Crypto News Weekly roundup August 14

TheCoinRise is back with another week's summary about the regulatory involvements, announcements, and developments in the crypto market.
TheCoinRise is back with another week's summary about the regulatory involvements, announcements, and developments in the crypto market.

When Anthony Scaramucci predicted BTC would reach $300,000 in the next few years, crypto inventors saw the hope of light this week. TheCoinRise is back with another week’s summary about the regulatory involvements, announcements, and developments in the crypto market.

Announcements, launches, partnerships, and developments 

The mining firm Core Scientific Inc. produced 1,221 BTCs overall in July, up from 1,106 BTCs in June, representing a growth rate of roughly 10.4%, according to the report.

Hodlnaut, a Singapore-based company that offers lending services for digital currencies, has stated that it will stop accepting withdrawals due to current market conditions.

An Ethereum-based algorithmic stablecoin project called Beanstalk Farms (BEAN), which had previously been the victim of a terrible $77 million governance attack, has now formally relaunched its system.

One of the oldest football clubs in the UK, Oxford City, will reportedly allow supporters to use bitcoin instead of fiat money to pay for match tickets, food, and beverages. After extensive cooperation between the company and the virtual asset market CoinCorner, the project will be launched.

Despite the state’s top-down supervision, businesses have made large expenditures on both their hardware and software. The communication platform Huoxun from Huobi Global has recently been acquired by The Taiyi Group, according to a recent release.

Crypto frauds, which made up 25% of all cybercrimes in Hong Kong during the first half of 2022, were reportedly among the most common cybercrimes.

Renowned decentralized ecosystem, Hector Network announced a partnership with Borussia Dortmund, a Bundesliga football team.

Global Emerging Market (GEM), a global digital investment firm, has committed $25 million in capital to Geeq, a multi-blockchain platform.

The NEAR Protocol and blockchain smart contracts can now be built by 20 million JavaScript developers, thanks to the Monday release of the JavaScript SDKs.

Whitehat hackers have returned $32.6 million in response to Nomad’s reward-supported request for reimbursement of its stolen bitcoins worth more than $190 million.

Even after suffering a loss of almost $554 million in the second quarter, Galaxy Digital is considering engaging in additional mergers and acquisitions. Michael Novogratz, the CEO and founder of the business, claims that Galaxy Digital still has $1 billion on hand and is eager to raise further funding in order to conclude more acquisitions.

The company that created the most popular stablecoin in the world, USDT, Tether, has declared its support for the upcoming Ethereum Merge. In a statement on Tuesday, Tether emphasized that the upcoming change should not be weaponized in a way that harms or confuses the Ethereum ecosystem.

A decentralized autonomous organization (DAO) called CreatorDAO has raised $20 million in its seed round. It focuses on the web3 creative ecosystem. A16z and Initialize Capital, a private American venture firm, served as co-chairs of the seed funding round, according to a news statement.

Reddit is shifting its Community Point System to Nova, an Ethereum (ETH) mainnet, as disclosed by Offchain Labs, the creator of Arbitrum.

With a $20 million investment, BitDAO, a Decentralized Autonomous Organization (DAO) empowering the next generation of Web3 developers, will support AfricaDAO, another fund committed to expanding the blockchain ecosystem on the African continent.

One of the most popular hot wallets in the ecosystem, Phantom, has stepped forward to disassociate itself from being the source of the attack a week after TheCoinRise discovered many wallet breaches on the Solana blockchain network.

Following the seizing of some of its assets, Singaporean cryptocurrency exchange firm HotBit abruptly stopped offering all of its services. On Wednesday, the exchange issued a press release announcing the suspension.

According to a Reuters article, the blockchain payment company Ripple Labs has expressed interest in buying the assets of the bankrupt cryptocurrency lender Celsius.

The American financial services company Robinhood has chosen to introduce a Web3.0 non-custodial wallet as part of its ongoing transition to Web3.0 and decentralized finance (DeFi). Customers who might be interested in signing up for the Web3.0 crypto wallet were given access to a waitlist. Vladimir Tenev, the CEO of Robinhood, tweeted today that over 1 million people had already signed up for the waitlist.

