Magic Eden invests in Web3 gaming

Eleven Web3 game developers have received funding from Magic Eden Ventures, the investment arm of the NFT platform Magic Eden. The company has stated that these funds are part of an ongoing effort to promote the growth of Web3 gaming.

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IRS sues FTX for $44 billion

The US Department of the Treasury and the IRS have filed 45 claims against the defunct crypto exchange FTX and its affiliates, totaling $44 billion. Alameda Research LLC was hit with a $20.4 billion tax bill from the IRS for payroll and partnership taxes. They also sued Alameda Research Holdings for over $17 billion.

Tether made $1.5B in Q1 2023

Tether made a net profit of $1.5 billion in the first quarter of 2023, more than double that of the fourth quarter of 2022. USDT’s stablecoin issuer, Tether, also disclosed record-breaking surplus reserves of $2.4 billion.

Binance to integrate Lightning Network

Binance announced plans to introduce withdrawals through the Bitcoin Lightning Network. This is to prevent situations where the exchange has to stop withdrawals due to unusually high volumes and withdrawal fees.

Binance lists Pepe and Floki

Binance showed support for memecoins by listing Pepe (PEPE) and Floki (FLOKI). PEPE surged around 70%, and FLOKI jumped 55% after the listing announcement.

Crypto not immune to insider trading

A former employee of the NFT marketplace, OpenSea, was convicted of NFT insider trading. Moreover, WallStreetBets (WSB) cryptocurrency dropped 90% after an insider dumped a large amount of WSB tokens.

SUI cryptocurrency goes live

Sui (SUI), one of the most anticipated crypto projects of 2023, just went live. Its price skyrocketed to $2 but quickly fell to $1.25. SUI’s market cap is $282 million, but its fully diluted market cap is $12.6 billion.

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NZD weakens on all fronts

The New Zealand dollar (NZD) fell on all fronts on Friday. NZD/USD is down 1.4% and NZD/JPY dropped 1.2%, while GBP/NZD is up 1.3%.

Inflation levels update

The annual inflation rate in India dropped from 5.6% in March to 4.7% in April. Brazil’s inflation fell from 4.6% to 4.1%. However, inflation in Spain accelerated from 3.3% to 4.1%, and France’s inflation jumped from 5.7% to 5.9%.

Mark Cuban praises AI

The potential of AI, according to Mark Cuban, is “beyond anything I’ve ever seen,” and he compared ChatGPT to the early days of the internet. Cuban has a straightforward piece of advice for businesses: join the AI race or perish. Cuban stated, “There are two types of companies in the world: those who are great at AI and everyone else.”

BoE lifts interest rates to 4.5%

The Bank of England followed market forecasts and increased the interest rates by 25 bps from 4.25% to 4.5%. This pushed borrowing costs to new heights not seen since 2008, as inflation still sits at double digits.

China is close to deflation

While the rest of the world still experiences relatively high inflation, China is close to deflation. China’s annual inflation rate dropped from 0.7% in March to 0.1% in April. The Netherlands’ inflation accelerated from 4.4% to 5.2%. Inflation in the Czech Republic fell from 15% to 12.7%. Inflation in Australia jumped from 4.6% in April to 5% in May. 

IRS sues FTX for $44 billion

The US Department of the Treasury and the IRS have filed 45 claims against the defunct crypto exchange FTX and its affiliates, totaling $44 billion. Alameda Research LLC was hit with a $20.4 billion tax bill from the IRS for payroll and partnership taxes. They also sued Alameda Research Holdings for over $17 billion.

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