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Kenyan Government Forms Committee to Investigate Worldcoin Crypto Project 🟥
♾ The Kenyan government has formed a 15-member parliamentary committee to investigate the contentious Worldcoin project.
🔔 The committee, led by Narok West MP Gabriel Tongoyo, has been allocated a 42-day timeframe to investigate the operations of Worldcoin comprehensively. According to local news sources, the objective is to meticulously analyze Worldcoin's activities and deliver its conclusions to the House.
✅ Interior Cabinet Secretary Kithure Kindiki, a pivotal figure in suspending Worldcoin's operations, addressed the House committee, expressing the government's apprehensions regarding Worldcoin's activities involving registering citizens and collecting iris data. Kindiki emphasized that these actions pose significant security threats.
➡️ This parliamentary assessment follows approximately three weeks after the Kenyan authorities declared a suspension of Worldcoin's operations. This suspension remains in effect until pertinent public agencies can confirm the complete absence of any potential risks to the general public.
South Korean Police Arrest 312 in Crypto-powered Drug Trading Busts 👀
📌 South Korean police are stepping up their crackdown on crypto-powered drug trafficking, and have made 312 arrests in a wide-sweeping narcotics bust. The broadcaster KBS reported that the arrests were carried out by the Seoul Metropolitan Police Agency’s Drug Crime Investigation.
🟢 The suspects were charged with violating the Narcotics Control Act. Police said the suspects were thought to have bought or sold drugs using dark web portals.
🟢 They are thought to have made use of “non-domestic” chat apps like Telegram, and conducted trades using cryptoassets such as Bitcoin (BTC). And police said that the group contained at least six alleged “large-scale” drug dealers.
➡️ This group included a man in his 20s who also ran an “internet shopping mall.” The suspected dealers are thought to have smuggled drugs into the country from overseas or bought from South Korean smugglers. Officers claimed the suspected dealers had been active from December 2020 to March 2023.
⚠️ The “internet shopping mall” operator, police think, appears to have been a key player, and allegedly expanded his operations from selling conventional goods to trading drugs on the dark web.
Binance Founder CZ Warns Users About the Use of AI Deepfakes in Crypto 🟥
➡️ Crypto exchange giant Binance's CEO Changpeng Zhao (CZ) has flagged a warning regarding AI-enabled deepfake videos that pose significant risks to cryptos. Referring to an AI-powered video post featuring Joshua Xu, CEO of HeyGen, CZ said that such videos are “pretty scary from a video verification perspective.”
💬 “Don't send people coins even if they send you a video,” he wrote.
💬 The Tweet by Xu included 100% AI-generated videos of his own avatar and voice clone. “We've made massive enhancements to our life-style avatar's video quality and fine-tuned our voice technology to mimic my unique accent and speech patterns perfectly,” the post added.
📣 The HeyGen CEO noted that this feature will soon be deployed to production for everyone to try and that the AI video generator would take only “two minutes” to create a real-looking digital avatar.
➡️ According to the Binance website, users must submit video evidence to verify the identity of the customer to withdraw funds from the exchange. The know-your-customer (KYC) process mandates a video verification along with a picture of the user’s ID card or passport.
Coinbase Analysts Remain Positive Ahead of Q2 Earnings Despite Regulatory Uncertainties 📌
➡️ Crypto trading platform Coinbase is poised for better-than-expected, Q2 earnings despite ongoing legal pressure against the firm and other industry giants, analysts say.
🟢 Consensus estimates from the financial data company FactSet call for revenues to decline to $629 million, down from $773 million in the prior quarter. This is expected to come on the back of lower trading volume during that same period, projected at $114 million versus $145 million in Q1.
📣 Furthermore, earnings per share are expected to fall by $0.75, as opposed to $0.34 in the prior quarter. However, in a Tuesday note, British Bank Barclays wrote that it expects “adjusted EBITDA” (Earnings Before Interest, Taxes, Depreciation, and Amortization) to come in “well ahead of consensus.”
🟠 Last month, the bank’s analysts downgraded Coinbase’s stock to underweight, expecting various near-term pressures to start taking their toll on the company’s earnings. At the time, analysts wrote:
💬 “While we continue to believe Coinbase is a likely long-term winner in the broader crypto ecosystem, fundamentals remain challenged, and recent relief from price actions, increasing rates, and cost rationalization likely have little further to run.”
