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Crypto Flipsider News – CAR Approves Bitcoin as Legal Tender, Blackrock Launches Blockchain ETF, Bitwise Launches SMA With Direct Crypto Exposure, Reality Labs Loses $2.9 Billion, $13 Million Stolen in Latest Deus Finance Hack

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Crypto Flipsider News – CAR Approves Bitcoin as Legal Tender, Blackrock Launches Blockchain ETF, Bitwise Launches SMA With Direct Crypto Exposure, Reality Labs Loses $2.9 Billion, $13 Million Stolen in Latest Deus Finance Hack

The Digest is available for reading;

  • Gibraltar Issues New Crypto Regulations
  • Blackrock launches Blockchain ETF. Bitwise launches SMA for Direct Crypto Exposure
  • Meta’s Metaverse-Focused Unit, Reality Labs, Lost $2.9 Billion in Q1 2022
  • Deus Finance suffers a second hack in two months, more than $13 million stolen

Bitcoin Legally Tender in Central Africa Republic. Gibraltar introduces new Crypto Regulations

Central African Republic is now the first African nation and second worldwide to use Bitcoin as its official currency. The Central African Republic, despite its vast gold and diamond resources, has been ravaged by violence from rebels for many years.

The president’s chief of staff says the adoption of bitcoin represents “a decisive step toward opening up new opportunities for our country.” The bill looks to improve the living conditions of the citizens.

Gibraltar is a British Overseas Territory and has released a regulation amendment to its cryptocurrency regulations. This new regulation amends Gibraltar’s crypto regulations to ensure market integrity and eliminate any market manipulation or insider trading.

2018 was the year Gibraltar launched the regulatory and legal framework. The Gibraltar Financial Services Commission, (GFSC), mandates crypto companies to prevent manipulation of market prices or liquidity.

Flipsider:

  • The New York state has passed a bill to ban new crypto miners that don’t use renewable energy sources.

What You Need to Care About

Bullish and FTX have established shops in Gibraltar due to the introduction of crypto-friendly rules.

Blackrock Launches Blockchain Exchange, Bitwise Launches SMAM With Direct Crypto Exposure

Blackrock, the world’s largest asset manager, announced its new iShares Blockchain and Tech ETF to give its clients greater exposure to crypto and blockchain-related companies. The fund is $4.7million and tracks U.S.-based as well as international crypto firms.

Blackrock calls the new iShares Blockchain and Tech ETF (IBLC) a “gradual entry point into the blockchain ecosystem.” Coinbase (NASDAQ:) makes up the largest single holding with 11.45%

Bitwise is the largest global crypto index manager and has launched an SMA (separate managed account) that gives direct exposure to Bitcoin. Bitwise Equal Weight SMA will provide equal-weighted positions (ETH and BTC)

Bitwise will rebalance the SMA quarterly to ensure that investors have balanced exposure to the world’s two largest crypto assets. BitWise says that financial advisors will be able to offer their clients direct ownership of crypto assets through the SMA.

Flipsider:

  • Grayscale AnnouncementThe Securities and Exchange Commission could be sued by the company over its approval of converting its Bitcoin trust to a spot Bitcoin ETF.

What You Need to Care About

Blackrock says that as millennials begin to understand the value of blockchain technology, they will create greater financial inclusion and access in new ways.

Meta’s Metaverse-Focused Unit, Reality Labs, Lost $2.9 Billion in Q1 2022

Meta Platforms Inc.’s latest quarterly report is now available. Facebook Inc (NASDAQ :)., announced that Reality Labs, its Metaverse-focused unit, suffered losses totaling $2.9 billion in the first quarter of 2022.

Reality Labs had $695million in revenue last quarter, up from $534million a year prior. The loss for Q1 2022 was $2.96Billion. This is 61% less than the $1.8B loss reported in Q1 2021.

On Wednesday, Mark Zuckerberg was the CEO of Meta and stated during an earnings conference that the company expects losses. Reality Labs is mostly focused on developing software and hardware products, such as Project Cambria.

Additionally, the CEO said Reality Labs were expensive to construct because this is the first one of its kind. It is also a new paradigm in computing and social networking.

Flipsider:

  • Reality Labs is still experiencing increasing losses, despite growing sales of its VR software and hardware.

What You Need to Care About

Reality Labs’ financial reports from earlier this year show an approximately $10 billion loss throughout 2021 and roughly $4 billion are due to research and development and employee costs.

Deus Finance suffers a second hack in two months, more than $13 million stolen

Deus Finance, the popular marketplace for decentralized financial services, has suffered a flash loan attack – the second hack in two months. The defi protocol was hit with a flash loan of $3 million in mid-March.

Security researchers from PeckShield discovered that hackers stole $13.4 Million in cryptocurrency and reported the incident via Twitter (NYSE:).

According to Peckshield, the hacker used a flash loan-assisted manipulation of the price oracle that reads from the StableV1 AMM – USDC/DEI pair to exploit the system. Hacker altered the value of the collateral DEI and borrowed the money to drain the pool.

Tornado Cash has refunded 800 ETH of the initial funding used in the attack hack. The funds were channeled through Multichain, a cross-chain router protocol. The stolen funds were sent back to Ethereum and are presently in the hacker’s address.

Flipsider:

  • Deus Finance’s first attacker stole more than $1,000,000 in smart contracts that were programmed to destroy, assuring that the crypto would never be stolen.

What you should care about

Alarming hacks and exploits have led to increased security concerns and regulations for the decentralized financial sector.

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