GM, this is The Crypto Explorer, we don't want to brag, but we think our newsletter is better than sliced bread. Okay, we're totally bragging. 😀

Here’s what we got for you today:

• 🚨 Bybit's KYC Mandatory Verification Set to Begin May 8th

• 🔐 CertiK report reveals Ordinals Finance Conducted a $1M Exit Scam

• 🧱 Around The Block: Coinbase vs SEC

🚨 Bybit's KYC Mandatory Verification Set to Begin May 8th

Bybit has announced that starting from May 8th, they're making it mandatory for all users to complete KYC identity verification before they can use all products and services offered.

Any users who haven't completed KYC by May 8th will only be able to close existing open positions or orders, return loans, or withdraw.

Also, any new trading activities will be restricted until KYC is completed.

Basically, they’re saying: "No KYC, no trading for you! ⚔️

But why thou?

Bybit's entire value proposition was built around No KYC

Here's what they had to say about it:

But don't worry, completing KYC won't take you a lifetime, Bybit assures users that it'll only take anywhere from 15 minutes to 48 hours to be implemented.

…and they're “bribing" users to KYC 😂

Users who completed level one KYC on Bybit could have a withdrawal limit between 1 million USDT and 12 million USDT, depending on their level of VIP status.

This is opposed to non-KYC Bybit users who had a daily withdrawal limit of 20,000 Tether USDT and a monthly withdrawal limit of 100,000 USDT before this update.

Also, Bybit has stated your info will be encrypted and protected for privacy and security, It will not be shared for marketing purposes. 

🔐 CertiK Report Reveals Ordinals Finance Conducted a $1M Exit Scam

Ordinals Finance, a decentralized finance (DeFi) protocol built on the Ethereum blockchain, has been accused of an exit scam (rug pull).

Blockchain security firm CertiK reported that the protocol's developer pulled out 256 million OFI tokens from its smart contracts using a "safuToken" function and another 13 million OFI using an "ownerRewithdraw" function, totaling 269 million OFI tokens withdrawn.

They made their investors' money disappear faster than a rabbit in a hat. 🐇

CertiK reports that the total loss to investors is estimated to be $1 million, whereas CoinGecko data shows that the market capitalization for OFI was $2.3 million before the alleged exit, but it fell to slightly over $143,000 afterward.

This implies that losses were more than $2 million. However, some token owners might have sold their tokens after the news broke, which may account for the lower amount reported by CertiK.

Either way, this is a pretty unfortunate situation for the investors who trusted Ordinals Finance with their money.

Further investigation found that the funds were allegedly sent to a separate Ethereum account, and the deployer account made 12 transactions swapping OFI for Ether and then deposited into Tornado Cash.

Voila! Money gone! 💸

And to make matters worse, Ordinals Finance's Twitter account seems to have disappeared into thin air.

 🧱 Around The Block: Coinbase vs SEC

• ⚔️ Coinbase vs SEC: Coinbase files court action to compel SEC’s response to a rulemaking petition.

• 🤝 Chainlink: Decentralized exchange GMX votes to use Chainlink low-latency oracles

• 🪙 Stablecoin payments: Visa shares plans for ‘ambitious’ crypto products.

• 🇺🇸 Crypto in America: Tech billionaire Chamath Palihapitiya predicts the death of crypto in America.

That's all we have for today.

We'd love your feedback.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research