What slipped under the radar?

Bitcoin loses its grip on $20k and other crypto news slipping under the radar

Author

Build in Bear
August 28, 2022

This is Web3 Seems Legit, a weekly newsletter that serves you the most talked about topics in web3, with a healthy side of optimism and just a dash of cynicism 😉.

Here's what is going on around the world in web3 that may have slipped under your radar:

  • Bitcoin slips under $20,000. Between the Fed rate hike and Mt. Gox rumors, there's several reasons to blame for the dip.

  • India’s biggest crypto exchange is under investigation. Allegations of money laundering and violating Forex laws has led to Indian authorities raiding the premises of CoinSwitch Kuber.

  • China continues to quietly expand CBDC. More than $830 billion worth of transaction of China's digital yuan (e-CNY) was recorded in the first five months of 2022.

  • Uproar around US sanction on Tornado Cash continues. While a number of DeFi protocols including Uniswap are banning wallet addresses associated to TC, Tether states that they won't.

Bitcoin slips under $20,000

Here we go again. After holding onto the $20,000 support line for the past month, Bitcoin has dipped back down again.

Between the Fed rate hike and Mt. Gox rumors, there's several reasons to blame for the dip.

India’s biggest crypto exchange is under investigation

With over 100 million crypto holders in India alone, the investigation and raid of Coinswitch Kuber, India's biggest crypto exchange seems pretty significant. But there's nothing to worry about according to Coinswitch's CEO 🤷.

This isn't the first time Indian authorities have targeted the crypto industry.

China continues to quietly expand CBDC

Countries around the world are slowly ushering in their versions of a central banking digital currency (CBDC). One of those leaders, of course, is China with the digital yuan, e-CNY.

If you're wondering what's the point of a government-issued digital currency, well the Feds aren't really hiding their intentions 🙂.

Uproar around US sanction on Tornado Cash continues

Following the US ban on Tornado Cash, even the most decentralized protocols can't escape compliance obligations and are blacklisting TC associated accounts. Surprisingly, Tether is amongst the few to refuse to follow the orders.

Oh, and remember the Tornado Cash developer that was arrested for writing open-source code? According to authorities, he is linked to the Russia secret service, FSB. Not saying this is or isn't true, but the US claiming Russian collusion seems to be a common trend...

For extra reading, here are some notable threads to dive into:

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