Happy hump day!
The last 24 hours have been a tornado of DeFi news. Israel has claims to have taken millions of crypto from the hands of terrorists, the Hector Network’s community clashes with the project’s management team and FTX has halted a $500 million sale.
We’ve got so much in today’s Snapshot, so let’s get into it.
Israel seizes millions in crypto from Hezbollah
The Israeli government has seized millions of dollars in crypto from accounts allegedly belonging to Iran’s military and Hezbollah, the militant group the United States has branded as terrorists.
The case highlights how terrorists groups — whether you’re talking about ones in the Middle East or pro-Russian neo-Nazis — and cybercriminals use cryptocurrencies to move money around.
Slow-rug drama at Hector Network
Hector Network community members accuse the decentralised autonomous organisation’s management team of “slow-rugging” the venture by draining its treasury of value at the expense of tokenholders. Worse, for those who’ve bought into the dogma of decentralisation, activist investors accuse the project’s leadership of slowly making it more centralised.
The Hector clash is the latest governance crisis to befall DeFi projects. Similar clashes has occurred in Aragon and Arbitrum in recent months.
UK law is enough for crypto
British laws are almost enough to accommodate digital assets, but they need just one little tweak, according independent body the Law Commission.
In a new report commissioned by the government, the Law Commission recommended the creation of a third category of personal property of “digital objects” to supplement the current two that covers tangible assets like gold and “things in action,” which refers to debt or shares.
FTX halts $500m Anthropic sale
Disgraced crypto exchange FTX has paused the sale of its $500 million stake in ChatGPT rival firm Anthropic, according to people familiar with the matter speaking with Bloomberg. No specific reason for the halt was given.
FTX filed for bankruptcy in November. Its founder Sam Bankman-Fried faces a smattering of criminal charges, including money laundering, fraud and conspiracy to commit wire.
Azuki Elementals sell under mint price
Investors seemed to have soured on the new Azuki Elementals NFTs just hours after it launched on Tuesday. While the new batch of the popular Ethereum profile pictures sold out within 15 minutes for 2 Ether, or about $3,800 a pop, the floor quickly plummeted after that.
Just hours later, it was trading as low as 1.32 ETH, Decrypt noted. Holders and NFT collectors have criticised the drop for essentially releasing artwork that is identical to the original release.
What we’re reading around the web:
Wall Street Is coming for crypto — whether early believers like it or not — Decrypt
EU reaches agreement on crypto asset regulations in banking — Decrypt
Crypto Hubs 2023: Where to Live Freely and Work Smart — CoinDesk
