Crypto News Weekly roundup August 28

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

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

Regulatory involvement in the crypto world

The European Central Bank or ECB recently released a discussion paper describing the benefits, drawbacks, and efficiencies of using CBDC. Government-backed digital currencies, in the opinion of the ECB, could aid in reducing the dominance of Big Financial technology firms as a result of “network externalities” in the use of an exchange medium.

The next presidential election in Argentina won’t happen until October 29, 2023, but interest in it has already grown. A cryptocurrency scandal has engulfed Javier Milei, a unique libertarian politician and economist who is seen to have a strong chance of becoming the country’s future leader.

The Philippines now has a total of six digital banks that are permitted to conduct business there after the Bangko Sentral ng Pilipinas (BSP) granted Certificates of Authority to UnionDigital Bank, Inc. (UDB) and GoTyme Bank Corporation (GTYME).

The Bermuda Monetary Authority has granted a trading license to CoinZoom, a United States-based exchange, according to the exchange’s announcement (BMA).

Chinese citizens can now use the e-CNY, the country’s digital currency issued by the central bank, to pay for transportation costs. According to acquired information, China has formally started the next phase of its pilot testing for CBDC. Several Chinese cities are currently accepting payments for transportation using e-CNY.

The Securities and Investments Commission (ASIC) of Australia has said that it plans to devote a significant amount of time over the next four years to studying cryptocurrencies and decentralized finance (DeFi).

According to reports, CoinSwitch Kuber’s premises were raided by the India Enforcement Directorate (ED) for allegedly breaking forex rules.

According to an unnamed senior police officer, the Taliban has reportedly imprisoned numerous dealers who ignored orders to stop trading in cryptocurrencies. The Central Bank of Afghanistan has also apparently banned digital assets nationally.

Crypto Exchange news

Two top officials from the cryptocurrency exchange platform FTX responded to the Federal Deposit Insurance Corporation’s (FDIC) accusations by calling them “false.”

Crypto.com has continued the planned multi-million dollar makeover of the Crypto.com Arena even as the crypto enterprises continue to feel the heat of the crypto winter.

A recent rumor claims that the $15 million base price of the acquisition agreement between BlockFi and FTX.US could increase depending on performance.

Coinbase user has sued the company for failing to keep access to its customers’ accounts open during periods of substantial market volatility. On behalf of all Coinbase wallet and account owners, the plaintiff George Kattula claims that the exchange “does not properly employ standard steps to keep consumers’ accounts secure.” On the other hand, CEO Brian Armstrong hopes to see a bull market coming after 12 to 18 months.

Huobi Tech recently received approval from the Financial Transactions and Reports Analysis Centre (FINTRAC) to offer its services in the region.

A voter registration portal based on candidates’ views on digital assets will be part of the crypto policy education campaign that Coinbase unveiled on Thursday.

Customers can access an update from Binance regarding the potential impact of The Merge on their assets. The exchange made an effort to respond to inquiries about what would happen to users’ Ethereum (ETH) after the Merge.

In a recent endeavor to consolidate the billionaire’s empire in reaction to the protracted winter, FTX Venture is about to merge with the venture operations of Alameda Research.

In accordance with a Memorandum of Understanding (MoU) signed by the city of Busan and Binance, the city of Busan will get technical support from Binance as it works to establish a blockchain ecosystem.

In an effort to propose a recovery plan and step up its efforts to stay afloat, Singapore-based Zipmex has requested meetings with Thailand’s Securities and Exchange Commission, where it operates a licensed exchange and other regulatory bodies.

Latest announcements, launches, and fundings in the world of crypto

Whitepay, the cryptocurrency processing division of the Ukrainian crypto exchange Whitebit with headquarters in Estonia, has introduced a new payment method for users of cryptocurrencies that enables them to pay for electronics products in the nation. With some of the most well-known electronics stores in the nation, Whitepay is offering the cryptocurrency payment option.

