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An announcement about the Sundae project has appeared in the public space. Bloggers, stars and opinion leaders are discussing this project.
One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.
What's known about the project. Something partly crazy, partly grandiose is coming.
Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.
Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.
According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.
Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.
The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires.
Major Japanese Businesses Ask Gov’t to Reform Crypto Tax System 🔔
♾ Some of Japan’s biggest businesses have asked the nation’s government to make crypto tax reforms, as the country continues to pivot to Web3 and crypto. Per an official Japan Association of New Economy (JANE) announcement, the group has submitted a tax reform proposal to Tokyo.
🟥 JANE has asked the government to “reduce tax rates” in 2024 to “encourage growth and increase tax revenue.” The request refers to various forms of tax, but also makes specific mention of crypto-related taxes and Web3 growth.
➡️ The request states that the current crypto tax system is causing “promising Web3 companies” to leave the country.” JANE also warned that if steps were not taken to ameliorate the situation, Japan could be “left behind” in the Web3 sector.
🔴 And JANE claimed that “urgent measures” were needed to foster promising businesses and “develop the token economy.” JANE has previously called Web3 a “new opportunity” for Japan.
📣 Prime Minister Fumio Kishida has repeatedly talked up NFTs and Web3, calling them potential growth engines for the economy.
Parsec Crypto Analytics Firm Raises $4 Million in Investment Round Led by Uniswap and Billionaire Novogratz’s Galaxy Digital ✅
🔥 Pro on-chain DeFi and NFT analytics platform Parsec has secured $4 million in an investment round. Sharing the news on X, the crypto-facing analytics platform revealed that the investment round was led by billionaire pro-crypto investor Mike Novogratz’s Galaxy Digital.
🌟 Other key investors include the popular decentralized exchange (DEX) and automated market maker (AMM) Uniswap. In addition, Robot Ventures, CMT Digital, and several other investors.
👉 The Parsec platform also mentioned Will Price, Rice Maximalist, and Freddie Framer as part of its angel investor teams. Since launching in 2020, Parsec Finance has focused on providing crypto-facing institutions with transparent and practical data they need to make decisions.
🔵 The platform enables crypto degens and institutions to access verifiable information across multiple blockchain networks and layer-2 scaling solutions as liquidity rapidly moves.
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September 2023 Marks Record-High Crypto Exploits with $329 Million Stolen 🔔
📣 On September 30, CertiK confirmed that a total of approximately $332 million had been lost to various exploits, hacks, and scams throughout September.
👌 September 2023 has emerged as the most concerning month for crypto-related exploits, as reported by CertiK. In September, the crypto space witnessed various types of incidents. Exit scams accounted for around $1.9 million in losses, while flash loans led to losses of approximately $400,000. The most significant contributor to the month's total, however, was exploits, which amounted to roughly $329.8 million in losses.
🔔 One notable event was the Mixin Network attack on September 23. The Hong Kong-based decentralized cross-chain transfer protocol suffered a substantial breach, resulting in a loss of $200 million due to a breach of its cloud service provider.
♾ Another major incident occurred on September 12, when CoinEx, a cryptocurrency exchange, experienced a suspected attack following a substantial outflow from four of its hot wallets. This breach led to losses exceeding $53.1 million across the hot wallets.
Taiwan Implements Stricter Regulations, Bans Unregistered Foreign Crypto Exchanges from Operating 📌
➡️ Today, on September 26, Taiwan's financial regulator, the Financial Supervisory Commission (FSC), unveiled new guidelines for Virtual Asset Service Providers (VASPs) aimed at enhancing the protection of cryptocurrency users in the country.
➡️ In March, the FSC confirmed its position to closely regulate the cryptocurrency exchange sector to safeguard users within the state. Since then, it had worked to enforce its anti-money laundering regulations on all crypto exchanges operating in Taiwan.
🔔 However, the newly released guidelines specify that cryptocurrency exchanges operating under its jurisdiction must ensure the separation and protection of company treasury assets from customer assets. They also establish a new review standard for the listing and delisting of digital assets while enhancing information disclosure.
