it’s surprising that it found no such cases within the crypto space in one of the most scandalous years for the industry. 



On its website, Hindenburg says it looks for “man-made disasters floating around in the market and aim to shed light on them before they lure in more unsuspecting victims.”



The research firm, founded by chartered financial accountant <a href="https://www.linkedin.com/in/nathanzanderson/" target="_blank" rel="noreferrer noopener">Nathan Anderson</a>, says it hunts for accounting irregularities, bad actors in management and unethical business practices.



Hindenburg’s exposure of <a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noreferrer noopener">Nikola</a> contributed to a 90% plunge in the electric vehicle maker’s stock price and the collapse of its founder Trevor Milton. And just last week, the firm announced a short position in Indian conglomerate Adani Group, calling it “the largest corporate fraud in history,” and <a href="https://www.reuters.com/markets/deals/indias-adani-enterprises-calls-off-share-sale-source-says-2023-02-01/" target="_blank" rel="noreferrer noopener">wiping off billions</a> in market value from seven of its listed companies.&nbsp;



<h2>Hindenburg mostly skipped crypto-related fraud</h2>



Hindenburg might have had some juicy targets in the form of the biggest crypto blow-ups of 2022, including Three Arrows Capital, Celsius, Voyager and FTX.&nbsp;



Acting as the cop in the digital currency ecosystem takes on different dynamics considering the advanced technical resources and expertise that are required, according to one industry observer.&nbsp;



“That [Hindenburg] did not uncover FTX&#8217;s greed prior to its bankruptcy cannot be held against the firm. FTX blindsided everyone, even the top security platforms that are dedicated to the nascent industry,” Simon Schaber, Spool DAO’s chief business development officer.



“In reality, the crypto ecosystem operates in a way that may be alien to most investigators, and unless there is a direct whistleblower who shares insights into a firm’s operational inconsistencies, companies like Hindenburg Research will have little or nothing to work with.”



But there are several crypto companies that Hindenburg has gone after.



<h2>Crypto miner Riot Blockchain</h2>



Riot Blockchain has been called out by the fraud-exposer at least thrice, publicly anyway. The first instance was in December 2017, when it <a href="https://hindenburgresearch.com/riot-blockchain-sudden-business-pivot-suspicious-acquisitions-questionable-special-dividend/" target="_blank" rel="noreferrer noopener">pointed out</a> that Riot went from being a “life science tool” to a self-described leader in the blockchain industry.



Indeed, in October 2017, biotech company Bioptix <a href="https://www.prnewswire.com/news-releases/bioptix-changing-name-to-riot-blockchain-as-company-shifts-focus-to-strategic-investor-and-operator-in-blockchain-technologies-300530737.html" target="_blank" rel="noreferrer noopener">changed its name</a> to Riot Blockchain due to a pivot in the company’s business direction. The firm originally began operations in 2000 with the aim to develop products used in a blood test that evaluated acute appendicitis. But the change in business strategy saw its shares <a href="https://www.theglobeandmail.com/globe-investor/investment-ideas/bioptix-shares-surge-after-rebranding-to-riot-blockchain/article36491746/" target="_blank" rel="noreferrer noopener">nearly double</a>.



Hindenburg alleged that the company handed out a “special cash dividend” that sapped 63% of its cash by giving it away to company insiders. It also noted an individual with a controversial past, Barry Honig, had an “influential behind-the-scenes stake” in Riot.



Another <a href="https://seekingalpha.com/article/4136235-riot-blockchain-this-crypto-clown-car-continues-hurtling-toward-abyss" target="_blank" rel="noreferrer noopener">Hindenburg report</a> in January 2018 raised flags after filings showed Riot frequently shuffled its auditors.



And a month later, Hindenburg <a href="https://hindenburgresearch.com/riot-blockchain-yet-another-suspicious-cash-depleting-transaction/" target="_blank" rel="noreferrer noopener">alleged</a> that Riot spent six times more than it should have on equipment brought from a highly suspicious new entity, and revealed it had a short position on the company.



“We have seen a lot of ridiculous things in our day, but we believe Riot has engaged in some of the most brazen activity we have seen in a U.S. listed equity,” Hindenburg said.



<h2>China-based crypto firm Ebang</h2>



Hindenburg <a href="https://hindenburgresearch.com/ebang/" target="_blank" rel="noreferrer noopener">revealed</a> its short position on Chinese bitcoin mining machine producer Ebang in April 2021. 



Describing Ebang as a “China Hustle,” it said the company engaged in opaque deals with company insiders and once sent $21 million to a relative of its Chairman and CEO, among a string of other allegations.



