Weekly Update: 23 Feb 2023

1) Crypto hedge fund Galois Capital shuts down after losing $40M to FTX [CoinDesk]

– Galois co-founder said the fund has halted all trading as it is no longer viable post-FTX.

2) Flux Finance enables borrowing against tokenized treasury bonds [The Defiant]

– DeFi lending protocol attracts over $10M in stablecoins in five days since launch.

3) Former FTX executive Nishad Singh planning to plead guilty to fraud: Bloomberg  [CoinDesk]

– Singh, the former engineering director for the collapsed crypto exchange, was a member of Bankman-Fried’s inner circle.

4) NFT marketplace Magic Eden partners with MoonPay to offer credit card payments [CoinDesk]

– MoonPay has a similar partnership in place with NFT marketplace LooksRare.

5) Vitalik Buterin proposes ‘stealth addresses’ to enhance Ethereum privacy [The Block]

– Buterin proposed a system of “stealth addresses” to enhance transactional privacy on Ethereum, allowing users to generate cryptographically obfuscated public addresses to receive funds privately.

6) Hong Kong outlines upcoming crypto licensing regime [Cointelegraph]

– Hong Kong’s Securities and Futures Commission calls for public consultation over plans to allow licensed cryptocurrency exchanges to serve retail investors.

7) Washington think tank says crypto regulation by enforcement is just fine [Blockworks]

– Recent turmoil in the crypto market has accelerated the need for tougher crypto regulation, according to US think tank analysts.

8) Zambia tests technology for crypto regulation, says Minister Mutati [Cointelegraph]

– The Bank of Zambia and the country’s securities regulator are collaborating on digital infrastructure and a policy framework for crypto.

9) DeFi Chaos Labs raises $20M round co-led by PayPal [Blockworks]

– Some of the most prominent DeFi players are already among Chaos’ clientele.

10) Sequoia, Dragonfly back Web3 startup Caldera in $9M rounds [CoinDesk]

– The capital will go towards hiring, partnerships and integrations.