Four top cryptocurrency stories from the past week

Quick Take

  • Crypto exchange Coinbase released its own blockchain, Base.
  • FTX founder Sam Bankman-Fried faces new charges.
  • Blockchain developers Dapper Labs and Polygon Labs announced staff layoffs.
  • Jump Crypto recovered $140 million in stolen crypto assets.

No week in crypto goes by without eye-catching headlines. This past week saw the birth of a new scaling blockchain from Coinbase, Jump recovering $140 million worth of stolen assets from its Wormhole bridge hacker, new indictment charges for FTX founder Sam Bankman-Fried and layoffs at two major blockchain firms.

Here are the details on these four stories:

Coinbase unveils a blockchain

Crypto exchange Coinbase released its own blockchain, Base, on a testnet version developed using a software stack called “OP Stack” provided by Optimism, a popular Layer 2 blockchain. Base aims to offer developers an easier, low-cost platform to build decentralized apps (dApps) on-chain. Coinbase will also serve as a primary developer for the OP Stack in partnership with Optimism. It has introduced the Base Ecosystem Fund to support projects building on the blockchain and will contribute a small percentage of fees collected to Optimism's governance body, Optimism Collective.

FTX founder Sam Bankman-Fried faces new criminal charges

FTX founder Sam Bankman-Fried is facing new criminal charges, including conspiracy to commit bank fraud, operating an unlicensed money transfer business, wire fraud on FTX customers, securities fraud on FTX investors, conspiracy to make unlawful political contributions and defrauding the Federal Election Commission. He has pleaded not guilty and is under house arrest on a $250 million bond. His trial is scheduled for October.

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More layoffs hit blockchain developers

Dapper