BTC 🐳 false alarm

GM Baos,

It looks like we're crossing off another bank on our bingo card 😅

Today we cover:

• False Arkham alert 🚨

• Yuga Labs CTO

• First Republic Bank 📉

Eyes on the U.S. Government

Besides the significant amount of Bitcoin suddenly being revived from dormant wallets that haven't been accessed in years, there is more to the story 👀

It was reported that an Arkham alert was issued regarding the U.S. government and Mt. Gox moving a significant amount of Bitcoin. However, the Blockchain analysis firm Arkham later clarified that this was due to the way @tier10k set his alerts.

Despite this, these wallets are now being tracked by multiple individuals due to the sheer number of Bitcoin and other cryptocurrencies they hold, amounting to billions of dollars.

While we all want crypto to remain decentralized, if wallets like these hold such a substantial amount of crypto without proper regulations, a sudden sell-off crash is a plausible concern.

Yuga gone wild

On April 28, Yuga announced their most recent hire for the position of CTO (Chief Technology Officer). Mike Seavers, who has previously worked at studios behind top games like League of Legends and Fortnite 🔥

This also means that their current CTO will be stepping down from his position to make way for this significant change.

Bringing in someone of Seavers' caliber with a proven track record is a good move for Yuga as they prepare for the next phase of the Web3 gaming industry.

With blue-chip NFT projects moving at such an aggressive pace, it is crucial to take a closer look at what Yuga is doing and how it stacks up against the competition. Stay tuned for more updates!

First Republic Bank

It feels like just yesterday that SVB shut down, and now we have another culprit of inflation - First Republic. The 15th largest bank in the United States has been experiencing financial troubles since the Fed began hiking rates.

As a result, the FDIC (Federal Deposit Insurance Corporation) sought out different possible buyers to help soften the blow, and JP Morgan seized the opportunity.

They are acquiring a rough total of $92 billion worth of deposits, $30 billion worth of assets, and $173 billion worth of loans all in a single deal! Insane!

So, how does this affect us and what are the implications? First, the branches of First Republic will soon become JP Morgan branches. This will upgrade the bank from 15th largest bank to one of the largest, if not the largest, bank in the United States.

This situation highlights that First Republic is currently facing liquidity problems, and most likely won't be the last "smaller bank" to collapse given the current situation. Let's see where everything goes!

Bao-Sized News

• Solana Labs has created a reference implementation for a ChatGPT plugin 

• Sotheby launches on-chain secondary NFT marketplace

• The Sandbox partners with Ledger Enterprise 

Tweets 🐦

Happy Labor Day to everyone in a country that celebrates it!

–Bluejohn