Exodus Newsdrop - October 7th 2022

Exodus Newsdrop - October 7th 2022

Exodus Newsdrop - October 7th 2022

A roundup of the week’s crypto news, with Dogecoin back in the spotlight following news that the Twitter takeover is back on, reports that Celsius execs allegedly plundered crypto reserves before the company collapsed, and info on how you can chug-to-earn (so long as you can avoid burping).

    Dogecoin back in the spotlight

    The week’s top story that the Twitter takeover is back on caused Dogecoin to pump over 10%, largely due to speculation that Tesla’s publicity-thirsty CEO might integrate DOGE as a payment option on the social media site. Whale alert also reported a transfer of almost 1 billion DOGE between two anonymous crypto wallets.

    And questions are raised about whether Celsius executives knowingly fled a sinking ship, with reports that the firm’s three top executives withdrew $56 million in crypto shortly before the CeFi company collapsed.

    EU crypto legislation approved

    In regulation news, the European Council have approved the text of MiCA: the regulatory framework that will control how exchanges and other crypto service providers will be allowed to operate in the European Union. The laws are expected to come into effect in early 2024. The EU also introduced a permanent ban on providing crypto custody services to Russian citizens.

    And authorities in South Korea will void Do Kwon’s passport in 14 days unless it is handed in. As of yesterday, the former Terra CEO was still tweeting.

    This week in Web3

    In Web3 news, there was a digital fashion collection at this year’s Paris Fashion Week, with the collection M3TALOVE coming from a collaboration between designer Victor Weinsanto and K-Pop girl band Lightsum. According to Weinsanto, virtual Web3 clothing allows designers to create and present collections without having to consume real fabrics and materials.

    Plus MakerDAO has turned to trad-fi in order to shore up the project’s balance sheet with low-risk investments, buying $500 million in U.S. Treasuries and Corporate Bonds.

    And finally…Chug-to-Earn

    And finallythe Suicide Squad actor Scott Eastwood is giving away 25 “Chug-to-Earn” NFTs in aid of veteran’s charities, with the proviso that recipients shotgun a beer and then describe their favorite charity without belching.

    The movement follows other recent DeFi fads such as Move-to-Earn and Poop-to-Earn. You burp you lose, fools.

    If you’re a fan of true crypto crime, check out our article on the top 5 biggest ever crypto heists.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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