Mixin hacked for $200M, Worldcoin eyes higher growth and Haun Ventures’ execs discuss crypto regulation

Welcome again to Chain Response.

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Hiya, frens and cheers to the top of September!

We’re recovering from Disrupt 2023 and gearing up for the extremely anticipated Sam Bankman-Fried trial, which begins on October 3. Hold an eye fixed out for heaps of protection from us because it all unravels over a six-week interval to find out whether or not the 31-year-old former CEO of FTX is responsible on seven counts of fraud and conspiracy. Extra to come back.

As for different information, it’s been an attention-grabbing and considerably slower week for the crypto group.

However, black hat hackers struck the trade, but once more. On Sunday, Hong Kong-based crypto firm Mixin misplaced round $200 million to hackers in a breach. The hack on Mixin is the largest theft within the crypto world in 2023, in accordance with knowledge maintained by Rekt. What was the second largest hack, you’re questioning? I can’t give the whole lot away, so go learn the story beneath.

This week in web3

1. Worldcoin doubles down on emerging markets amid wider criticism (TC+)
2. Hackers steal $200M from crypto company Mixin
3. Yuga Labs security researcher warns of chilling effect after feds search phone at airport
4. Telegram starts to look like a super app, echoing WeChat
5. Why Solana, Polygon and Aptos expect the enterprise to drive mass adoption (TC+)
6. Katie Haun believes now is a good time to invest in crypto
7. Chris Lehane: The SEC isn’t handling crypto regulation ‘strategically’ (TC+)
8. Akowe wants to fix Africa’s broken certificate system with blockchain

The newest pod

For this week’s episode, Jacquelyn interviewed Tiago Sada, head of product for Instruments for Humanity and core contributor to Worldcoin, at TechCrunch’s Disrupt 2023 in San Francisco.

Instruments for Humanity, which is the staff constructing Worldcoin, raised $115 million in a Collection C spherical again in Could with traders like Blockchain Capital, a16z, Bain Capital Crypto and Distributed International. In March 2022, Worldcoin raised $100 million at a $3 billion valuation.

The venture was co-founded by OpenAI CEO Sam Altman with a three-part mission to create a world ID, a world forex and an app that permits funds, purchases and transfers with its token.

Worldcoin has been on a world tour since April, hitting main cities like Tokyo, Miami, New York Metropolis and San Francisco. It has additionally arrange store in main cities in nations like Kenya, India and China.

We dive into why somebody would scan their eyes, alternate choices and privateness considerations some skeptics have concerning the venture.

We additionally talked about:

• The worldwide adoption of Worldcoin
• Kenya “indefinitely” pausing Worldcoin iris scans
• The venture’s largest challenges for development
• How AI can match into Worldcoin
• Future alternatives and roadmaps

Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes, and please depart us a overview if you happen to like what you hear!

Observe the cash

1. On-chain leverage buying and selling platform Avantis Labs raises $4 million seed spherical led by Pantera Capital
2. Privateness-centric blockchain Fhenix raises $7 million in spherical led by Multicoin Capital
3. Web3 dev platform Alchemy acquired blockchain indexing platform Satsuma
4. Bitmain will make investments $54 million in now-bankrupt bitcoin mining agency Core Scientific

This checklist was compiled with data from Messari in addition to TechCrunch’s personal reporting.

What else we’re writing

Need to department out from the world of web3? Listed below are some articles on TechCrunch that caught our consideration this week.

1. Bootstrapping is cool once again (TC+)
2. The current labor market is a gold mine of talent for startups (TC+)
3. What’s the best way to run a startup in a world full of advice? (TC+)
4. This startup wants to verify your ID without storing your personal data
5. Was tech’s ‘bull run’ simply a temporary surge? (TC+)

Observe me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.