Uniswap developer sacked for alleged rug, Steadefi hacker goes mixing and more - Web 3.0 vs Metaverse.
Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more

Web 3.0 vs Metaverse

With the emergence of Elon Musk’s AI and the Alethea AI Token, the debate between Web 3.0 and the Metaverse has been reignited. While Web 3.0 focuses on decentralization and security, the Metaverse is a virtual world where people can interact with each other and create their own virtual reality. As we explore the differences between these two technologies, it’s important to consider the current state of the crypto market and whether we are in Web 2.0 or 3.0.

Uniswap dev loses job, was it worth it?

Hayden Adams, the founder of Uniswap Labs, recently sacked a developer known as “AzFlin” for allegedly creating a memecoin and rug pulling it a few hours later for 14 wrapped-Ether (wETH), worth $25,800.

It is understood that AzFlin developed and deployed the FrensTech token (FRENS) on Coinbase’s new layer 2 blockchain Base on Aug 12 before selling the tokens raised from the liquidity shortly after.

Adams publicly confirmed the sacking of AzFlin, adding that such behaviour is neither supported nor condoned at Uniswap Labs.

The developer has mocked the situation at hand with a series of light-hearted posts along with a new X (formerly Twitter) cover photo.

AzFlin, however, claims that no rug pull was committed. They said on Aug. 12: “I bought that $FRENS used to provide LP with my OWN money from the dev wallet, so I am entitled to do as I please with it. This FUD is outrageous.”

Not everyone is buying into AzFlin’s story though, with some applauding Adams’ decision to fire AzFlin for the alleged action. While the debate around web 3.0 vs metaverse, Elon Musk AI, and Alethea AI token continues, it is still unclear if the scenario was worth it for AzFlin.

Zuckerberg calls out Musk for dodging cage fight

Meta CEO Mark Zuckerberg has stated it’s “time to move on” from any talks of a potential cage fight between him and Elon Musk, claiming the Tesla CEO is not making any serious attempts at solidifying plans.

In an Aug. 13 Threads post, Zuckerberg said Musk isn’t “serious” about a real fight because he has not given any potential dates for the bout. “I think we can all agree Elon isn’t serious and it’s time to move on.” Zuckerberg added:

“Elon won’t confirm a date, then says he needs surgery, and now asks to do a practice round in my backyard instead.”

Zuckerberg — who has helped re-shaped Meta’s investment focus on the Metaverse and web 3.0 — said that he will be ready for a fight whenever Musk “gets serious” about a real date and official event.

The Meta CEO said he will continue to focus on competing with those who take the sport seriously for the meantime.

Donald Trump holds Ethereum and NFTs

According to a financial statement filed to the United States Office of Government Ethics, Donald Trump, the former President of the United States, owns between $250,001 to $500,000 in Ethereum (ETH). This could be linked to his numerous NFT collections which have been released between 2022 and 2023, with expectations of earning between $100,000 and $1 million.

Despite his investment in the cryptocurrency and NFTs industry, Trump has previously shown his skepticism towards it, labelling Bitcoin (BTC) as a “scam” and cryptos in general as “potentially a disaster waiting to happen” in Aug. 2021.

The billionaire businessman is now running for the 2024 Presidential Election.

The crypto and NFT sector is currently a hot topic, with questions about the differences between Web 3.0 and the Metaverse, Elon Musk’s AI, and the Alethea AI Token. SEC Crypto Today is actively discussing the current state of the industry, and whether we are in Web 2.0 or 3.0, and AMP Crypto Now is exploring the potential of the sector.

Steadefi hacker turns to Tornado Cash

CertiK, a blockchain security firm, recently reported that the individual who exploited the decentralized finance protocol Steadefi has transferred 100 Ether (ETH), worth approximately $185,000, to the cryptocurrency mixing protocol Tornado Cash.

The hacker is still in possession of $786,000 (424 ETH) that was taken from Steadefi on Aug. 7, bringing the total losses to more than $1.1 million.

Tornado Cash has been utilized by hackers in an effort to hide the money trail and cash out the stolen funds. On Aug. 8, 2022, the United States Office of Foreign Asset Control (OFAC) sanctioned Ethereum and USD Coin (USDC) addresses related to the privacy tool.

The concept of web 3.0 and metaverse is gaining traction in the crypto space, with Elon Musk recently expressing his interest in artificial intelligence (AI) and Alethea AI token. As the world is debating whether we are in web 2.0 or 3.0, it is important to understand the differences between web 3.0 and metaverse and the impact of SEC crypto regulations today.

Also making news

U.S. Senator Cynthia Lummis recently submitted an amicus brief in support of Coinbase’s effort to dismiss its legal battle with the Securities and Exchange Commission. Lummis believes that the SEC is attempting to gain control over the crypto sector without considering the implications that Congress needs to consider.

The decentralized finance platform Curve Finance has declared their intention to reimburse users affected by the $62 million hack that occurred on July 30. So far, they have been able to recover 79% of the funds.

The concept of Web 3.0 and the Metaverse have been gaining traction due to the work of Elon Musk. People are now asking if we are in a Web 2.0 or 3.0 world, as well as what the implications of the Alethea AI Token are for the crypto market.

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