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China's Digital Yuan Hits $250 Billion Transaction Volume, Central Bank Governor Reports 📌
📌 The People’s Bank of China (PBoC) revealed that $250 billion worth of transactions have taken place using the country’s central bank-backed digital currency (CBDC) digital yuan in 18 months since the start of its pilot.
📧 Speaking at a conference in Singapore, China’s central bank governor Yi Gang said that the central bank has transacted 1.8 trillion yuan as of the end of June.
➡️ The governor claimed that since the initial rollout of the digital yuan in January last year, there have been approximately 950 million transactions made from approximately 120 million wallets with an average transaction amount of roughly $260.
➡️ He further claimed that around 16.5 billion digital yuan was in circulation at the end of June, representing only 0.16% of China’s monetary supply. The digital yuan transactions amounting to $250 billion represent a growth of over 70% compared to the figure cited by the central bank in August 2022.
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ACHIEVED GOALS:
✅ Raised over $1 million in funding.
✅ 170,000+ accounts on test-net.
✅ Three games in development: "Ascend the End," "Neon Realm," and "Neon Punks Arcade."
✅ Established a vibrant community of Neonites.
✅ Developed a high-capacity blockchain infrastructure.
✅ Provided extensive development tools for web3 games.
✅ Created on-chain in-game economies and marketplaces.
✅ Launched an accelerator program for game developers.
✅ Ensured developers' full ownership of their intellectual property.
✅ Enabled seamless integration with existing development workflows.
LINKS:
Twitter - https://twitter.com/NeonLinkGaming 🐦
Website - neonlink.io 🌐
Medium - NeonLinkGaming/neon-link-public-sale-the-future-of-gaming-starts-here-54e7b0a4e34b" rel="nofollow">https://medium.com/@NeonLinkGaming/neon-link-public-sale-the-future-of-gaming-starts-here-54e7b0a4e34b 📝
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Buckle Up: 🚀💎 $1.5M Crypto Rocket WL Pass Up For Grabs! 🌟
Neon Link is a project that aims to redefine the future of blockchain gaming. It is a web3 gaming-focused network that provides game developers with the tools and environment they need to create incredible games. The network is powered by the Neon Link network and NEONLINK coin, creating a seamless platform for the future of gaming.
ACHIEVED GOALS:
✅ Raised over $1 million in funding.
✅ 170,000+ accounts on test-net.
✅ Three games in development: "Ascend the End," "Neon Realm," and "Neon Punks Arcade."
✅ Established a vibrant community of Neonites.
✅ Developed a high-capacity blockchain infrastructure.
✅ Provided extensive development tools for web3 games.
✅ Created on-chain in-game economies and marketplaces.
✅ Launched an accelerator program for game developers.
✅ Ensured developers' full ownership of their intellectual property.
✅ Enabled seamless integration with existing development workflows.
LINKS:
Twitter - https://twitter.com/NeonLinkGaming 🐦
Website - neonlink.io 🌐
Medium - NeonLinkGaming/neon-link-public-sale-the-future-of-gaming-starts-here-54e7b0a4e34b" rel="nofollow">https://medium.com/@NeonLinkGaming/neon-link-public-sale-the-future-of-gaming-starts-here-54e7b0a4e34b 📝
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Hut 8 Is Keen On AI Computing As It Relocates 6,400 Rigs, Eyes Growth Amid Legal Battle ✔️
🟥 Bitcoin (BTC) mining firm Hut 8 has announced plans to relocate 6,400 rigs from its facility in Ontario, Canada as the demand for AI and high-performance computing surges.
📣 This is part of the firm’s wider plan to revive its dwindling activities after it faced a few hurdles including a legal tussle with its third-party energy supplier Validus back in Nov 2022 leading to a closure of the facility.
➡️ The Canadian-based company is now looking to expand its operations in the United States with the 6,400 miners confirmed en route to Texas.
➡️ According to the company’s projections, mining activities will resume toward the end of July with an added boost of 600 petahashes per second driving up its total hashrate to 3.2 exahashes per second.
👀 Jamie Laverton, Hut 8’s Chief Executive commented on the state of BTC mining operations expressing positivity after long periods in the woods which saw miners posting losses, and selling BTC balances alongside equipment in a bid to stay afloat.
