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🟠 Binance To Promote Against Cybercrime In Taiwan
Binance held a one-day training event in Taipei on June 8 in partnership with Taiwan’s Criminal Investigation Bureau (CIB). The program is planned and delivered by professionals from Binance’s Law Enforcement Training and Investigative team, and it will be attended by over 200 law enforcement personnel, both on-site and digitally. This engagement is part of our larger effort to tackle cybercrime in conjunction. The program included a variety of themes, such as cryptocurrency-related crime trends, research tactics, and case studies of the exchange’s partnership with law enforcement organizations to combat cybercrime. Binance is also now having issues with American authorities. The US Securities and Exchange Commission sued the exchange and its billionaire founder, Changpeng Zhao, charging that they conspired to recruit American consumers to their unregulated foreign exchange, mixed investor money with their own, and violated securities laws. The 13 allegations follow the CFTC’s earlier this year filing of a similar case against the company and Zhao.
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🟠 Binance’s Acquisition Of Gopax Collapsed After SEC Lawsuit
According to Newspim, the South Korean Financial Services Commission postponed the evaluation of Gopax’s executive change report, which includes information concerning the hiring of three Binance members as internal directors of Gopax, on June 7. The industry anticipates that South Korean authorities would reject this modification report since the US Securities and Exchange Commission has accused Binance of allegedly breaking the Securities Act and requesting that assets be frozen. As a consequence, the financial authorities’ approval of the Gopax operator change report is anticipated to be delayed. If Binance’s purchase of Gopax fails, the withdrawal of GoFi deposit assets may be hampered. This is due to Binance’s guarantee to repay Gopax’s capital and interest in full if it closes an acquisition agreement with Gopax. GoFi is a product that piques the curiosity of those who entrust virtual assets to GoPax. As a result of the US FTX bankruptcy, Genesis, a US virtual asset deposit and lending firm that managed Gopax deposits, was unable to release customer virtual assets. It was assumed that the confiscation of Binance assets would have no effect on GoFi repayment.
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💰 Volcano Energy Secures $250 Million Investment For Renewable Energy Mining Project
Volcano Energy, an El Salvador renewable energy mining project, has attracted $250 million in funding. Volcano Energy, a groundbreaking renewable energy mining project in El Salvador, has successfully raised $250 million in an initial investment. The substantial funding will be utilized to kickstart the ambitious 241 megawatt (MW) Power Generation Park, specifically designed to provide electricity for Bitcoin mining farms. Volcano Energy is embarking on a $1 billion renewable energy mining project in El Salvador. The recent investment of $250 million serves as a crucial milestone, propelling the venture forward. The project’s main focus is the 241 MW Power Generation Park, comprising 169 MW of photovoltaic solar and 72 MW of wind energy capacity. The government of El Salvador is actively involved in the Volcano Energy project, contributing to the planning and implementation processes. As part of their participation, the government will secure a priority stake of 23% of the project’s revenues. This collaboration highlights the commitment of El Salvador to renewable energy and its role in advancing sustainable Bitcoin mining.
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🟣 Kraken Has A Technical Problem Causing Withdrawals To Be Suspended
Kraken, a cryptocurrency exchange, claimed it investigated a problem with many crypto financing gateways, including significant ones like Bitcoin, Ether, and ERC-20, which was causing operational delays. After that, two updates at 8:06 and 8:13 a.m. UTC indicated that Kraken was still working to resolve the problem. They said that they are applying the fix and monitoring the outcomes in the most recent update line. The status page did not make it apparent what was causing the problem. At the time of writing, the status page has been restored to normal, with any updates concerning the delays and troubles gone. Kraken, along with Binance, is one of the exchanges that has seen high withdrawals in the past 24 hours. This decision comes after the market saw a significant drop as a result of Binance being sued by the United States Securities and Exchange Commission (SEC). As a result, a wave of withdrawals from CEX through DEX is occurring. Several individuals believe that this may have led the exchange to have a technical issue and stop deposits and withdrawals.The SEC’s action against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ) may have stunned the crypto world.
