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Cryptocurrency, Blockchain, and Fintech News Headlines Update on 2022-09-27

Danish regulator starts EU DLT pilot process for green bonds

A group of organisations in Denmark is starting to use a distributed ledger technology (DLT) based trading and settlement platform to issue tokenised green bonds. The platform will be issued within the Danish Financial Supervisory Authority sandbox, FT Lab, with the authority being one of the first EU regulators to start work on the EU’s DLT Pilot Regime. The sandbox, led by Deon Digital, will use its existing bond issuance solution for the green bonds. Using DLT can potentially reduce the cost of issuance, making smaller bond issuances more financially viable as well as lowering the minimum trade amount, which makes investments more accessible to a broader group of people. Read More: Danish regulator starts EU DLT pilot process for green bonds

European Central Bank to partner with Amazon to make digital euro prototypes

The European Central Bank is working with 5 organisations to develop prototypes for the digital euro central bank digital currency (CBDC). It will partner with Amazon, CaixaBank, the European Payments Initiative (EPI), Nexi and Worldline with work to start this month until the end of the year. CaixaBank will develop a mobile application simulating the transfer of digital euros to a user’s bank account and person-to-person transfers to other individuals. Amazon is considered a surprise- and perhaps controversial inclusion – because of its American base but is aimed at reducing dependancy on traditional payment firms. A key objective of a CBDC is said to be to reduce the reliance on international payment firms such as Visa and Mastercard. Read More: CaixaBank, Amazon to make ECB digital euro prototypes

China accounts for 84% of all blockchain patent applications

Despite China steering clear of the crypto market, it accounts for 84% of all blockchain patent applications filed worldwide, according to the latest data shared by a government official. Chinese companies had filed 4,435 blockchain patents within one year of President Xi Jinping’s 2019 endorsement of blockchain technology. According to another study, China had accounted for roughly 60% of the world’s blockchain patent applications from 2015 to June 2021. Read More: China accounts for 84% of all blockchain patent applications, but there’s a catch

Reversible transactions could mitigate crypto theft — Researchers

Stanford University researchers have come up with a prototype for “reversible transactions” on Ethereum, in a bid to reduce the impact of crypto theft. It is not yet a finished concept but currently more of a “proposal to provoke discussion and even better solutions from the blockchain community” with one of the researchers noting: “The major hacks we’ve seen are undeniably thefts with strong evidence. If there was a way to reverse those thefts under such circumstances, our ecosystem would be much safer. Our proposal allows reversals only if approved by a decentralized quorum of judges.” The aim for the prototype is not to replace ERC-20 tokens or make Ethereum reversible, but rather to serve as an opt-in standard that “simply allows a short time window post-transaction for thefts to be contested and possibly restored.” Read More: Reversible transactions could mitigate crypto theft — Researchers

Pentagon Taps Inca Digital To Examine Crypto Risks To National Security

The Pentagon is leading a new program to look at the risks posed by cryptocurrencies and find out what kind of risks they could pose to national security and law enforcement. The research and development arm of the US Department of Defense, The Defense Advanced Research Projects Agency, will examine distributed ledger financial applications. One of the key factors that will be investigated is the effects of digital currencies on the U.S. dollar’s standing as a reserve currency. Read More: Pentagon Taps Inca Digital To Examine Crypto Risks To National Security

Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined

A chief scientist at Chainalysis has said that the sanctioning of cryptocurrency Mixer Tornado Cash has left a vacuum for illicit fund mixing services. In its place, lesser used “junior mixers” are now vying for the top mixer positioning. There is still limited usage of Tornado Cash since it was sanctioned, and it’ll take time before we’ll know the full impact. Read More: Tornado Cash left a void, time will tell what fills it — Chainalysis chief scientist

