GM, frens! Ambire here with our weekly newsletter. This week, we’re talking about former US prez Trump and his brand new NFT release, US legislation to tackle crypto misuse (that doesn’t exist), Ivo from Ambire on the Web3 on Fire podcast, OKX losing $2.7M in a hack, Megadeth releasing a METAL NFT collection and Ledger getting in hot water again.

Lotta NFT releases! Just like the old days.

Let’s get on with it:

Donald Trump and his NFTs (again)

Donald Trump is known for being unorthodox (to say the least), but his love for NFTs takes things to a whole new level. The former President is now offering his NFT collector fans the chance to not only dine with him at Mar-a-Lago, but also own a piece of his mugshot suit.

Priced at $99 each, the new "Mugshot Edition" trading cards come with a unique twist. For every 47 cards purchased in a single transaction ($4,653), buyers will receive a physical trading card that includes an actual piece of the suit Trump wore during his arrest in Fulton County, Georgia, last year.

This isn't the first time Trump has used his mugshot for financial gain. He has previously sold merchandise featuring his fake mugshot and even plastered the actual image on items in his campaign store.

But what sets the "Mugshot Edition" NFTs apart is the inclusion of physical trading cards and the opportunity to dine with Trump himself. Along with a piece of the suit, those who purchase 100 NFTs in a single transaction will also receive a chance to attend a pre-gala cocktail reception with the former President.

The first two releases of Trump's digital trading cards generated an impressive $9 million in sales. And with the added bonus of owning a piece of his iconic suit, it's likely that this new NFT series will see similar success.

Despite the lucrative nature of this venture, it is worth noting that while Trump himself is technically not directly involved in the offering, the company selling the NFTs has paid for a license to use his name, likeness, and image.

Financial disclosures have revealed that the former President holds up to $5 million worth of Ether, as well as having earned at least $4.9 million in NFT licensing fees, further demonstrating his interest in the digital asset world. These figures show that while Trump's approach might be considered unconventional, it seems to be paying off for him.

Love him or hate him, it's hard to deny that Trump has a knack for grabbing attention and making headlines, this latest offering of NFTs being no exception.

U.S. Senator Elizabeth Warren unveils laws to tackle “crypto misuse”

U.S. Senator Elizabeth Warren has been a vocal critic of crypto and its alleged role in facilitating illicit activities such as money laundering, drug trafficking, sanctions evasion, and more. In an effort to address these concerns, she recently introduced legislation that aims to increase oversight and regulation within the BTC and cryptocurrency sphere.

The bill has garnered support from a coalition within the Senate Banking Committee and is being hailed as a significant step towards curbing crypto's use in criminal activities. Senator Warren stressed the need for stricter regulatory frameworks, stating that digital currencies are often used by terrorist groups, rogue nations, drug lords, and fraudsters to launder stolen funds, evade sanctions, fund illegal weapons programs, and profit from cyberattacks.

In a statement released by her office, Senator Warren said, "The Treasury Department has made it clear that we need new laws to crack down on crypto's misuse. That is why I am glad to see five new senators join the fight to take action, including three members of the Banking Committee. Our bipartisan bill is the toughest proposal on the table and will give regulators more tools in their toolbox to address crypto's illicit use."

The proposed legislation includes extending the responsibilities under the Bank Secrecy Act (BSA) to mandate stricter reporting requirements, including KYC requirements and filing reports on transactions involving unhosted wallets.

The bill has received endorsements from various organizations, including the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs' Association, AARP, National Consumer Law Center, and National Consumers League.

Still, according to various experts, the actual prospects of the bill's passing appear slim. Following the recent troubles around FTX, U.S. legislators are more focused on enacting comprehensive crypto regulatory reforms, instead, Senator Warren's bill seems to have a narrow focus on surveillance rather than addressing the issues in blockchain technology that enable criminal activities.

Web3 on Fire Podcast: Making Web3 Safe and Accessible to Everyone

In the 13th episode of the Web3 on Fire podcast, we are joined by Ivo Georgiev, CEO and Co-Founder of Ambire, who delves into creating user-friendly crypto wallets, the innovative approach of the Wallet DAO, and the transformative role of AdEx in the decentralized AdTech world.