💬 “The industry has rebounded well over the past few months and we have seen more momentum than originally anticipated, partly due to some of our peers following our lead in the HPC and AI computing spaces.”
Binance Overturns Restriction on Privacy Coins for European Customers ⚠️
🟥 Binance's initial plan to delist specific privacy coins in certain EU nations has now been reversed as the company undertook revisions to ensure compliance with regional regulatory requirements.
➡️ The global crypto exchange said that it would reverse its initial plans to halt the trading of privacy tokens in Spain, France, Italy and Poland, after considering community feedback and engaging with various projects.
🟢 Last month, Binance told European users over email, that it would no longer offer 12 privacy-focused coins, starting June 26. However, the exchange said it would spare seven tokens from delisting from the four EU nations, including Decred (DCR), Dash (DASH), Zcash (ZEC), PIVX (PIVX), Navcoin (NAV), Secret (SCRT) and Verge (XVG).
💬 "Beam (BEAM), Monero (XMR), MobileCoin (MOB), Firo (FRO) and Horizen (ZEN) are still included in the restrictions," Binance told The Block.
📌 “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements,” a Binance spokesperson told cryptonews via email.
Celsius Sends Bankruptcy Restructuring Plan To Creditors Vote After Court’s Approval 📌
➡️ Bankrupt crypto lender Celsius is set to hold a vote on a plan to sell its asset to Fahrenheit Group following the approval by a judge as the proceeding winds down.
🟥 Celsius will send its creditors ballots to vote on the proposal between Aug 24 and Sept 22 and if approved, creditors could receive as high as $2 billion with each creditor getting returns ranging from 67% for Earn holders and 85% for those who were in the Borrow Program.
🟢 If approved, the final decision on the settlement would still be pronounced by the court in October with disbursement kicking off before the end of the year. However, customers not comfortable with the arrangement can opt-out without participating.
🟢 Judge Martin Glenn of the Southern District of New York Bankruptcy Court gave the ruling after a year-long bankruptcy case which has seen creditors mull over their assets.
Venture Firm a16z Dives into ZK Technology Research with 'Jolt' and 'Lasso' Projects ✔️
🟥 Prominent VC firm Andreessen Horowitz (a16z) has unveiled two open-source software projects focused on zero-knowledge (ZK) proofs.
📣 These projects aim to accelerate the core technology behind ZK proofs, a promising type of cryptography that can help scale blockchains by increasing transaction throughput, reducing costs, and enhancing privacy, the firm said in a recent announcement.
🔔 The first project is Lasso, which introduces an innovative technique to expedite ZK systems.
♾ The whitepaper for Lasso was co-authored by Justin Thaler, an a16z member, along with Srinath Setty—a Microsoft researcher—and Riad Wahby, a computer science professor at Carnegie Mellon University.
📌 a16z has already released the code for Lasso under an open-source license, enabling external developers to utilize it in their own projects. The other project is Jolt, which proposes a particular type of zero-knowledge virtual machine (zkVM) that incorporates Lasso's innovations.
Crypto Exchange Coinbase Narrows Losses Thanks to Cost Reduction Strategy 👀
🟥 Major US-based crypto exchange Coinbase has reported a smaller loss in the second quarter this year compared to the same quarter last year, while its revenue exceeded analysts’ expectations.
➡️ Coinbase’s loss for the quarter came in at $97 million, down from $1.1 billion a year before, the firm’s financial report for the second quarter showed. The loss marked the sixth consecutive quarterly loss for the exchange, which is facing significant regulatory challenges in its home market.
➡️ Meanwhile, the report showed that revenue also declined on a year-over-year basis, coming in at $707.9 million, 12% lower than the same period last year.
📣 Still, the revenue was markedly stronger than a consensus estimate from analysts surveyed by Bloomberg of $631.2 million, which one analyst attributed to better-than-expected interest income and staking revenue.
💬 “Q2 was a strong quarter of execution for Coinbase and marked continued progress in our journey to build a company that is increasingly efficient and financially disciplined,” the firm wrote in a shareholder letter.
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Crypto Exchange Binance Secures Operating License in Dubai ✔️
➡️ On Monday, Binance, the world's largest cryptocurrency exchange, secured the Operational MVP License to operate in Dubai after fulfilling the necessary pre-conditions since obtaining a preparatory license in September 2022.
