GM ☕

...with the intention of taking you through the weekly monumental updates of Web3 land. Here's what we have for you today:

• Money laundering probe weighs heavy

• Mailchimp suspends crypto related accounts

• Web3 funding, jobs and bonus reads

Estimated reading time: 3:20 minutes

This week in crypto ❇️

Prices (7d)

Weekly Web3 Wrap 🗞

Major updates from the web3 world 🌐

• India ranks seventh in digital currency ownership, ahead of the UK and Australia.

• Ethereum’s final testnet Merge goes live on Goerli.

• Polygon Launches Gnosis Bridge Built for Multisig Wallet Safe

• Reddit expands community points offering with FTX Pay integration.

• Alleged Tornado Cash developer arrested in Amsterdam.

Crypto money laundering probe making crypto winter colder

The Enforcement Directorate of India has identified at least ten cryptocurrency exchanges as possible fronts for over ₹1,000 cr laundered money in the instant loan app case. Many of these platforms have a China connection.

• The accused firms sought the help of the exchanges in purchasing crypto coins worth over Rs 100 crore and sending these to overseas wallets.

• The exchanges were not able to conduct enhanced due diligence and failed to raise suspicions of potentially suspicious transactions.

• In many cases, the KYC details collected by the exchanges were found to be full of holes.

So far, ED has frozen ₹64 cr funds of WazirX and ₹367 cr in Vauld’s India accounts.

WazirX-Binance row 🥊

Binance and WazirX have been at odds since the ED froze bank balances from Zanmai's directors. The social media row between WazirX CEO Nischal Shetty and Binance CEO Changpeng Zhao is being probed by the ED.

• Binance will cease to support off-chain fund transfers between WazirX Exchange and Binance via the ‘Login with Binance’ option.

• Users can still deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX.

WazirX is a major crypto exchange in India, and investors fear it might fold. Also, the “crypto is a scam” movement seems to have accelerated! phewww... that's a lot, but let’s follow the developments and sit tight with the hope that investors don’t get the short end of the stick. 🤞

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Mailchimp is not bullish on crypto

Loved and trusted marketing platform Mailchimp has been suspending the accounts of crypto-related content creators and media outlets this week.

Under “Prohibited Content,” the company’s Acceptable Use Policy lists “Cryptocurrencies, virtual currencies, and any digital assets related to an Initial Coin Offering,” stating that “we do not allow businesses that offer these types of services, products, or content.”

But this isn’t new.

Mailchimp has a history of suspending crypto publisher accounts years ago, including Blockworks and ShapeShift.

And Mailchimp isn’t the only one.

Constant Contact, one of the largest email marketing platforms, also lists cryptocurrency under its Prohibited Content Policy.

Users are now eagerly looking for services happy to host crypto-related content, and we don't talk about Mailchimp anymore.

This week's newsletter is brought to you by Celo

If the spirit of Web3 could be explained in one word, it would be along the lines of prosperity for all ✨

And that's what Celo is doing; the word literally translates to purpose in Esperanto! Celo is a mobile-first DeFi platform building for change. Their aim? DeFi for a cause, DeFi for all.

Celo is BUIDLing communities all around the world to fight climate change. You can also get through transactions without wasting your favourite crypto on fees by the time you're done yawning; it's that fast and allows you to pay transaction fees with tokens & stablecoins. Suddenly, DeFi doesn't sound boring, plus it's for the environment? Sold!

Learn more here on how you can earn, learn & build to be a part of Celo's purpose.🤝

Work in Web3 👩‍💻

• Lead the way for FANtium as their Head of Community. 👥

• Help Palmswap land eyes on them as their SEO Content writer. ✍️

• Apply for the position of Engineering Manager at Decent DAO. 🛠

This week in funding 💰

• Lysto, a Web3 startup that provides tools to gamers, has raised $12 million in funding. Angel investors, including Balaji Srinivasan, Binny Bansal and Bobby Ong and TM Lee, among others, also participated in the investment round.

• Niche, a user-owned social media site, raised $1.8 million in a pre-seed round. CEO Christopher Gulczynski and CTO Zaven Nahapetyan, bringing their respective Tinder and Facebook experience, turned to Web3 as an alternative to ad-driven social media.

Hey, you made it here! Make your Sunday even better with some bonus reads and a meme ☕

i mean...with so much going on with crypto, how could we not talk about it? 🤐

That’s a wrap for This Week in Web3, see you next week! 🚀

If you’re an early-stage Web3 builder going from 0 to 1, holler at our creative-capital studio Spacekayak and let’s create something extraordinary through design! ✨