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Trending over the past 24 hours 👇

1. 🌐Breaking Boundaries: Russia uses crypto exchanges to settle cross-border transactions.

2. 🔓Siege - Nigerian crypto platform Patricia with ~1 million users, encounters a security breach.

3. ⚙️Warming up the gears - Bitcoin Ordinals surpass 10 million inscriptions in under six months.

From State Control to Cross-Border Connections 🌍

Russia has decided to flip the script on crypto plans, with indications that the country is exploring the use of cryptocurrency exchanges to streamline cross-border transactions ⤴️

While initial reports suggested plans for a state-run crypto exchange last November, it seems that Russia has decided to set aside these plans in favour of a new approach and, instead, implement a new framework to regulate crypto exchanges for facilitating cross-border settlements.

The responsibility of overseeing these exchanges would lie with the central bank. This alternative plan has gained the backing of the Ministry of Finance, which was previously sceptical about establishing a single national digital assets exchange. It looks like the MoF went from “nyet" to "da” real quick❗

Thanks to the never-ending Russia-Ukraine war, Russia is currently one of the most sanctioned nations in the world. These developments signify Russia's growing interest in leveraging cryptocurrencies and highlight a shift toward embracing existing exchange platforms rather than creating a new state-controlled entity.

Another Day, Another Exploit 🔓️ 

Patricia, the 6-year-old Nigerian platform offering crypto trading services, recently experienced a security breach of an undisclosed amount, where the attacker managed to exploit funds in Bitcoin and Naira from the platform 👀

Despite most of the other customer funds remaining safe, the platform suspended its withdrawals while simultaneously working with law enforcement to recover the stolen assets. It also announced that it’s working towards enhancing its security features to ensure a safer environment for its customers.

Founded in 2017, Patricia has hit over 800,000 users and has processed over 10 billion Naira annually in transaction volume, making it one of the leading crypto exchanges on the continent.

Remember, folks, avoid storing your funds on third-party exchanges, no matter how trusted the exchange is. If a platform is centralized, it is likely to get compromised sooner or later. If you are a long-term HODLer, investing in a hardware wallet is imperative to take complete custody of your funds! Not your keys, not your crypto 🔒

Momentous Milestone 🚀 

In a whirlwind of growth, the number of Ordinals inscriptions on the Bitcoin network has soared to an impressive 10 million, just days after its creator Rodarmor stepped down as the project’s caretaker. What’s most impressive is that it achieved this feat in less than 6 months!

On May 28, Casey Rodarmor announced on Twitter he had stepped down as the project’s lead maintainer, claiming that he’d been unable to give Ordinals the attention it deserved. He handed the role over to pseudonymous coder Raphjaph.

Launched in January, Ordinals became allowed to mint assets on the Bitcoin blockchain. The introduction of the BRC-20 token standard in March further fueled the surge, resulting in over 25,000 Bitcoin-based tokens currently worth around ~288 million combined.

The flurry of network activity since the onset of the Ordinals in January has been a boon for miners, which have now seen more than $44 million in Ordinals-related fees paid out, according to data from Dune Analytics. From humble beginnings to 10 million inscriptions, it's a tale of growth and adoption that impressed everyone!

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Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.

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