BlackRock is prepared to establish a strong presence in the cryptocurrency market. The company last week partnered with the largest cryptocurrency exchange, Coinbase, and this week it unveiled a private Bitcoin trust, its first financial product with direct exposure to Bitcoin.

The venture capital division of the cryptocurrency exchange Binance, known as Binance Labs, has announced a strategic investment in Ankr. Ankr is well-known for introducing BNB Liquid Staking and creating some of the BNB Chain’s core infrastructures, most notably its Erigon upgrade.

Just days after the US Office of Foreign Assets Control (OFAC) banned American citizens from engaging with Tornado Cash, the decentralized exchange platform dYdX reported blocking accounts that had previously engaged with Tornado Cash.

Online marketplace for crowdsourcing projects Minted has partnered with major cryptocurrency exchange Crypto.com.

Renowned Japanese financial services company Shinsei Bank will start offering rewards to customers in either XRP or BTC as part of a new promotion that runs from August 10 through October 31, 2022. The campaign’s top prizes are worth 8,000 Japanese Yen, or around $60.

The well-known Norwegian bitcoin mining company Kryptovault AS apparently made the decision to expand its operations outside of the Arctic Circle. The majority of its mining operations will be relocated to the country’s coldest region.

Customers of Paradigm and FTX can now trade the difference between spot, perpetual, and maturity futures on specific cryptocurrencies. Bitcoin, Ethereum, Solana, Avalanche, ApeCoin, Dogecoin, Chainlink, and Litecoin are among these digital currencies.

Crypto exchange news

The acquisition of the virtual asset service provider OK-BIT Co., Ltd. and the payment service provider PnLink Co., Ltd. was announced by Crypto.com last Monday at the start of the Asian trading session. As a result, the crypto platform was able to register in South Korea with the Electronic Financial Transaction Act as a provider of virtual asset services.

Following a public spat between WazirX CEO Nischal Shetty and Binance CEO CZ on Saturday, the two sides have decided to cooperate with the Directorate of Enforcement (ED) to determine who owns WazirX and any “shady” transactions.

Despite the persistently unfavorable market conditions, SimilarWeb data indicates that as of June 2022, online traffic on FTX has increased by up to 123% year over year (YoY).

According to reports, the Thailand-based cryptocurrency exchange platform Zipmex, which recently experienced difficulties due to the “crypto winter,” would ease up on its withdrawal restrictions by allowing users to withdraw a portion of their Bitcoin and Ethereum holdings.

On Wednesday, the German crypto exchange Nuri filed for insolvency before the Berlin court due to the protracted bear market that the industry has been experiencing since the year’s start.

The Seychelles-based cryptocurrency exchange platform CoinFLEX recently made a proposal to be reformed to the Seychelles Islands’ authorities after suspending all withdrawals in June and then partially resuming them in July.

As he looks to sell as much as 60% of his ownership in the trading exchange, Leon Li, the eminent founder of Huobi Global, is in talks with investors.

Maximiliano Hinz, the chief executive of Binance Latin America, asserted that growing inflation is the main driver of the most popular cryptocurrency exchange’s recent user growth.

Binance has stepped in to support Curve.Finance by assisting the DeFi platform in recovering some of the funds that were stolen from it earlier this week by hackers.

Regulatory involvement around the crypto world

The Office of Foreign Assets Control (OFAC) of the US Treasury Department has imposed sanctions against Tornado Cash for the alleged laundering of $7 billion. The co-founder of Ethereum and well-known figure in the cryptocurrency world, Vitalik Buterin, has disclosed that he gave money to Ukraine earlier this year via the now-sanctioned “Tornado Cash.”

A one-year research project exploring the potential economic advantages of a central bank digital currency will be launched, according to plans made public by the Reserve Bank of Australia (RBA). The bank will cooperate with the government-sponsored business enterprise known as the Digital Finance Cooperative Research Centre (DFCRC).

Former BitMEX head of business development Greg Dwyer has changed his plea from not guilty to guilty, radically altering his position on his involvement in a protracted enforcement case against the trading platform.