‼️ These guidelines primarily emphasize transparency, secure asset custody practices, and strengthening internal controls and management within cryptocurrency firms.
➡️ Moreover, foreign cryptocurrency firms seeking to operate in Taiwan or serve Taiwanese customers must always register with the regulator and demonstrate their adherence to anti-money laundering regulations.
Brazil Debates Bill To Protect Debtors’ Digital Assets ‼️
🔔 Brazilian lawmakers make moves to include cryptocurrencies in the list of debtors-protected assets on behalf of creditors following their recognition as tradable property. In recent months, Brazil has embarked on a major change to reduce the seizures of debtors' assets which is meant to settle their creditors.
➡️ Originally, Bill number 4.420/2021 being debated by the Constitution, Justice and Citizenship Committee of the parliament does not include digital assets but a separate move is looking to include the asset class into the protection list.
🟥 The country wants to amend the Code of Civil Procedure specifically the mode of debt enforcement and the rights of both parties. The proposed amendment will protect the financial savings of debtors to a figure equal to 40 minimum wages from seizures on behalf of creditors.
🟢 On September 15, Deputy Felipe Francischini disclosed an agreement to include digital assets as part of the protected asset class after a suggestion from Deputy Fernando Marangoni.
💬 “Nowadays, people's investment behavior has changed, with the traditional savings account losing ground to other forms of financial investment.”
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Crypto Theft from Fortress Trust Traced Back to Phishing Attack on Cloud Vendor 🟥
➡️ Fortress Trust's recent disclosure of a cryptocurrency theft totaling nearly $15 million has shed light on a complex situation involving a third-party vendor and a phishing attack.
➡️ The vendor has now been identified as ReTool, a reputable San Francisco-based company serving Fortune 500 clients. Retool constructed the portal that allowed several Fortress clients to manage their cryptocurrency funds.
⚠️ The theft, attributed to a phishing attack, prompted Fortress to speed up discussions with blockchain tech firm Ripple for its acquisition. Retool has confirmed that it fell victim to a phishing attack affecting 27 of its customers, but didn't directly reference Fortress in its statement.
🟢 The attack targeted a specific group of crypto-oriented customers, but those who configured Retool's software as recommended by the company remained unaffected.
💬 “Although an attacker had access to Retool cloud, there was nothing they could do to affect on-premise customers,” emphasized Retool. “It’s worth noting that the vast majority of our crypto and larger customers in particular use Retool on-premise.”
➡️ Although $15 million is a substantial sum, it represents a small fraction of Fortress's overall assets under management, which total billions of dollars. Ripple has made a $15 million down payment to help Fortress reimburse affected customers, as part of their ongoing acquisition deal.
Vitalik Buterin Discloses Twitter SIM Swap Attack That Drained $691K From Users’ Wallets ‼️
➡️ Ethereum co-founder Vitalik Buterin revealed that his recent Twitter (X) account hack, that wiped over $691,000 victims’ funds in a fake NFT promo, was a result of a “SIM swap” attack.
➡️ Blockchain analyst ZachXBT, which confirmed $691,000 had been drained from people's wallets, declined to speculate whether Buterin was the victim of a “SIM swap.” The reply came as an X user, Satoshi 767, assumed that the hack could be a SIM Swap attack.
➡️ Essentially, SIM swapping occurs when a SIM scammer gains control of a phone number by assuming the victim’s identity and persuading their mobile service provider. Once they have control over this, they pass any SMS-based two-factor authentication (2FA) processes for accounts associated with that number, gaining complete control.
💬 “I had seen the ‘phone numbers are insecure, don't authenticate with them’ advice before, but did not realize this.”
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Ron DeSantis' Crypto Campaign Donations Delayed by Hurricane ‼️
📣 Florida Governor Ron DeSantis, who had been planning to announce the acceptance of crypto contributions for his 2024 presidential campaign, was forced to delay the initiative due to the approach of Hurricane Idalia.
