GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Monkey Tilt Raises $30M in Series A Led by Pantera Capital

- Sui Blockchain Outage Sparks Concerns and Token Dip

- QUANT Kid’s Dog Stolen as Meme Coin Bari QUANT Surges

- "Chill Guy" Artist Battles Meme Tokens Amid Community Debate

- BitGo Unveils Regulated Crypto Services in Singapore

- North Korea Linked to $50M Upbit Hack, Now Valued at $1B

Crypto Casino Monkey Tilt Secures $30M Series A Funding Led by Pantera Capital

Monkey Tilt, a crypto casino platform launched in March, has raised $30 million in a Series A funding round led by Pantera Capital. This latest funding pushes the platform’s total capital raised to over $50 million. Other investors include Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana, and Flutter.com co-founder Josh Hannah. While the company did not disclose its valuation, the funding reflects confidence in Monkey Tilt's innovative approach to online gaming. The platform combines traditional casino experiences with enhanced social and lifestyle features. It supports payments in multiple cryptocurrencies, including Bitcoin, Ethereum, Solana, Dogecoin, and stablecoins, offering users a broad payment infrastructure.

Monkey Tilt's founder and CEO, Sam Kiki, emphasized their focus on creating a more immersive and culturally relevant gaming experience, addressing gaps in how people game and connect online. Pantera Capital partner Ryan Barney praised the platform for leading innovation in the online gaming space and noted Kiki’s leadership as pivotal in shaping the future of entertainment. Currently offering casino games and a 24/7 sportsbook, Monkey Tilt is set to launch a new gamified product in Q1 2025. This feature will enable users to bet on whether players surpass or fall short of statistical predictions, adding an interactive and competitive element to the platform. Monkey Tilt’s fresh take on integrating crypto with gaming and entertainment has positioned it as a standout player in the online gaming sector.

Sui Network Blockchain Faces Outage, Down for Over Two Hours; Token Drops Amidst Disruption

The Sui Network, a decentralized layer-1 blockchain, experienced a major outage lasting over two hours, ceasing transaction block production since 9:15 AM UTC on November 21, 2024. The issue, confirmed on Sui’s official X account, disrupted blockchain operations, though the team assured users that the problem had been identified and a fix was imminent. According to the Sui Vision explorer, no new blocks have been generated since the outage began. This technical disruption also impacted the SUI token price, which fell by nearly 2% in the past hour and 7.29% over 24 hours, trading at $3.41. Despite this setback, the token has seen a 75% price surge over the past month, reflecting its prior momentum.

The outage prompted Upbit, a South Korean crypto exchange, to temporarily suspend deposits and withdrawals for the SUI token to safeguard user funds. Upbit warned users that transactions made after the announcement could result in irretrievable funds. Community reactions were mixed, with many drawing comparisons to Solana, a blockchain notorious for similar outages. Critics, including crypto YouTuber Ajay Kashyap, highlighted the irony of Sui's ambition to surpass Solana while experiencing similar reliability issues. Ranked 18th among cryptocurrencies, SUI holds a market cap of $9.7 billion and a fully diluted valuation of $34 billion, with a circulating supply of 2.8 billion tokens. The incident raises questions about the reliability of newer blockchain protocols and their ability to handle operational challenges effectively.

13-Year-Old QUANT Developer's Dog Kidnapped; Retaliatory Meme Coin Bari QUANT Gains Traction Amid Controversy

A bizarre crypto feud has escalated, involving the kidnapping of a 13-year-old QUANT developer's dog as retaliation for alleged rug-pulls. The boy, infamous for creating and crashing the QUANT token, is now at the center of a controversy that has captured the crypto community's attention. Reports surfaced on X that the kidnapper, a disgruntled QUANT investor, demanded a public apology and monetary compensation. The kidnapper also launched a meme coin called Bari QUANT, named after the stolen dog, and promoted it via a dedicated X account featuring the dog’s image as its mascot. The kidnapper, claiming a personal connection to the boy, reiterated demands for the boy to buy $5,000 worth of Bari QUANT and issue an apology.

Meanwhile, Bari QUANT's value surged by over 300% within hours, reaching a market cap of $800,000 before settling at $309,000. The feud traces back to November 20, when the young developer launched the Gen Z QUANT token, which skyrocketed by 260% before he abruptly sold his holdings, causing a crash and pocketing $30,000. He repeated the act with two other tokens, LUCY and SORRY, raking in another $24,000 and enraging investors. Further escalating tensions, the boy mocked affected investors, leading to doxxing of his family. New tokens themed after his family members were launched, showcasing the extreme backlash. Amid the chaos, QUANT's price dropped by over 61%, with its market cap now sitting at $19 million, down from its peak of $81 million. This unusual saga highlights the risks and unpredictability within the crypto landscape, where personal grievances can spiral into viral conflicts affecting entire communities.

