Meta Digest

Blockchain industry set to flourish in the Middle East

Image source: IDB

Blockchain technology has been the hottest topic in the tech industry for the past few years, and it is now looking to take a leap forward.

A new blockchain and crypto association was recently formed in the Abu Dhabi Free Economic Zone.

It aims to improve the blockchain and crypto ecosystem development in the Middle East, North Africa and Asia.

The association

The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was established a few days earlier at the Abu Dhabi Global Market (ADGM).

In addition, the ADGM is a free economic zone in the city center.

It is governed by its own civil and commercial laws.

Additionally, the zone aims to promote the growth of fintech businesses in the United Arab Emirates (UAE).

The non-profit organization aims to facilitate regulatory solutions, create business opportunities and invest in education to support industry growth.


The MEAACBA will be led by CEO Jehanzeb Awan, the founder of an international risk and compliance consultancy based in Dubai.

Other association supporters include:

  • Richard Teng, Binance’s regional head of the Middle East and North Africa (MENA)
  • Stuart Isted,’s general manager of Middle East and Africa
  • Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region

In addition, Awan said he hopes the organization will bring a collective and community-based approach to improve industry growth in the MENA region.

He also hopes to develop far-reaching benefits for the “highly dynamic and exciting” space.

“The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal tax, and advisory firms to address the most pressing challenges,” said Awan.

In addition, Ahmad Jasim Al Zaabi, ADGM’s chairman, said that the MEAACBA’s addition would help create a more “progressive financial sector” in the region.

The launch

The launch of MEAACBA comes as the FSRA in November released a set of “guiding principles” in its approach to dealing with the regulatory complexities that the digital asset industry brings.

The Financial Services Regulatory Authority is the financial regulatory body of the ADGM Free Economic Zone.

Additionally, the principles are “crypto-friendly.”

It continues to adhere to the United Nations’ strict international anti-money laundering (AML) and counter-terrorist financing (CFT) standards.

Moreover, recent studies show that the MENA region is the fastest-growing cryptocurrency market.

Additionally, between July 2021 and June 2022, the volume of transactions in the MENA region increased by 48% over the last 12 months.

It reached $566 billion.

The use case for cryptocurrencies in emerging markets comes from holding savings and remittances.

Finally, it curbs inflation in unstable economies.


Middle East, Asia, and Africa blockchain association launches in Abu Dhabi

Cool Cats unveils 2023 plans, and it gets better

Cool Cats: The NFT industry had a tremendous rise in late 2021, and a number of projects witnessed a surge in popularity.

Many of the NFTs were subsequently utilized as social media profile pictures.

Cool Cats ranked high among the most well-liked NFTs, reaching record levels.

The prices did, however, drop drastically last year, and collectors’ complaints began to increase.

The owners of Cool Cats recently revealed a new strategy for moving the project along with fresh branding.

They also implied fully customizable avatars as a possible future extension outside of Ethereum.

“With our new strategic direction and rebrand, we want to convey to the community and the broader Web3 space that Cool Cats is here to stay,” said CEO Stephen Teglas.

“We’re not just building for the next year, or the next five years – we’re planning for the long term.”

What’s coming?

In the near future, holders of Cool Cats and Cool Pets NFTs will receive a complimentary Fracture NFT through airdrop.

The free NFT, according to project co-founder and head of content Robert Mehew, are dynamic tokens that enable a brand-new storytelling experience through digital artifacts.

The Fracture NFTs will develop when holders complete objectives (or Journeys) in the “World of Cooltopia” story.

They eventually make possible rewards public.

But later in 2023, the Explorers NFTs will represent a larger extension of the Cool Cats initiative.

Users may post fully editable avatars of their entire bodies on various blockchain networks.

The NFTs may also be utilized with a variety of platforms and apps that are supported.


The project is similar to the Ethereum NFT project Doodles, which released Doodles 2 before revealing the entire scope of the Explorers capability.