In preparation for the Merge, the update v22.8.1 has been made available to all Ethereum (ETH) Mainnet users. The Bellatrix upgrade and Merge transition setup are part of the Teku ETH 2.0 client update for institutional staking.

According to information, the insolvent cryptocurrency company Celsius Network invested up to $40 million in its recently introduced Bitcoin (BTC) mining activities.

A TerraUSD (UST) plunge is estimated to have caused a total financial loss of almost $190 million to Hodlnaut. This month, an affidavit was submitted to support the Singapore crypto lender’s request for judiciary management. The specific reason for Hodlnaut’s suspension on withdrawal was disclosed in the affidavit.

According to reports, a number of domestic securities firms in South Korea have expressed interest in establishing a virtual asset market in the first half of 2023.

In a CNBC interview, Scaramucci said that using bitcoin investments to hedge against inflation is not a good idea right now. He believes these characteristics will be present after the asset is in one billion wallets worldwide and is “mature enough.”

With the projected opening of a cryptocurrency exchange, financial behemoth Samsung Securities is improving its position in the cryptocurrency market. It had previously attempted a failed cryptocurrency project in 2021 when it was unable to get the necessary talent to run its freshly constructed cryptocurrency trading platform.

According to the recently founded Indian blockchain advocacy network, India will become the global hub for blockchain and web3 technologies. A collection of well-known Indian blockchain influencers with backgrounds in trading, NFT, Metaverse, cybercrime, etc., has unveiled the India Blockchain Forum (IBF).

The investment holding company DBS Group Holdings Ltd. saw an increase in Bitcoin (BTC) transactions in June compared to the two months before.

Crypto business intelligence and analytics company Flipside Crypto has recently hired renowned media veteran Daphne Kwon as head of its DAO initiatives.

According to reports, renowned cryptocurrency ATM provider Bitcoin Depot plans to team up with SPAC GSR II Meteora Acquisition Corp. to list on Nasdaq.

The rapidly growing P2E game Tamadoge has disclosed that its presale campaign raised more than $8.5 million. It is estimated that 600 million of the 1 billion Tamadoge tokens that are now available have been sold during the presale. It’s crucial to keep in mind that there are 2 billion Tamadoge tokens overall accessible.

A Web3.0 training platform for aspiring developers, ChainShot, has been acquired by Alchemy, according to a press release. More developers will have free access to Web3.0 developer education thanks to the agreement. The daily objective of the blockchain development company is to “Bring web3 to a billion people,” which is in line with this.

Sandeep Nailwal, the founder of Polygon, and Kenzi Wang, the co-founder of Cere Network, have raised particular money for web3 through their venture capital company, Symbolic Capital.

The largest bank in Malaysia, Kenanga Investment Bank, has entered into a deal with Ant Group to introduce its own range of cryptocurrency-related services.

Yong-beom Kim is becoming the CEO of Hashed Open Research, a blockchain and digital technology research organization. This organization’s goal is to make it easier for the local government and crypto experts to communicate.

The intended $500 million transaction for Siam Commercial Bank (SCB), Thailand’s largest universal bank, to buy cryptocurrency exchange company Bitkub has been canceled, the bank revealed.

VanEck has once again had to wait a long time for the regulator to decide on the company’s most recent application for a Bitcoin exchange-traded fund.

Sarath Ratanavadi, CEO of Gulf Energy Development, reportedly declared that his organization would fund blockchain ecosystems. The business made this choice despite the ongoing overall market slump because it sees the promise of the sector.

NFT and Metaverse

By combining virtual adventures with its renowned metaverse trademark rights, Nike appears to have found the perfect incantation that allows them to generate an astounding $185 million in revenue from the sale of NFTs.

Legal counsel for Nathaniel Chastain, a former employee of OpenSea and the Head of Products at the American online NFT marketplace, has that the charges against him be dropped.

