Industry News & Trends: March 2022
As the wheel of time turns, so does another month end; and we find ourselves looking back and processing what happened during these wild and hectic times. March has been an interesting period, and so without further delay, let’s dive into what made it so memorable.
Over $100,000,000 in Crypto Donated
The global crypto community managed to donate over $100m in crypto in a single month to the country of Ukraine — which announced it will be using the funds to further support itself. This highlights the capabilities of crypto — be it in terms of speed or scale — and how it can be used practically in the real, material world.
Centralized Exchanges Blocking Left and Right
Due to increasing regulations, new legislations, sanctions, and more… CEXes have been forced to ban users from various countries that meet certain criteria. These users have found themselves between a rock and a hard place as their assets are frozen indefinitely — putting DeFi and DEXes in a refreshed and more favorable light.
Market Sees Uptrend Despite Hard Times
BTC recovered by over 10% despite the troubles that are occurring in today’s world. There is no shortage of events that create and spread fear, uncertainty and doubt, but in spite of massive conflicts and fears of overregulation, the market is in the green once more, and volumes are steadily rising.
A Crypto Exchange Becomes the Official Sponsor for the FIFA World Cup
Centralized crypto exchange giant Crypto.com is now the official sponsor of the international football tournament FIFA WC — arguably the biggest sports tournament in the world! While it is one specific entity, the exposure hundreds of millions of people will have to crypto as a result of this deal will undoubtedly leave a significant impact on the crypto world.
Stablecoin Hack on Solana
Cashio — a Solana-based stablecoin issuer — was recently hacked. A user discovered a bug that allowed him to print infinite tokens, and by abusing it, was able to print millions of stablecoins out of thin air. This caused the price of the stablecoin to crash to practically zero, causing those who couldn’t withdraw early to suffer.
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