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🏦 Coinbase Drops 30% After SEC Lawsuit As Users Pull Out $57.7 Million
Coinbase’s value has fallen almost 30% to $49 as the SEC accuses Binance and Coinbase of breaking the rules by allowing unregistered securities to be traded. Users have withdrawn over $57.7M, excluding Bitcoin. Coinbase has been hit hard by the Securities and Exchange Commission’s (SEC) lawsuit. The platform’s stock has plummeted by almost 30%, falling to $49. The SEC has accused Coinbase of breaking its rules by allowing users to trade numerous crypto tokens that were unregistered securities. Since the SEC announced their lawsuit, users have reportedly pulled out over $57.7M across multiple chains from Coinbase, excluding Bitcoin. A significant portion of this amount, precisely $43.1M, is from Custody. The platform’s staking service has also been accused of breaking the agency’s rules. This product allows customers to turn over their crypto tokens to facilitate transactions on a blockchain, which then pays a return to the customer. The SEC alleges this offering was unlawful, despite Coinbase being subject to securities laws. Interestingly, the SEC did not bring charges against Coinbase CEO Brian Armstrong or other executives. This contrasts the charges against Binance, the world’s largest crypto platform.
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🟠 Binance Executive Controlled Bank Accounts Belonging to U.S. Wing in 2019-20: Reuters
Binance executive was the main controller of five bank accounts belonging to the crypto exchange's supposedly independent U.S. unit, Reuters reported on Monday, citing bank records. Guangying Chen was authorized by the now bankrupt crypto lender Silvergate Bank to operate the accounts between 2019 and 2020, Reuters said. Binance.US had to ask Chen and her team to process payments, including the firm's payroll, according to the report, which also cited company messages. Binance.US has always claimed to be independent from Binance. Christian Hertenstein, a spokesperson for Binance.US, told Reuters that since Brian Schroder became CEO of the company in late 2021, "no one other than Binance.US officials have had control or access" to its accounts. Zhao acts as Binance.US's chair and is its majority shareholder. Binance.US had claimed to be independent from Binance at the time. The firm has been exploring ways to reduce his stake in order to enhance the exchange's reputation among U.S regulatory authorities. Neither Binance nor Binance.US responded to CoinDesk's request for further comment.
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🇺🇸 SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations
The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws on Monday. Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit, which also alleges that Binance's staking service violated securities law. The suit also alleged multiple times that Binance allowed U.S. persons (meaning U.S. citizens or people living in the U.S.) to trade on its platform, despite saying it wasn't. "As a second part of Zhao’s and Binance’s plan to shield themselves from U.S. regulation, they consistently claimed to the public that the Binance.com Platform did not serve U.S. persons, while simultaneously concealing their efforts to ensure that the most valuable U.S. customers continued trading on the platform," the suit said. "When the Binance.US Platform launched in 2019, Binance announced that it was implementing controls to block U.S. customers from the Binance.com Platform.
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🚨 Atomic Wallet Hacked: Largest Victim Reportedly Lost 2.8M USDT
Some users blamed the wallet provider that they had funds stolen from their accounts in the past as well. The non-custodial decentralized crypto wallet Atomic Wallet – with a reported user base of over five million customers – said some of its users complained about having their digital assets drained. Later reports suggested that numerous users had six figures worth of crypto wiped out, while the largest victim lost nearly $3 million worth of Tether (USDT). The team behind the wallet took it to Twitter yesterday to inform that some users complained about having their accounts compromised. Atomic said the team will go into further investigations, but there have been no official updates as of writing these lines. The waves of complaints under the Atomic Twitter post continue, with some claiming that they had their funds stolen in the past and that the wallet provider did nothing to help them at the time. According to the on-chain investigator, the largest single victim lost 2.8 million worth of Tether (USDT). ZachXBT added that they observed “multiple other losses” worth six figures in digital assets across different chains.
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🇧🇷 Brazil’s Mercado Bitcoin Becomes Licensed Payment Provider, Launches MB Pay Fintech Solution
Mercado Bitcoin, Brazil’s leading cryptocurrency exchange, has obtained a payment provider license, allowing the launch of its fintech solution, MB Pay. Brazil’s central bank has granted Mercado Bitcoin, the country’s prominent cryptocurrency exchange, a payment provider license on June 2. This milestone paves the way for the introduction of MB Pay, the exchange’s new fintech solution.The license enables users to access digital banking services using crypto assets held on the exchange. Mercado Bitcoin aims to enhance its services and expand its business further. According to Roberto Dagnoni, CEO of 2TM, the parent company of Mercado Bitcoin, the approval from the central bank is a crucial step in providing improved services to their customers. As a licensed payment institution, MB Pay will offer Brazilian users access to various digital banking services utilizing crypto assets held on the exchange. This includes features like investing in digital fixed income, staking, and other financial transactions. Moreover, users can anticipate the introduction of a debit card that allows seamless conversion of cryptocurrencies.
