Crypto News Recap: Gary Gensler Heads to Congress
All the news to know this week in crypto... and clues to Coinage's Onchain Scavenger Hunt!
By: Zack Guzman
September 26, 2023
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GM! This week: SBF’s mother Barbara Fried breaks her silence, DeFi project Mixin suffers a $200 million hack, and Coinage officially launches our Onchain Scavenger Hunt on Base for YOU to WIN 5 ETH! Coinage NFT holders can watch Coinage Host Zack Guzman and Fox Business crypto reporter Eleanor Terrett discuss all the big headlines above.
Did you spot the first clue during our Weekly News Recap yesterday? If you must know, it was inspired by everything Coinage stands for as a community-owned Web3 outlet. Not only do we let our NFT holders own_the_narrative in crypto — we also let them own everything Coinage does via our award-winning DAO/Coop.
In Crypto Hacks…
The DeFi project Mixin kicked off its week in the worst way: Confirming a $200 million exploit. The Hong Kong-based project admitted a problem with a centralized database at a cloud provider. In a July report, Mixin reported more than $1 billion across its top 100 assets supported.
“No matter what your assets are — whether it's Bitcoin or Ethereum — we will ensure that half of it is unaffected,” Mixin Network founder Feng Xiaodong said in a livestream. “We’re trying to find a way to recover the compromised money, but that is very difficult.”
Feng added that about half of the total user assets on the network are not affected by the hack. For the other half, Feng said that the team is weighing the possibility of issuing what he called “bond tokens” for users to claim, which company could buy back in the future. Kinda sounds like an emergency debt issuance? Guess, that’s the only way to keep on truckin’. (We hope you had a better Monday.)
In Better News…
MicroStrategy, led by noted Bitcoin bull Michael Saylor, announced it put another $150 million to work in scooping up more of the world’s largest crypto. According to a new SEC filing, the enterprise software company acquired 5,445 Bitcoin between Aug. 1 and Sept. 24 at an average price of $27,053 per token.
Per Bloomberg, the Virginia-based company’s Bitcoin holdings stood at 158,245 tokens as of Sept. 24, acquired at an aggregate purchase price of $4.68 billion.
In SBF Happenings…
Barbara Fried, SBF’s mother, broke her silence in a new interview with The New Yorker. The article certainly reads a little differently after last week’s FTX lawsuit laid bare just how involved both SBF’s mother and father were in the business.
“I think most parents would much rather die, frankly, than see their child accused of such horrible things,” Barbara Fried said.
For a more complete picture of SBF’s defense heading into the trial that’s now just a week away, might we suggest diving into our four-part series exploring the defense materials he exclusively provided to Coinage.
PLUS — in an exciting turn of events, Coinage is teaming up with CoinDesk to distribute our new Podcast version. Proceeds from the deal, will be directed directly to the Coinage DAO/Coop.
WIN 5 ETH!
Did we make you scroll all the way to the bottom of this post just to find today’s clue? Maybe. But let’s make one last point about the Coinage DAO/Coop, because it’s important.
Unlike Patreon, unlike OnlyFans, we are offering a limited amount of membership passes to not only unlock Coinage content — but also grant entrance into steering all the funds Coinage controls from our IP/mint proceeds.
You now know the first clue was own_the_narrative. Now, for the second word, which will goes live today, at 12 Noon ET: WHZ7YtJUfJNqyBo6qwV!
Head to Hunt.Coinage.Media to play for free! If you’re reading this, you’re already in the lead to win 5 ETH! (Connect your wallet and mint using ETH on Base.)
Remember, the first 5 minters on Day 4 will automatically win 0.1 ETH. The first 5 minters on Day 8 automatically win 0.2 ETH. And wallets who hold all 12 NFTs are automatically entered to win 5 ETH!