Wed 23/11

Good Morning. Hot Wheels is on the blockchain, FTX hacker is not stopping any time soon, Bengaluru gears up for ETHIndia conference and our FM continues to push the web3 agenda forward!

• Sitharaman promotes web3 usage at the World Congress of Accountants: “Use of Web3, data analysis, Artificial Intelligence, deep dive into data – all of these should have some coordination by the IBA. Leveraging AI should be an immediate priority for the banks, especially in fraud detection and generating early warning signs about something going wrong,” said Sitharaman. She said that Web3 will help accountants and financial analysts find solutions to several problems currently plaguing the industry.

• Get ready for Asia’s biggest Ethereum hackathon: "ETHIndia is a hackathon — a movement with the goal of inspiring and fostering a community of builders promoting technological advancements for Ethereum. It’s a place where the leading minds in the Ethereum ecosystem are uniting with 2000+ builders from around the globe to build decentralized applications for the future"- EthIndia. It will take place from Dec 2nd to Dec 4th in Bengaluru

• Sachin Tendulkar makes strategic investment in cricket NFT platform Rario: NFT platform Rario on Thursday announced that it has partnered with cricketer Sachin Tendulkar to enter the Non-Fungible Token (NFT) market. “With the help of this collaboration, Tendulkar's fans now have the chance to own digital collectibles of their favorite player and use them for multiple utilities,” Rario said in a release.

• FTX Hacker Offloads Over Rs. 500 crores/$59M of ETH: The hacker behind one of the wallets that drained the insolvent FTX exchange is offloading several millions of dollars worth of Eth, causing a further slide in the cryptocurrency. The wallet transferred 50,000 ETH, worth over $59M, to another address, on Sunday afternoon, New York time (EST). The receiving address then swapped ETH for renBTC, a form of Bitcoin which runs on the Ethereum blockchain. Next, the address made four separate swaps totaling roughly $59M/ Rs. 500 crores, which can be traced on Etherscan. The hacker is using the Ren Bridge, which facilitates cross-blockchain transfers, to move the renBTC to the Bitcoin blockchain as BTC, according to the on-chain researcher ZachXBT.

• Uniswap Riles Up Users With Plan to Share Wallet Addresses: Uniswap, the top decentralized exchange by trade volume, is taking flak after its new privacy policy revealed on Nov. 17 that Uniswap Labs may share wallet addresses with third parties in the event of regulatory or legal proceedings. “We want to be crystal clear about what data we’re protecting and how we use any data we collect,” Uniswap Labs said in a blog post. “Transparency is key. We never want our users to be surprised.” The document outlines circumstances in which user information may be shared with third parties, including “litigation, regulatory proceedings, compliance measures, and when compelled by subpoena, court order, or other legal procedures.”

• Hot Wheels On The Blockchain: Hot Wheels parent company, Mattel, Launches New NFT Marketplace as it Expands its Digital Collectibles Business. Mattel is launching a new NFT marketplace as it translates its iconic IP into digital art to expand its digital collectibles business. The new platform, called Mattel Creations, will be launched on the Flow blockchain this week. On Mattel’s new NFT marketplace, fans will be able to buy digital collectibles tied to Mattel’s classic Barbie and Hot Wheels IP. The first collection on the marketplace will be the latest set in Hot Wheels NFT Garage Series. The company’s previous Hot Wheels NFTs, priced at $25 per pack, which include a voucher for a physical die-cast model, were all sold out. Previous releases of the series on the WAX blockchain have been trading for thousands of dollars according to WAX Market Cap.

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What is Staking: Staking offers crypto holders a way of putting their digital assets to work and earning passive income without needing to sell them. You can think of staking as the crypto equivalent of putting money in a high-yield savings account. When you deposit funds in a savings account, the bank takes that money and typically lends it out to others. In return for locking up that money with the bank, you receive a portion of the interest earned from lending – albeit a very very low portion.

First 10 people to join our discord server, from the time this newsletter is sent, will get a chance to win Alchemy University NFT passes to learn Web3 development and break into the NFT world as Developers. All Thanks to our friends at Alchemy!