Crypto-Mixing Service Tornado Cash Code Is Back on GitHub

Since the U.S. Treasury Department’s Office of Foreign Assets (OFAC) last month banned Americans from using decentralised privacy service and crypto mixer Tornado Cash, GitHub and other platforms removed Tornado Cash from their sites in order to comply with the new U.S. regulation. However, since then, Ethereum developers, believing that computer code is protected speech under the First Amendment of the U.S. Constitution, called for platforms that host the Tornado Cash code to reverse their bans. This Thursday, code repositories for the Ethereum-based mixer Tornado Cash were relisted on GitHub. Read More: Crypto-Mixing Service Tornado Cash Code Is Back on GitHub

UK Introduced The ‘Seize, Freeze and Recover’ Crypto Bill

The UK government has introduced a “Seize, Freeze, and Recover” crypto asset bill into Parliament, which provides law enforcement agencies with more power to seize, freeze, and recover crypto assets. The bill, called the Economic Crime and Corporate Transparency bill, specifically targets those who are engaged in criminal activities such as money laundering, drugs, and cybercrime, along with crypto, which acts as a key enabler. Read More: UK Introduced The ‘Seize, Freeze and Recover’ Crypto Bill

Co-Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend

A new DeFi platform has been released by the co-founder of failed crypto exchange QuadrigaCX, Michael Patryn. The new protocol UwU Lend went live on 21st September and has already secured $57.5 million in total value locked. Users on the platform can borrow against an algorithmic stablecoin named magic internet money (MIM). QuadrigaCX is widely believed to have been a fraud from the start. This new platform has attracted its share of controversy, to say the least. Read More: Co-Founder of Failed Crypto Exchange QuadrigaCX Starts DeFi Protocol UwU Lend

Bitcoin mining firm Compute North files for bankruptcy

One of the largest Bitcoin mining pools and data centre providers in the US, Compute North, has filed for chapter 11 bankruptcy, amid growing pressure on the firm due to the effects of crypto winter and rising energy costs. Under this filing, the firm is still able to keep its operations going as it works out a plan to repay its roughly 200 creditors, to which it owes around $500 million. Its assets are said to be worth between $100 million and $500 million. Compute North offers large scale crypto mining hosting services and facilities, hardware and a BTC mining pool. Read More: NFT RENTAL PLATFORM SHUTS DOWN DUE TO “CLOSE TO ZERO TRACTION”

Bitcoin was almost named Netcoin by Satoshi Nakamoto, hints domain data

It’s possible that Satoshi Nakamoto had first thought to call Bitcoin Netcoin. The domain Bitcoin .org was created on Aug. 18, 2008, under AnonymousSpeech, a service in Japan that allowed users to buy domain names anonymously. The day before, Netcoin .org on Aug. 17, 2008 was registered on the same site. Read More: Bitcoin was almost named Netcoin by Satoshi Nakamoto, hints domain data

California Crypto Industry Escapes Burdensome Regulations

Gov. Gavin Newsom rejected a California bill that had passed the state legislature and would have effectively killed the state’s crypto industry, saying it was premature to impose licensing requirements. The law would have required virtually all crypto companies to obtain costly and lengthy local government approval, and would have cut off California residents from accessing even the most established exchanges. Read More: California ‘BitLicense’ Bill Vetoed by Gov. Gavin Newsom

Apple Will Allow NFT Sales In Apps, But Will Apply 30% Commission Fees

Apple is to start accepting NFT-based apps on the Apple App Store but will charge a standard 30% transaction fee. Many NFT firms are arguing that this isn’t feasible for their existence in the store. This has reportedly forced young projects and platforms to limit functionality in-app in an effort to dodge the high fees. Tech patent blogger FOSS Patents has noted that actual costs to developers can actually oftentimes exceed the 30% commission, adding that certain geographic areas are subject to fees that can be as high as roughly 35%, and be forced to pay for search ads. Read More: Apple Will Allow NFT Sales In Apps, But Will Apply 30% Commission Fees

