Welcome On The Block Family....! This is Episode 026.....

HONORABLE MENTIONS:

TOP FIVE STORIES

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Honorable Mention: Bankless Video..? Was the Bull run of 21 and BIG PONZI ??

#5 DBS First bank in ASIA to use JP Morgan's Blockchain for transactions.

#4 Binance releases new Proof of Reserves program

#3 THE IMF wants Crypto regulated in AFRICA

#2 Belgium says BTC and ETH are NOT SECURITIES

#1 UNISWAP Riles up users with a new PRIVACY POLICY..!

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FTX CATASTROPHE & CRYPTO MARKET MELTDOWN (TAKEAWAYS) E23

The News of the week has to be FTX…FTX 1-5 but with On The Block we look at this as a “teachable moment”. Every news outlet and pundit has looked at what FTX has done and has piled in to make blanket indictments about Bitcoin, ETH and our space. For OTB our main mandate to our supporters is to educate and to share what we know so that all can benefit. So from here let’s talk about what was learned from this terrible news.

PROTECT YOUR SELF WITH LEDGER HARDWARE CRYPTO WALLET: https://bit.ly/cryptocaliph-nano-x  💸TAX FREE CRYPTO,  get a $100 FREE when you sign up with iTrust Capital:  https://bit.ly/itrust-capital 🔴 SUBSCRIBE 👉🏽 https://bit.ly/otb-subscribe 🦍 Follow Us On Twitter: https://bit.ly/OTB-twitter 📧 Join OTB Newsletter https://bit.ly/OTB-newsletter 🌎 Website: https://bit.ly/OTB-website 👍🏻 Subscribe to our other channels Crypto Caliph: https://bit.ly/3HyuQth

META Embraces Arweave and Polygon, Permanent Storage and NFTs - E22

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Last week was a HUGE week for ETH so, you can guess who number  ONE is for the week. After that, we have some news from the SEC, and then we talk about Do Kwon and his arrest warrant from South Korea. JP Morgan claims "Crypto" is worthless but we know better and evidently they are watching the space. Thanks again for the support. You can watch us on YouTube if you like.

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FTX has the great honor of being in the TOP 5 for more than one story. It seems August has been a very busy month for the government authorities. The first story is provided but the The Block. FTX had a banner 2021/2022 and went from 90 million in revenue in 2020 to more than a BILLION in 2021. Sam Bankman-Fried confirmed this in a Twitter post. It’s pretty amazing that a company started in 2019 has done so well so quickly. The FDIC sent a “cease and desist” letter to FTX US and some other firms for making false claims. August has been a very busy month for the government especially in the US. This could be viewed as good news as the Federal Reserve has released guidance for some Crypto Firms and FinTech firms to open access to master accounts. The CEO of Coinbase stated in a recent article that he would shut down ETH Staking if threatened by regulators. South Korea’s (The Korea Financial Intelligence Authority) has sent a stern warning to all those who have transacted on unregistered service providers. The Tornado Cash saga continues and we have a lot to still unpack on this. A developer was arrested. One of the largest ETH Mining Pools has stopped mining blocks with Tornado Cash in them. Dutch Authorities arrested Alex Pertsev on the 12th of August for his part in developing the code used to create Tornado cash. Privacy advocates and his wife staged a demonstration in Germany to bring light to this unprecedented situation. Watch on YouTube

Once again Michael Saylor is letting the world know he’s not interested in the chatter, nor is he a “lettuce hands” investor. It has been reported that the Goerli/Prater merge has taken place and has moved the goal of a Proof Of Stake ETH 1 step closer to a reality. We reported last week that it is the goal of Ethereum to be a fully functioning POS chain in quarter 4 of this year. MailChimp the email marketing platform owner by the HUGE accounting software company Intuit has been busy closing the accounts of some notable “Crypto” community members. On Sunday August 14th it was reported that the aUSD coin of the Acala network (on the Polkadot Network) was compromised by a “configuration issue with the liquidity pool”. It seem 1.28m of the coin was minted in error due to this bug. This news has far reaching ramifications, Tornado Cash the mixer used to launder millons of dollars has been targeted by U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Tornado has been around for a while and is a decentralized protocol. Why does this matter? It matters because this protocol is NOT centralized and has no owner or CEO. It’s unprecedented that a protocol not controlled centrally has been neutralized. How was this done? Through the centralized protocol USDC (Circle) and the exchanges.

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Last week we reported on the “insider trading” Court Case lowered upon a former Coinbase employee and some of his family and friends. The important part of this case are the 9 tokens now believed to be securities. On August 3 a few days after Solana community members reported yet another hack, Slope.Finance has been named the reason for the breach. The “official statement” gives no reason for the “draining of community members wallets” only that they are working on finding out why the breach happened. The original “FORK” of the 2nd biggest Crypto in the world has gone up by more than 174% in the last month. On the heals of one of the biggest stories in crypto in 2022, Ethereum’s move from POW to POS (Proof of Work vs Proof of Stake) means new life for ETC which will remain a POW coin. As reported on in Coinbase’s Medium Post on Aug 4th. BlackRock is the largest investment management firm in the world to the tune of over 10 Trillion in assets. They are the biggest player in the world doing what they do and they influence all markets. The two companies (Aladdin and Coinbase Prime) will focus on delivering products and access to big institutional investors. Michael Saylor the BTC evangelist and creator of the firm MicroStrategy is stepping away from his CEO duties after 33 years at the helm.

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