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🇭🇰 Justin Sun Reveals Huobi Now Is Seeking License In Hong Kong In Next 6-12 Months
According to an interview on CoinDesk TV on Friday, Tron founder and adviser to the exchange Justin Sun indicated that Huobi might get a Hong Kong crypto license in six to twelve months. He also spoke about the VASP application’s procedure. It is said that permission comes with an 18-month grace period during which regulators might make a decision on the application. He did, however, indicate that he believes the crypto exchange would have an answer before the end of the year. Other crypto exchanges that have sought a similar license have not been verified. Sun, on the other hand, predicted that five to six additional exchanges will follow suit. One of the most important implications of the administrative region’s crypto-friendly stance is that cryptocurrency exchanges may apply for licenses if they want to sell crypto-trading goods to regular investors. He mentioned the application’s 18-month grace period as he discussed the situation of crypto legislation during Hong Kong’s deployment of a much-lauded crypto framework. Both the crypto business sector and private investors view this as a positive development. Being one of Asia’s numerous crypto centers.
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🪙 Uniswap Summit Is Subtly Faked With Malicious Intent
Founder of Uniswap Hayden Adams has informed the community of a sophisticated fraud in China mimicking Uniswap. On June 2, the crypto community on Twitter published a video about the Uniswap conference, the biggest DEX in Ethereum today, which took place in May. The intricate degree of the impersonation scheme is shown not only in the magnificent size and backdrop of the video conference but also in the fact that the persons behind it built up a website for the Chinese Uniswap community. Not content with that, the conference also included a video AMA with Uniswap’s CEO, who presented himself as “Mike Hanlon” and is presently the “Global Director of Uniswap Community.” Hayden Adams, the true founder of Uniswap, quickly moved to Twitter to disavow any affiliation with the conference and warn the community about scammers imitating the organization. It is unknown why the aforementioned Uniswap imitation conference could take place in China, which has prohibited cryptocurrencies since 2021. Yet, it demonstrates the members’ audacity. To entice naive investors, fraud might be used. Others claim that the meeting was hosted in Hong Kong and then invited Chinese guests.
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🟠 Binance Successful Integration Of Tether (USDT) On Arbitrum And Optimism
Binance says it has successfully integrated Tether with the Arbitrum and Optimism networks. Currently, the USDT withdrawal service is also available. According to an announcement on the official website of the largest cryptocurrency exchange in the market, Binance, has completed the integration of Tether (USDT) on the Arbitrum One and Optimism networks. Deposits for Tether (USDT) are now open on both networks. The exchange also announced that it will open the withdrawal function for Tether (USDT) on the Arbitrum One and Optimism networks once there are enough deposits and will not notify users in a subsequent announcement. Binance’s decision brings many advantages and benefits to traders and the broader blockchain community. Conversely, as the largest stable coin backed by Tether’s reserves, USDT will further enhance the liquidity of both Arbitrum and Optimism. Users no longer need to go through multiple platforms or complicated processes to access USDT on Arabbitrum and Optimism Network.
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🇷🇺 Russian Bank Launches Cryptocurrency Cross-Border Settlement Solution
Rosbank, sanctioned by the United States, has become the first Russian bank to launch a cryptocurrency cross-border settlement solution. According to a post on local news, the bank is already conducting pilot transactions with corporate and private clients. Russian companies must use the service through Rosbank and B-crypto’s KYC procedures. The Russian fintech service B-crypto provides technical support for cryptocurrency settlements, specializing in international payments in digital currencies. The importer must provide for cryptocurrency settlements and register the recipient’s crypto wallet. Then the supplier issues an invoice to the Russian company for payment in cryptocurrency, also indicating the address of the crypto wallet. Next, the importer and B-crypto sign an agreement, and the customer deposits fiat funds to purchase cryptocurrency to an account with Rosbank and leaves an application. The bank transfers money in B-crypto; it buys cryptocurrency in friendly countries and transfers it to a foreign supplier. Many countries are taking steps to include cryptocurrency transactions in their sanctions regimes. The use of cryptocurrencies to circumvent sanctions may be recognized by them as illegal.