Post offices adopting NFTs leads to a philately renaissance

Two European postal services are looking to promote philately (stamp collecting) and capitalise on the popularity of NFTs by launching NFTs of stamps. Netherlands’ PostNL and the Austrian Post Office (PostAG) are behind the NFT-powered renaissance of post stamp collecting. PostAG first explored the use of NFT post stamps in 2019 with real-world stamps issued with a digital twin NFT originally minted on the Ethereum blockchain. Since then, Austria’s post office continued the project with near-field communication (NFC) chip functionality introduced in 2021 to further the functionality, verifiability and security of post stamps. Austrian Post Office (PostAG) Philately head Patricia Liebermann said “In 2019, we invented the idea of having a physical stamp combined with an NFT, it was mind-blowing, and we were overwhelmed with all that feedback. And that’s why we said, okay, there is a target group out there who is interested in this new way of collecting.” The partnership between the two post offices has culminated in a joint launch of a new edition of Crypto Stamps which is being labeled as a first-ever joint crypto stamp issuance. Read More: Post offices adopting NFTs leads to a philately renaissance

Would you trade a Picasso for NFTs? The Museum of Modern Art might

The Museum of Modern Art (MoMA) has received an endowment from the William S. Paley Foundation to fund digital media activities and acquisitions of digital art. Museum visitor numbers have dropped significantly, from 3 million annually to 1.65 million last year, whereas it has seen success on social media with digital content posted on its website and social media platforms attracting over 35 million people. Venturing into NFTs and digital art applications is seen as one way to reach a wider audience to ensure the museum’s longevity. Read More: Would you trade a Picasso for NFTs? The Museum of Modern Art might

Crypto mobile banking platform hi launches debit cards customisable with own NFTs

Crypto exchange and mobile banking platform hi is offering its NFT-owning Gold members and above the chance to personalise the face of their debit cards with an NFT avatar they verifiably own. The design will have to comply to Mastercard design standards. The card can be used to spend fiat, stablecoins and other crypto at any Mastercard merchant worldwide, offering between one and ten per cent cashback. Read More: Punks, Apes, & Goblins – hi launches NFT customisable card

Consumers Getting Sick of the Metaverse- literally

Cybersickness – in the literal sense- is real. Brands and marketers are finding their users are getting sick with nausea and disorientation from using VR headsets. The metaverse ecosystem is running into a growing problem with cybersickness, a digital version of seasickness that appears common with VR headsets. “Despite the technological advancements in Virtual Reality (VR), users are constantly combating feelings of nausea and disorientation, the so-called cybersickness,” a clinical study summed up. “Cybersickness symptoms cause severe discomfort and hinder the immersive VR experience.” I’m amazed it’s taken this long for this to be a known thing. An hour in a VR headset has left me with a headache and feeling sick every time. Hence skepticism. Read More: Consumers Are Getting Sick of the Metaverse — Really

Citi pilots blockchain bill of lading for trade finance

Citi Bank has partnered with blockchain trade platform TradeLens. Using an electronic bill of lading instead of traditional paper based documentation is estimated to have reduced the transaction by ten days, as well as paperwork costs, postage and charges for storing the container at the port. Blockchain platform TradeLens was used to share and validate all the documents, including the eBL, invoice, packing list and certificate of origin. Digitally validating documents also reduces the risk of fraudulent bills of lading. Read More: Citi pilots blockchain bill of lading for trade finance

Craig Wright “Stomped on the Hard Drive” Containing Proof he Invented Bitcoin

Self-proclaimed Bitcoin creator Craig Wright allegedly claimed during a defamation trial in Norway that he “stomped on the hard drive” that contained the “key slices” to prove he’s the pseudonymous Bitcoin creator Satoshi Nakomoto. He also admitted during proceedings earlier this week ‘that it would be “incredibly difficult” to substantiate his claims of creating Bitcoin without the keys he claimed to have destroyed.’ Wright hasn’t as yet managed to prove he is Satoshi Nakamoto in the six years since he first made the claim in 2016. Read More: Guy Claims He Invented Bitcoin But Then “Stomped on the Hard Drive” Containing Proof

