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Why crypto’s VC kingmakers are backing rival startups

Why crypto’s VC kingmakers are backing rival startups

Quick Take

  • Layer 1 blockchains, NFT marketplaces and crypto bridges are just a few examples of sub-sectors in which the leading startups share the same backers.  
  • Investing in rival startups is unusual in venture capital, but crypto heavyweights justify it on the basis that the sector is still so early in its development. 

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DOJ charges Miami-based trio with defrauding banks, crypto exchange for $4 million

The US Department of Justice has accused three people of using fake and stolen identities to defraud banks and a crypto exchange.

The post DOJ charges Miami-based trio with defrauding banks, crypto exchange for $4 million appeared first on The Block.

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Bitcoin mining stock report: Tuesday, August 23

Here’s how crypto mining companies performed on Tuesday, August 23.

The post Bitcoin mining stock report: Tuesday, August 23 appeared first on The Block.

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Sotheby’s hires NFT specialist to join digital art team

Brian Beccafico, an NFT art collector who goes by Arthemort online, will be on Sotheby’s team as an NFT specialist.

The post Sotheby’s hires NFT specialist to join digital art team appeared first on The Block.

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Celsius sues Prime Trust for the return of $17 million

The lawsuit stems from a disagreement over how much Prime Trust owes Celsius after the termination fo their relationship.

The post Celsius sues Prime Trust for the return of $17 million appeared first on The Block.

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Celsius countersues KeyFi, former employee for being ‘thieves’

Celsius filed a complaint against the former head of its staking subsidiary and the firm it acquired, KeyFi.

The post Celsius countersues KeyFi, former employee for being ‘thieves’ appeared first on The Block.

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Distributed Finance acquires Algorand NFT marketplace Rand Gallery

Distributed Finance acquires Algorand NFT marketplace Rand Gallery, and closes a $2.5 million seed round led by Borderless Capital.

The post Distributed Finance acquires Algorand NFT marketplace Rand Gallery appeared first on The Block.

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Congressman demands answers from Yellen on Tornado Cash sanctions

Rep. Tom Emmer wants answers from the Treasury on the fallout from the Tornado Cash sanctions.

The post Congressman demands answers from Yellen on Tornado Cash sanctions appeared first on The Block.

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Crypto lending platforms increase rates due to higher borrowing demand

Despite the collapse of prominent lending firms, interest rates offered to customers have been increasing across the industry.

The post Crypto lending platforms increase rates due to higher borrowing demand appeared first on The Block.

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State of Scaling Issue 3: Polygon, Scroll and zkEVM

Quick Take

  • In this bi-weekly series, we look into some of the most interesting data and developments across the Layer 2 blockchain landscape, from DeFi and bridges to network activity and funding
  • Polygon zk efforts appear to have coalesced across Polygon Hermez, Zero and Miden; a result of their  close collaboration working under a single umbrella
  • Scroll has also announced the launch of the zkEVM testnet, where they achieved EVM equivalence by using a myriad of zk circuits and recursion
  • zkEVM efforts are receiving significant attention from the media, although it remains to be seen that it will be a game changer for adoption
  • zkMIPS and zk/optimistic hybrids are also being discussed at length, considering the possibility that optimistic rollups may someday transition to use validity proofs as well

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