Crypto Market Crashes Amid Evergrande and Kaisa Default

On Thursday, the crypto market tumbles down following Evergrande and Kaisa, two of the largest property developers in China. The two developers’ inability to cope with dwindling home sales and restriction by the Chinese government on loans resulted in Kaisa’s $400 million bond default and Evergrande’s failure to meet the deadline of its final interest on its dollar-denominated bonds.

Prices of BTC (bitcoin) and ETH (ethereum) fell by 5% in just 24 hours. Over the week, the entire crypto industry lost $200 billion of its market cap. In the latest data by Coinmarketcap, the industry’s market cap is now at $2.238T.

BTC (bitcoin) is now at $ 48,614 while ETH (ethereum) price at $4,038. Both cryptocurrencies have just recorded their newest all-time highs in November. SOL (Solana), one of ETH’s competitors shed 25.6% of its value from its previous all-time high of $230 with its price at $171 in data by Crypto.co.

The market had barely recovered from the previous crash as a result of uncertainties caused by the Omicron COVID-19 newest variant and changes in US Federal Reserve policy but is now plagued with yet another market crash.

Fast Food Chain White Castle Joins Crypto with ETH Domain and NFT

White Castle joins crypto

White Castle, the world’s first fast-food hamburger chain is the newest company to join the crypto world and adopted NFT along with Budweiser, Nike, and Taco Bell.

On Dec. 10, the fast-food chain announced to Twitter about its registered  Ethereum Name Service (ENS). This is similar to the Internet’s Domain Name System (DNS). The company now owns the whitecastleofficial.eth address. The tweet comes with the company’s updated profile to that of a “Seahams” NFT. 

After the announcement, Brantly Millegan, director of operations at ENS, expressed his surprise in a tweet.

He also added that he would “buy some White Castle as soon as [he could].”

Sushiswap CTO Leaves Amid Chaos Within the DEX

Sushiswap CTO Joseph Delong leaves the DEX

On Dec. 9, Joseph Delong, CTO of the ethereum based DEX Sushiswap, announced on Twitter that he is officially resigning from his post.

On Sept. 18, the co-founder of Sushiswap 0xMaki also announced on Twitter that he quits as head of the DeFi project.

Delong’s resignation came barely three months after the exodus of the project’s co-founder. Although it was generally perceived that 0xMaki’s departure was voluntary, a leaked screenshot posted on Twitter revealed that Delong forced him out.

The recent incident revealed infighting taking place within the DEX protocol. In a tweet, the former CTO also stated that “there has been a lot of drama within Sushi and overt manipulation coming from outside [the project].”

Delong had particularly mentioned BoringCrypto aka @0xM3rlin as the one behind the accusation of ‘backroom dealing’ thrown at him.

He further adds that the compensation of $300,000 he is receiving from Sushiswap is below what he is getting from Dapper Labs. But despite this, he accepted the offer “because it seemed exciting.”

In the end, Delong stated:

“I will peacefully transfer all the accounts and go and build something equally as successful and you can find someone else to bully.”

In recent reports, a proposal is now up that aims to bring SushiSwap to be finally governed by a decentralized autonomous organization (DAO). Let’s see how this story will turn but Delong has expressed skepticism. In a report by Decrypt, he stated:

“The chaos that is occurring now is unlikely to result in a resolution that will leave the DAO as much more of a shadow than it once was without a radical structural transformation.”

“Bitcoin Not an Investment,” Says Members of UK Parliament

members of UK Parliament says Bitcoin is not an investment

In a statement to Financial Conduct Authority (FCA), some members of the UK Parliament reiterated that BTC (bitcoin) is not an investment. According to Nikhil Rathi, chief executive of the FCA, the politicians have stated that the words “invest and investment” should not be used to pertain to these digital assets.

Harriet Baldwin, Conservative MP for West Worcestershire stated:

“The words ‘your investment’ endorse the idea that this is an investment on par with an FTSE 100 company or a unit trust.”

He further adds:

“Your website actually publishes a list of unregistered crypto asset businesses for anti-money laundering purposes. It’s meant to be helpful but it could also be helpful to someone who just wants to launder money.”

He also asserts that the inclusion of unregistered cryptocurrency businesses in FCA’s list can be a hurdle to the regulatory body’s anti-money laundering authority.

In line with this, the FCA chief executive suggested precise rules when it comes to cryptocurrencies.

“Personally, I would suggest we simply say that anything crypto-related should not be entitled to compensation, so that consumers are clear about that when they are investing.”