Gate.io Podcast | Ronin of Axie Infinity is stolen and related to a hacker group in North Korea, Uniswap is sued again, and Dogecoin wants to experiment with radio technology through Starlink
This program is presented by Gate.io And Solice( Airdrop The program will cover the following hot topics: Last week, the Russian Kommersant newspaper reported that it had obtained the original draft of the Russian crypto bill, which aims to legalize cryptocurrency trading and mining in the country; On the crypto law front, Uniswap is facing a collective lawsuit for allowing ‘Pump and Dump’ activities on its platform; an Ethereum address is linked to the notorious Lazarus Group in North Korea; Dogecoin’s core developers are testing offline transactions using Starlink and radio technology; Jack Dorsey’s ‘first tweet’ NFT is now worth almost nothing, despite the initial bid of up to $2.9 million. Finally, we will deeply analyze the potential impact of the metaverse on our way of working.
Express Delivery Today:
The Russian encryption regulation bill enters the final review stage | 1 | 2 | 3 US officials link North Korean ‘Lazarus’ hacker group to $625 million cryptocurrency theft case | 1 | 2 | 3 | 4 |
Jack Dorsey’s $2.9 million NFT value plummets 99% | 1 | 2 | 3 | 4 | Uniswap faces lawsuits for alleged issuance and sale of unregistered securities | 1 | 2 | 3 |
Dogecoin intends to implement offline transactions through Starlink technology | 1 | 2 | 3 |
Sponsor: Solice ( Airdrop In-depth analysis: How will the Metaverse affect our way of working? | 1 | 2 |
Listen to the whole episode: https://www.buzzsprout.com/1825729/10455795 https://www.gate.io/podcast/23
Preface:
Welcome back to the Altcoin News Podcast! This series, launched by Gate.io, aims to provide neutral perspectives on the latest headlines in DeFi, Metaverse, NFTs, and major tech companies. Gate.io is a centralized exchange that remains neutral on current events and is committed to safeguarding user privacy and security.
The information provided in this podcast is intended to help you stay up-to-date on the latest developments in the crypto industry and does not constitute investment advice. You can verify the news sources I report on in this podcast on your own. Throughout the show, I will teach you how to be vigilant and learn to discriminate, so please stay tuned.
Now, let’s dive into the show.
Russian encryption regulatory bill enters final stage of review | 1 | 2 | 3 |
According to reports, the Russian Ministry of Finance has finalized its cryptocurrency regulatory bill and submitted it to the Russian government for approval.
A report by Kommersant, a local Russian daily, sparked widespread discussion around Russia’s legalization of cryptocurrencies. The report said that Kommersant had obtained the final version of the draft law, and the authenticity of the document was confirmed by two Kommersant internal sources. The Russian Ministry of Finance did not immediately comment on this.
The draft law, officially known as the On digital currency bill, regulates the legal framework for digital currency-related terminology and the circulation and issuance of digital currency. In addition, the document imposes a number of stringent requirements for identity verification, accounting matters, and certifications.
According to local media reports, the bill proposes to accept digital currencies as “a means of payment for non-monetary units of the Russian Federation.”
Cryptocurrency exchanges operating within the jurisdiction of the Act need to maintain a capital of at least 30 million rubles (about $366,000), while cryptocurrency auction operators need to hold no less than $1.2 million in assets. Both types of service providers are required to submit annual reports on their business activities, conduct internal audits, and create separate structural units.
Although the Ministry of Finance has submitted the final version of the draft bill to the Russian government for review, it is unclear when the Russian government will approve the bill into law and will need to wait for an official announcement.
At the beginning of 2022, the Central Bank of Russia, known for its sharp anti-cryptocurrency views, proposed a total ban on all digital asset activities in Russia.
The Russian Ministry of Finance and President Vladimir Putin did not initially support this idea. The Russian Ministry of Finance believes that it would be better to regulate the industry, while Russian leaders believe that the crypto industry, especially mining activities, can bring some benefits to the state.