Coinbase is fighting back as the SEC closes in on Tornado Cash

Crypto exchange Coinbase has announced it is funding a lawsuit against the United States Treasury Department. The lawsuit was brought by six people to challenge the sanctions on crypto mixer Tornado Cash which was sanctioned by the Office of Foreign Assets Control (OFAC) back in August. The sanctioning of the mixer is controversial, as it has helped to launder over $7 billion of crypto since 2019 but also has several legal use cases, such as having been used to make safe donations to Ukraine. ‘Coinbase CEO Brian Armstrong said in a statement that Treasury went too far, taking “the unprecedented step of sanctioning an entire technology instead of specific individuals.” In addition to claiming the sanctions exceeded the department’s authority, Coinbase argued the measures remove privacy and security for crypto users; Harm innocent people; and Stifle innovation.’ Read more: Coinbase is fighting back as the SEC closes in on Tornado Cash

JP Morgan says it supports crypto for payments, but demand has faded

JP Morgan’s head of payments Takis Georgakopoulos said that six months ago, the bank saw a lot of demand from clients for cryptocurrencies as a payment method whereas he said “We see very little right now”. That saying, he said he views distributed ledger as an alternative payment rail in the future. Read more: JP Morgan says it supports crypto for payments, but demand has faded

Nasdaq launches digital assets business starting with custody

Nasdaq is to launch its own digital asset custody solution division, Nasdaq Digital Assets, intending to offer a proprietary digital custody solution as well as institutional liquidity and execution services. They haven’t yet released a launch date, but have said the offering will combine the best of hot and cold crypto wallets, aiming to make it easier for both trading and as well as staking. This follows various investments Nasdaq has made into the crypto world. Read More: Nasdaq launches digital assets business starting with custody

Crypto Downtrend Led Investors To Liquidate Over $432 Million

The current crypto downturn, with the Federal Reserve preparing to hit the market with a rate hike, has led crypto exchanges to start liquidating leveraged positions in a bid to cut losses as events unfold. Investors have reportedly lost over $432 million. Read More: Crypto Downtrend Led Investors To Liquidate Over $432 Million

Colorado Becomes First US State To Accept Bitcoin As Payment For Taxes

Colorado has become the first U.S. state to accept bitcoin for tax payments. Residents can now pay state taxes including individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax with bitcoin and cryptocurrency, but only with a PayPal account. Citizens paying their taxes with crypto will be charged an additional $1 plus 1.83% of the payment amount in fees. The state wouldn’t seek to hold crypto on the balance sheet but rather convert straight to dollars. Read More: COLORADO BECOMES FIRST US STATE TO ACCEPT BITCOIN AS PAYMENT FOR TAXES

Number of Crypto Scams On YouTube Explodes 335% In First Half Of 2022

Crypto scams involving bogus giveaways have grown by 335% since 2021, into a black market industry of sorts with several services designed to support fraudulent activities. The majority of operations seem to be registered with Russian entities but target English- and Spanish-speaking crypto investors. These scam operators used videos of well-known entrepreneurs and influencers, or hack into celebrities’ accounts, to convince users to go to a site claiming to double their crypto investment by transferring crypto to a fraudulent location or to trick them into giving up details of their crypto wallet in exchange for even better returns. Read More: Number Crypto Scams On YouTube Explodes 335% In First Half Of 2022

Cryptocurrency analyst was paid $5 million to push ICO, SEC says

The SEC has accused the founder of a cryptocurrency investment research firm of promoting an ICO (initial coin offering) without disclosing that he had been paid $5 million to do so. While the SEC didn’t identify the firm, it is reported to be that of Token Metrics ran by cryptocurrency promoter Ian Balina. Balina had promoted SPRK token by Cayman incorporated Sparkster Ltd on social media platforms including YouTube and Telegram without revealing that he had been paid by the company. He was also reportedly given a 30% bonus on any tokens he bought. The SEC also accused him of organising a pool of about 50 investors to whom he offered the chance to buy tokens from him upon their release without registering. Read More: Cryptocurrency analyst was paid $5 million to push ICO, SEC says

