Good morning faithful DailyCoiners,

I hope you all had a magnificent weekend and Monday morning didn’t hit too hard!

Let’s get straight to it.

• Drake Drops $400k Bitcoin on Jake Paul 

• Ukraine Received $70 million in Crypto Donations

• Banning Crypto Should "not be taken off the table"

The Drake Curse Continues!

Canadian rapper Drake, well-known for making large Bitcoin bets, dropped another clanger last night.

He decided it would be good to bet $400,000 in Bitcoin on knuckle-dragger Jake Paul, predicting he would beath Tommy Fury by knockout.

Had Paul won, Drake could have netted $1.44 million. However, Fury won the fight in a split decision.

 This recent loss has further fuelled the “Drake curse” meme. If you’re unfamiliar with such pop culture, it goes like this, If Drake backs someone..they lose.

Recent losses Drake “caused” include:

• MMA fighter Jorge Masvidal getting beaten

• Charles LeClerc not winning the Spanish Grand Prix 

• Conor McGregor losing to Khabib Nurmagomedov

This Newsletter Is Brought to You by

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MOSDEX’s arbitrage protocol snipes arbitrage opportunities on centralized exchanges. Their exchange access technology leverages API functionalities.The Arbitrage protocol gains access to the exchange’s order book through the exchange’s API and conducts trades through empirically developed strategies.

It is currently being developed to work on decentralized exchanges.

The arbitrage protocol can trade arbitrages across decentralized exchanges on different blockchain networks and between centralized and decentralized exchanges if a more profitable arbitrage occurs between these two platforms.

$70 Million in Crypto Donations Given to Ukraine

Since the Russia-Ukraine war started, Ukraine has received over $70 million in crypto, providing the nation with military equipment and humanitarian assistance funds.

Most of these came in the form of ETH and BTC, but donations have also come from the auction of nonfungible tokens, such as UkraineDAO’s auction of a Ukrainian flag NFT that sold for $6.1 million.

Around 80% of the $70 million was donated in the first few months of the war. Ukrainian Deputy Digital Minister Alex Bornyakov explained that the speed of the crypto payments was instrumental in allowing Ukrainian forces to respond to the invasion. “If we used the traditional financial system it was going to take days [...] We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn’t expect this.”

In comparison, the $70 million dwarfs donations to Russia (just over $5 million).

 Banning Crypto Should "Not Be Taken off the Table" 

International Monetary Fund (IMF) managing director Kristalina Georgieva recently warned that they might have to consider banning crypto altogether if crypto regulation comes too slow.

While at the G20 finance ministers meetings in Bengaluru, India, Georgieva stated:

“We are very much in favor of regulating the world of digital money,” and went on to say, “if the regulation is slow to come and crypto assets become a higher risk for consumers and potentially for financial stability,” 

Citing a recent paper recommending global regulation standards, she said that crypto assets could not be legal tender because they are not backed.

However, she warned that the option to ban cryptocurrencies “should not be taken off the table” if they begin to pose a greater risk to financial stability.

When asked what could cause the decision to ban crypto, she said that a primary catalyst would be an “inability to protect consumers from the rapidly evolving world of crypto assets.” 

The IMF, the Financial Stability Board, and the Bank for International Settlements jointly prepare to release regulatory framework guidelines later this year.

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