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🇪🇺 MiCA Is Now Signed Into Law To Create A Clear Legal System For Crypto In The EU
The important Markets in Crypto Assets (MiCA) proposal seeks to standardize all cryptocurrency legislation throughout the EU’s 27 member states. According to the most recent reports, the European Union officially signed into law its MiCA legislation on Wednesday. The legislation was signed by European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren, coupled with a second anti-money laundering bill requiring crypto providers to authenticate their clients’ identities before transferring payments. The council has already given final approval to the MiCA rule. The ground-breaking law attempts to integrate crypto throughout the EU. It was, however, postponed until February. It has now received final clearance. The announcement was made on Twitter by the Swedish government, which is presiding over legislative discussions as the EU president. On April 20, the European Parliament passed the European Union’s (EU) MiCA encryption rules. This remarkable move brings Europe one step closer to being the first area to enact comprehensive laws for the booming cryptocurrency industry. The enforcement phase will begin in June 2023 after the fulfillment of a few remaining administrative procedures.
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🏦 Gemini Now Seeks To Expand Into The UAE
Tyler and Cameron Winklevoss’ Gemini cryptocurrency exchange intends to seek for a digital-asset license in the United Arab Emirates. Gemini noted rising public excitement for cryptocurrency and productive interactions with UAE officials as reasons for requesting the license in a blog post. Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the decision was motivated by hostility and a lack of clarity around crypto legislation in the United States. Gemini personnel, according to the official statement, met with stakeholders throughout the UAE to learn more about local regulatory needs. In fact, they investigated the demands of local crypto investors in order to tailor-serve them. Gemini is aiming for worldwide crypto acceptance in 20 nations. Its drive in the UAE comes as the country attempts to strengthen virtual asset legislation in order to attract new types of business as economic rivalry in the Gulf region heats up. The Winklevoss twins had not yet determined where to base operations for the exchange in the nation at the time of publishing, implying that the new Gemini headquarters may be constructed in both Abu Dhabi and Dubai.
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🪙 Aave Proposes Launching GHO Stablecoin On V3
After a conversation with the community, Aave has offered to deploy the stablecoin GHO mainnet on the Ethereum network, giving users another choice when utilizing other stablecoins on the Ethereum network. The suggestion was met with enthusiastic support in the governance forum, with a majority of members seeking a formal governance vote. The ARFC suggests that GHO be launched with two first facilitators: the Aave V3 Ethereum Facilitator and the FlashMinter Facilitator. According to Aave, this new product is intended to improve competitiveness in the DeFi borrowing market and produce more revenues for the Aave DAO, which will receive 100% of the interest on borrowing GHO. The choice to introduce GHO may have been influenced by Curve Finance’s successful deployment of stablecoin crvUSD, which debuted last month and has garnered positive feedback from DeFi customers. The addition of an asset-backed stablecoin might help decentralized exchange (DEX) trade. Due to memecoin trading activity and regulatory pressure on centralized exchanges, the volume of transactions on DEXs has increased in recent weeks.
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📣 Crypto Mogul Do Kwon Accused Of Secret Political Relations In Montenegro
Milojko Spajić, the head of Montenegro’s pro-Western Europe Now party, has been accused of having business relations with cryptocurrency billionaire Do Kwon, who was detained earlier this year in the Adriatic nation. Montenegro Prime Minister Dritan Abazović says he reviewed Terra co-founder Do Kwon’s handwritten letter and sent it to the prosecutor’s office. Do Kwon has been in contact with former Finance Minister Milojko Spajić since 2018, according to the letter. Spaji is also the president of the political party Europe Now. Terra’s co-founder claims to have funded the political party Europe Now. On Tuesday, outgoing Prime Minister Dritan Abazović, political parties, and non-governmental organizations asked the Special State Prosecution to look into the suspected relationships between Do Kwon and Milojko Spajić. In a statement issued on June 6, Abazović said that the government would transmit the letter to the prosecution in order to initiate an investigation.
