The Insider #128

Welcome to Ascend's Newsletter, your NFT hub with a Crypto touch. Explore the latest in the Web3 space with us. Thanks for joining the Fam!

NFT News

• Munchables, one of the biggest games in Blast, gets hacked. Users lost $62.5M. ZachXBT stepped in to investigate. He found out that the hacker who stole the funds was a North Korean developper that was hired by Munchables. The hacker has since agreed to return the founds with no expectations. All users who were affected will be refunded. (source)

• Imaginary Ones launches their social farming campaign for their $BUBBLE token. You can farm points by interacting with posts featured on their dashboard, joining spaces and referring friends. There will be no presales. They have also teamed up with MON Protocol & Immutable. Names like Dingaling, Yat Siu and Wale are advisors. (source)

Crypto News

• Commodity Futures Trading Commission (CFTC) says Ethereum and Litecoin are commodities in Kucoin Lawsuit. The complaint alleges that KuCoin had “illegally dealt off-exchange” commodity transactions without first registering with the CFTC. Moreover, within the complaint, the commission identifies Bitcoin, Ethereum & Litecoin as commodities. (source)

• United States Department of Justice criminally charges Kucoin and two of it’s founders with Bank Secrecy Act and Unlicensed money transmission offenses. US Attorney’s office issued a press release that says Kucoin flouted U.S. Anti-Money Laundering Laws to grow KuCoin into one of world’s largest cryptocurrency exchanges. (source)

Macro News

• When previous methods of calculating inflation from the 90s is used, US inflation was actually 18% for 2023. Chris Galizio, a wealth manager, alleges the government is just lying to it’s citizens about the real situation. (source)

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