The Australian government is aiming for innovative crypto regulation. Meanwhile, FTX reports record growth, with 2021 revenue up 1,000% compared to 2020.
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Australian Government Plans to Do ‘Token Mapping’
The new Australian government under Prime Minister Anthony Albanese aims for an innovative approach to regulation and wants to engage in “token mapping” to chart the cryptocurrency space. In a statement released on Monday, the government said it is “taking a more serious approach to work out what is in the ecosystem and what risks need to be looked at first.” Australia aims to become a leader in the crypto space by implementing regulations that do not inhibit the industry’s innovative power.
FTX US Receives Cease and Desist Letter, but Revenue Up 1,000% YoY
FTX US received a cease and desist letter from the Federal Deposit Insurance Corporation (FDIC) for allegedly making false representations about deposit insurance related to cryptocurrencies. CEO Brett Harrison apologized on Twitter and deleted the tweet in question, saying “we really didn’t mean to mislead anyone.” However, the parent exchange is in good financial shape, according to information obtained by CNBC. FTX reports a 1,000% revenue growth in 2021, with operational income up 1,800% year-on-year.
BAYC Price Floor Slumps to 8-Month Low
The Bored Apes price floor has collapsed to an 8-month low and is down over 50% in ETH terms since the start of the year. In total, Bored Apes have lost more than 70% of their USD value, as the NFT market is trying to stem the bleeding. Trading volumes are down more than 80% from their highs and may continue to fall further. Several Bored Apes are in danger of liquidation on the P2P marketplace BenDAO, prompting fears of a liquidation cascade in the NFT market.
Modest Turnout at Tornado Cash Protest in Amsterdam
A protest in support of arrested Tornado Cash developer Alexey Pertsev drew a 50-people strong turnout on Saturday in Amsterdam. The protestors, upholdings signs saying “Free Alexey Pertsev,” expressed concern over the privacy and industry implications of Pertsev’s arrest. Many worried about the consequences for web developers and rebutted the claim that writing code could be considered a crime.
Hodlnaut in a $193 Million Hole
Distressed CeFi lender Hodlnaut revealed in an affidavit that the company is in a $193 million hole following its exposure to UST. The company had halted withdrawals this month, citing difficult market conditions as the reason. According to the affidavit, Hodlnaut has laid off 80% of its workforce. It is looking into a debt haircut of 75% for its users. However, as of today, the company is not in a liquidation process.
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