According to a request from the Commodity Futures Trading Commission, PredictIt, a New Zealand-based online prediction market that provides exchanges on political and financial events, may soon be counting down the days before it closes shop and departs the country.

According to reports, Iran has made its first import buy using digital assets. The $10 million worth of goods was included in the initiative, which took place earlier this week.

Arsenal FC has attracted backlash from the Advertising Standards Agency (ASA) for taking part in the misguided promotion run by Socios.

The struggling cryptocurrency lending platform Celsius Network has now been issued a cease-and-desist order by the California DFPI. The corporation will therefore be unable to market and sell securities in the state of California.

Mark Cuban found himself embroiled in a new legal dispute when the Moskowitz Law Firm launched a class action lawsuit against the outspoken supporter of cryptocurrency.

Investors in the area have always been wary of the strict stance and ambiguous laws in the Indian crypto market. However, several cryptocurrency exchanges are being seriously looked at by the police for allegedly laundering more than 1 billion rupees ($12.5 million) in digital assets.

The bans on cryptocurrency exchanges and over-the-counter brokerage businesses, according to the National Agency of Perspective Projects (NAPP), the state legal body of Uzbekistan, are necessary since the nation prohibits its citizens from trading cryptocurrency on international exchanges.

South Korea is attempting to expedite the assessment of pending measures in its national parliament that pertain to digital assets. According to the sources, there are 13 such measures that are ready to be passed.

The official introduction of the digital ruble is set for 2024, but the Bank of Russia is still moving forward with the implementation of the central bank digital currency (CBDC).

NFT and Metaverse news

Netflix Inc., a production company and online video network has a deal for the Gray Man action film on the Decentraland metaverse.

As more investors try to get a taste of the overall BAYC ecosystem, the suggested NFTiffs pendant that Tiffany released earlier this month has been totally sold out. There were 250 NFTiffs in total, and each one is quite expensive at $50,000. These expensive assets, according to Tiffany, were purchased in just over 20 minutes.

One of the oldest and most well-known beverage companies in the world, Coca-Cola, announced a new NFT collection on the Polygon blockchain in honor of International Friendship Day.

The ardent supporter of the cryptocurrency industry, Mark Cuban, is not happy with Metaverse. Owning property in the Metaverse, in Mark’s opinion, is not a prudent move. 

Magic Eden unveiled a plan to create an ApeCoin marketplace after joining the Ethereum network just one week ago. The ApeCoin community is the only one who can use the planned marketplace. The marketplace, created with Magic Eden’s technology, will run from the DAO’s main website.

The largest NFT marketplace OpenSea has revealed a novel change to its policy on stolen items. The firm stated its goal in using Twitter to share the announcement is to make its stolen property policy more transparent and clear.

Bybit has announced the opening of GrabPic, a new niche NFT portal. The new platform would allow customers to purchase cutting-edge NFTs at competitive prices and trade them on the secondary market to profit.

The two biggest soccer teams in Spain, Real Madrid and FC Barcelona, recently filed a joint Metaverse trademark application. The clubs want to provide their fans with virtual reality gaming and software for managing crypto transactions.

The play-2-earn (P2E) platform of the NFT-based online gaming network Axie Infinity has announced that token rewards for the classic game mode will no longer be offered.

Exclusive announcements and reviews

WeAreUkraine: It is an exclusive NFT collection to benefit Ukraine by DIG Foundation’s first philanthropic venture, launched in collaboration with Women for Women International and Save the Children.

Wayru: It is a new leader in web3 telecommunications that is advancing technology that might offer a decentralized solution to a centralized issue.

The blockchain-based game StarHeroes just received a Microsoft grant, which is widely regarded as a ground-breaking accomplishment. As a result, it now has access to Azure PlayFab, joining the illustrious library of games that includes Tom Clancy’s Rainbow Six Siege, Sea of Thieves, and Forza Horizon.

The SunMining team established an environmentally friendly mining farm that offers cloud mining services, a company with no comparables in the cryptocurrency mining industry.

TheCoinRise will come back with another week of crypto roundup next Weekend.