Two weeks ago, Russia’s most appalling darknet marketplace, Hydra, and cryptocurrency exchange Garantex were reportedly sanctioned by the United States for their alleged involvement in ransomware activities. The U.S. Treasury Department, in cooperation with the FBI and Germany’s Federal Criminal Police Office, shut down several Hydra servers in Germany and confiscated $25 million worth of bitcoin.
Currently, the crypto community is concerned that Russia’s crypto bill could push investors into the black market. As for how to push into the black market, we will soon have a comprehensive analysis in this issue of In-Depth Analysis.
US officials link North Korean ‘Lazarus’ hacker group to $625 million cryptocurrency theft case. 1 | 2 | 3 | 4 |
On Thursday, the U.S. Treasury Department announced new sanctions against an Ethereum wallet owned by Lazarus, a North Korean government-backed hacking group. According to the U.S. Treasury Department, the hacking group is linked to more than $600 million in cryptocurrency theft on Axie Infinity’s Ronin cross-chain bridge.
According to a blog post published by blockchain analytics firm Elliptic, the new sanctions prohibit U.S. individuals and entities from transacting with the Ethereum wallet to ensure that hackers cannot “withdraw” any funds they may be holding on U.S. crypto exchanges.
Ronin is a sidechain that connects to the main Ethereum chain, allowing Sky Mavis, the developer of the play-to-earn game Axie Infinity, to support faster and cheaper transactions. Ronin lost 173,600 ETH and 25.5 million USDC, worth $625 million at the time, making it one of the largest hacks in history.
A Treasury Department spokesperson said they had jointly investigated with the FBI into the Lazarus Group and Advance Persistent Threat 38, another North Korean entity believed to have used malicious programs to steal funds. Anti-money laundering and countering the financing of terrorists are “key” bottlenecks in preventing money laundering with stolen funds, the spokesperson said, and called on the crypto industry to implement relevant safeguards.
Last week, Virgil Griffith, a 39-year-old U.S. crypto expert and former Ethereum core developer, was sentenced to five years in prison for helping North Korea use virtual currencies to evade sanctions.
According to CNBC, North Korea has repeatedly tried to evade U.S. sanctions using cryptocurrencies, raising concerns about the possibility of Russia using digital assets to evade sanctions during the war in Ukraine.
Jack Dorsey’s $2.9 million NFT value crashes 99% | 1 | 2 | 3 | 4 |
In March 2021, during the early stages of the NFT explosion, cryptocurrency entrepreneur Sina Estavi outbid TRON founder Justin Sun in a fierce bidding war, purchasing Twitter founder Jack Dorsey’s ‘first tweet’ NFT for $2.9 million, causing a sensation. Two weeks ago, Estavi tweeted that he wanted to sell the NFT and pledged to donate 50% of the proceeds (which he believed would exceed $25 million) to charity. The auction ended last Wednesday with only 7 bids, ranging from 0.09 ETH (about $277 at the current price) to 0.0019 ETH (about $6). After being arrested in Iran last year, Sina Estavi’s cryptocurrency businesses Bridge Oracle and CryptoLand collapsed. He is preparing to relaunch the Bridge Oracle token (BRG) on the Binance Smart Chain. BRG investors are still waiting for Estavi to replace their old tokens with new ones. According to CoinDesk, Estavi announced on the day he said he would sell Dorsey’s tweet NFT that the token replacement needs to be done manually, a process that may take up to two months to complete.
Uniswap is facing a lawsuit for alleged issuance and sale of unregistered securities. 1 | 2 | 3 |
Last week, a new class-action lawsuit was filed against Uniswap, alleging that it sold unregistered securities and failed to disclose those risks to its users.
Nessa Risley launched a legal action on April 4, accusing Uniswap of failing to conduct identity checks and increasing securities restrictions on suspected “fraudsters.” The Uniswap user from North Carolina invested about $10,400 in low-cap tokens such as EthereumMax, Matrix Samurai, and Rocket Bunny between May and July last year.
The lawsuit filed by Kim &Serritella LLP and Barton LLP aims to invite victims like Risley, who have lost money on Uniswap since last April, to join a class action lawsuit against the platform’s founders and developers for failing to disclose the “registration statement” and risk information about the securities sold.