Artist Threatens Legal Action Over Unauthorized Use of "Chill Guy" Meme in Tokens; Community Reacts

The artist behind the "Chill Guy" meme, popularized in a viral memecoin, is taking a stand against its unauthorized use in cryptocurrency projects. The memecoin, called Just a Chill Guy (CHILLGUY), launched on November 15 on the Solana network, briefly reached a market cap of $580 million before settling at $400 million. The artist, known as "PhillipBankss" on X, expressed frustration over the use of his work in crypto without consent. He announced plans to take legal action, targeting merchandise and memecoins exploiting the copyrighted meme for profit. While emphasizing he doesn’t mind brands riding the trend, he categorically stated his disapproval of crypto-related usage of his art. Legal experts and crypto enthusiasts expressed skepticism about the feasibility of enforcing such claims in the decentralized and often anonymous world of blockchain.

Some community members advised the artist to monetize the situation by auctioning NFTs or licensing the character for profit. Others defended his stance, arguing that he is an artist protecting his rights, not a scammer. This controversy follows CHILLGUY’s meteoric rise, with its token price hitting $0.40 and sparking debates over intellectual property in decentralized finance. While some dismiss the artist's efforts as futile given blockchain’s immutable nature, others point to this incident as a growing example of crypto’s clash with traditional copyright laws. The case highlights ongoing tensions between creators and the crypto world, underscoring the challenges of protecting intellectual property in decentralized ecosystems.

BitGo Launches MAS-Regulated Crypto Exchange in Singapore to Cater to Institutional Demand

Grayscale Investments has completed reverse share splits for its Bitcoin Mini Trust ETF and Ethereum Mini Trust ETF, resulting in significant price increases for each. The Bitcoin ETF saw a 5x rise in share price, while the Ethereum ETF experienced a 10x increase, effective Nov. 19. BitGo, a California-based cryptocurrency exchange, has officially launched its Singapore subsidiary after securing a major payment institution license from the Monetary Authority of Singapore (MAS). The new entity aims to meet the growing institutional demand for digital asset services across the Asia-Pacific (APAC) region. Announced on November 21, BitGo Singapore will provide regulated custody, trading, settlement, and token management services. The move underscores the company’s commitment to adhering to stringent regulatory standards while addressing the APAC market's unique requirements. Singapore’s strategic location as a leading crypto hub with regulatory clarity makes it an ideal entry point for tapping into Southeast Asia's robust demand for institutional-grade crypto solutions.

BitGo has partnered with Wintermute, an algorithmic trading firm, to enhance its services in Singapore, particularly targeting institutional clients. The MAS has recently ramped up efforts to facilitate asset tokenization by launching new frameworks as part of Project Guardian. Despite over 40 institutions conducting trials across multiple jurisdictions, scaling tokenized assets to industry-wide adoption remains a challenge. BitGo’s expansion into Singapore positions the company to capitalize on these initiatives, providing high-liquidity trading, automated settlement, and robust token management. The collaboration with Wintermute aims to bolster institutional growth across APAC's digital asset markets. This launch marks a significant step in BitGo’s broader strategy to lead innovation in regulated crypto services, leveraging Singapore's progressive crypto ecosystem to accelerate growth in the region.

South Korea Confirms North Korean Hackers Behind 2019 Upbit Crypto Theft Worth Over $1 Billion

South Korea’s National Office of Investigation has confirmed that North Korean hacking groups Lazarus and Andariel were responsible for the $50 million theft from Upbit, a South Korean cryptocurrency exchange, in 2019. The stolen assets, amounting to 342,000 Ether (ETH) at the time, are now valued at over $1 billion due to Ethereum's price surge. This marks the first official confirmation of North Korea’s involvement in a cryptocurrency hack by South Korean authorities. Investigators traced crypto flows, IP addresses, and linguistic patterns, with support from the U.S. Federal Bureau of Investigation (FBI), to identify the perpetrators.

Following the hack, approximately 57% of the stolen ETH was sold through exchanges allegedly operated by North Koreans, while the remainder was laundered across 51 international platforms. Details of the hacking methods have been withheld to prevent imitation attacks. The confirmation comes shortly after Upbit faced allegations of Know Your Customer (KYC) violations, including accepting blurred identification documents, leading to potential fines of up to $71,500 per violation. These allegations have raised concerns about the exchange's business license renewal. This incident highlights North Korea's persistent use of cyberattacks to fund state operations and underscores the importance of robust security measures in the cryptocurrency sector. South Korea continues to strengthen its regulatory framework to prevent such breaches in the future.

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