👀 The interest in Web3 is increasing as BTC searches decline

👀 The interest in Web3 is increasing as BTC searches decline 😩 FTX traders lose millions in API exploit, CEO announces one-off compensation 🔌 Freeway halts withdrawals, cites market volatility

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Now, for the today's newsletter:

👀 The interest in Web3 is increasing as BTC searches decline 

😩 FTX traders lose millions in API exploit, CEO announces one-off compensation 

🔌 Freeway halts withdrawals, cites market volatility

The interest in Web3 is increasing as BTC searches decline

Search interest for BTC among crypto investors is currently declining as the global crypto community starts to explore other options in the market. According to Google search trends, the term “Bitcoin dead” is being increasingly searched for, which could be indicative of the growing investor anxiety in the market. In the meantime, however, Web3 projects are beginning to gain traction, with searchers increasingly looking for information on these developments.

According to Google Trends, the number of searches for “Web3” has increased significantly over the past month, while searches for “Bitcoin” have decreased by nearly 60%. This indicates that investors are becoming more interested in exploring the potential of Web3 projects. Due to the prolonged market downturn (also called "crypto winter"), many investors are turning to alternative projects that they believe have more upside potential. Web3 projects are the first among these, as they offer a more robust and decentralized infrastructure as well as interesting and creative use cases.

So far, Ethereum has been the main beneficiary of this increased interest in Web3, as it is the platform on which most of these projects are being built. However, other blockchain platforms such as Cardano are also beginning to gain traction, as investors look for the next big thing in the crypto space.

Ultimately, the increasing interest in Web3 projects is a positive development for the crypto industry as a whole, as it indicates that investors are still interested in exploring the potential of blockchain technology, instead of just focusing on trading coins. This could lead to more adoption and use of crypto in the long run.

FTX traders lose millions in API exploit, CEO announces one-off compensation

People that trade on the FTX crypto exchange have recently lost millions of dollars worth of cryptocurrencies due to an API exploit. This exploit involved the crypto trading platform 3Commas. One of the users noticed on October 19th that his account was playing up, making DMG trades 5,000 times over. Soon after, the owner discovered that his cryptocurrencies - Bitcoin, Ethereum and FTX token - totaling $1.6 million had gone missing from his account.

It appeared that this was an isolated incident at first, but that soon changed when another trader posted on social media about a similar situation. Days later, more and more reports of lost funds began to surface as it became clear that this was not just a one-off event.

The API exploit allowed hackers to gain access to people's accounts and make trades without their knowledge or permission. This resulted in many people losing large sums of money in a very short space of time.

SBF, the CEO of FTX, has announced that the company will be giving a one-off compensation to those affected by the API exploit. This compensation will come in the form of $6 million, which will be used to replenish the losses of FTX users. However, this is a one-time deal and SBF has said that the company will not be making a habit of compensating people for losses that occur on other platforms. This is a fair stance to take, as it would be unfair to those that have been affected by third-party platform exploits everywhere else.

The compensation from FTX is a welcome relief for those that have lost money, but users should be aware that this does not mean that such incidents will not happen again in the future. It is always important to be vigilant when using any online service and to take measures to protect your account and your funds.

Freeway halts withdrawals, cites market volatility

The latest casualty in the world of cryptocurrency is Freeway, a crypto staking platform that touted up to 43% annual rewards. The platform has halted withdrawals and deposits, citing market volatility.

In a notice posted on its website, the firm stated that it has decided to change how its assets are spread out to avoid future market volatility and increase platform sustainability. While the platform adjusts, it will allocate capital to a portfolio and suspend "Supercharger simulations," according to the statement.

The above-mentioned “Supercharger simulations,”  which offer a higher yield, emulate the prices of popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), and can be bought using USDT, USDC, BNB, and other cryptocurrencies.

Freeway is just one of the many crypto platforms that have had to halt withdrawals over the past few months. But the Twitter crypto community doesn't seem to believe this is the reason for the latest stoppage.

In a Twitter thread on Oct. 22, crypto influencer FatManTerra pointed out that the CEO of Freeway had made false claims about his background, which were removed from the website after the community members confronted him. The user also said that people have been raising concerns about the platform being a “Ponzi scheme,” since large sum withdrawals were getting “delayed” even before the halt. Some members of the community referred to the halting of withdrawals as a "rug pull" of "over $100 million".

The platform has also deleted its team biographies from its website, which further adds to the suspicion. Of course for now it's just allegations, and we won't know the truth until Freeway returns with a statement or the funds.

In the end, this is but the latest example that if something sounds too good to be true, it probably is. As the saying goes, if you don't understand it, don't put your money into it. The same goes for any high-yield investment. If you don't understand how the platform makes money, or what the risks are, you're better off not putting your money into it.