Old profile pictures are transformed into completely customizable avatars that can update the NFT’s virtual attire as part of the project’s bridge to a new blockchain (Flow).

A spokesperson for Cool Cats added that the Explorers NFTs would function on a variety of layer-1 blockchains and layer-2 scaling networks.

Some of the blockchains are incompatible with the EVM, or Ethereum Virtual Machine.

Read also: DeGods NFT make progress towards Ethereum switch

The platforms will be made available all year round.

The Ethereum sidechain network Polygon was previously utilized by Cool Cats to drop limited-edition NFTs and introduce a mobile game.

“Our goal is to remove as much fraction as possible,” a representative said, addressing the movement of avatars across various blockchains.

The Cool Cats also intend to collaborate with community members and create resources that may be applied to the Explorers project.


The most recent statement was aligned to the Cool Cats project’s redesign in marketing materials and social media.

The rebranding is connected to new narrative material that centers on Blue Cat, the project’s main character.

“Our new logo features a forward-facing cat, a nod to our focus on building for the future,” said Colin “Clon” Egan, the co-founder and Creative Director of Cool Cats.


The floor price for Cool Cats rose to about 14 ETH (around $48,000) in October 2021 as a result of the NFT market’s overall spike in late 2021.

A prominent Hollywood agency, Creative Artists Agency, signed the project last year in an effort to seek licensing and media arrangements.

However, a lot of factors, like the following, caused the Cool Cats price to drop:

  • Leadership departures
  • Mixed reception to Cooltopia
  • Complaints of the founders not doing enough to support the project

According to NFT Price Floor statistics, the NFTs floor price was just 2 ETH prior to the announcement.

Due to the low price of Ethereum, the price was worth less than $3,200.

Cool Cats produced more than $377 million in secondary market trade volume, according to CryptoSlam.

Over $105 million was contributed by the Cool Pets offshoot.

The project worked with Time Magazine to create limited-edition NFTs in 2021.

They just disclosed a marketing agreement with hardware wallet manufacturer Ledger.

“We ultimately believe that scaling Cool Cats’ brand awareness and onboarding more members into the brand is one of the most effective ways for us to deliver on the expectations of our community,” said Stephen Teglas.


Merlin launch ends in hack and $1.82 million loss

Merlin — Cryptocurrency hacking has become more common in recent years.

Individuals and businesses with digital assets may incur significant losses as a result of these attacks.

Hackers utilize a number of methods to get access to cryptocurrency wallets and exchanges, including phishing attacks, ransomware, and social engineering.

Two high-profile examples of such thefts include the 2014 Mt. Gox assault, which led in the loss of 850,000 bitcoins, and the 2016 Bitfinex incident, which resulted in the theft of 120,000 bitcoins.

With the growing popularity and significance of cryptocurrencies, these types of assaults are likely to continue unless stronger security measures are put in place.

Merlin and CertiK

On Wednesday, Merlin, a newly founded decentralized exchange, was hacked, and around $1.82 million was stolen from its liquidity pool.

CertiK, an auditing firm that performed the DEX audit prior to its implementation, blamed the hack on “rogue developers.”

“Initial investigations indicate that the roge developers are based in Europe,” the auditor tweeted.

“[And] we are working with law enforcement to track them down.”

CertiK has requested that the rogue developers take the given white hat award of 20%.

Meanwhile, Merlin alleged several Back-End team members of exhausting its contracts.

CertiK is now working with the rest of the Merlin team to establish a victim assistance fund for the impacted users.


The public sale of the MAGE token marked the formal debut of Merlin last week.

The platform is built on zkSync, a layer-2 scaling solution for Ethereum.

Just before the launch, Merlin was subjected to a code audit by CertiK, a smart contract security company.

Most crypto businesses consider code auditing to be an essential step in ensuring the safety of customers’ funds and maintaining consumer trust.

CertiK is investigating the Merlin incident.