The class action lawsuit also alleges that Uniswap Labs allows illegal practices such as “pump and dump” and “rug pulls” on its platform. One of the main allegations is against the decentralized exchange’s fee structure, which the lawsuit argues encourages fraud by paying liquidity providers a portion of the fees for each transaction.
Uniswap’s colleagues who pay developers can keep a portion for themselves, and the conflicts of interest involved could make Uniswap a silent promoter of fraudulent activity.
Other parties involved in the litigation include its founder, Hayden Adams, and investors such as Andreessen Horowitz, Paradigm, Union Square Ventures and AH Capital Management. The lawyers argued that investors were secretly supporting and abetting Uniswap to “fail to register as a qualified exchange or broker-dealer.”
In September last year, the U.S. Securities and Exchange Commission (SEC) launched an investigation into Uniswap over its use and marketing practices.
DOGE intends to implement offline transactions through Starlink technology | 1 | 2 | 3 |
In a blog post released by the Dogecoin Foundation on April 11th, developers Timothy Stebbing and Michi Lumin outlined how ‘RadioDoge’ is helping people without internet access to trade Dogecoin.
According to the developers, RadioDoge focuses on using affordable and reliable radio technology (HF/LoRaWAN) combined with the Starlink satellite network to provide an easily deployable and scalable channel for people beyond the reach of traditional internet infrastructure.
The two developers believe that the first phase of Libdogecoin (a programming library or building block for the Dogecoin project) is forming and validating the foundation of Dogecoin addresses and transactions. They have revealed that Dogecoin addresses created using this library have successfully received Dogecoin on the mainnet.
Another key element is the GigaWallet project, which is a plug-and-play solution for internet-based transactions that integrates non-custodial wallets with the Dogecoin network in a standardized manner (a new type of Dogecoin wallet).
Stebbing and Lumin said, “While there is still a long way to go, we have taken some exciting first steps towards making Dogecoin a universal financial tool, which will free finance from the influence of power structures and provide a new way of exchange for the future.”
As the team states, the main challenge in connecting GigaWallet with RadioDoge is whether Libdogecoin can complete the heavy lifting. The first RadioDoge established last week will serve as a testbed for the new technology.
The team also stated that the first transaction formed using Libdogecoin this week will be sent to RadioDoge, which will then submit it to the Dogecoin testnet via the Starlink satellite.
Stebbing and Lumin believe that the new technology could revolutionize the grassroots adoption of Dogecoin in emerging economies, making the Musk-backed cryptocurrency a “global way of exchanging goods and services.” They also acknowledge that the first phase of Libdogecoin accounts for only 10% of the entire project’s progress.
Sponsor | Solice
Before I begin today’s “Deep Dive” session, I’d like to introduce you to our sponsor, Solice, a VR metaverse built on top of the Solana chain that aims to provide a space for users to play cross-platform, build, own, socialize, and earn virtual experiences and ensure a high-quality immersive experience.
While the Solice community has been in turmoil for weeks due to the first land sale, the team has announced earlier this month that there will be a soft launch shortly after the land sale closes.
Solice first launched a soft launch in December 2021 when they successfully completed a $4.36 million seed and private placement led by Three Arrows Capital, Animoca Brands, and Defiance Capital. The Solice Metaverse will launch a demo version (limited quantities) for early adopters to play and enjoy the metaverse. The first version of the soft launch will be compatible with VR devices, providing players with an immersive virtual world experience.
Solice provides the infrastructure for the metaverse. The Solice Metaverse supports multiple platforms, removing barriers between different hardware, software, and operating s, allowing more users to invite their friends and family to connect, increasing the likelihood of exponential growth in the user base.
Solice is a comprehensive and ambitious metaverse project with a large target user base, from gamers (P2E side) to DeFi users (staking) to enterprises (buying or building and then renting out ad space), which makes up the entire Solice metaverse.
Will you be the next user of Solice? Let’s join the Gate.io podcast airdrop event first! 75 lucky winners will share a prize pool of 1,500 SLC from April 14th to 21st!
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In-depth analysis|How will the Metaverse affect our way of working| 1 | 2 |
How has remote work reshaped the way we work?
