The recent week has been pretty bloody for many, while a report reveals that 51% of the reported Bitcoin trading volume is fake. TheCoinRise is back with a recap of the regulatory actions, announcements, and market trends and developments from the previous week.
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Regulatory involvement
Dubai will shortly roll out a new license to disseminate information to regional authorities and service providers in the cryptocurrency field in conjunction with the establishment of marketing and advertising laws for the industry.
Brazil’s biggest bank, Itaú Unibanco, filed a plan for decentralized finance (DeFi) liquidity pool, which the nation’s central bank decided to develop through its innovation lab.
The Monetary Authority of Singapore (MAS) reportedly aims to enact more regulatory measures in the cryptocurrency sector in order to give investors the highest level of safety.
Mendoza Province, well-known for producing wine in Argentina, now permits its residents to pay all of their taxes using digital currency.
Hackers take advantage of bugs in the smart contract that administers the platforms, according to the FBI’s recent public warning. The government claims that in order to exploit the flaw, hackers have used techniques like flash loan assaults, a weakness in signature verification, and manipulating cryptocurrency values.
The government’s proposal to grant citizenship to investors who put up to $60,000 into the cryptocurrency Sango coin, which is a product of the Central African Republic government, has been rejected by the country’s supreme court.
The United States Securities and Exchange Commission (SEC) has contacted the investment asset management for clarification regarding three of its trusts after becoming aware of the Grayscale “securities law analysis” of several firms.
The China Energy Administration (CEA) has decided to explore blockchain-powered trading platforms to enable power or energy trading between self-contained power units and the state and national networks, according to a policy paper from last Friday.
Authorities in Afghanistan’s Herat province’s western province reportedly shut down at least 16 cryptocurrency platforms. Three months after the current Taliban government banned the trading of digital assets, the operation took place.
Faruk After being listed as a fugitive, Fatih zer, the founder of the biggest cryptocurrency exchange in Turkey, Thodex, was apprehended in Albania.
In order to secure sustainable international trade, Russian Prime Minister Mikhail Vladimirovich Mishustin stated that Russia is likely to accept cryptocurrency as an official payment mechanism for imports and exports.
The Securities and Exchange Commission (SEC) of Thailand has levied civil sanctions against Bitkub Exchange’s Chief Technology Officer Samret Wajanasathian after closely observing the company’s trading activity.
Japan’s banking regulator proposed decreasing fees for individual stock investors and loosening corporate tax rules for crypto assets in support of Prime Minister Fumio Kishida’s efforts to revitalize the economy.
The president of Paraguay, Mario Abdo Bentez, rejected a proposal that would have regulated cryptocurrency mining and turned it into an industry. It indicates that the cause is the extensive use of electricity.
The economic and consumer policy subcommittee of the US House Oversight Committee recently asked for answers from authorities on how they will address the crypto frauds problem, which has dramatically expanded in the market.
Bitcoin proponent Michael Saylor and MicroStrategy, a cloud computing software business he co-founded, are currently the target of legal action brought by DC Attorney General Karl A. Racine.
Over 75% of financial crimes and violations of South Korea’s Foreign Exchange Transactions Act this year, according to research findings and data available, include the usage of digital assets. The estimated cost of these infractions is $1.1 billion.
Crypto exchange news
Sam Bankman-Fried, the CEO of FTX, has dismissed all allegations that he intends to purchase the sizable cryptocurrency exchange Huobi. The FTX CEO, who oversees assets at Alameda Research, claimed in a tweet on Monday that he has no plans to directly or indirectly acquire Huobi.
According to a study on the country’s blockchain and cryptocurrency business released last week by KuCoin, there were about 115 million cryptocurrency investors in India as of June 2022.
The Singaporean cryptocurrency exchange company Crypto.com has canceled a possible five-year sponsorship agreement with the UEFA Champions League. Reportedly, the transaction is valued at $495 million.
Jill Sommers, a former commissioner of the United States Commodity Futures Trading Commission (CFTC), has joined the board of directors of FTX US Derivatives.
Latest announcements, launches, fundings, and statements in the crypto world
Gabriel Leydon and Halbert Nakagawa developed the mobile gaming company Limit Break, which recently announced the conclusion of two investment rounds in which it raised $200 million.
Indonesian technology company GoTo has acquired PT Kripto Maksima Koin, a regional cryptocurrency exchange, to enter the cryptocurrency market.
The collapsed Japanese bitcoin exchange Mt.Gox intends to start the refund process and deliver 137,000 bitcoin before the end of the month, according to many news outlets. Many people voiced their concerns about the BTC’s release during this crucial market period, claiming that the price of bitcoin is now unstable and may fall even lower.
An agreement between KakaoBank and Coinone, a regional cryptocurrency exchange, will allow investors to open withdrawal and deposit accounts in their own names. This complies with the local laws that have been put in place.
Nexo, a cryptocurrency trading platform, stated on August 30 that it had set aside an additional $50 million for ad hoc and scheduled buybacks of its NEXO token on the open market.
The largest stablecoin’s issuer, Tether Holdings Limited, has responded to a recent Wall Street Journal report on the company’s balance sheet. A previous Wall Street Journal (WSJ) article stated that the stablecoin issuer would theoretically become bankrupt if assets fell by another 3%.
A $40 million investment round co-led by Xterio, a cross-platform publisher and blockchain gaming startup, and its significant investors FunPlus, FTX Ventures, Makers Fund, and another blockchain gaming platform called XPLA brought in money for Xterio.
At a community event on August 30, Proof Collective announced the successful completion of its $50 million Series A financing.