➡️ The hurricane made landfall in Florida on August 30, prompting DeSantis to focus on emergency preparations and responses rather than campaign events. Among other things, the Governor has spent his time visiting victims and overseeing emergency responses, pictures posted on social media showed.
🟢 The announcement that crypto donations would be accepted was expected to come at a fundraiser, but the event was cancelled due to the threat of the hurricane, the Miami Herald reported.
🔔 DeSantis, who is vying for the Republican Party's nomination for the presidency, have in the past been vocal on several crypto-related issues. Among them was an announcement from March to ban any form of central bank digital currency (CBDCs) in Florida.
➡️ The Republican candidate also said in July that he would ban CBDCs throughout the nation if he becomes President, and promised the crypto community that he would put an end to “Biden's war on Bitcoin and cryptocurrency.”
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Binance Discontinues Peer-to-Peer Service with Sanctioned Russian Banks ⚠️
➡️ Binance has ended its relationship with five Russian banks under sanctions on the exchange's peer-to-peer service for ruble fund transfers. Binance received criticism from The Wall Street Journal (WSJ) on August 22 for offering sanctioned Russian banks like Tinkoff and Rosbank as transfer options.
➡️ This raised concerns about potential sanctions violations, as Binance seemed to endorse these banks as payment methods. The report highlighted Binance's operational connections in Russia, potentially violating sanctions after the Russia-Ukraine conflict.
✏️ The US Justice Department was investigating Binance for possible sanctions breaches, alleging unauthorized access for Russian citizens. The report also noted external data suggesting significant ruble trade volumes on Binance.
🔴 The WSJ emphasized Binance's involvement in peer-to-peer ruble-to-digital asset transactions, especially with banks under Western sanctions, referring to user screenshots and chat messages.
➡️ However, Binance disagreed, saying it had no affiliation with any Russian bank, as stated by a spokesperson.
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.
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French Regulator Concludes DeFi Public Consultations, Views Ecosystem as “Disintermediated” 📌
🟢 The Autorité de Contrôle Prudentiel et de Résolution (ACPR), a body within the French Central Bank published a summary of the public consultation it held on decentralized finance (DeFi).
➡️ The document released on Oct 12, outlines a key path toward regulations in the sector to address the risky areas highlighted by stakeholders in web3 in a bid to reshape finance.
📌 Aiming to address the contemporary issues in web3, the regulator held its public consultation for two months (April - May) recording views and opinions from market participants in France, Europe, and other continents.
💬 ”This public consultation has enabled us to gain a deeper understanding of this ecosystem, thanks to the number, variety, and depth of contributions received. This makes the regulatory avenues outlined by the ACPR even more relevant, and will provide us with an opportunity to weigh in on the forthcoming regulatory discussions at the European level.”
🔴 A key revelation by the body goes to the root of blockchain mechanisms with the body citing operational risks due to the high concentration of infrastructure on cloud service providers playing central roles.
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets 🟥
👉 The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
⏺ Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA) to protect investors and users in the crypto ecosystem.
🗣 According to him, to create a safe space for users, the CFPB mulls rolling out traditional finance measures for virtual assets.
❕ “To reduce the harms of errors, hacks, and unauthorized transfers, the CFPB is exploring providing additional guidance to market participants to answer their questions regarding the applicability of the Electronic Fund Transfer Act with respect to private digital dollars and other virtual currencies.”
⤵️ This comes on the heels of recent spikes in activities of bad actors in the digital asset market.
➡️ If the EFTA gets applied to crypto, virtual asset firms will be required to make certain changes to their operations regarding disclosures and other issues.
PayPal is "Highly Unlikely" to Become a Dominant Player in Stablecoin Market 📌
⏺ William Quigley, one of the co-founders of Tether (USDT), believes PayPal's stablecoin won't achieve notable adoption, particularly outside the United States.
💬 "It is highly unlikely that PayPal will play a dominant role in the stablecoin market, certainly not outside of the US," Quigley said in a recent interview with Cryptonewscom.
