This Week in Crypto

April 14, 2023

Welcome to This Week in Crypto, where we take a look at some of the major news within the cryptosphere and the larger Web3 industry that we believe you should pay particular attention to. While the overall market sentiment this week has been mostly positive with the price of BTC reaching above the $30,000 mark and ETH above the $2,000 mark, there was still some turmoil within the market. This week, we are taking a look at the following:

Key Points

• Ethereum (ETH) successfully concludes Shapella (Shanghai) Upgrade
• SushiSwap (SUSHI) loses $3.3m in bug exploit
• FTT (FTX) records volatility in the hopes and disappointments of exchange relaunch
• MXC ISO application opens

Ethereum Successfully Concludes Shapella (Shanghai) Upgrade

As mentioned last week, Ethereum’s much-anticipated Shapella (Shanghai) Upgrade has been concluded. As the upgrade has been concluded, the previously staked Ethereum has become liquid again, meaning that Ethereum stakers have not claimed their Ethereum back for selling. Unlike the previous warning calls of massive liquidation of ETH, the price of ETH has achieved incredible growth, at a point hitting the $2,100 mark. Currently, Ethereum is trading at just above $2,000 USD.

While many ETH holders are rejoicing at the increase in price, it is most likely that the price increase has been the result of the improvement of the overall market condition. ETH holders should still be aware that now there is more Ethereum in market circulation, and that any sudden decrease in market condition quality may result in a sell-off from previous ETH stakers to book profits last minute.

SushiSwap (SUSHI) Loses $3.3m USD in Bug Exploit

As SushiSwap has recently upgraded its smart contract 2 weeks ago, exploiters have been lurking around to spot a vulnerability. A few days ago, a vulnerability was found, which led to the loss of nearly $3.3m USD, from which a majority of the funds lost belonged to a user “0xSifu” who has lost around 1800 ETH. While the recovery of the funds is on the way, it is important to note that the coincidental timing of the bad actors hacking while white hackers also attempting an exploit have resulted in a significantly higher loss than originally anticipated.

Readers who have previously interacted with the updated SushiSwap Router are highly advised to revoke permission until a permanent fix has been successfully rolled out and tested. It is also important to note that even the most seasoned crypto natives are not completely protected from exploits and hacks, and users must thus exercise extreme caution when interacting with parties, contracts, and platforms on Web3.

FTT (FTX) Records Volatility in Relaunch Rumour

All it took was some speculation from a few users when the representatives from the failed exchange FTX answered in the Delaware Court that “all options are on the table” when asked about the possibility of a relaunch. Based on pure speculation of FTX v2.0, FTT recorded an impressive 32% gain in price after the new CEO indicated that the possibility of a relaunch is not completely unfeasible. However, as many users, influencers, and FTX associates have pointed out that the likelihood of FTT being used as the carry-over token for FTX v2.0 is very slim, many have sold their FTT to realize profits. This has resulted in the price of FTT sliding back down moderately.

While the price of FTT is still at a higher level than before the sudden increase, this is particularly due to some users expecting that FTX v2.0 will indeed go ahead, and that the current FTT holders will either benefit from an airdrop of the new FTX v2.0 token or be able to swap the token at a favorable rate. Investors and traders should exercise caution.

MXC ISO Application Opens

The time is here! MXC ISO is officially live, and we are accepting applications from both established businesses looking to expand into Web3, and new startups looking to innovate on Web3 IoT. While the application has been live for only 2 days, we have received a whopping 51 applications! We thank you for your interest and support, and we look forward to reaching out to successful applications in the near future.

Do you have an idea that you believe will revolutionize the IoT space, using blockchain technology? Then the ISO is the perfect opportunity for you to receive incubation, advisory, and potential funding. Fill out the application today!