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- 10/18/23: Reddit Kills Crypto Rewards 👽❤️🐵
10/18/23: Reddit Kills Crypto Rewards 👽❤️🐵
Top News
👽 Reddit decides to end all blockchain-based community rewards
❤️ Vitalik confirms he hasn’t sold any ETH since 2018, only donations
🐵 Yuga Labs CEO shares major update on the state of Yuga Labs

⌐◪-◪ → As a long-time Redditor, this is a tough pill to swallow, but I’m also not surprised. My crypto experience on Reddit has been disappointing and falls into two buckets: 1) weak surface-level discussions; or 2) vehement hatred of all things crypto. While Reddit’s decision comes primarily from a regulatory standpoint, I don’t think Redditors’ general sentiment towards crypto helped. We clearly have a long way to go before the world crypto.
⌐◪-◪ → We’ve seen countless headlines about Vitalik moving or swapping large amounts of ETH, which the media loves to take out of context, implying he’s bearish and cashing out. This couldn’t be further from the truth. Vitalik confirmed, in a post on warpcast, that he hasn’t sold since 2018, and any fund movements are simply donations. What a chad.
⌐◪-◪ → Daniel’s tweet is a breath of fresh air and makes Yuga’s priorities dead clear: 1) support existing communities 2) focus on Otherside 3) use partnerships to amplify big bets. The company surely has its hands full, and I’m sure the recent restructuring wasn’t easy, but seeing leadership set a clear direction for the community is a good sign. Wen Third Trip?

Peripheral Vision
⛓️ Crypto & DeFi
Jack Dorsey’s Block announces 1st prototype of ASIC circuit board
dYdX announces transition to Public Benefit Corporation (PBC)
a16z Crypto Startup School applications close on Friday
Wintermute partners with stablecoin issuer Mountain Protocol
Ether.fi rolls out liquid staking token with restaking on Eigen Layer
Injective DEX Helix unveils pre-launch futures for upcoming tokens
Nelly’s X account, famous rapper, was used in crypto phishing scam
Fantom Foundation employee loses $7M in crypto exploit
🏦 Wallstreet & VC
🏛️ Legal & Regulatory
US Treasury Department sanctions digital asset exchanges in Gaza
Hamas’ crypto use could seriously hurt Coinbase’s lobbying efforts
FTX settles customer property disputes to speed up bankruptcy
SBF promised $100M to his favorite game maker, Riot Games
All three in SBF’s “inner circle” have now testified against him
🌎 Rest of the World
SK Telecom adding crypto wallet & chain analysis tools to their phones
Paraguay could be “the new Texas” for BTC mining, according to exec
Candian citizens from Calgary have lost over $22.5M to crypto scams
Non-US Coinbase customers can now trade perpetual futures
SUI under investigation by South Korean Financial Supervisory Service
SUI Foundation addresses token manipulation claims
UK leads EU crypto adoption with $252B in DeFi and NFT activity
🖼️ NFTs & Metaverse
Sandbox hires ex former Playstation, Apple, and Ubisoft executive
Roblox debunks XRP payments, thanks for the fake news BitPay
Courtyard sells out 500 Pokemon card packs in seconds
Stars Arena to relaunch at random time today on Avalanche
Claire Silver interview released, Punks As Told By CryptoPunks
The Crypties Awards announce nominees for game of the year
Gucci Cosmos exhibit showcases their history and innovative tech

Spectacular Shoutout
Today’s shoutout comes from the one and only Chicka!
I have so many unforgettable memories working with him at Yat Labs.
Thanks so much for the shoutout 🤗
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