TLDR Crypto Daily Update 2022-08-15

Tornado Cash dev arrested πŸ‘¨β€πŸ’», FTX in talks to buy Huobi πŸ’°, Taiwan fights cyberattacks with IPFS 🌎

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Markets & Business

Huobi Founder in Talks to Sell Majority Stake at $3B Valuation (2 minute read)

The founder of crypto exchange Huobi Global is in talks to sell a majority stake in the company. Leon Li is looking to sell almost 60% of the firm. He is seeking an overall valuation of $2 billion to $3 billion. A deal could be completed as soon as the end of this month.

OpenSea Changes Stolen NFT Policy Following User Outcry (4 minute read)

OpenSea will now require a police report to be submitted within seven days of users flagging an NFT as stolen. The platform previously blocked assets from being bought, sold, or transferred as it investigated each case. The new policy is designed to prevent false reports. It only applies to new cases. OpenSea will also simplify the process for rescinding claims.
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Innovation & Launches

FTX Partners with Paradigm for 'One-Click' Futures Spread Trading (2 minute read)

FTX has partnered with Paradigm to launch one-click future spread trading. The new feature will support eight cryptocurrencies, including Bitcoin, Solana, and Dogecoin. Investors are now able to fund rates on perpetual with one click. They can carry out 'cash and carry' trades through both FTX and Paradigm's platforms.

Monero’s Privacy-Focused Crypto Protocol Upgrade Is Now Live (2 minute read)

An upgrade to Monero's protocol has been successfully implemented. The upgrade increased the number of signers for a ring signature. It reduces transaction size and speeds up transaction speed and wallet syncing. The upgrade included fee changes to minimize volatility and improve network security, improvements to multisignature functionality, and critical security patches.
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Guides & Resources

Interest in over-collaterised, decentralized stablecoins becoming massive (2 minute read)

This Twitter thread discusses Liquity Protocol and introduces PowerPool's new automated market maker pool, LUCY. Liquity Protocol's LUSD stablecoin is backed exclusively by ETH. It can self-fund yield at its own secondary market with ETH liquidation proceeds. LUCY consists of a-bb-USD and LUSD.

The most profitable narrative in the bear market (6 minute read)

Real Yield is yield that is generated through revenue, not from printing tokens. A real yield protocol should have a product/market fit, generate on-chain revenue through its products, be profitable, and use solid assets such as ETH or stablecoins. This Twitter thread introduces seven protocols that qualify as Real Yield protocols. It also talks about how to determine if a protocol generates Real Yield and provides research tools.
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Miscellaneous

Suspected Tornado Cash developer arrested in Amsterdam (2 minute read)

A developer suspected of being involved with Tornado Cash has been arrested in Amsterdam. The Dutch Fiscal Information and Investigation Service has not ruled out multiple arrests. Over $7 billion worth of virtual currency has passed through Tornado Cash since it was created in 2019. The arrest has been criticized by proponents of crypto and privacy, who argue that mainstream payment methods have been used for far more laundering.

Taiwan Turns to Ethereum IPFS Tech to Thwart Chinese Cyberattacks (2 minute read)

Taiwan's Ministry of Digital Affairs has adopted IPFS technology to boost its defenses against cyberattacks. IPFS (InterPlanetary File System) is a peer-to-peer network that lets users store data on a network of nodes. This eliminates central points of failure and prevents censorship. The volume of cyberattacks on Taiwan was 23 times higher than the previous daily record before and during Nancy Pelosi's visit to the island.

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Quick Links

A young crypto billionaire’s political agenda goes well beyond pandemic preparedness (8 minute read)

Sam Bankman-Fried says his political spending aims to encourage lawmakers to better prepare for the next pandemic, but many of his activities have focused on the regulation of his company and the crypto industry.

On $Link Token "Not Needed" (3 minute read)

Nearly all smart contracts require access to external data or some service that Chainlink provides, and all Chainlink network activities must be paid for in LINK tokens.

DeFi protocols Aave, Uniswap, Balancer, ban users following OFAC sanctions on Tornado Cash (6 minute read)

Users are being banned from protocols for receiving funds from Tornado Cash and dusting attacks are causing high profile bans.

Royalty-Free Sudoswap Is Finding Favor With NFT Traders (2 minute read)

Trading volume on sudoAMM was over $10 million 35 days after the project was launched.

Acala Network aUSD Depegs by 99% as Hacker Issues Over 1 Billion Tokens (2 minute read)

The network could recover by passing a governance proposal to revert the network state.

How do privacy protocols like Tornado Cash work? (1 minute read)

Tumblers are services where users can mix traceable coins with other clean tokens to make their transactions harder to trace.

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