This Week in Crypto
September 8, 2023
Welcome to another edition of “This Week in Crypto,” your one-stop destination for all the buzz in the crypto universe. This week, we’ve got some exciting developments and a cautionary tale to share:
- Visa’s Crypto Payments Bombshell
- Crypto Whale’s $24M Loss to Phishing Attack
- Google Opens Doors to NFT Gaming Ads
- MXC to Launch AXS App
Visa’s Crypto Payments Bombshell
Crypto markets have been a bit stagnant lately, despite hints of a massive $15 trillion market shift by an SEC insider. Bitcoin, Ethereum, and other top cryptocurrencies have been trading sideways, but there’s a twist in the story.
Payments giant Visa just made a big announcement. They’re revving up their use of Circle’s USDC stablecoin on their network, potentially paving the way for broader crypto adoption. Visa intends to use USDC to speed up cross-border payments and is launching a pilot to send USDC via the Solana blockchain to selected merchants.
While it’s still early days for this experiment, crypto enthusiasts see enormous potential. It could transform payments, commerce, and financial applications. Visa’s commitment to blockchain networks is a sign of the times, reminiscent of the early internet days when skeptics abounded.
The news has sent ripples of excitement through the crypto community. Many see it as a signal that stablecoins could become the go-to interbank settlement solution via card networks. Even those outside the crypto world are getting fired up about this development. The future looks bright!
Crypto Whale’s $24M Loss to Phishing Attack
In a sobering turn of events, a cryptocurrency whale fell victim to a massive phishing attack, losing millions of dollars in staked Ethereum. The attack targeted the liquid staking provider Rocket Pool, resulting in the theft of Lido Staked ETH and Rocket Pool ETH. In just two transactions, the attacker made off with a staggering $24 million in combined assets.
The stolen assets were swiftly exchanged for Ethereum and DAI. While some of the DAI was moved to a cryptocurrency exchange, most of the stolen funds were transferred to other addresses.
This incident serves as a stark reminder of the importance of security and caution in the crypto world. The victim’s approval of token transfers to the scammer through “Increase Allowance” transactions highlights the risks associated with allowing third-party access to your tokens.
Google Opens Doors to NFT Gaming Ads
In more upbeat news, Google is expanding its cryptocurrency advertising policy. Starting from September 15, Google will allow blockchain-based NFT gaming advertisements, as long as they don’t promote gambling or gambling services. The policy specifies that NFT games promoting in-game items like virtual apparel, weaponry, or armor for character enhancement or progression are eligible for ads.
However, games that involve wagering or staking NFTs for rewards, including cryptocurrencies or other NFTs, will still be banned. NFT casino games and any social betting involving real-world prizes will also remain prohibited.
Google’s stance on cryptocurrency ads has evolved over the years, reflecting the changing landscape of the crypto industry.
Get Ready for the AXS App
Lastly, we’ve got some exciting news to share! The AXS App is set to launch in just six days, September 14. It’s the world’s first fully customizable Web3 Wallet, offering:
- Customizable wallet layouts
- Self-custody for ultimate control and security
- Seamless token transfers with MNS
- A connection to the real world through our NFT Marketplace
Your digital world is about to change forever. Stay tuned for the launch — you won’t want to miss it!
That’s it for this week’s crypto roundup. Stay safe and stay curious!