➡️ Last year, Binance FZE, the Dubai-based subsidiary of Binance, achieved a significant milestone by obtaining Dubai's Virtual Asset Regulatory Authority (VARA).
➡️ This regulatory approval enables Binance FZE to open a domestic bank account to hold clients' funds locally, operate a crypto exchange, and provide payment and custody services.
⚠️ However, with the recent progression to an Operational MVP License, eligible users in Dubai can now access authorized services, including safely converting virtual assets to fiat in compliance with VARA-designated standards set by the intergovernmental Financial Action Task Force.
🔔 Binance's recently obtained operating license in Dubai comes with certain limitations. The services provided are currently restricted to institutional and qualified retail investors in the region, as per Binance's announcement.
US Senate Passes National Defense Bill: Here’s How It Affects Crypto 🟢
🟥 The bill's implication on the industry is far-reaching as it affects privacy coins, crypto mixers, and several digital asset exchanges. The United States Senate has passed the National Defense Authorization Act (NDAA), a law that sets the agenda and funding standards for the Department of Defense.
🟢 The bill sets the federal government’s defense funding at $886 billion with a 5.2% pay rise for service members. While funding was a major issue, the law affects several industries including the digital asset ecosystem.
⚠️ Specifically, it targets crypto mixers alongside privacy coins that mask the identity of users making it difficult for authorities to trace blockchain transactions.
♾ The cryptocurrency amendment in the bill was pushed by several senators including Elizabeth Warren, Roger Marshall, Cynthia Lummis, and Kirsten Gillibrand as they try to reduce the prevalence of crypto-related fraud among users.
Binance's New Platform in Japan to Provide Full Services from August 🔔
➡️ Binance revealed that it is finally ready to roll out its full services on its recently-launched subsidiary platform in Japan. The confirmation came from the exchange’s founder, Changpeng Zhao, during a conference in Tokyo earlier today, which he attended via video.
➡️ Zhao said that the services will become available in full starting in August 2023. In late May 2023, Binance announced a new platform in Japan.The platform was compliant with the local regulations and designed to provide services to Japanese users.
🟢 However, the exchange also said that it would take some time before it can launch its full services in the country. The company was able to enter the Japanese market thanks to its purchase of Sakura Exchange BitCoin in November 2022.
🔴 Acquisitions such as this one have been a common practice for companies to enter new markets. Sakura Exchange BitCoin provided Binance with an entry point into the market, and the exchange took it.
Deltec Bank's Funds Seized by U.S. Secret Service in Money Laundering and Fraud Probe ⚠️
➡️ The U.S. Secret Service seized multiple corporate accounts last month controlled by Deltec Bank, a Bahamian bank with ties to crypto-related firms.
🟢 New documents unsealed in a federal court on Monday reveal that the secret service seized several U.S bank accounts controlled by Deltec last month. As per the documents, the amount seized by the U.S authorities is above $58 million.
🟥 The seizures were made amid an investigation into organized, international criminal money laundering syndicates operating cryptocurrency investment and other wire fraud scams.
➡️ The bank accounts that were seized by the secret service were custodial accounts with Mitsubushi Bank UFJ Trust in New York, opened by Deltec on behalf of corporate clients.
📣 U.S authorities linked certain Bahamian bank’s customers to shell firms involved in a cross border scheme. The scheme allegedly involves creating fake crypto websites to dupe victims into depositing their assets or cash.
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SEC acknowledges Fidelity, VanEck, WisdomTree, and Invesco Spot Bitcoin ETF applications 🟢
➡️ On July 14, the Securities and Exchange Commission (SEC) acknowledged the spot Bitcoin ETF applications submitted by Fidelity, VanEck, WisdomTree, and Invesco.
👀 This acknowledgment, published on the SEC's website, represents a significant milestone in the cryptocurrency industry's pursuit of spot Bitcoin Exchange Traded Fund (ETF) approval.
⚡️ Furthermore, similar acknowledgments were reported today for BlackRock, while companies like ARK Investment and BitWise had received acknowledgments from the regulator before that.
➡️ It's important to understand that this acknowledgment only guarantees the immediate approval or rejection of the applications.
✏️ However, it does signify progress in the application process and a positive step forward. The SEC will now enter a period of deliberation, which is estimated to last around 240 days.