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⬜️ OKX Partners With Komainu To Enable Customers To Conduct Secure 24/7 Trading
OKX, the world’s second-biggest cryptocurrency exchange by trading volume, has partnered with digital asset storage startup Komainu, enabling institutional customers to retain their crypto in the Nomura-backed custodian while trading on the exchange. By eliminating the requirement to maintain collateral with trade counterparties and instead providing the option to retain assets in secure custody, Komainu Connect, which will be available in April 2023. OKX is the first client to employ Komainu Connect, a regulated settlement and custody solution for institutional clients that provides 24/7 trading using a combination of cold storage, multiparty computation (MPC), and hardware security modules (HSMs). It is reported that Komainu is a cryptocurrency custody company jointly established by Nomura Securities, Ledger and CoinShares. It was founded in 2018 to offer institutions a safe and compliant custody solution for investments in digital assets. Komainu was launched in June 2020 and presently holds assets for exchanges, financial institutions, asset managers, companies, and government entities.
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📉 Goldman Sachs Report Reveals 12% Drop In Bitcoin Held On Exchanges In May
Goldman Sachs has reported a large reduction in the amount of Bitcoins held on exchanges, with a 12% decrease noted in May. In a recent report, Goldman Sachs (GS) highlighted a significant decline in the number of Bitcoins held on exchanges, with a 12% decrease observed in May. Alongside this, the report also mentioned a slight increase in the supply of Ethereum during the same period. The report emphasized the issue of network congestion across both the Bitcoin and Ethereum blockchains, which garnered significant attention in May. This congestion led to a notable drop in monthly address activity for both bitcoin and ether, with declines of 13.8% and 16.7% respectively. Higher transaction fees deterred user activity on these networks. Despite the challenges posed by network congestion, the average mean hash rate of Bitcoin continued its upward trajectory, surpassing its all-time high in May. The hash rate experienced a 5.4% increase during the month, indicating the growing computational power dedicated to mining and processing transactions on the Bitcoin blockchain.
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🟠 Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange
The appointment of Richard Teng to oversee Binance’s regional markets outside the U.S. has positioned the one-time Abu Dhabi regulator as the most likely successor to Changpeng Zhao, who founded the world’s largest crypto exchange in 2017. The enhanced role follows a report last month that Zhao, commonly known as CZ, is looking to reduce his ownership of Binance.US, the firm's American arm – a move that's seen as something of an appeasement to U.S. regulators. Teng's knowledge and experience as a regulator will come to bear in his new role overseeing Asia, Europe, the Middle East and North Africa as the exchange, often targeted by authorities, attempts to draw a line under mounting enforcement actions related to conduct during crypto’s early years. Prior to heading up the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), he was chief regulatory officer of Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore (MAS). But it’s worth remembering that CZ himself said the firm had a succession plan in place when he hired Teng back in August 2021. Teng initially joined Binance as CEO of the Singapore business.
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🇸🇻 El Salvador's Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine
Volcano Energy announced $1 billion in commitments to build a 241 megawatt (MW) bitcoin mine in the Metapán region of El Salvador, according to a Monday press release on Twitter. One of the investors is Tether, the issuer of stablecoin USDT, according to a separate press release shared with CoinDesk. The mining site will be powered with 169 MW of solar and 72 MW of wind energy to bring computing power of over 1.3 exahash/second (EH/s), the press releases said. The government will play "a crucial role" in planning and execution and has secured a "preferred participation equivalent to 23% of revenues," said Volcano. The outside investors will own 27% of the venture and the remaining 50% will be "reinvested" to expand energy production and mining capacities, the firm said. Earlier mining initiatives have been focused on El Salvador's geothermal energy potential, but it was unclear how this new solar and wind energy park would be connected with volcanic activity. In its press release, Volcano mentioned that this mining site is intended as a "pathway to our geothermal future," but didn't clarify the roadmap.
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💰 FTX files objection to Genesis after being snubbed in $0.00 claim estimate
FTX and its associated debtors declared numerous objections to Genesis’s bankruptcy proceedings and recovery plans in a June 2 court filing. FTX debtors have now filed a complaint about Genesis’ June 1 motion. In that motion, Genesis attempted to estimate FTX debtors’ claims at $0.00 — whereas FTX said in May that it aimed to recover about $4 billion from Genesis’ bankruptcy case. FTX debtors did not say whether they still intend to recover $4 billion. Genesis initially justified itself by stating that the $0.00 estimate is necessary to avoid delays in pursuing its reportedly undisclosed Chapter 11 recovery plan. FTX debtors also complained about the secrecy of Genesis’ plan by noting that they have not been invited to participate in the mediation process. They said they were excluded despite Genesis debtors’ claims that they are working with “all parties” to create the plan. Furthermore, FTX debtors urged for Genesis’ mediation process to be abandoned entirely, stating that the plan is a “waste of estate resources” without FTX’s participation.
