WolfDAO Newsletter - #23
Now earn up to ~900% APY with Starstream! Read more about SKALE Network, ArDrive, Bitmex Founders, Donations to Ukraine, and other protocol happenings.
Now earn up to ~900% APY with Starstream!
Starstream is one of the first yield aggregator protocols on Metis Andromeda that offers users automatic compounded yield farming services on Metis. The holders of token STARS can claim the revenues generated by the protocol’s vaults. The platform incentivizes the STARS-METIS liquidity pool on Tethys Finance by yielding +900% APY / +230% APR at the moment. Despite both Starstream and Tethys being audited, the yield farm has market risks, impermanent loss (IL) risks, smart contract risks, and more. We advise only to invest the amount that you can afford to lose.
How Have Governments Been Seizing Stolen Bitcoin and Ethereum?
Illicit, sanctioned, or stolen cryptocurrency has been making headlines, with Bitfinex-related charges against Heather Morgan and her husband, Ilya Lichtenstein, and the anti-vaccine protests in Canada serving as two recent examples.
Bitcoin is resistance money (a form of currency that can't be censored by governments or law enforcement). But this narrows down the question to how is ill-gotten Bitcoin recovered? There's no simple strategy, or process governments can use, and most evidence so far suggests that governments are reacting on a case-by-case basis.
"Because cryptocurrency has become such an integral component of cybercrime today, especially when it comes to ransomware, the U.S. government has recently focused on finding ways it can recover elicit funds in digital wallets. A great example of this is the FBI's announcement of the launch of the Virtual Asset Exploration Unit last week," said former FBI analyst Crane Hassold.
He further added that the precise methods of how the U.S. government recovers such funds are not public and that he "wouldn't expect the U.S. government to make those tactics open."
SKALE Network (SKL)
Decentralized networks have brought a wave of business models and organizational structures to come to light. They hold immense potential for making a drastic impact on society and business. However, there are shortcomings concerning performance, usability, and cost-effectiveness.
SKALE Network comes to the rescue as it is designed to resolve the technical scalability, user experience, and cost issues associated with decentralized networks such as Ethereum. The network aims to reduce latency and ensure that users can make payments as cheaply as possible.
SKALE Network has its token named SKL that has a supply limited to 7 Billion. The network also enables staking to help incentivize its token holders. It is an Ethereum-compatible network that boasts of a leaderless consensus.
The blockchain is Byzantine Fault Tolerant and helps to guarantee the network can reach a consensus even when up to one-third of participants are malicious. SKALE Network adapts BLS Threshold Signatures that are efficient for interchain communication and support randomness in node allocation.
The token SKL represents the right to stake as a delegator, work as a validator, or access resources by deploying and renting an Elastic Sidechain for some time as a developer. The network also eliminates unnecessary complexity to help scale up your Dapps and smart contracts in no time with essentially no additional coding.
ArDrive Raises $17.2 Million in Seed Round
ArDrive is a blockchain-based permanent storage solution that raised a whopping $17.2 Million from 13 investors. Currently, the platform houses over 6 million files, including text, articles, photos, and videos. ArDrive is an alternative to Dropbox or Google Drive, as it stores data on Arweave blockchain and grants complete ownership and control of data. ArDrive gained traction last summer after Hong Kong activists used the service in a sweeping crackdown on pro-democracy media.
South Korea plans to invest $187M in national Metaverse project
South Korea's Ministry of ICT, Science, and Future Planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support digital content and corporate growth within the country. According to the official statement, funds will be spent on completing four main objectives for creating Expanded Virtual World. The Ministry said it would host community-oriented creative activities, a Metaverse developer contest, and a hackathon.
BitMEX Founders Plead Guilty to Bank Secrecy Act Violations
Arthur Hayes and Benjamin Delo, founders of crypto exchange BitMEX, have pleaded guilty to violating the United States Bank Secrecy Act. According to the press release from the U.S. Department of Justice, Hayes and Delo willfully failed to “establish, implement and maintain an anti-money laundering program at BItMEX.” The duo has agreed to separately pay a $10 million criminal fine representing gains derived from the offense.
BitConnect Founder is Charged Over Alleged $2.4B Crypto Scheme
The U.S. Department of Justice revealed its indictment against Satish Kumbhani, founder of cryptocurrency platform BitConnect. The sources indicate that Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors in a Ponzi scheme. Kumbhani is receiving the charge with conspiracy to commit wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering.
Ukraine Received $18.6M in Crypto From Donations
According to blockchain analytics, the tally of cryptocurrency donations sent to Ukraine's government and NGOs since its armed conflict with Russia is nearing $19 million. The Ukraine-Russia conflict is also dubbed the "world's first crypto war." The government of Ukraine also tweeted from its official account on Saturday that it was "now accepting cryptocurrency donations."
Gunman Demands $230 Million in Crypto After Taking Hostage at Amsterdam Apple Store
According to reports, a gunman held a man hostage at an Apple store in Amsterdam demanded €200 million in cryptocurrency. The 27-year-old burst into the shop Tuesday afternoon with a gun and took a Bulgarian man hostage. Local media reported that the suspect threatened to blow himself up if the government didn't meet his demands.