LensLinks: Issue 39

Today in LensLinks:

• Genesis not going away (yet)

• After FTX...

• New York Bans Some Crypto-Mining Operations for Two Years

• GameFi "revolutionary"?

• American Investigators to investigate Genesis and others

• And Much, Much, More...

The revelation of unethical practices by FTX in its bankruptcy filing has set a panic among investors who are already losing trust in these centralized trading firms. Exchange outflows hit historic highs of 106,000 BTC per month in the wake of the FTX fiasco and the loss of trust in centralized exchanges (CEXs) has pushed investors toward self-custody and decentralized finance (DeFi) platforms.

Users have pulled money from crypto exchanges and turned to noncustodial options to trade funds. Uniswap, one of the largest decentralized exchanges (DEX) in the ecosystem registered a significant spike in trading volume on Nov. 11, the day FTX filed for bankruptcy.

It is often cited at the crossroads of decentralized finance (DeFi) and play-to-earn (P2E) blockchain gaming, creating a self-serving ecosystem that goes beyond just gaming and altering the control from gaming studios to players.

As per the Metaverse Awareness Survey, 40% of respondents stated that they are “interested in pursuing a mix of both the ‘playing’ and ‘earning’ aspects of the metaverse”. While 11% indicated they are more interested in earning, and 49% stated they are only interested in playing.

2022 has been a challenging year for Crypto.com (CRO), a Singapore-based cryptocurrency exchange and its native token, amid volatile economic factors and dwindling investor confidence.

The recent collapse of the FTX (FTT) exchange negatively affected the cryptocurrency market. On 14 November, the CRO token fell to a 52-week low of $0.0562.

As of 25 November, CRO was trading at $0.06364, down more than 93% from its all-time high price of $0.9698 of 24 November 2021.

Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25.

Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are participating in inquiries regarding Genesis’ alleged ties to retail investors, including if Genesis and other crypto firms might have violated securities laws, Barron’s reported. It is still unclear what other companies are being investigated.

Borg noted that the investigation focuses on whether Genesis and other crypto companies influenced investors on crypto-related securities without obtaining the proper registration.

Metaverse & Gaming - A Little More...

Blockchain, Tokens & Defi - A Little More...

Crypto Trading - A Little More...

New York became the first state to impose a temporary moratorium on new cryptocurrency mining permits at fossil fuel plants, in an effort to address environmental concerns about the energy-intensive activity.

The bill, signed by Gov. Kathy Hochul on Tuesday, was the latest setback in a tumultuous month for the cryptocurrency industry, which had lobbied vehemently against it but was unable to overcome a successful push by a coalition of left-leaning lawmakers and environmental activists.

The bill will impose a two-year moratorium on crypto-mining companies seeking new permits to convert some of the state’s oldest and dirtiest fossil fuel plants into digital mining operations. It also requires New York to investigate the impact of the industry on the state’s efforts to reduce greenhouse gas emissions.

The move in New York comes months after other states adopted more pro-industry policies, offering tax breaks in the hopes of luring crypto-mining operations after China cracked down on the activity last year.

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