👏 Epic Games Claps back at Mojang banning NFTs

July 22, 2022

GM 👨‍👩‍👧‍👦

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Today’s estimated research time is 4 hours and 45 minutes condensed into a read time of 3 minutes. Stay tuned to where we talk about:

  • 🚔 Former Coinbase Employee was arrested for insider trading. 

  • ⏮ Weekly Wrap!

  • 📈 Do you want to grow with us?

  • 🚀 Epic Games is bullish on NFTs and will never ban them!

🚔Former Coinbase Employee was Arrested for Insider Trading.

Millions of people want to hit it big by trading cryptocurrencies. Some fall ahead of the curb and succeed. While the ones who don't would do anything to achieve that—even risking their freedom. 

Insider trading involves trading in a public company's stock under the influence of someone who has information not yet disclosed to the public. This is very illegal and comes with consequences.

What happened? 📝

Ishan Wahi, a former employee at Coinbase that worked with the assets listing team, would consistently inform his brother, Nikkhil Wahi and friend, Sammer Ramani, of new coins that were going to be listed on Coinbase. 

They tried to conceal the purchases under centralized exchanges connected to other people's names and then transferred the funds to multiple Ethereum wallets. 

By doing this method, they managed to run up $1.5M in profits. Sounds brilliant, but not smart enough since they got caught. 

After being called for an in-person meeting on May 15 regarding an internal investigation, Ishan attempted to fly to India but was stopped at the airport by law enforcement.

Now they're all facing charges of wire fraud and insider trading. 

This was Coinbase's statement. 

How did they get caught? 🌬

Twitter user @Cobie pointed out weird buys that happened 24 hours before the launch of new assets and blew the whistle! 

Blockchain doesn't lie. The technology creates a transparent system with equal access to information.

While billions are manipulated out of the stock market. The people responsible are left untouched because of privacy and many loopholes.

This is why it is the future; lying or breaking the rules at the cost of others will be much harder to hide since every single transaction on the network is public.

⏮Weekly Wrap!

If you want to catch up on this week to prepare for the next, check these out! 👇

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🚀Epic Games is bullish on NFTs and will never ban them!

We all know them for making Fortnite, a game that generated close to $5.8B in revenue during 2021. But they've also made the Unreal Engine Creation that's responsible for games like Borderlands, Sea of Thieves and Kingdom Hearts 

💡Epic Games' involvement with NFTs

The Epic Games store is a PC and Mac marketplace with over 194 million users. They've raised $2B to build a metaverse; while the release date is TBA, they have not yet used crypto or blockchain networks within their games. 

However, they allow developers to launch NFT-focused games on its marketplace and have already onboarded some Web3-powered games onto their platform, such as Gala Games. 

Claps for Epic 👏👏👏

They are preparing for the future with a strong stance and their foot already in the door.

When Microsoft announced the ban on NFTs. Epic Games CEO Tim Sweeny replied to Mojang's announcement with 

W for Tim! 🎊

L for Microsoft! Booo! 👎

🌱NewSeeds

Stablecoin Firms Face Tough Reserves, Capital Demands in US Bill, Source says. Will we see another collapse before the bull run? 🪖

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Have a good weekend. See you Monday! ✌️

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research! 

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