According to the company, preliminary inquiries indicate a possible issue with private key management rather than an attack as the root cause.

“While audits cannot prevent private key issues, we always highlight best practices to projects,” wrote CertiK.

“Should any foul play be discovered, we will work with the appropriate authorities and share relevant info.”

Merlin’s centralization issue was discovered in the smart contract security firm’s audit report.

As a precaution, Merlin published a developer statement advising users to disable associated site access on their wallets.

The DEX also indicated that it is investigating the matter and will provide further information.

Read also: Coinbase takes steps to evolve with Web3

Centralization problems

The Merline DEX’s smart contracts raised serious centralization problems, according to blockchain security experts.

Gonçalo Magalhes, a smart contract engineer at bug bounty platform Immunefi, shared his thoughts, saying:

“Though we’re still early in this whole story, there are indications that there were major centralization issues on the Merlin DEX smart contracts.”

“Specifically, the address receiving pool fees was allowed to drain all funds from every pool in the protocol.”

eZKalibur, another zkSync-based DEX, claims to have discovered the malicious code responsible for the currency draining in Merlin’s smart contracts.

“There’s no mention of this specific point, where the fee recipient address has full approval to withdraw every token from the pools – which is actually a crucial singular point of failure,” said Magalhães

“If this was indeed the case of a private key compromise, then it would certainly not be the first.”

According to Magalhes, proper key management of privileged addresses on a protocol is a necessary condition.

While mitigations such as multisig wallets are beneficial, he claims that fund transfer permissions on a single account makes the private key an easy target for blackhat hackers.

Smart contract audits

Smart contract audits, according to Andy Zhou, CEO of audit platform BlockSec, are helpful in discovering flaws and preserving users’ assets in protocols.

He did, however, warn out that one component that is sometimes missed is whether or not the protocol is harmful, mentioning the desire to rugpull users.

Zhou compared Merlin to a bank where the owner has pre-authorized all client withdrawals.

“If you know this, will you still deposit your tokens in the bank?” he raised.

Magalhes concurred, adding that the protocol’s reasoning required unfettered charge recipient approval.

“We would expect an audit to have flagged this as concerning,” he said.

“This is another reason why having more than one external party auditing your code is important.”

“What was missed by one firm, might be flagged by another one.”

While audits can detect potential hazards and vulnerabilities, they can’t avoid hostile activities such as rug pulls initiated by rogue developers, according to CertiK.

Customers were instead urged to search for programs that employed a voluntary KYC screening process.

The company also noted that smart contract audits do not cover essential privileges, but it is committed to aiding impacted individuals and prosecuting those responsible for the “exit scam.”

Blocktrace makes progress in adding AI to Web3 operations

Blocktrace — The success of ChatGPT has increased interest in artificial intelligence in recent months.

Several businesses have hastened their innovation as a result of the heightened interest.

While the AI wave has mostly focused on content production for employment and education, it also has certain technological uses.

It could scan and analyze a blockchain, for example, reducing the need to painstakingly browse through thousands of blockchain addresses and millions of transactions.

Blocktrace, an Austin-based company, seeks to use AI to accelerate blockchain research while making it easier to discover trends and anomalies.

The company

Blocktrace was created in 2018 by Shaun MaGruder, a software engineer.

As the head of training at blockchain forensics firm Chainalysis, MaGruder has played with cutting-edge technologies.

Blocktrace is an artificial intelligence-focused blockchain forensic and analysis service provider.

Robby the Robot, a chatbot based on the renowned character from the sci-fi classic film Forbidden Planet, works for the company.

The business designed Robby the Robot to interact with the data on the Bitcoin blockchain.

The project

According to Blocktrace CEO MaGruder, the company began working on the Robby project using Bitcoin due to its large sample size and history.

“Bitcoin is a great project to start with and will likely always be around, just like Ethereum,” said MaGruder.

“It’s considered the OG because it was the first and has a large pool of user base addresses with a lot of activity.”