➡️ The crypto veteran, who is also a co-founder of WAX, one of the world’s largest entertainment NFT networks, argued that stablecoins, like all cryptocurrencies, are judged by their performance across market cycles.
🟥 Therefore, as a new entrant in the crypto space, PayPal’s stablecoin will need time to earn the confidence of the crypto community. He added that the majority of existing crypto users already have one or two preferred stablecoins.
📣 Back in August, PayPal announced that it is rolling out its PYUSD stablecoin soon. The dollar-pegged asset is issued by Paxos, a blockchain infrastructure firm that used to issue Binance USD (BUSD) stablecoin.
Zumo First to Integrate Tech Requirements of FCA’s New Financial Promotion Regime for Crypto Assets 📌
➡️ Digital asset-as-a-service platform Zumo has become the first cryptocurrency platform to integrate the financial promotions technical flow design laid out by the Financial Conduct Authority (FCA).
➡️ In June, the FCA published rules on financial promotions for cryptoassets, which will have effect from Oct. 8, aiming to reduce and prevent harm to consumers from investing in crypto assets that do not match their risk appetite.
➡️ In compliance with the rules, the UK-based digital assets firm Zumo announced Thursday that the company has implemented its financial promotions technical flow design, which has been deemed appropriate by the regulator.
⚠️ The company noted that the early compliance shows Zumo’s “unwavering commitment” toward regulatory alignment and user protection.
💬 “The rigorous adherence to regulatory frameworks is not just about compliance but is a testament to our commitment to be the trusted and sustainable partner for digital assets, ensuring the safety and the integrity of the digital asset industry,” Nick Jones, CEO of Zumo noted.
⤵️ Zumo further said that its financial promotions technical flow is available via the company’s B2B API, aimed at assisting unregistered firms to remain compliant with the requirements set by the FCA.
FTX Files Lawsuit Against Former Salameda Employees to Recover $157 Million ❕
🗣 According to the recent court filing, FTX, the bankrupt crypto exchange, has filed a lawsuit against former employees of Salameda, a Hong Kong-incorporated entity affiliated with FTX, to recover about $157.3 million.
🔔 The Hong Kong firm was said to be controlled by the former CEO and founder of the bankrupt FTX, Sam Bankman-Fried, who is currently behind bars awaiting trial.
🔠 The former employees are alleged to have participated in the fraudulent withdrawal of assets from FTX a few days before it filed for bankruptcy in November 2022.
➡️ The lawsuit alleged Michael Burgess, Matthew Burgess, Lesley Burgess (their mother), Kevin Nguyen, Darren Wong, and two companies, namely 3Twelve Ventures and BDK Consulting, that co-toll multiple assets on FTXcom and FTXus for fraudulently withdrawing assets before the exchange filed for bankruptcy.
➡️ Three months before FTX filed for bankruptcy in 2022, the listed names benefitted from preferential withdrawals that allowed some customers to withdraw some of their assets before they filed for bankruptcy and "are avoidable under the Bankruptcy Code."
💡 According to the filing, the alleged personnel had connections with some FTX employees, which they exploited to ensure they were prioritized over other customers.
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South Korean Regulators Eye OTC Crypto Regulation 🟢
⚠️ South Korean regulators look set to turn their attention to the over-the-counter (OTC) crypto market, with indications regulation could be on its way. The nation has moved to shore up its regulatory system this year in the wake of the so-called “Terra-Luna scandal,” which left thousands of domestic LUNC investors out of pocket.
♾ The news has also been dominated by a high-profile political scandal involving token-owning lawmakers. Multiple (similarly high-profile) allegations of the market manipulation of so-called “kimchi coins” have also rocked the nation.
➡️ But thus far, regulation has focused on centralized crypto exchanges.
🔕 Per Asia Kyungjae, “prosecutors and financial authority officials” are now “directly mentioning” the “problems of” the OTC market. OTC traders have been implicated with smuggling and tax evasion charges pertaining to “kimchi premium” trading.