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📣 The Number Of Crypto ATMs Installed Increases Again After 4 Months Of Decline
After 4 months of seeing a decrease in the number of Bitcoin and crypto ATMs, this past May has recorded a positive increase. Over the first four months of 2023, the total number of crypto ATMs decreased steadily. At this time, the number of net crypto ATMs globally fell by 5,850. Yet, according to Coin ATM Radar data, 1,397 machines were added back to the worldwide crypto ATM network in May. Although large economies like as the United States and Europe contributed to the decline. Crypto ATMs, also known as Bitcoin ATMs, are electronic kiosks where consumers may perform financial transactions, however they are built for cryptocurrency rather than cash. According to the research company How Many Bitcoin ATMs, there are around 63,000 of these crypto ATMs in the United States. If you’ve ever contemplated using one, here’s what you should know about them. Although Bitcoin ATMs do not contribute to the expansion of the Bitcoin network, they do act as a physical gateway for users to exchange fiat currency for crypto. Australia deployed a total of 233 ATMs in 2023, propelling it to the third-largest crypto ATM hub in the world.
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🇶🇦 Qatar Fails To Crack Down On Crypto Despite Regulations: Report
Qatar is criticized for ignoring regulations on crypto services. FATF urges Qatar to combat money laundering and terrorist financing. Crypto service providers are banned, but Qatar is exploring a central bank digital currency. Qatar has reportedly come under fire for its lack of action against crypto companies. Despite clear regulations prohibiting virtual asset services, Qatar seems to ignore the issue. The Financial Action Task Force (FATF) has just slammed Qatar Central Bank (QCB). The FATF’s report exposes Qatar’s failure to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers. In a shocking revelation, it appears that Qatar’s understanding of complex money laundering and terrorist financing is severely lacking. The FATF urges Qatar to up its game and steps up efforts to tackle these sophisticated crimes head-on. While Qatar claims to have made progress in gathering beneficial ownership information, the FATF’s report reveals there’s still a long way to go. Qatar’s authorities have been accused of not fully utilizing their sophisticated analysis capabilities to identify instances of money laundering.
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📣 Do Kwon Once Again Out Of Jail, Montenegro Court Accepts Over $400,000 Bail
According to the Financial Associated Press, the Court of Montenegro again granted bail from failed Terraform Labs crypto executive Do Kwon. On June 3, a primary court in Montenegro once again agreed to the bail request of Do Kwon, co-founder of Terraform Labs, and his associate Han Chang-joon. Although it is unclear why the case was overturned, the country’s prosecutors will have three days to appeal the ruling. On May 12, the Basic Court in Montenegro agreed to a $436,000 bail for Terraform Labs co-founder and CEO Do Kwon and Terra CFO Han Chang- joon with the same condition. At the time, the court ordered that the men be placed under house arrest in Montenegro pending trial. However, two weeks later, the decision was revoked after prosecutors appealed the decision. It is known that when the judgment was revoked, the Court of Montenegro had not yet received bail from the two defendants. Kwon and Chang-joon have been charged with forging official documents after attempting to fly to Dubai from Podgorica in March with alleged fake Belgian and Costa Rican passports.
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🪙 Uniswap Community Chaos In Voting For LPs Fee Plan With 45% Against
The Uniswap decentralized exchange community members are facing chaos in voting for the platform’s plan to charge fees from LPs. Proposal voting results showed that 45.32% voted against charging, 42.34% supported charging 1/5 of liquidity provider fees, 12.3% voted in favor of charging 1/10, and 0.04% of votes favor 1/6 Charge being imposed. Devin Walsh, executive director of the Uniswap Foundation, said on Twitter that the poll was published for feedback and was not part of a formal governance process. Although support for a fee outweighs opposition for a charge (55% vs. 45%), no individual category has received greater support than the “free”. If protocol fee advocates can link together after a certain percentage of fees, they can win. These results will not necessarily prevent further votes on the proposal. The polling site suggests that the poll data will be used to prepare for a more formal “temperature check” vote. However, the opposition to a fee is substantial. As per previous news, GFX Labs has launched a proposal in the Uniswap community to “implement liquidity pool fees”, proposing that all Uniswap v3 pools implement agreement fees equal to 20% of pool fees and open charge conversion for Uniswap v2.