He added that the Blocktrace database has a clone of the Bitcoin blockchain data, which is itself a huge technological feat.

The application now has an AI layer that allows users to ask natural language questions and serves as a virtual assistant.

The natural language model is a type of artificial intelligence (AI) designed to process and understand human language similarly to humans.

“Users can quickly ask for specific information, such as transactions between dates and amounts,” said MaGruder.

“This saves time compared to the manual process, which could take one to two hours using a blockchain explorer.”

Read also: Stablecoins witness change after Circle confirms SVB exposure


Blockchain, according to Shaun MaGruder, seeks to enable investigators and users to use OpenAI technology to locate Bitcoin addresses quicker and identify transactions that occurred on the network with greater precision and detail.

“Instead of requiring a data engineer or data scientist to translate natural language questions into SQL queries, Robbie has already been trained on the data model and can quickly fetch results for the user,” he noted.

According to MaGruder, the technique is more efficient and does not require considerable training for new data scientists.


Robby the Robot, which is now in Beta, will be available to the general public later in 2023.

According to MaGruder, the chatbot will need to go through a private group test before going public.

“We want to make sure that Robbie is stable and that we don’t fall on our faces when we release it to the public,” he explained.

“We want to make sure that the questions that the public is going to ask are questions we’ve already asked Robbie.”

“As expected, people will compare Robbie to a traditional blockchain explorer and determine whether Robbie is correct or incorrect,” the Blocktrace CEO continued.

“To gather feedback, we will implement a thumbs up and thumbs down button.”

“A thumbs up will serve as positive reinforcement, while a thumbs down will indicate areas needing improvement.”

Web3 and AI

Blocktrace is the newest Web3 company looking to leverage the power of AI to improve the blockchain analysis process.

Other delving into AI include:

  • Chainalysis
  • Elliptic
  • CipherTrace
  • Nansen

“It’s something we’re looking at very deeply,” said Nansen engineer Andrew Thurman.

“You can use things like AI analysis on the blockchain to see if [wallets] are doing the same things at the same time.”

Thurman went on to say that, despite the lack of links, consumers may have a good amount of faith that the wallets are associated with the same company.

“Algorithmic labeling, and AI labeling, I think, have a pretty significant future in blockchain analysis,” said Thurman.

Andreessen Horowitz in support of Elon Musk

Andreessen Horowitz, a major venture capital firm that also goes by the name a16z, is said to be helping Elon Musk after his Twitter acquisition.

Sriram Krishnan

On Sunday afternoon, Sriram Krishnan, general partner of crypto business Andreessen Horowitz, shared a photo of Twitter’s San Francisco office.

The photo has a note revealing that Krishnan was temporarily helping Elon Musk with “some other great people.”

“I (and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen,” he added.

Read also: GameStop brings Web3 gaming into its marketplace

Sriram Krishnan previously worked at Twitter in the San Francisco area between 2017 and 2019.

He has worked on several consumer products, including Twitter’s Events feature.

Krishnan’s LinkedIn profile also reveals his contribution to the number of users on the platform.

He was instrumental in growing the platform by more than 20% in two years.

Krishnan also previously worked for several tech giants, including Facebook, Snap and Microsoft.

However, it remains to be seen what features Krishnan will be working on this time.


Andreessen Horowitz’s interest in the social media platform aligns with the company’s optimistic view of Web3.

Web3 is the next internet level where users can own digital assets, use cryptography, and take back control of their data.

As of May, Andreessen Horowitz has invested over $7.6 billion in crypto and blockchain-related projects.

Although crypto funds have been down 40% since the start of this year, the company remains optimistic.

However, whether Twitter’s presence will steer the social media company toward a Web3-friendly direction remains to be seen.

Read also: Dogecoin climbs higher after Elon Musk’s Twitter purchase

Other notes

Binance has invested $500 million in Musk’s Twitter purchase to create a team that will help reduce bot activity.