Listen to this week’s episode and give it a follow on X(Twitter) so you don’t ever miss any episodes:

OKX loses $2.7M after a hack

One of the crypto DEXes, OKX’s own DEX, was targeted in a hack on December 13, resulting in the loss of $2.7 million in various tokens. The attack occurred after the private key of a proxy admin owner was reportedly leaked and used to compromise the exchange's DEX proxy contract.

As reported by SlowMist Zone, a blockchain security firm, the issue began on December 12 at around 10:23 PM UTC after the proxy admin owner upgraded the DEX proxy contract to a new implementation. The user then began stealing tokens, prompting another upgrade from the proxy admin owner at 11:53 PM UTC. It was suspected that the leaked private key may have been used in this attack.

The affected DEX proxy was quickly removed from OKX's trusted list and Scopescan, an on-chain analysis firm, reported the attack after receiving reports from users. Upon contacting OKX, Scopescan was informed that an old abandoned contract had been exploited and subsequently shut down.

Although OKX stated that any user losses due to the hack would be covered by them, blockchain security company PeckShield estimated that $2.7 million in various tokens were lost in the attack. As a precaution, PeckShield advised users to revoke any allowances they may have granted.

Metal and NFTs? Megadeth releases a collection

NFTs aren’t just for glamorous pop stars and politicians, it turns out. Iconic American metal band Megadeth made headlines after launching a new NFT collection. The launch is aimed at further connecting with their fans and community in both physical and digital reality.

The collection consists of 5,000 pieces featuring the band's digital mascot, Vic Rattlehead.

In addition to the digital collectible, fans who purchase the NFT will also gain access to both physical and digital experiences within the metaverse. This includes one-on-one conversations with the band members themselves.

The announcement has already garnered an overwhelmingly positive response from fans on Twitter/X, with many expressing their excitement for the intersection of heavy metal and NFTs.

Megadeth is not the first heavy metal band to embrace Web3 technology, though. Avenged Sevenfold, another popular group in the genre, has also released NFTs and even created a dedicated online community called the Deathbats Club.

In late November, Avenged Sevenfold made the news after releasing concert tickets as NFTs and receiving an overwhelming response from fans. In a show of solidarity, lead singer M. Shadows also congratulated Megadeth on their own entrance into the world of NFTs.

The trend of mainstream music artists embracing Web3 technology appears to be on the rise. While NFTs and metaverses may be taking a backseat to other emerging metas, they are still going strong and making waves in the industry.

Ledger is in trouble again

Ledger, one of the leading hardware wallet providers, recently experienced a security vulnerability that affected multiple dApps. This caused major concern in the crypto market, especially in DeFi and altcoin communities.

CTO of SushiSwap, Matthew Lilley, issued a warning to investors not to interact with any dApp until further notice. He stated that the platform was exposed to malicious code that originated from Ledger's GitHub page.

Squanch, a CT user, revealed that the code was changed "just two hours ago," and anyone who connected their wallets via Ledger during this time may have been affected.

In response to this incident, many platforms including Curve Finance advised users not to select Ledger as a wallet option. Some DeFi platforms even announced that they have temporarily stopped access to their websites until the issue is resolved.

Ledger quickly responded and announced that they had detected and removed the malicious version of Ledger Connect Kit.

Ledger keeps getting in trouble. Earlier this year, when Ledger announced Ledger Live integration of Ledger Live, many users expressed concerns about the security implications of using a live update service to interact with a hardware wallet. After all, a hardware wallet is intended to be an offline device.

The previous year, a fake Ledger app on the Microsoft App Store drained nearly $1 million from unsuspecting customers. This incident raised questions about Ledger's security practices and procedures. In 2020, Ledger's customer email database was also hacked, with over a million user emails compromised.

These events have caused concern and doubt among Ledger's customers, and the recent security vulnerability has only added to this skepticism.

Other worthy reads

A new post from Vitalik:

An observation by Thor Hartvigsen:

FIFA launching an NFT collection as well?!

The fun page

That's all for now, frens.

We'll see you next week. And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!