South Korean authorities ask Interpol to issue ‘Red Notice’ for Terra’s Do Kwon

The South Korean Seoul Southern District prosecutors’ office have reportedly “begun the procedure” to place Kwon on Interpol’s Red Notice list. This would gain them help from global law enforcement agencies to find and detain the founder of collapsed crypto platform Terra. Read More: South Korean authorities ask Interpol to issue ‘Red Notice’ for Do Kwon: Report

NFT Rental Platform Shuts Down Due to “Close to Zero Traction”

An non-fungible token (NFT) rental startup, which had aimed to let people rent out their NFTs, has announced this week that it’s shutting down because it was unable to find a “product market fit”. Co-founder of the startup Rentable Emiliano Bonassi admitted that the company had gotten “close to zero traction.” Read More: NFT RENTAL PLATFORM SHUTS DOWN DUE TO “CLOSE TO ZERO TRACTION”

Guy Who Invented the Word “Metaverse” Building His Own Metaverse

The man who invented the word metaverse in his fictional novel “Snow Crash”, author and cyberpunk pioneer Neal Stephenson, is working to create an open metaverse platform that its creators hope will be a more decentralized version of the types of Big Tech metaverses such as those run by Fortnite and Facebook. However it seems resources are limited with currently only three engineers and limited time before his publishers demand he get back to full time writing. We’ll see. Read More: Guy Who Invented the Word “Metaverse” Building His Own Metaverse

Continental Tire uses blockchain for sustainable rubber sourcing

Continental Tire Japan plans to use blockchain as part of its sustainability efforts. It will partner with the world’s first blockchain-based natural rubber traceability & sustainability project, the Indonesia- based PROJECT TREE, to ensure some of its tires use responsibly sourced natural rubber. PROJECT TREE uses blockchain during the procurement process to record the location of where the rubber was sourced to track which tires use the project’s rubber, which is sold at a premium and funnels money back to the farm smallholders. Blockchain will also be used to trace rubber from the raw material through to the retail sale. Read More: Continental Tire uses blockchain for sustainable rubber sourcing

More than 50% of reported Bitcoin trading volume is ‘likely to be fake or non-economic’

A Forbes report has revealed there to be a mismatch between the Bitcoin trading data reported by crypto exchanges and the actual numbers. It seems a group of small exchanges has Bitcoin trading volumes roughly 95% less than those reported, while it said that those operating “with little or no regulatory oversight” — including Binance and Bybit — claimed to have more than double the analysed volume: $217 billion as opposed to $89 billion. “More than half of all reported trading volume is likely to be fake or non-economic” reporter Javier Pax said. “The global daily Bitcoin volume for the industry was $128 billion on June 14. That is 51% less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources.” In total, it was said that Bitcoin trading data from 157 exchanges did not match up to what companies claimed. Read More: More than 50% of reported Bitcoin trading volume is ‘likely to be fake or non-economic’ — Report

A lawyer’s view by Charlie Kerrigan, crypto partner, CMS: We’re going to see more of this. The crypto industry has already established that it is, among other things, copying the history of the TradFi industry at 10x the speed. A lot of financial regulation is a response to things that went wrong in TradFi. In the same way that we encourage financial regulators to stand in the shoes of our industry so that they can understand the benefits of new models, the crypto industry needs to stand in the shoes of the financial regulators to understand why they do what they do. The investing public thinks that regulators do something for them, but mass market adoption in crypto will involve learning something from regulation and not just taking everything on trust.

