Inflation slows, SushiSwap horseplay and LUNA
Crypto news: It’s been another glorious week in the crypto market, the only industry where sushi and horses go hand in hand.
This week in crypto news, we spoke with the face of EthereumPoW, Chandler Guo, as well as Lyn Ulbricht, the mother of Silk Road founder Ross Ulbricht. Elsewhere, Justin Sun paid a whopping $1 billion for Huobi, and Elon Musk was exposed as definitely not Satoshi Nakamoto. Finally, in economic news, US inflation slowed a tiny, tiny bit.
Let’s do this.
Vitalik Buterin gets both barrels
EthereumPoW (ETHW) champion Chandler Guo put Vitalik Buterin on good terms in an explosive interview with BeInCrypto earlier this week.
According to Guo, a proof-of-work Ethereum without Vitalik Buterin is like Bitcoin without Satoshi Nakamoto – maybe better! If that wasn’t hot enough, Guo went on to add that it’s now time for Buterin to “shut up” and let Guo and friends continue building EthereumPoW.
Mic drop.
On Monday, we brought an interview with Lyn Ulbricht, the mother of Silk Road founder Ross Ulbricht, to separate the man from the myth. Ross is currently serving two consecutive life sentences without parole, plus another 40 years just to be safe. The American legal system does not do half measures.
We also spoke to Thy-Diep Ta about Unit Masters, a crypto literacy course that hopes to boost mainstream adoption, and if education is your thing, head over to BeInCrypto’s learn the part.
US inflation is slowly decelerating. But it’s still bad
The consumer price index (CPI) – the primary measure of inflation – fell 0.1% to 8.2% in September, down from 8.3% in August. Months of rampant rate hikes by the Federal Reserve finally seem to have had some impact , and even if it’s only minimal, it’s a start.
What now?
Expect more of the same, with a further rate rise in November now looking very likely.
SushiSwap’s chef gets in the hall
Jared Grey, the new “head chef” of SushiSwap, was no sooner in the door than the accusations and the fur started to fly. According to one community member, Gray is a “swindler and deceiver”, and according to another source, he likes to ride a horse without the aid of a saddle.
Gray, for his part, said “the allegations against me are 100% false.”
Justin Sun Bags Huobi Crypto Exchange
TRON (TRX) price got a boost this week when it was revealed that Justin Sun was behind a $1 billion deal to buy a major crypto exchange. According to various media crypto news reports, Sun is the lead investor in the Huobi takeover, with some help from Sam Bankman-Fried (SBF).
Meanwhile, SBF has announced a number of improvements to FTX’s matching engine. For that reason, don’t be surprised if Huobi shortly announces a number of improvements to its matching engine. After all, there is no innovation in crypto that Justin Sun cannot imitate to a reasonably satisfactory standard.
One exchange he won’t rush to copy is Binance. This week the stock exchange was accused of providing “grossly inaccurate” accounts in the UK
Needless to say, this does not sound good for Changpeng Zhao and company. Binance has already been the subject of a warning from the Financial Conduct Authority (FCA), so this story may have some mileage in the weeks and months ahead.
The Weekly Do Kwon Update
Definitely not on the run. Do Kwon has monetized Terra (LUNA) to a Binance wallet, at the same time as the new coin on Twitter. This, according to former Terra supporter turned whistleblower, FatManTerra, who has become something of a nemesis for UST.
As for Do Kwon, his Singapore holiday may soon come to an end as it has been revealed that his passport is about to expire.
Elon Musk is not Satoshi
Elon Musk is not Satoshi Nakamoto, but that hasn’t stopped speculation and claims to the contrary. While there have been some wild theories about the real identity of Satoshi Nakamoto, the notion that Elon Musk could conceive of Bitcoin, plan it, code it, launch it, tell absolutely no one it was him, and then keep the secret for over a decade does not pass the smell test. In fact, it stinks a bit.
In a further olfactory insult, Musk launched a new perfume called “Burnt Hair” this week, available for purchase with Dogecoin.
Crypto Hacker has seriously big mangoes
Crypto news of a hacker exploiting Solana DeFi platform Mango Markets to the tune of $117 million broke this week. In a particularly ballsy move, the hacker then submitted a proposal to Mango Market’s decentralized autonomous organization (DAO) to pay himself a $70 million bug bounty.
To further add to the ridiculousness of the move, the hacker then used the stolen tokens to vote for the proposal.
However, it was a bridge too far, with the plan voted down by the rest of the community. Still, you have to admire his mangoes.
Thanks for joining us this week in crypto news. See you next week for more of the same.
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