Binance CEO Changpeng Zhao said he supports Musk’s acquisition because he is a “strong entrepreneur.”

“We want to make sure that crypto has a seat at the table when it comes to free speech,” said Zhao.

The Binance CEO said he wants to help bring the platform to Web3 when they are ready.

Twitter has implemented some cryptographic integrations compared to Discord, 

In addition, the platform has set up address fields for Ethereum and Bitcoin wallets for the tipping feature.

Twitter has also added NFT verification to convert profile photos into hexagonal shapes for Twitter Blue buyers.


Andreessen Horowitz ‘temporarily’ helping Elon Musk with Twitter

Neal Mohan optimistic about Web3 in YouTube

Neal Mohan – Major businesses frequently shuffle their leadership, so it was unexpected when YouTube’s former CEO announced she would exit.

For over ten years, Susan Wojcicki has been in charge of the most well-known video sharing website.

Neal Mohan, who will take her position, is more than capable of stepping up.

Given that Mohan has long been optimistic about the Web3 market, his hiring is also welcome news for Web3 fans.

The news

Susan Wojcicki made her departure known in a long blog post on YouTube.

She lauded the company’s executive team there and singled out Neal Mohan for his contribution to the introduction of services like YouTube TV and YouTube Music.

She also praised Mohan’s comprehension of YouTube as a commercial entity and well-liked social media platform.

“He has a wonderful sense of our product, our business, our creator and user communities, and our employees,” wrote Wojcicki.

The replacement

Neal Mohan will have large shoes to fill given the fame of YouTube.

Yet, he is the ideal choice due to Susan Wojcicki’s praise and his seven-year stint as YouTube’s Chief Product Officer.

Neal Mohan has maintained an open mind during his time at YouTube, maintaining current on the development of the internet and its different platforms.

He wrote in a blog post from last year that YouTube was considering ways to incorporate Web3 technologies into the platform.

He recommended using the metaverse of NFTs to use the platform more immersively.

Read also: Chainspace creates NFT portals connecting Bitcoin and Ethereum

“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” wrote Mohan.

“There’s a lot to consider in making sure we approach these new technologies responsibly, but we think there’s incredible potential as well.”

Neal Mohan also discussed the advantages of NFTs and how they enable fans to acquire works of art, pictures, movies, and experiences made by their favorite artists.

Moreover, he thinks NFTs would open up new channels of communication and collaboration between creators and viewers.

YouTube and the metaverse

Neal Mohan claims that the metaverse is still in its infancy and that the technology is still under development.

The new CEO of YouTube, however, stated that the company will seek to increase gaming interactions and “make them feel more alive.”

While blockchain technology isn’t specifically included into the metaverse, other initiatives like The Sandbox and Decentraland use it to create ownership over different assets, including virtual land.

The phrase “metaverse” was first used by author Neal Stephenson in his science fiction book Snow Crash from 1992.

Google’s involvement

Google has also begun to rely more on Web3 services during the past 12 months.

Google declared the release of the Blockchain Node Engine, a cloud-based tool for Ethereum applications and developers, in October 2022.

Individual nodes that contribute to a blockchain’s network are hosted by and [automatically] managed by Blockchain Node Engine.

As a consequence, it offers everything that users of Google Cloud computing in the market for digital assets demand, such as:

  • Reliability
  • Performance
  • Security

Google announced the extension of the Blockchain Node Engine into Solana Blockchain in December.

Around the first quarter of 2023, the functionality will go live.

Also, in September of last year, Google gave its approval for Ethereum to switch to a less power-intensive method of verification.

Transitions are a much-anticipated process sometimes referred to as the merging.

A countdown doodle from Google’s search engine last year indicated how long the process of changing Ethereum’s power usage would take.

The platform & Web3

Leaders on YouTube have embraced the new technology since Web3’s growth.

Ryan Wyatt, in addition to Neal Mahon, is a key supporter.

After seven years, the former Global Head of Gaming for YouTube resigned to become CEO of Polygon Studios in February 2022.