Celsius files to reopen withdrawals for a minority of customers

Troubled crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow some of its customers to be able to withdraw limited sums. This move will only allow $50 million of the $210 million held to be withdrawn and will apply only to Custody and Withhold Accounts and for custodied assets with $7,575 or less in value. Those accounts that offer annual crypto earnings or borrowing services (Earn and Borrow accounts) and all funds above $7,575 which were transferred from the Earn Program and Borrow Program into Custody and Withhold accounts are not able to be released. Celsius’ token price temporarily spiked 50% on the news, but it seems volume didn’t follow the price rise and analysts don’t expect the price increase to last. Read more:

UK Crypto Firms Must Now Report Sanctions Breaches, Freeze Accounts

The U.K. is the latest jurisdiction to explicitly include crypto in its sanctions rules. The UK Treasury updated its sanctions guidance and now wants crypto exchanges and wallet providers operating in the country to report suspected sanctions breaches to to the Office of Financial Sanctions Implementation (OFSI), an authority within the Treasury, updated guidance shows. Read More: UK Crypto Firms Must Now Report Sanctions Breaches, Freeze Accounts

UK youth believe NFTs are scams. Two thirds not interested in crypto

A survey by SEED of 2000 people taken in May during the crypto crash found that 66% of so-called ‘zoomers’ aged 18-24 are not interested in cryptocurrency, with 10% willing to try it but won’t prefer it over other investments. One quarter of women said they’d be willing to give crypto a go versus half of men. 70% said they believed non-fungible tokens (NFTs) to be scams. A third of Londoners are more willing to speculate on cryptocurrencies versus 10% elsewhere. Read More: UK youth believe NFTs are scams. Two thirds not interested in crypto

Hackers try to sell NFT of Belarusian leader’s supposed stolen passport

A group of hacktivists called the Belarusian Cyber Partisans are selling an NFT featuring the purported passport information of Belarus president Alexander Lukashenko. They said they’re also looking to sell NFTs featuring the passport info of other government officials closely connected with him. The group claim to have hacked into a government database that has the passport info of every Belarusian citizen and have used this to launch an NFT collection called “Belarisuan Passports”. The group say the move is part of a grassroots fundraising campaign to fight “bloody regimes in Minsk and Moscow.” Read More: Hackers try to sell NFT of Belarusian leader’s supposed stolen passport

Attorneys Say NFT Insider Trading Case Doesn’t Amount to Crime

The New York Council of Defense Lawyers is arguing that federal prosecutors are overreaching in the case of a former OpenSea employee accused of carrying out an insider trading scheme involving NFTs. Nathaniel Chastain was charged in May with money laundering after allegedly stealing confidential information and using anonymous accounts on OpenSea to mask his identity to profit from NFT purchases. Industry advocacy group the NYCDL says prosecutors have taken a case of workplace misconduct and turned it into a felony, and is asking a judge to dismiss the case. The group says allowing the case to proceed could “massively expand wire fraud to capture all sorts of workplace indiscretions” that might not even get an employee in trouble, let alone prosecuted. Read More: Attorneys Say NFT Insider Trading Case Doesn’t Amount to Crime

Bnk To The Future eyes acquisition of crypto lender SALT

Online investment platform Bnk To The Future has submitted a letter of intent to acquire crypto lending platform SALT for an undisclosed amount. SALT has reportedly said this move could potentially enhance its product offerings and advance its mission of making digital assets more accessible to mainstream audiences. SALT, founded in 2016, is one of the first crypto-backed lending platforms to give borrowers the ability to obtain U.S. dollar-denominated loans collateralised by digital assets. Read More: Bnk To The Future eyes acquisition of crypto lender SALT

The Avalanche Whistleblower Report: An investigation intended to show Ava Labs paid for adversarial lawsuits against its rivals has issues of its own