📣 The kimchi premium is a bull market phenomenon whereby retail BTC prices rise much faster in South Korea than elsewhere in the world. During these periods, South Korean exchanges’ BTC prices can climb to over 30% of the global average.
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Why Freelancers Are Turning to Blockchain for Payments 📌
📣 Freelancing has become a significant part of the global job market in recent years. As traditional job roles evolve, more people are choosing freelance work to have flexible schedules and diverse income streams.
➡️ One pressing issue that freelancers face is the hassle associated with receiving payments, however. Traditional banking methods and online payment platforms often involve high fees and may not be accessible to freelancers in all parts of the world. That’s where cryptocurrencies like Bitcoin and Ethereum are stepping in to offer an alternative that addresses some of these limitations.
➡️ The digital age has made freelancing easier and more accessible. From graphic designers in the United States to software developers in India, freelance work is no longer confined by geographic boundaries.
🟥 According to World Bank nearly 1.57 billion people worldwide are engaged in freelance work. This isn't surprising, especially when you consider that in the Asia Pacific alone, nearly 85% of hiring managers are choosing to outsource to freelancers.
🟢 The market for freelance platforms has grown accordingly, now valued at around $3.39 billion globally.
DOJ Claims Sam Bankman-Fried Has Sufficient Access to Laptop in Response to Jail Release Request ⚠️
➡️ The US Department of Justice (DOJ) has claimed that Sam Bankman-Fried, the disgraced founder of now-defunct crypto exchange FTX, has sufficient access to a laptop computer for his defense.
⚠️ According to a letter submitted by the DOJ on Tuesday, Bankman-Fried has access to a laptop functioning in an air-gapped environment for 11 hours each weekday and 7.5 hours on weekends and holidays.
🔔 Furthermore, the founder has constant access to three hard drives containing defense materials. Twice a week, Bankman-Fried is provided with an internet-enabled laptop.
➡️ Addressing previous concerns raised by the defense regarding battery life and internet speed, the DOJ stated that the defense team had received a new battery extending the laptop's usage time to approximately 8 hours.
🟢 Additionally, the internet speed fluctuated between 7.5 megabits per second (Mbps) and 34 Mbps throughout the day. The DOJ believes this range is sufficient for most internet-related review activities and noted that several websites recommend 5 Mbps as sufficient for streaming videos.
Elon Musk's X Social Media Platform Acquires Crypto Payments License 📌
➡️ The social media platform X, formerly known as Twitter, has acquired a regulatory license that enables it to process cryptocurrency payments in the US.
🟢 The specific license is the Rhode Island Currency Transmitter License, issued to X on August 28, according to publicly available data from the Nationwide Multi-State Licensing System (NMLS).
🟢 With the license from Rhode Island, X can legally conduct activities such as “maintaining control of virtual currency or transactions in virtual currency,” both for itself and on behalf of others, an official document from the state’s Department of Business Regulation showed.
✅ X, which is now owned by Tesla CEO and Dogecoin fan Elon Musk, has also obtained money transmitter licenses from a number of other states in recent weeks, but the Rhode Island license appears to be the only one that expressly covers crypto payments.
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Stateless Blockchains: The Future, or Just a Mirage? 🟥
➡️ In an article released today by a16zcrypto, researchers Miranda Christ and Joseph Bonneau shed light on the intricate challenges of implementing stateless blockchains. Their extensive research delves deep into the complexities of the topic, offering a fresh perspective that promises to shape forthcoming debates in blockchain technology.
✔️ In this article, we explore their research on the growth of blockchain states, the challenges of stateless blockchains, and emerging solutions.
➡️ Blockchains have been evolving at an unprecedented pace. With the surge in user volume and transaction frequency, the amount of data or 'state' that validators must store to authenticate transactions also increases.
🔕 While Bitcoin's state is limited to unspent transaction outputs (UTXOs), Ethereum's state includes each account's balance and the code and storage for each smart contract. But is the growing size of blockchain states sustainable.
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.