Crypto Market Update 13-01-23

Hello everyone and welcome to our weekly recap 🙂

First, I bear the news that everyone has been waiting their whole adult life: Food made by someone else tastes better than your own cooking, yes, it’s confirmed.

Despite having the same recipe, preparing a meal requires you to stand around it so long that it already feels less appealing by eating time. Also on the psychological side of it: “seeing it get made over time makes it feel less novel and thus less desirable.”. So now you know, when you want a sandwich, ask someone else to do it.

‍

Onto this week’s traffic light:

‍

🔴 Metamask warns of a new type of scam (read more).

Metamask notified the crypto community of a new type of scam denominated “address poisoning”. The concept is that when copying and pasting an address usually we check the first and the last couple of digits, right? But this time attackers are creating vanity addresses that match the same couple of digits in the beginning and at the end but are completely different in the middle, which means a completely different wallet. Users inattention is at fault and as soon as the transaction is confirmed there is no way back. It’s troublesome but either whitelist your addresses and/or confirm every address you paste.

‍

🟡 Offices of the yield platform ‘Nexo’ were raided (read more).

In shocking news, this week the offices of Nexo in Sofia (Bulgaria) were raided by the police. Although there is no conviction of any sorts, the raid happened amidst an on-going investigation into Nexo which started months ago, the reasoning behind the investigation being the circumvention of last year’s implemented sanctions on Russia. Nexo has since then made a statement about its regulatory compliant position since the very beginning.

‍

🟢 McKinsey report says “Metaverse to possibly create $5T in value by 2030” (read more).

The keyword is not new and we’ve seeing it being used all around, but a recent report by the acclaimed McKinsey company says there’s a potential to generate up to $5 trillion in value by 2030 in either consumer and enterprise use cases like gaming, e-commerce, education, etc. For it to be possible it’s suggested that these four pieces are crucial: devices, interoperability, facilitating platforms and development tools. Lympid fits exactly in the facilitating platform and we hope to show you in the near future.

‍

And that's all for this week, a bit of a rollercoaster but one thing is for sure, we keep building and our open beta is coming next week, stay sharp. 👋