“Ebang is yet another cautionary tale for inexperienced retail investors enthused by anything crypto-related. As is so common with other ridiculous China-based schemes, the company will likely keep selling shares as long as investors are willing to keep buying them. We think this is a clear one-way street, and the capital isn’t coming back,” it said.



<h2>Stablecoin issuer Tether</h2>



In October 2021, Hindenburg offered a whopping <a href="https://hindenburgresearch.com/tether/" target="_blank" rel="noreferrer noopener">$1 million bounty</a> to anyone who offered information on the reserves backing its stablecoin. 



The short-seller’s claims about Tether’s disclosures being opaque came right after the US Commodity Futures Trading Commission fined the stablecoin issuer $21 million over misleading statements.



Hindenburg has doubts about the legitimacy of Tether’s backing due to the company’s sparse disclosures,” it said.



A Tether spokesperson described the bounty offered as a stunt and “a pathetic bid for attention.”



They are attempting to discredit not just Tether, but an entire movement. Thankfully, everyone sees through their opportunism,” Tether told Blockworks.



Read more: <a href="https://blockworks.co/news/what-backs-tether-58-us-treasurys-and-a-mess-of-other-stuff">What Backs Tether? 58% US Treasurys and a Mess of Other Stuff</a>



“This is not the first time Hindenburg Research has orchestrated an alleged scheme in pursuit of profit. Nor will it be the last. Tether abhors and denounces their actions and transparent motives,” they added.



Hindenburg didn’t reply to a query seeking comment on whether it has so far received enough information to warrant paying out the $1 million bounty. Blockworks has also reached out to Riot and Ebang, but has yet to receive a response.



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3 Crypto Companies Hindenburg Research has Named and Shamed

Startups locked down a total of $185 million from investors this week — quite the dip from the $578 million emerging Web3 companies locked down over the same period from one year prior, <a href="https://defillama.com/raises" target="_blank" rel="noreferrer noopener">data</a> from DeFiLama shows. 



On a cumulative funding basis, things are down. But things are looking up when it comes to the net number of startups pulling off capital raises.&nbsp;



Around the same time last year, only three startups were said to have landed outside capital:  Dune Analytics, Phantom and FTX. Let’s move on…



Now, 20 different startups managed to land funding, albeit under smaller raises. 



So, who were the lucky funding winners?



<h2>SIMBA Chain</h2>



While it may not be your traditional definition of “funding,” blockchain enterprise solutions provider SIMBA Chain, brought in <a href="https://blockworks.co/news/us-air-force-simba-blockchain-supply-chains">$30 million from the US Air Force’s STRATFI program</a> — on the heels of several previous military-commissioned projects undertaken by the startup.&nbsp;&nbsp;



Born out of the University of Notre Dame in 2017, SIMBA Chain connects government agencies with Web3 tech. The chain has been working with USAF to tokenize its budget and improve its accounting.&nbsp;



Bray Ritchie, SIMBA’s chief executive, said in a statement that the government is sending a “strong demand signal for blockchain technology,” adding that the inner workings of the Department of Defense’s immense supply chain “signals an opportunity to collaborate and increase adoption within the commercial industry.”



<h2>Block Joy</h2>



Venture-backed Web3 infrastructure developer Block Joy landed a $12 million Series A.



Investors, just to name a few: Gradient Ventures, Draper Dragon and Dragon Roark.



Can we get one more (funding) dragon? Please? People are asking.



The company has earmarked the incoming cash to build products that plan to slash Block Joy’s enterprise operations costs— including running staking nodes and utilizing APIs — by more than 80%. 



Existing clients include centralized exchanges Binance and Crypto.com. And new networks are on the way, including Ethereum 2, Cosmos and Solana.



<h2>Pow.re</h2>



Canadian crypto mining company Pow.re secured a $9.2 million Series A led by Haru United with participation from Trinito Corporation, RFD Capital and others.



Haru United also made an $18 million bullish bet on the company’s first high-density computing (HDC) site in Paraguay.



The latest investment bumped up Pow.re’s valuation to $150 million, per the company.



<h2>Wait, there’s more (dollars):</h2>



<ul>
<li>Hypernative, a crypto-security company, landed $9 million in seed funding from IBI’s tech fund. Piling on were the likes of Blockdaemon, Alchemy, Borderless, CMT Digital and Nexo. Blockchain rollups project Sovereign Labs secured $7.4 million in a round led by Haun Ventures.</li>



<li>Crypto security startup Sec3 secured $10 million in a seed round led by Multicoin Capital.</li>



<li>Web3 marketer Addressable landed $7.5 million from Fabric Ventures and Viola Ventures.</li>
</ul>



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