🦎🚀 Guilty as charged! 😬

Wednesday, March 1, 2023

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Welcome the new Month!

Former head of engineering and co-founder of defunct cryptocurrency exchange FTX, Nishad Singh, pleaded guilty to six criminal charges including fraud and conspiracy.

Singh's plea follows former executives Caroline Elison, who led Alameda Research, and Gary Wang, an FTX co-founder, who all have already pleaded guilty with charges tied to FTX's collapse.

Sam Bankman-Fried has been charged with 12 different counts, ranging from bank fraud to securities and commodities fraud to conspiracy to money laundering.

In today's news, Algorand wallet MyAlgo hacked, Visa remains committed to crypto and crypto layoffs slow down in February.

Read on!

Stablecoins Statistics: 2023 Report

Size up the stablecoins sector with our new Stablecoins Statistics: 2023 Report – covering everything from market cap to transaction and trading volumes, regulations, stablecoins ownership and emerging stablecoin models 📊

Get the full scoop here!

Get a First Look at Near's Blockchain Operating System

Join Near Day on March 2nd at ETHDenver for a mini-summit on the exciting new products and tech in Near's ecosystem.

Get a first look at the Near Blockchain Operating System — a common layer revolutionizing Web3 browsing and discovery, compatible with any blockchain.

If you won't be in Denver for Near Day, you can still check out the Blockchain Operating System and other ecosystem news by tuning in to the Near YouTube livestream.

To tune in to Near Day on March 2nd, head to near.org/denver for the livestream link.

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Stacks (+16.2%)
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Be careful of pump-and-dump schemes in crypto! Watch this video to find out how to avoid and spot them easily 🎢

Tap here to watch!

Abandon Ship

Algorand-based wallet MyAlgo released a statement to "strongly advise" users to withdraw funds from their wallets following a $9.2 million exploit, as per blockchain sleuth ZachXBT.

MyAlgo are still investigating the root cause of the exploit but have encouraged users to take precautionary measures.

Algorand Foundation CTO John Woods reassured that the exploit was "not the result of an underlying issue with the Algorand protocol or SDK."

Decrypt

Visa Steers The Course

Global payments giant Visa ascertains that its crypto strategy remains intact and has no plans of slowing down progress despite regulatory crackdowns and industry meltdowns.

Visa's Head of Crypto Cuy Sheffield stated that the company believes that fiat-backed digital assets on public blockchain could play a vital role in the future of payments.

The statement comes after a Reuters story claimed that both Visa and fellow payments company Mastercard were slowing down their crypto push.

Decrypt

Layoffs Slow Down

Crypto industry layoffs hints deceleration with roughly 570 layoffs in February, contrasting against to about 2,900 layoffs in January.

The Cointelegraph team stated that the research into layoffs revealed that most layoffs were in the double-digits as opposed to the triple-digits we saw in January from Coinbase, Crypto.com and Huobi.

The larger layoffs in the past month were NFT company Dapper Labs and Ethereum-scaling platform Polygon Labs both dismissing about 20% of their staff due to internal restructuring.

Cointelegraph