He then rose to the position of president at the newly renamed Polygon Labs.

Wyatt stated that he was able to draw comparisons between YouTube and Polygon.

“There’s a lot of similarities between YouTube and Polygon in the sense [that] it’s a platform, and you’re helping people onboard onto it,” explained Wyatt.

“It’s creators in all types, uploading gaming videos, all the way to now [where it’s] games and projects being built.”

Cryptocurrency lawsuit set to conclude soon

Cryptocurrency is no stranger to trouble, and scams have become a major presence in the crypto space, resulting in lawsuits.

Kim Kardashian and Floyd Mayweather are high-profile names who have been in a legal battle with EthereumMax, the leading Ethereum cryptocurrency.

Lawyers accused them of defrauding cryptocurrency investors.

However, the two will likely win the case.

The ruling

On Monday, US District Judge Michael Fitzgerald issued a court ruling stating that the investor attorneys behaved like the SEC.

Preliminary rulings show how a judge decides on a case before trial.

Earlier this year, investors sued several celebrities.

They claimed that Kim Kardashians and Floyd Mayweather worked to inflate the price of EthereumMax tokens and dump them, leaving others out of their pockets.

Read also: Blockchain industry set to flourish in the Middle East


Ethereum is the blockchain of the second-largest cryptocurrency in the world, and EthereumMax is its token.

The token made headlines in 2021 when celebrities began to promote it.

However, it doesn’t seem to be of any use.

Judge Fitzgerald noted that Kardashian and Mayweather did not want to call EthereumMax a security “for obvious reasons.”

Read also: Aave CEO Stani Kulechov dismisses Web3 integration anytime soon

Kim Kardashian

Last month, Kim Kardashian agreed to pay the SEC $ 1.26 million to settle charges against her accusing her of going down EMAX.

The TV celebrity teased a big announcement with an Instagram story in which she talked about EMAX tokenomics.

While they reached a deal, Kim Kardashian neither acknowledged nor denied the regulator’s allegations.

SEC President Gary Gensler said the government agency took over the high-profile case.

The case fell on them because Kardashian’s post didn’t mention how much she was paid to promote EMAX, a necessary step in promoting the titles.

Charles Randell, the chairman of the UK’s Financial Conduct Authority, labeled the stardom’s stance as “the financial promotion with the single biggest audience reach in history.”


Kim Kardashian, Floyd Mayweather set to win Ethereum Max lawsuit

DeFi creates obstacle as FTX restructuring leads to major loss

DeFi: A collection of financial services and applications created on top of blockchain technology are referred to as DeFi, or Decentralized Finance.

It runs without the assistance of conventional financial intermediaries like banks.

DeFi aims to develop a more accessible, open, and transparent financial system.

“Restructuring and recovering money” is a term used in the decentralized finance (DeFi) community to describe the process of resolving problems or failures in decentralized finance protocols and coming up with a fix to get access to locked or lost cash.

This might happen due to a multitude of causes such as smart contract issues, hacking, or mismanagement by the protocol’s development team.

Recently, a reorganization team for FTX and Alameda Research encountered some issues.

The news

The restructuring team had difficulty finding and retrieving client payments in the bankruptcy proceedings for FTX and Alameda Research.

The team negotiated the DeFi area to shift funds into the Alameda multi-sig wallet.

When attempting to transfer money to an Alameda multi-sig wallet, the team misplaced 4 Aave Wrapped BTC valued more than $72,000, according to blockchain analytics company Arkham Intelligence.

It would be wiser to bring in an expert, according to Zachary Lerangis, the director of operations at Arkham.

“The liquidators would benefit from having a DeFi expert to advise on the mechanics of closing Alameda DeFi positions and retrieving as much money as possible,” said Lerangis.

What happened

The Ethereum blockchain-based decentralized lending and borrowing protocol Aave enables users to lend and borrow a variety of cryptocurrencies, including as Ethereum and stablecoins.