Over the past few years, the way of working has changed dramatically due to the pandemic caused by the coronavirus. Many companies have had to shift to a hybrid work model (remote work + corporate office), while others have decided to work remotely.
From a social and financial perspective, this change has raised a number of questions, with some employees working from home feeling like they are stuck at home, separating their work from their private lives, feeling stressed and anxious, and impacting their work performance.
In addition, unemployment has begun to increase rapidly, as not all jobs can be done online, many job types require manual labor, and the only solution to pandemic restrictions is mechanization and automation to reduce dependence on manpower.
Remote and hybrid work can help companies survive and prevent revenue drops, but they can harm employees’ normal social lives. Offline interaction and teamwork are the core elements of business growth, which can improve the overall performance of the business, while also allowing employees to better understand each other and achieve higher results.
How the metaverse can improve remote work
One of the solutions many companies have decided to adopt is to migrate their work environments to the metaverse, a web3 solution that can effectively improve the quality of teamwork and work, and increase business revenue.
The metaverse is a digital world where people can experience a virtual life similar to real life, including unique experiences such as finding a job, partying, dating, traveling, and more. Of course, all of these benefits are a matter of opinion. The metaverse should not be seen as a simple digital experience, but as a new world focused on economic and social benefits.
Switching the work environment from web2 technology to web3 solutions may help businesses foster collaboration among employees, as employees will no longer need to watch and analyze static documents or discuss in video conference calls. Employees can work together within a virtual office, using digital desks and PCs, with the help of AI technology. If employees feel anxious about the office environment, they can move to the beach, campsite, or even the moon.
What are the new job opportunities in the metaverse?
Job opportunities in the metaverse are not limited to office work environments, but encompass every type of labor that relies on an internet connection. The metaverse has the ability to create new jobs and improve those that already exist in real life.
In the case of Decentraland, digital landlording is one of the most sought-after jobs in the metaverse. Owners of virtual land can rent out their space to users who want to build a business and earn Mana, after which they can also convert Mana into real money. Rent isn’t the only source of income for landlords, they can also sell their plots. The current reserve price of the Decentraland plot is 2.69 ETH, which is about $82,000. Digital landlording is a profession that is reinventing the entire real estate business.
Architects are able to create buildings with unique designs in the metaverse. One of the most sought-after teams of architects is Voxel Group, who have designed a range of houses, mansions, and corporate headquarters in the metaverse. The team is made up of more than 20 employees: concept artists and programmers are able to create a wide variety of buildings in the Decentraland and sandbox worlds. Every brand joining the metaverse wants to provide its consumers with a unique experience and a one-of-a-kind building, which is why they want to hire design professionals to build their headquarters and virtual stores for them.
There are even those who focus on collecting items for other users and then selling them for profit. The gaming industry is one of the areas that will be greatly affected by blockchain technology. This sector is currently experiencing rapid growth in P2E gaming and NFT commerce and is one of the most lucrative.
Fashion stylists and interior designers are becoming increasingly popular in this virtual world, as people want to have avatars and assets that match their personalities, just like influencers on social media platforms. Adidas, Nike, and many other clothing brands have created virtual clothing that can be worn by people, setting off a new wave of fashion around the world.
The virtual store is not entirely managed by AI, but is supervised by real employees who can answer customers’ questions and sell them digital assets, much like the real world. Brands recruit people with marketing, management, and IT skills through different websites. Job interviews are also similar to the real world, except that they happen directly in the metaverse.
Job requirements in the metaverse can be a barrier to employment
The types of skills required by companies in the metaverse are still not well understood. On the one hand, if the metaverse can allow people to find new employment opportunities, it will also bring new challenges to those who do not have computing knowledge. We are also not sure whether a candidate’s existing work experience is sufficient to make him an employee in the metaverse, and we are also uncertain whether a degree in the real world will have the same weight in a job interview in the metaverse. Since many employment opportunities are new, their requirements are subject to change and become more diverse.
As the internet continues to revolutionize the work environment, there is a demand for professionals such as marketing managers, IT engineers, and project managers, and the metaverse is likely to bring more new jobs and opportunities that we have never heard of before.