A new fund has been introduced by American independent investment management business Invesco that is geared toward entities interested in the Metaverse. Support for large, medium, and small-cap firms will come from the fund.

The CEO of messaging software Telegram, Pavel Durov, is considering creating a new market where usernames may be exchanged using NFT smart contracts.

An NFT platform called SudoRare’s developers vanished with cryptocurrencies and stablecoins. The LOOKS and USDC tokens were converted to ETH after the attack on the Uniswap decentralized cryptocurrency exchange. The total sum of the rug pull was 519 Ethereum (ETH), which is presently valued at $815,000.

Auction company for fine art and luxury goods Sotheby’s has finally hired an NFT specialist after placing an advertisement on the business social media network LinkedIn. After newly hired specialist Brian Beccafico shared the news via a meme, the British-founded art and luxury house acknowledged it.

The Pinkfong Company, the company behind Baby Shark, is getting ready to release its second edition of NFT collections after a fruitful excursion into the web3. Ten thousand unique dynamic NFTs are included in the collection.

A report on the quantity of NFTs stolen between July 2021 and July 2022 was published by cryptocurrency risk management company Elliptic. The publicly disclosed study claims that criminal actors have stolen NFTs valued at more than $100 million. Given the number of attacks that were reported, it was estimated that an average con artist made away with $300,000.

Hacked bitcoin ATM

In an effort to steal money from customers of General Bytes Bitcoin (BTC) ATMs, hackers pretended to be default administrators. While users were attempting to make deposits, a breach occurred. The malicious party had the ability to change the two-way machine’s crypto settings in sync with those of his wallet and the setting for an incorrect payment address.

Voyager Digital

Customers of the insolvent cryptocurrency lender Voyager Digital have protested the business’s decision to pay 38 staff retention incentives. This was disclosed in a recent court document. However, according to reports, Voyager Digital would award $1.6 million in bonuses to its top 34 employees. According to the business, these personnel works in the legal, IT infrastructure, and accounting divisions.

Voyager Digital has asked the bankruptcy court to dismiss a lawsuit filed by investors against the Dallas Mavericks and Stephen Ehrlich, the company’s founder and CEO.

Sanction on Tornado Cash and its affects

As Tornado Cash is subject to restrictions in the U.S., recent findings by blockchain researcher and developer BliteZero indicate that the Ronin hackers transferred the stolen assets from the Ethereum network to the Bitcoin network.

According to a recent analysis by blockchain security platform SlowMist, about 300,160 ETH, or 74.6% of stolen funds on the Ethereum network, were transferred to the disputed crypto mixer in the first half of 2022.

Congressman has written to the Department of Treasury seeking clarifications following the recent restriction placed on the mixer app, Tornado Cash, forbidding its use in the U.S.

Tornado’s open source code has continued to exist in various forms on GitHub, but last week, with help from the Electronic Frontier Foundation, Johns Hopkins University professor of cryptography Matthew Green published another code version of Tornado.

Tether claims it won’t blacklist smart contract addresses until the Treasury Department specifically asks it.

Despite the fact that he has not yet been charged with a crime, Tornado developer Alexey Pertsev will have to serve at least 90 days in jail.

Exclusive announcements and reviews

On August 26, the Alpha edition of Neopets Metaverse, a brand-new web3 format for the venerable virtual pet game, will be released.

Estonia’s Tallinn The Polish-Estonian business Zetly OU is developing a platform that will revolutionize fan involvement in sports clubs.

The highly skilled workforce at Buying.com has increased to 110 workers in seven countries with tens of thousands of drivers. The management team has put in place a dependable framework and dependable processes that keep Buying running smoothly despite the inevitable difficulties involved in beginning a firm. The programming team has completed all of the existing roadmap milestones ahead of schedule.

Cooperation between BC.GAME and Cloud9, one of the most well-known esports organizations in the world, was recently revealed. The team sees this collaboration as a fresh chance to continue developing the esports and igaming community—not just the platform.

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