Holy Cow Post

HOLY COW POST

Terraform's Bankruptcy, MetaMask's Staking Move, Virginia's Mining Bill, Unstoppable Domains' Chat Innovation, OpenSea Appeal from the past, and a $1.3M Pastor Scam

Virginia Bill to Safeguard Digital Asset Mining"

Virginia introduces a bill to protect digital assets mining rights, aiming to safeguard miners and validators while providing tax incentives for cryptocurrency transactions. The bill, proposed by Senator Saddam Azlan Salim, exempts digital mining activities from money transmitter licenses and prevents discrimination against miners. It also includes capital gains tax exclusions for digital asset transactions, signaling a more crypto-friendly legislative approach in Virginia.

Ex-OpenSea Manager Appeals Insider Trading Conviction

Nathaniel Chastain, aka our friend Nate, former OpenSea product manager, appealed his conviction for wire fraud and money laundering. He was found guilty of insider trading related to NFTs featured on OpenSea. His legal team argues that the information he used for profit had no commercial value to OpenSea and shouldn't be considered property.

Pastor's Crypto Scam Nets Over $1 Million from Investors

A Denver-based pastor of the online-only Victorious Grace Church, Eli Regalado, was involved in a crypto scam, defrauding investors of $1.3 million. He falsely promised miracles in exchange for investing in INDXcoin, a worthless cryptocurrency. Regalado and his wife used the funds for lavish spending while misleading devout Christians into believing their investments supported charitable causes. The INDXcoin project and its exchange were shut down in November 2023.

Unstoppable Domains Introduces Group Chat for Username Holders

Unstoppable Domains, a Web3 username protocol, has launched a new group chat feature allowing badge-gated access for username holders. This innovation, utilizing the Push Protocol, enhances community-based messaging within the platform by enabling private and decentralized communication. Group chats are restricted to members holding specific badges, reflecting verifiable on-chain characteristics, thus promoting verified interactions.

Terraform Labs Files for Bankruptcy

Terraform Labs, the company behind the failed TerraUSD stablecoin, has filed for Chapter 11 bankruptcy in Delaware. The filing reveals estimated assets and liabilities between $100 to $500 million. This move aims to navigate ongoing legal proceedings, including a class action suit in Singapore and a U.S. SEC trial regarding TerraUSD's collapse.

MetaMask Introduces Validator Node Staking for Ethereum

MetaMask has launched a new staking service that allows Ethereum users to run their own validator node with a 32 Ether deposit, amounting to about $78,752. This service eliminates the need for pooling or hardware and includes a 10% fee on validator rewards. It addresses centralization concerns and makes personal Ethereum node operation more accessible.