Users can earn interest on assets they lend to the protocol while also borrowing assets from it and paying interest on them.

Aave offers a unique lending concept dubbed “flash loans” which allows users to borrow cash for a single transaction, and then rapidly return the loan, making it beneficial for high-frequency trading and other short-term tactics.

Additionally, loans must be overcollateralized.

Borrowers can access their collateral once the loans have been repaid.

Alameda liquidators were not aware of the scheme, though.

In a written report, the Arkham team stated:

“Rather than paying back the debt to close out the position, the liquidators opted to remove the extra collateral, putting the position in danger of liquidation.”

“This resulted in the liquidation of around 4 WBTC, $72K at current prices.”

Additionally, the group made nine efforts to transfer Lido (LDO) tokens totaling $1.75 million that were still vested.

Read also: FTX lawyer says company recovered $5 billion, but extent of losses still unknown


Arkham says that there is another Alameda wallet which delivered $0.60 worth of DAI stablecoin and $0.02 COLLAR token to the multi-sig.

However, there is still $1.5 million worth of money in the wallet that needs to be transferred.

According to Arkham, the detected wallets include $6 million USDC, the stablecoin from Circle, and at least $25 million worth of Alameda money in the DeFi protocols.

Additionally, a $2 million NEAR loan on the Bastion Protocol is being obtained using the money.

The funds are also kept in other chains.

On Etherscan, one Alameda wallet shows a $300 balance while Aurora shows a greater $4.4 million worth of ETH.

The fallen kingdom

The once-famous cryptocurrency trading site FTX went down in November.

In response to bank runs, the business acknowledged that it no longer had one-to-one reserves of client assets, froze platform activity, and filed for bankruptcy.

Sam Bankman-Fried, the creator of FTX and Alameda, has now been detained.

He is currently accused with eight financial offenses, including conspiracy to commit money laundering and wire fraud.

According to officials, FTX client cash was being transferred to Alameda for different reasons, including trading and investing.

The outcome was that the corporation suffered enormous losses.

Other notes

The FTX restructuring team found $5 billion worth of assets this week.

When FTX filed for bankruptcy, its new CEO John Ray III acknowledged that the liquidators had no idea how much money the company had or how to get at it.

Suspicious transactions continued after the bankruptcy protection in November.

ZachXBT discovered mixer-enabled Alameda wallets trading unusual tokens for Bitcoin and Ethereum.


FTX liquidators lost $74K in wrapped Bitcoin in ‘embarrassing on-chain faux pas’

Ace Pacific Is Gearing Up to Become One of the First Digital Agencies on the Blockchain

In this digital age, it’s getting harder and harder to keep up with the speed that technology is moving. With the emergence of Web3, companies must adapt if they want to survive and flourish in the next decade. The blockchain is an incredibly complex system with a lot of esoteric terminology, but organizations that master this and fully embrace it head-on will be rewarded. Ace Pacific is a digital agency and consultancy that is embracing this new technology to expand their offers and services to their clients.

Ace Pacific is a digital agency and consultancy. The organization works with a wide range of clients, pitching them to networks for TV slots, to podcasts for interviews, and to tier 1 and tier 2 publications for articles and publicity. Ace Pacific also works with influencers across social media platforms to boost organic traffic and follower count.

Right now, Ace Pacific is currently shifting its focus on companies who are moving towards blockchain and total decentralization. The agency is looking at ways to give businesses and brands a fresh method of exposure through authority based on blockchain technology, stressing information decentralization, AI integration, and creator ownership of their work in the process.

“We believe that a community is the future of brand building, bringing together creatives, strategists, technologists, and community builders. We have powerful relationships fueled by innovation that merge decades of agency experience with a deep understanding of web3. We help brands supercharge growth,” said the agency’s representatives.