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🪙 Elon Musk Faces New Lawsuit Alleging Dogecoin Manipulation
The lawsuit claims that Elon Musk’s actions caused significant financial losses to the investors, amounting to hundreds of billions of dollars. The lawsuit, filed in a Manhattan court, alleges that during 2021, Elon Musk engaged in various activities to promote Dogecoin, including frequent mentions on his personal Twitter page and promoting the cryptocurrency on US television. The investors claim that these actions artificially inflated the price of Dogecoin. The group of investors also highlights an incident in April 2023 when Musk sold $124 million worth of DOGE shortly after replacing the Twitter logo with the Dogecoin logo on his social media profile. This move allegedly triggered a 30% price spike in Dogecoin at that time. The lawsuit, which began in June 2022, also accuses Musk of directing his companies, Tesla and SpaceX, to accept DOGE payments to create a false perception that Dogecoin was a viable investment. The investors are seeking $258 billion in damages from Musk, Tesla, and SpaceX. Elon Musk’s legal team has been attempting to dismiss the case, dismissing the presented details as “fictitious.”
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🪙 Tether Supports CityPay.io With Georgia Expansion Strategy
According to a press statement issued on Wednesday, Tether, the $83 billion USDT stablecoin’s issuer, has invested an unknown sum in the payment processing company CityPay.io. CityPay.io has enabled USDT as a payment option for users at over 600 establishments in Georgia, including restaurants, stores, and hotels. Tether sent out a tweet. The company partnered with Binance Pay, the payment arm of the world’s biggest crypto exchange, early this year, enabling cryptocurrency purchases. Tether’s investment is part of a new initiative to spend a portion of its surplus income on Bitcoin (BTC) and infrastructure, payments, and communication projects. During the first quarter, the corporation posted a net profit of about $1.5 billion. Tether also announced an investment in sustainable energy generation and bitcoin mining in Uruguay earlier this week. Georgia has emerged as one of the world’s most crypto-friendly nations, with an increasing interest in crypto. Presently, 2.89% of Georgians possess some type of cryptocurrency, demonstrating the country’s extensive acceptance of digital assets. In fact, a July 2022 survey done by Forex Suggest rated Georgia fourth on the list of the world’s most crypto-ready countries.
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💰 OKX Wallet Proposes Creating BRC-30 Tokens To Strengthen Bitcoin Ecosystem
OKX Wallet announced the BRC-30 proposal, an improved version of the BRC-20 protocol that adds equity operation operations, including deposit, minting, and withdrawal. According to the plan, the staking capability would allow BRC-20 token holders to receive passive revenue. Users may now stake their own BRC-20 tokens or Bitcoin in exchange for BRC-30 tokens, thanks to the launch of the new token. According to the proposal, the launch of new tokens and their staking functionalities gives BRC-20 token holders new ways to interact with their digital assets and generate passive revenue. Additionally, staking encourages users to keep their assets, possibly lowering market selling pressure and leading to a more stable token ecosystem. By introducing BRC-30 and BRC-20 tokens, Bitcoin holders and token holders may create income without depending entirely on purchasing and selling tokens on exchanges. This staking mechanism adds a new layer to the BRC-20 token ecosystem, encouraging increased engagement and strengthening the bond between token holders and the underlying blockchain network.
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🏦 Coinbase User Failed To Protest IRS Access To His Data
US District Court Judge Joseph N. Laplante dismissed Coinbase user James Harper’s request to the Internal Revenue Service (IRS) to obtain personal data from Coinbase in a ruling. However, in his most recent judgment, Laplante sided with the IRS, and he stated that Harper had no standing to claim an interest in the records under the Fourth or Fifth Amendments. Harper’s claim of a privacy violation was further weakened by the judge’s assertion that Coinbase was the rightful custodian of Harper’s account documents. Judge Laplante noted that Harper voluntarily disclosed his information to Coinbase. Additionally, the company’s privacy policy warns against possible government expropriation, and this significantly undermines Harper’s view that disclosure to Coinbase is voluntary. This reaffirms the broad authority that the IRS has, allowing it to issue subpoenas in a variety of circumstances. The ruling strengthens the IRS’s right to collect financial data, potentially setting a precedent for future privacy challenges. In addition, the judge dismissed Harper’s claim of a breach of due process and stated that Harper did not have any property rights to the record. Even if he had such rights, the summons would be significantly restricted, requiring court approval.
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