The Digest

• Robinhood (NASDAQ) Crypto wallet to launch in January. Could be listed soon

• Justin Sun Burns 1.2 million ETH in Four Months.

• The Critical Bug in Polygon’s $24 Billion-Matic Tokens Put at Risk

• Voyager hit with Class Action Lawsuit over Allegated Hidden Fees

• Jamestown to Host New Year’s Eve Party in the Metaverse, GameStop (NYSE:) to Launch NFT Marketplace

Robinhood Crypto Wallet will Launch January 1, Shiba Iu could Be Listed Soon

American financial services firm Robinhood has announced the launch of a beta version its cryptocurrency wallet in January after months of testing. Christine Brown (Robinhood Crypto COO), stated that the beta version of Robinhood’s cryptocurrency wallet will be accessible for thousands to use.

Robinhood has entered into a partnership with Chainalysis software company in preparation of the launch. Robinhood will take on Chainalysis’s “Know Your Transaction” (KYT) and Chainalysis certification programs to fulfill regulatory requirements.

Robinhood is rumored to be considering listing a Shiba Inu as it tests its finances. Although its October petition to list SHIB wasn’t successful, the Shiba Army has spotted a new feature on Robinhood hinting that SHIB will soon be on the platform.

Many RobinhoodApp users have reported that typing Shiba on the platform will display “Crypto Gift.” With this happening only with Shiba, users hope that the famous meme coin will soon debut on the platform.

Flipsider:

• Robinhood A class action lawsuit could be filed if there are significant lossesAgainst the trading company

Why you should care

Robinhood will give its 22 million users access to cryptocurrency and possible Shiba Inu through the launch of their app.

Justin Sun Burns 1.2 million ETH in Four Months.

2021 was a huge year for ETH. It moved closer to Proof-of-Stake, and the ETH gained more than 450%. Ethereum took the deflationary path after its London Hardfork four month ago and began to burn Ether tokens.

Since then, Ethereum has burnt 1,283,226 ether worth close to $4.8 billion (using today’s price of $3,700). OpenSea holds the record for most ETH transactions, with 134.126 ether distributed over 9.5 Million transactions. Since August 5, 122,365 Ethereum has been burned.

Despite Ethereum’s performance in 2021 Justin Sun, founder of TRON has been dumping his ETH stock. According to analytics firm Wu Blockchain, since the start of December, Sun has sold 165,989 ETH – approximately $592 million.

Colin Wu shared a post that said Tron founder Colin Wu did not make a profit from his Ethereum holdings. Colin Wu stated that these transactions were actually made using internal deployment wallets, which were not intended to be profit.

Flipsider:

• Although they have sold so many Ethereum tokens, Sun’s wallet address still holds more than $2 billion in ETH

Polygon fixes critical bug that put $24 billion worth of MATIC Tokens at risk

Hacks and exploits in network networks have become almost a daily occurrence within the cryptocurrencyverse. Polygon has quietly fixed a ‘critical’ bug that put $24 billion in tokens at risk to prevent being the next major exploit.

On December 5, Polygon, a scaling Proof-of-Stake sidechain on Ethereum, quietly completed a hard fork to fix the network’s “critical” bug. Leon Spacewalker, a whitehat hacker reported the vulnerability via the bug bounty platform Immunefi.

If the vulnerability hadn’t been discovered, Polygon would have almost lost all 9.27 billion MATIC tokens valued at $24 billion. Haven fixed the vulnerability, Polygon has decided to reward Leon Spacewalker with $2.2 million worth of stablecoins and a second unnamed hacker, “Whitehat2,” with 500,000 MATIC ($1.27 million).

Flipsider:

• The mainnet fix was successful, Hackers were able to steal $1.6million (801,601 MATIC).On the Polygon Mainnet

Why you should care

Polygon was saved by spending $3.47million to avoid what could have been the largest hack in crypto history.

Voyager hit with Class Action Lawsuit over Allegated Hidden Fees

Voyager Digital is facing a class action lawsuit after it was alleged that Voyager Digital misled customers about hidden fees. Voyager claims to be a 100 percent commission-free trading platform.

There are however allegations of secret commissions involved in pricing trades. These could be higher than the fees or commissions disclosed by competitors.

According to analyses cited by Adam Moskowitz, the attorney who filed the lawsuit, the total damages Voyager owes the platform’s users could be over $1 billion. He adds that the company seemed to be “set up, in a way, like a carnival — every consumer is going to lose.”

Mark Cassidy, the plaintiff in the Voyager case, who once used the platform, stated that Voyager was “basically ripping people off small pieces at a time.” however, Michael Legg, chief communications officer with Voyager, said the action was “without any merit.”

Flipsider:

• Voyager recently joined CoinLedger in helping its users to report on capital gains or losses.

Why you should care

Service providers will need to be more compliant as the industry is increasingly under scrutiny by regulators and government officials.

Jamestown to Host New Year’s Eve Party in the Metaverse, GameStop to Launch NFT Marketplace

Joining mega-firms diving into the Metaverse, Jamestown, the real estate firm that owns One Times Square, has acquired 170 parcels in the Decentraland Metaverse and will host a virtual New Year’s party concurrently with its meatspace counterpart.

The celebration, dubbed “MetaFest 2022,” will be held in the 170 parcels virtual One Times Square. At the event, the first high-rise building in New York City will be revealed along with virtual music performances and VIP lounges.

GameStop, a giant videogame retailer, is hinting at an NFT market. GameStop was supported by crypto enthusiasts during its January trading battle with Wall Street hedge fund managers. GameStop launched a brand new NFT website in May.

Moving deeper into the NFT world, the website nft.gamestop.com now reads, “Request to be a creator on the Gamestop NFT marketplace.” The marketplace will allow users to buy gaming NFTs which would then be traded on popular marketplace platforms.

Flipsider:

• Although it is becoming more popular, many investors feel that the Metaverse was set up to fail despite increasing acceptance.

Why you should care

Jamestown’s involvement in the Metaverse may result in more real-world developers jumping into virtual reality.

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