Ace Pacific serves all types of businesses who wish to evolve and are keen on using proven, grounded strategies to take their brand to the next level. Ace does this a few ways. The agency uses community building and creating relevant campaigns to attract followers and customers for their clients. They leverage the power of branding in crafting bold creative campaigns that strengthen brand awareness and positioning — from concept to launch. The role that strategy plays in marketing campaigns cannot be stressed enough, and Ace Pacific rightly offers strategic services to identify the right target audience and go-to-market strategy to boost their clients’ business and cultivate meaningful relationships with consumers.

Most recently, they aim to help Web3 organizations grow, engage, and retain a devoted developer community.

Ace Pacific operates on three commandments of business, the first of which is diversification of revenue. The business has several different products that operate independently, creating independent revenue streams.

The second is becoming a first mover in an industry.

“Being first is a whole lot easier than being the smartest, because as you evolve into a market that is a ‘Blue ocean.’ You can easily become an industry leader, with scarce competition,” said the founder.

The third one is a high barrier of entry. It’s best to enter a field that already has complex circumstances that are challenging to understand. This greatly reduces competition.

To bridge the gap left by companies transitioning from Web 2.0 to Web3, Ace Pacific is staying ahead of the curve. It also seeks to strike a balance between the benefits of connections and those of technologically developing ties. Ace Pacific’s motto has always been “Evolve or go home!”

Aave CEO Stani Kulechov dismisses Web3 integration anytime soon

Aave CEO Stani Kulechov is under the impression that Twitter won’t be switching to Web3 anytime soon.

Kulechov believes Web3 will play an essential role in social media.


The Aave CEO laid out his vision for Lens Protocol.

Lens Protocol is a blockchain-based social media verse that allows users to maintain and import their social capital across different platforms.

Kulechov defines social capital as “followers” and “profiles.”

He added that with the current Web2 paradigm, users would have to leave their share capital with every new account they create with a new service.

Lens, launched in May, is based on Ethereum’s Polygon scaling solution.

Use smart contracts to tokenize social metrics like NFT.

Lens hopes to reinvent the wheel to create a decentralized and interoperable social media protocol.

“I have an audience on Twitter, and I can share my ideas, make connections – that’s social capital that I create there,” said the Aave CEO.

“But I can’t take my followers or my profile and put it in another application that has a better experience for me, reflects my values better, or I have better alignment with.”

Read also: Coinbase safe from FTX exposure, says CEO


Stani Kulechov compared the Lens protocol to Bitcoin, saying the comparison provides a close analogy between Web2 and Web3 technologies.

“In Bitcoin, you basically own your money, your store of value,” the Aave CEO explained.

“With Lens Protocol, you effectively own your social capital, your social presence.”

As for the challenge of scaling down the Lens protocol and attracting social media developers to work on it, Kulechov said they aren’t looking for Twitter involvement.

“We have to build new things.”


The popular social media platform was recently acquired by Elon Musk, who is bullish on Dogecoin and owns millions of dollars worth of Bitcoin through Tesla.

Many have the impression that Musk will integrate Twitter into Web3.

Meanwhile, Kulechov doubts that Twitter will soon be entirely Web3-based.

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Blockchain technology is still hailed as one of the main drivers of Web3, a decentralized form of today’s internet where ownership is distributed among users.

However, Aave’s CEO is one of many to suggest the decentralization of social media.

Jack Dorsey, co-founder, former CEO and first user of Twitter, wanted to create a decentralized standard for social media platforms before leaving Twitter in 2021.

In 2019, Dorsey funded Blue Sky, an independent initiative led by Paral Agrawal, then Twitter’s CTO.

Last year, Dorsey reached out to Jay Graber, who took over as project director from Agrawal.

Agrawal became Twitter CEO after Dorsey left before Musk fired him in late October.

Blue Sky recently launched the beta test for its new protocol and opened the waiting list for its app.

Over 30,000 people signed up within two days of the announcement.


Twitter won’t go Web3 ‘anytime soon’: Aave CEO Stani Kulechov