Hello there! We’re in 2022 and January is almost over. Here’s the top news in the crypto space for the week. Enjoy!
1) Defi (decentralized finance) rocked by 0xSifu scandal. It was revealed by zachXBT on Twitter that 0xSifu, the chief financial officer of Defi project, Wonderland, is Michael Patryn, an infamous ex-founder of QuadrigaCX – a Canadian crypto exchange that collapsed in 2019. This scandal damaged Dani Sesta’s (Wonderland) reputation big-time as we can see Wonderland and his other projects plummeting value.
After this scandal, I really wonder if there would be any investors that would ever touch any of Dani’s future crypto projects. He seriously showed incompetency and (at the least) a clear lack of judgement.
2) PayPal is exploring to get into stablecoin. Definitely a welcome news. This is going to be a trend as traditional banking and finance company are seeing more on more the adoption of cryptocurrencies.
https://cointelegraph.com/news/paypal-stablecoin-what-it-could-mean-for-payments
3) Meanwhile in Brazil, a stablecoin cReal pegged to the Brazilian real was launched.
4) Lastly, US government is looking to regulate crypto in the name of national security.
That’s all for now.