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Do Kwon’s Bail Revoked, Celsius Acquired, Binance Suspends Multichain Deposits

Ephraim Austin

Ephraim Austin

May 25, 2023

These are the stories that shape Web3.

Top Stories

  • Do Kwon: Terraform Labs co-founder, Do Kwon’s detention in Montenegro extended after the high court decision to revoke bail (CD).

  • Celsius Network: Crypto consortium Fahrenheit has emerged as the winning bidder in the acquisition of bankrupt crypto lender Celsius Network (DC).

  • Multichain: Binance has temporarily suspended deposits for 10 tokens due to ongoing issues with the Multichain bridge project (DC).

Web3 Games

  • God’s Unchained: Trading card game Gods Unchained is aiming to follow Axie Infinity and NFL Rivals by launching a mobile game version on both Android and Apple devices by the end of the year (TB).

  • Heroes of NFT: The trading card game talked about why they are building on Avalanche (TW).

  • Defimons: The RPG announced it will be coming to the Epic Games store at the end of this year (TW). 


  • Space Pepe: Bitcoin-Based ‘Space Pepes’ led weekly trading volumes among NFT collections. Bitcoin-based NFT collections continue to surge over Solana and Polygon-based offerings in recent weeks (CD).

  • Foresight Ventures: VC firm, Foresight Ventures has pledged an additional $10 million to its web3 accelerator program. Investments will include areas like NFT ecosystems, bitcoin blockchain and liquid staking derivatives (NFG).

  • Shaquille O’Neal: The four-time NBA champion was served legal papers for his NFT project Astrals. The lawsuit alleges that Astrals NFTs offered for sale were unregistered securities and attached to promises made by the former NBA player (DC).

Into the Metaverse

  • China Metaverse: Nanjing City has launched a state-backed entity called “Blockchain Technology and Application Innovation Platform of China” to enhance metaverse studies (NFG).

  • Meta: “Year of Efficiency” continues at Meta, which will start laying off thousands of workers next week, the third round of layoffs in the space of seven months (NFG).

  • Metaverse Society: British unicorn Improbable has sharpened its metaverse focus with the launch of a new think tank called Metaverse Society. The think tank will explore the social and economic impacts of the nascent tech (TNW).

DeFi World

  • DeFi Regulation: The EU’s financial stability watchdog has said that new regulations may be needed to cover the DeFi sector which could pose a systemic risk to the economy (CD).

  • Multichain: The cross-chain router protocol’s token plunges 30% on backend upgrade delay (CT)

  • Fintoch: DeFi lending protocol Fintoch reportedly rug pulls investors for $31.6 million. The DeFi platform disappeared with over $30M of users’ assets after claiming it was affiliated with multinational banking giant Morgan Stanley (CP).

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