The crypto development group behind the Avalanche blockchain and AVAX token, Ava Labs, is under fire after a supposed investigative report showed how the firm allegedly staged a series of class-action lawsuits to attack competitors. The so-described whistleblower site Crypto Leaks posted a lengthy expose that claims Ava Labs paid crypto-focused law firm Freedman Roche in tokens and equity to file this adversarial litigation. Ava CEO Emin Gün Sirer says the allegations are “categorically false.” The whistleblower post reportedly ‘includes recorded videos of the law firm’s founder, Kyle Roche, describing how he used the U.S. legal system to draw regulatory attention like a “magnet” against alternative layer 1 blockchains including Solana and Dfinity and protect Avalanche’s interests. He also discussed his close professional and personal relationships with Ava and its founders, as well as his financial stake in Avalanche.’ The report if true is damning but there are several reasons to remain skeptical about the allegations, including bias in the report. We’ll see. Read More: What to Make of the Avalanche Whistleblower Report

Runaway Thodex Crypto Exchange CEO Arrested in Albania, Turkey Says

The runaway founder of Turkish cryptocurrency exchange Thodex has been found. The Turkish Ministry of Internal Affairs announced that 28-year-old Faruk Fatih Ozer, Founder and CEO of the exchange, has been arrested in Albania, after he was found through his biometric identification. Fatih fled Turkey in April last year after Thodex was shut down by its founders, throwing investors into losses initially estimated to be about 356 million Turkish lira ($24 million). However, a February report by Chainalysis put the estimate of lost money at around $2.6 billion. Read More: Runaway Thodex Crypto Exchange CEO Arrested in Albania, Turkey Says

Iran Crypto Businesses Finally Permitted To Use Bitcoin Payments

Iran has given a green signal to the use of cryptocurrency for imports into the nation while international trade sanctions are underway. The approval came from Iran’s Industry, Mines and Trade Ministry with Trade Minister Reza Fatemi Amin giving confirmation that these regulations have been approved and were in sync with the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin and crypto miners in the country. Read More: Iran Crypto Businesses Finally Get Permitted To Use Bitcoin Payments

S. Korean authorities arrest 16 individuals connected to $2B crypto forex transactions

16 people in South Korea have reportedly been arrested by authorities with the country’s customs service for their involvement in illegal foreign exchange transactions connected to crypto assets worth roughly $2 billion. Over 380 billion won — $283 million — of the reported transactions were facilitated through illegal remittance agencies. Read More: South Korean authorities arrest 16 individuals connected to $2B crypto forex transactions: Report

Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

Many in crypto have expressed their skepticism of Facebook and Instagram’s parent company Meta’s intent for allowing its users to be able to post digital collectibles and NFTs across the two platforms by simply connecting their digital wallets to either site. While Meta’s announcement can be seen as a sign of mass adoption, many are expressing doubts around the security and privacy of the data disclosed when digital wallets are connected to these social media platforms. Read More: Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

10,000 Bitcoin, worth over $200 million, moved in two transactions in the last week

Blockchain data shows 10,000 BTC, worth more than $200 million, were moved in two transactions in the last week. On Aug. 28, 5,000 BTC that hadn’t moved for at least seven years was transacted. The next day, a data tracker showed another 5,000 BTC was transferred. Analysts say the transaction data isn’t enough to draw any major conclusions as to the reasons for the move, but that such large transfers frequently happen. Read More: As 10,000 Long-Dormant Bitcoins Finally Trade, Observers Wonder What’s Up

Is MakerDAO Overreacting?

The DAO behind one of the biggest stablecoins, DAI, is in the middle of a debate to de-peg from the US dollar in the wake of US Treasury sanctions against mixer Tornado cash. De-pegging would be a drastic move, negating the entire purpose of DAI. Many are calling this an overreaction. And anyone who understands sanctions knows divesting US assets, including USDC, is no guarantee of protection. Ultimately Maker’s collective decision and its consequences will have ramifications far beyond DAI itself. Read More: Rune Christensen Details How MakerDAO Is Navigating Tornado Cash Sanctions

Culture. Three women explain the many turn offs of dating crypto bros.

Not news. But a good explainer on why the thought of dating a crypto bro is nausea-inducing. Three women share the factors that turned them off from dating crypto bros. A lol. Read More: ‘I Would Never Date a Crypto Guy Again.’ What Women Say About Dating in Crypto

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