Coinbasics Newsletter #8 : Kevin Rose Hack, Aave V3 on Ethereum, Doodles 2 on Flow.

What happened in web3 this week?

There is no such thing as a slow week in crypto! Our weekly newsletter features the hottest news from around the web, some riches to rags stories, educational content and additional reads for you. Keep scrolling to know what’s up!

1. Kevin Rose Lost $1mn+ in a wallet hack!

Kevin Rose, founder of Proof Collective and Moonbirds lost $1mn+ in a wallet hack earlier this week. He was phished into signing a malicious transaction that allowed the hacker to transfer large sums of money from the account.

Moral of the story : Don’t click any links and use cold wallets to keep your crypto safe.

Here’s some wisdom from Richerd, founder of Manifold on ways to keep your wallet safe:

2. Aave deploys V3 on Ethereum

Decentralized lending and borrowing protocol Aave has deployed its third version on the Ethereum network following unanimous support for a governance proposal. The Aave V3 upgrade will focus on mitigating user risk and improving capital efficiency (High-Efficiency Mode) when staking or borrowing correlated assets like stablecoins and liquid staking derivates (LSDs). The upgrade is also focused on gas optimization, with Aave stating that it will reduce gas costs across all functions by 20%-25%.

3. US Senator Ted Cruz proposes use of crypto with the help of snacks?!

Cruz introduced a concurrent resolution dated Jan. 25 that would only allow vending machine and food service contractors that accept crypto as a payment option within the U.S. Capitol. He is one of only eight known crypto investors in Congress, according to the “Bitcoin Politicians”. Senator Cruz also has showed interest in making his home state of Texas an oasis for Bitcoin and other cryptocurrencies by saying crypto mining could be used to monetize the energy from oil and gas extraction and the activity may be used as an alternate way of storing energy. The resolution put forward by Cruz will need to be agreed to in both the Senate and the House before it can be adopted.

4. Doodles with launch Doodles 2 on Flow Blockchain

Doodles is a prominent NFT collection with over $550mn in volume traded and Pharrell Williams as their brand ambassador. Doodles just announced that they will launch their next collection on Flow which is popular for projects like NBA Topshots and NFL All-Day. Doodles 2 will allow customization of avatars and release wearable items for them through events and brand collaborations.

5. SBF is still out of jail

Here’s a breakdown of what’s up with FTX right now:

• US government seizes $700 million in assets and cash belonging to SBF. The new FTX Chief said the crypto exchange could restart and the FTT token pumped +30%.

• The SEC charges Caroline Ellison and Gary Wang with defrauding investors with FTX.

• The U.S. Attorney's Office seized nearly $50M in funds that SBF kept at Farmington Bank.

Four Senators have moved a proposal to hire an external examiner but it looks like it might be an expensive task.

Educational Resources

This week we shared educational tweets on our twitter account for our readers to be able to better understand the Defi ecosystem covering everything from the basics to security and regulations in the space. Here are the tweets incase you missed them :

1. What is Defi and some commonly used abbreviations :

2. Decentralised Applications that make up the Defi Ecosystem :

3. A history of regulations in the crypto space:

Here are some reading recommendations from us:

1. 7 things to be excited about in 2023 by a veteran web3 developer and DevRel

2. Metaverse landlords are creating a new class system

3. Most Criminal Cryptocurrency Funnels Through Just 5 Exchanges

4. Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

5. Musician Arden Jones Wants to Pay Off Your Parking Tickets by Selling NFTs

6. Backed by Jay-Z, Web3 Hardware Startup Spatial Labs Raises $10 Million 

Watch recommendation:

That's all for today, folks. Stay tuned for more web3 news and updates. And don't forget to drag this email into your primary inbox so you never miss an update.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.

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