🔥 Fear and *loitering* in cryptoland

Read how BitBoy got arrested while trying to get his Lambo back

GM, frens! Ambire here with our weekly newsletter. Today we’re talking about how BitBoy got arrested while trying to get his Lambo back, SEC delaying ARK21 BTC ETF application decision to 2024, Web3 on Fire Podcast partners with Rehash, Pudgy Penguins announcing NFT toys that will be sold at Walmart, Binance exiting Russia and leaked documents that suggested Microsoft wanted to integrate crypto into Xbox. Let’s get down to it:

Fear and *loitering* in cryptoland

How BitBoy got arrested while trying to get his Lambo back

You can say whatever you want about the crypto space, but being boring is definitely not one of its traits. The industry is in a perpetual state of evolution, brimming with captivating narratives that provide endless entertainment for those within and outside its realm.

One of the most recent scandals to catch the attention of the crypto community involves Ben Armstrong, also known as BitBoy Crypto. Once a respected figure in the space as co-founder of Hit Network (now Discover Crypto), Armstrong's reputation has taken a nosedive in recent months.

Amid allegations of shady practices, undisclosed promotions, and substance abuse, Armstrong was ousted from the Hit Network. He attempted to restart his solo operation but faced further controversy when he was arrested on charges of loitering and assault.

All this unfolded during a live YouTube broadcast where Armstrong went to confront his former business partner over alleged death threats and the theft of a Lamborghini. The drama that unfolded on screen only added to Armstrong's already questionable reputation.

During the livestream, Armstrong made explosive claims about his former partner's involvement in organized crime, blackmail, and sports fixing. However, his attempt to expose Diaz was cut short when police arrived at the scene.

The livestream was set up beforehand, so Armstrong's business partner certainly wasn't caught off guard by his arrival.

Regardless, the incident resulted in Armstrong's arrest on charges of loitering and prowling as well as simple assault. While Georgia allows for open carry of handguns without a permit, Armstrong's possession of a firearm during the live stream likely added to the severity of his charges.

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SEC pushes ARK21 BTC ETF application decision to 2024

The US SEC has decided to extend the deadline for the approval of the ARK21 Shares spot Bitcoin exchange-traded fund (ETF) until January 10, 2024. This comes after Ark Invest and 21Shares have been tirelessly advocating for its approval for over two years.

The SEC's decision to delay the approval came through a court filing, with the proposed rule change being open for public comment since May 15. The commission has utilized its maximum extension of 180 days, which was set to end on November 11. However, they have taken up an additional 60-day extension option that pushes the decision into the new year.

With this, SEC is hoping to have more time to review and make a final decision on the proposed rule change. If approved, it would allow for the listing of Bitcoin ETF products on traditional exchanges.

Following this announcement, two members of the US House of Representatives joined hands and wrote a letter to SEC Chair Gary Gens

On the same day, Congressmen Tom Emmer and Ritchie Torres sent a joint letter to SEC Chair Gary Gensler, urging him to approve a Bitcoin ETF without any discrimination. The letter highlighted the SEC's responsibility to ensure investor protection standards are met while making such products available to investors.

Despite the delay, Bitcoin's price has not been significantly impacted, with only a 1% drop observed in the past 24 hours. It remains to be seen if the extra time allowed by the SEC will lead to a positive decision for ARK21 Shares' ETF application.

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Web3 on Fire Podcast partners with Rehash

Discoveer the collaborative spirit of the decentralized web as Web3 on Fire and Rehash join forces to redefine community engagement and decentralized decision-making in podcasting:

There is going to be a jokerace contest in which both communities (Web3 on Fire and Rehash) will vote for their favorite guests to appear in the Web3 on Fire podcast. Make sure to join the community before Monday, October 2nd so that you can vote too!

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Pudgy Penguins to sell NFT toys in Walmart

Pudgy Penguins, one of the top NFT collections on the Ethereum blockchain, has joined forces with retail giant Walmart to bring their unique brand of toys to the United States. This collaboration is a significant step in expanding Pudgy Penguins' reach beyond the crypto community and into mainstream retail.

The news of this partnership has caused a buzz in the crypto space, with popular media publication David Gokhshtein sharing details about it on Twitter. According to the post, this partnership has the potential to bring a wider audience to Pudgy Penguin's brand and increase its visibility.

The effects of this collaboration are already evident, as Pudgy Penguin has seen a surge in volume and currently holds the top spot in the NFT Paradise list by Nansen. This rise in volume has been tracked by Nansen CEO Alex Svanevik on Twitter, with Pudgy Penguin's volume surpassing 1000 ETH in just 24 hours.

An intriguing characteristic of these NFT toys is the inclusion of a "birth certificate" accessible through a QR code scan. Walmart will offer 26 different variants of Pudgy Penguin's NFT toys, including some exclusive ones.

In conclusion, Pudgy Penguins' partnership with Walmart is for sure a significant milestone for the NFT industry and signals its maturity, not to mention the growing influence in mainstream retail.

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Binance exits Russia

Binance has decided to exit Russia and sell its business to CommEX, a newly formed cryptocurrency exchange. This decision comes after an agreement was reached between the two parties and will result in the complete sale of Binance's Russia business.

The off-boarding process is expected to take one year, according to Binance's announcement on Wednesday. This is a full exit for Binance, unlike other international companies who have made deals in Russia in response to the country's involvement in Ukraine and subsequent sanctions from the EU and US.

Binance has clarified that they will not have any ongoing revenue split from the sale, nor do they maintain any option to buy back shares in the business. This is a clear indication of their desire to fully exit the Russian market.

Despite facing regulatory challenges and a US Department of Justice investigation, Binance has assured their customers in Russia that their assets are safe. The company's chief compliance officer Noah Perlman has stated that operating in Russia is not compatible with their compliance strategy.

CZ has also expressed confidence in the future growth of the Web3 industry and emphasized that they will now focus on the other 100+ countries they operate in.

Of course, it's also possible that Binance just created a clone of their exchange (still controlled by them) to operate in Russia, which would be a smart move on their part that could let them avoid legal issues and keep the Russian market share.

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Leaked documents suggest Microsoft wanted to integrate crypto into Xbox

Leaked documents from a gaming forum called ResetEra reveal that Microsoft had plans to integrate crypto wallets into their Xbox gaming console. The leaked internal documents showed that the roadmap for May 2022 included support for crypto wallets. However, no specific details about this integration were provided.

According to the forum, the leak occurred due to the Federal Trade Commission's (FTC) legal action against Microsoft. The FTC's opposition to Microsoft's $69 million acquisition of Activision Blizzard resulted in the unintentional inclusion of leaked documents within their submissions.

Phil Spencer, head of Xbox, downplayed the leak and attributed it to the changes that have occurred since then. He stated that many plans had changed and there is much excitement for what lies ahead.

This leak has generated a lot of excitement within the crypto community. Tyler Winklevoss, co-founder of Gemini, noted that the gaming industry is massive and holds even more potential for crypto adoption.

While this development remains speculative as Microsoft has not officially confirmed any integration, it has sparked speculation about new use cases for crypto in the community.

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Other worthy reads:

Interesting fact about the 3Crv LP pool:

ETH YTD stats from DefiFerr:

Update on what goes down in FT land:

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The fun page

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That's all for now, frens.

We'll see you next week. And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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