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Singapore's Investment Conglomerate Temasek Drops Crypto Investment Plans Citing Regulatory Uncertainties 🟥
➡️ Singaporean investment conglomerate Temasek has decided to drop its plans to invest in crypto exchanges, due to regulatory uncertainties.
➡️ In an interview with CNBC, Temasek’s Chief Investment Officer Rohit Sipahimalani revealed the bitter experience of writing down its entire $275 million investment in the now-bankrupt crypto exchange FTX.
📌 As a result, and with unclear regulations and market conditions, Temasek is not currently looking to invest in crypto-related firms, he said.
💬 “There’s a lot of regulatory uncertainty in this environment. And I do think that be very difficult for us to make another investment and exchange in the middle of all this regulatory uncertainty.”
➡️ His remarks come as the US SEC continues to crack down and take legal measures against major crypto firms including Binance and Coinbase. “Given the way things are right now,” Sipahimalani noted that the company isn’t comfortable investing in exchanges.
♾ Temasek has refrained from investing directly in cryptocurrencies for a long time. Alternatively, the firm decided to back crypto service providers. However, its unsuccessful investments in now-defunct FTX, have ruined the reputation of the Singapore state-owned investor.
South Korean Regulator Will Force Staff to Declare Crypto 📌
➡️ The top South Korean financial regulator will force its employees to declare their crypto holdings in the aftermath of the “Coin Gate” scandal.
➡️ Lawmakers in the nation have come under fire for suspected insider trading, with one MP accused of selling his tokens in advance of the rollout of a new piece of crypto regulation.
📣 It has since emerged the MP was serving on a crypto-related parliamentary subcommittee at the time. The fallout of “Coin Gate” has seen MPs, regulators, and other public officials all call for one another to disclose their crypto holdings.
⚠️ And this, Yonhap reported, has now spread to the staff of the Financial Services Commission (FSC), the nation’s top financial regulator. The FSC is one of the main government agencies charged with regulating the nation’s crypto industry, and has the ability to conduct spot-checks on domestic crypto exchanges.
Former FTX US CEO New Venture: Architect – AI-Based Trading Platform for Crypto 📌
🟥 The former President of the now defunct FTXUS is starting another crypto trading platform – and he plans to imbue it with artificial intelligence (AI). In a recent interview, Brett Harrison told CoinDesk that his new firm, Architect, would use the burgeoning technology to help develop algorithmic trading strategies.
💬 “Our idea was to leverage the OpenAI API's application programming interfaces and combine them with our internal trading API's that we've built on top of all these different protocols to make it possible to use natural language probes to generate trading strategy code,” said the founder.
👀 AI sprang into the mainstream cultural and investment zeitgeist after OpenAI’s language processing tool ChatGPT was popularized earlier this year, demonstrating the power to directly answer almost any user-provided prompt.
➡️ Ever since, developers have begun experimenting with how the technology intersects with the crypto industry, from creating Bitcoin-based educational resources to repurposing crypto miners for AI computing.
➡️ Harrison’s vision for Architect more closely resembles that of incumbent financial players like JPMorgan and Morgan Stanley, who are already exploring how to use ChatGPT-like tools for providing investment advice.
💬 “We do think that AI is going to be a critical component of most businesses going forward, and we didn't want to miss the opportunity to be able to leverage AI tools for our users,” he said.
Mind Network Secures $2.5M Seed Funding from Binance Labs, Other VCs ✔️
➡️ Web3 data security and privacy platform Mind Network has closed a $2.5 million seed round that attracted many key investors, including Binance Labs, the venture capital and incubation arm of Binance.
📌 Mind Network provides users with end-to-end encryption and gives full control over personal data and financial transactions. Recently, Mind Network joined the Chainlink BUILD Program and participated in the Binance Incubation Program Season 5.
➡️ The funding round saw investments from Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and others, a company release noted.
💬 Mason, CEO of Mind Network, expressed gratitude for the support and confidence from investors.
⚡️ “This funding will enable us to further advance our groundbreaking technology and expedite the adoption of our platform across various industries, ensuring global data privacy and ownership for our users.”
✅ The protocol established strategic partnerships with Chainlink, Consensys, Arweave, and other protocols to lay the foundation for the platform's growth. The collaborations have enabled the company to gain early supporters, including global banks, insurance companies, and dApps.
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