Over a month after freezing withdrawals, the struggling cryptocurrency lending platform Hodlnaut has been placed under Interim Judicial Management.
Leading blockchain gaming company Animoca Brands has raised $100 million from Singapore’s state-owned Temasek.
The Al Jalila Foundation, a part of the Bin Rashid Al Maktoum Global Initiatives, claims to have received its first donation in bitcoin, marking a milestone for the UAE.
Institutional investors in Hong Kong intend to lessen the degree to which their portfolio is exposed to fluctuations in cryptocurrencies as a result of multiple downturns in the worldwide market for digital assets.
OpenSea has made it clear that later this month, it will support Ethereum’s The Merge. Theoretical and speculative Ethereum forks, such as a potential ETHPoW fork, won’t be supported as a result once they occur once it is triggered.
The failure of the South Korean stablecoin project Terra may have tarnished the industry’s reputation, but the second-largest city in the nation has persisted in pursuing its lofty blockchain and cryptocurrency goals. Busan and FTX will work together in the coming months to create business solutions powered by blockchain.
The Digital Dollar Project (DDP), a partnership between Accenture and the Digital Dollar Foundation, has announced the beginning of its Technical Sandbox Program, which will quicken the creation and adoption of a digital currency issued by the United States Central Bank (CBDC).
Two of Compass Mining’s partner hosting companies have stopped operating in Georgia due to a rise in energy prices.
The financial services company LevelField has raised $50 million and made additional acquisitions despite the bearish trend to increase its interest in the cryptocurrency ecosystem.
Examining monthly data, it was found that Ethereum miners earned $756 million, a 37% rise over the $545 million they had in July.
In addition to cutting staff, the multimedia instant messaging service Snapchat is closing its Web3.0 subsidiary. It asserts that it is making all of these adjustments to preserve a balance since it has already missed its budgetary goal. Evan Spiegel, CEO of Snapchat, said that it was a difficult decision to make to reduce the company’s employment by approximately 20%.
In the merger and acquisition (M&A) market, Bnk To The Future (BF) bought the crypto lending firm SALT.
NFT and Metaverse
The crypto branch of Silicon Valley’s Andreessen Horowitz or a16z will shortly release a set of free, public “Can’t Be Evil” licenses. The business developed licenses based on the work of Creative Commons, especially for non-fungible tokens (NFTs).
Leading NFT marketplace OpenSea has declared support for the layer-2 Polygon blockchain on its cutting-edge Web 3 protocol Seaport. The connection offers a wider range of functionality, including the option for users to process payments using Polygon’s MATIC.
FIFA, the most well-known and significant international football regulating body, is getting ready to unveil its initial NFT collection.
Latest statements by crypto market players
The chairman of the Security and Exchange Commission, Gary Gensler, recently penned an opinion post, and in response, Stu Alderoty, general counsel of Ripple Labs, asserted that the regulator’s crackdowns on the cryptocurrency business are not shielding consumers.
According to Brian Brooks, CEO of cryptocurrency infrastructure company Bitfury, one of the reasons for the recent decline is the Federal Reserve’s approach to battling inflation. He also criticized the US SEC, claiming that it likes to sue people and businesses rather than first creating effective regulations.
Jim Cramer, an American television celebrity, has changed his mind once more about cryptocurrencies. He warned against investing in bitcoin and other crypto tokens, describing them as speculative assets.
On Friday, renowned artist and independent researcher predicted that the Bitcoin price would fall after Ethereum’s planned “The Merge.”
Exclusive announcements on TheCoinRise
“The Swappery” has revealed the debut date of its much-awaited decentralized exchange (DEX) on the Casper Network. The DEX is currently operational on the Casper Blockchain mainnet and was first introduced on Binance Smart Chain (BSC) back in March 2021.
Users have been actively engaged since August 28, 2022, at 8:58 (UTC+8), since AMAX#1 public mining officially launched. The 5000APL tier mining pool award was claimed within three hours.
Attack on KyberSwap
Recently, the front end of KyberSwap was attacked, and the attackers took customer cash worth roughly $265,000. The team deactivated the user interface after noticing the unusual activity so that they could look into what caused the front end to exploit.
Rising demand for crypto education
64% of US parents, according to a recent Study.com research, think that crypto education should be included in their kids’ curricula. NFTs do not have the complete support of parents, as evidenced by the fact that only 25% of parents believed that they should be introduced into educational programs.
Sui by Mysten Labs faces Discord server hack
As emphasis progressively shifts to cryptocurrencies, the card payment sector is finally observing a decrease in the usage of cards to commit fraud.
Sui by Mysten Labs, a cryptocurrency and blockchain infrastructure platform, has issued a warning to the general public, asking them not to click on any links given to them or posted on the server in the near future.
The company disclosed that it had been hacked. Particularly, unidentified con artists have taken control of the Mysten Labs network’s Discord server. The bad guys allegedly put a phishing link on the company’s channel on Saturday that led to an airdrop, though this hasn’t been confirmed.
Ripple CEO denies allegations
The CEO of blockchain payments company Ripple Labs Inc., Brad Garlinghouse, has denied the accusations made against him in relation to Kyle Roche’s business. Notably, it was said that Brad and Kyle Roche met in order for Kyle to convince Brad to fund a law firm. The law firm will concentrate on rivals with less serious disputes in which Ripple is accused in the United States, it is said.
Notably, Roche has publicly announced that he is pulling out from class action lawsuits involving crypto players in the industry.
TheCoinRise will be back with another week of crypto roundup next Weekend.
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