The Solana blockchain suffered a new network outage. Solana has asked validators to prepare to reboot the blockchain. More: - According to Solana Beach block explorer data, Solana's validators did not process new blocks for hours, causing a total shutdown of all of its applications.
- The development team behind Solana asked validators to prepare for a reboot, as the Solana coin fell 11% for the day.
- Solana released an instructional video with steps, including taking a snapshot of a specific time slot from where the network can be rebooted.
- Last month, Solana froze for about seven hours before it was brought back online via a validator restart.
Zoom Out: - Solana is a blockchain that claims to be a high-performance alternative to Ethereum, currently the most popular blockchain in crypto.
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Nathaniel Chastain, a former product manager at OpenSea, has been arrested and charged with NFT insider trading. Charges were made by the U.S. Department of Justice. More: - This is the first time that someone has been charged with these accusations, which the Department Of Justice is describing as a "Digital Asset Insider Trading Scheme."
- Chastain is accused of allegedly using confidential business information he had access to and exploiting it to buy around 45 NFTs before they would be added to the marketplace's front page.
- "From June 2021 to at least September 2021, he used OpenSea's confidential business information about what NFTs were going to be featured on its homepage to secretly purchase dozens of NFTs shortly before they were featured," the DOJ said. "After those NFTs were featured on OpenSea, Chastain sold them at profits of two- to five-times his initial purchase price."
- Chastain tried to hide his activity by using anonymous OpenSea accounts, according to the indictment. He is being charged with one count of money laundering and one count of wire fraud, carrying a maximum of 20 years in prison each.
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Crypto exchange company Binance announced that it raised $500M to invest in Web3. Web3 aims to create a new version of the internet based on blockchain technology. More: - The world's largest crypto exchange announced that it raised the money as a Venture fund, which will be called "Binance Labs."
- Binance raised money from DST Global and Breyer Capital, as well as unnamed family offices and corporations.
- The company stated that it is looking for projects "with the potential to drive the growth of the Web3 ecosystem. Such projects may include infrastructure, nonfungible tokens, and decentralized autonomous organizations. Binance estimates there are currently around 300,000 to 500,000 active Web3 developers, a number it hopes to grow substantially.
- Binance is also planning to take a $500M stake in Twitter to support Elon Musk's acquisition effort.
Zoom Out: - The launch of Binance's new fund arrives at a time when Bitcoin and other digital currencies are down sharply. Bitcoin has plunged more than 50% since reaching an all-time high in November.
- Andreessen Horowitz last week announced a $4.5B fund to invest in crypto start-ups.
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A group of tech experts lobbied in Washington against crypto and blockchain adoption. The 26 technologists referred to crypto as risky, flawed, and unproven. More: - The 26 signatories include Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal Google Cloud engineer Kelsey Hightower.
- The technology experts stated, "We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments."
- The letter was sent to Senate Majority Leader Charles Schumer and Minority Leader Mitch McConnell, as well as leading Sens. Patrick Toomey and Ron Wyden, who have both been supportive of the crypto industry.
- Crypto companies spent around $9M on lobbying in 2021, more than triple the $2.8M the previous year. Cryptocurrency exchange Coinbase was the biggest spender with $1.5M.
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An alleged Hydra administrator refused to provide access to his crypto wallet, according to a report. A Moscow court has ordered the seizure of the crypto wallet. More: - The crypto stash belongs to an alleged co-founder and administrator of one of the largest online marketplaces on the dark web, Hydra, which was previously shut down by Germany.
- Dmitry Olegovich Pavlov, a 30-year-old businessman from Cherepovets, was detained last month and is accused of drug production, sale, and distribution.
- Pavlov’s wallet was seized with a court order, as investigators think it stores hundreds of millions of dollars in crypto.
- The owner refuses to give Russian authorities access to his wallet, and the exact amount of digital currency stored there is yet to be established.
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According to a new study, 40% of surveyed lower-income individuals want to use Bitcoin, not make money from it. The study was conducted by Block. More: - The report spoke to more than 9,500 adults in the Americas, Europe, the Middle East, Africa, and APAC counties in January this year and had ensured it had included “100 Bitcoin owners per region.”
- The report’s authors concluded that: “People with lower incomes, regardless of where they live in the world, recognize Bitcoin’s utility as a payments ecosystem, seeing it as a way to send remittances and buy goods and services.”
- While almost half of Argentinians said they viewed BTC as a good investment to beat inflation, only Nigerians (40%) appeared to concur. In Japan, only 1 in 10 agreed with the statement.
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- Crypto payments firm Merge raised a $9.5M seed round led by Octopus Ventures.
- DAO management platform Dework closed a $5M seed round.
- Rep. Madison Cawthorn’s (R-N.C.) crypto wallet was shown to have had undisclosed trades amid a House ethics investigation.
- Blockchain infrastructure provider InfStones has raised $66M in a new funding round led by SoftBank Vision.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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