Here's your Tuesday edition of Cryptonews Crunch, featuring the latest stories about Celsius paying off tons of debt to Maker protocol, 3AC's USD 7.5m NFT portfolio, and one ENS domain selling for ETH 300.
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Source: CoinMarketCap.com
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- Celsius has begun paying back a large portion of the debt it owes to the Maker (MKR) protocol but it still owes it USD 82m. Meanwhile, Three Arrows Capital (3AC) has been ordered to liquidate by a British Virgin Islands court and has also been seeking protection from creditors in the United States under the terms of the Bankruptcy Code, which lets overseas debtors protect America-based assets. But there are still signs of life from Three Arrows – which now seems to be moving tokens. In related news, the Estonia-based crypto lending platform CoinLoan has slashed its 24-hour withdrawal limit to USD 5,000 – down from USD 500,000.
- With the European Union advancing work on new regulations that could exert a significant impact on the crypto industry, a group of members of the European Parliament have proposed an amendment to the bloc’s anti-money laundering (AML) legislation that would cover NFT trading platforms with its provisions.
- The CEO of Crypto.com, Kris Marszalek, took to Twitter today to calm down his platform's users by saying “In spite of our scale and our public unit economics optimisation exercise, there is still plenty of FUD [fear, uncertainty, doubt] being manufactured every day. I have seen two just this week — that we are slowing down withdrawals and running special deposit promotions. This is all false clickbait.” He added that the firm’s withdrawal policy is “the same as it always was,” and made it clear that no special deposit promotions have been introduced.
- Singapore-based crypto lender Vauld may get acquired by major crypto lender Nexo. Vauld CEO Darshan Bathija stated that the exchange has signed “an indicative term sheet” with Nexo to buy “up to 100% of Vauld.” Per Bathija, this move comes as the company is “working tirelessly to ensure [users’] financials are protected,” given that a lot of the “customers are nervous about” their funds.
- According to data from 21shares, Three Arrows Capital (3AC) owns a total of 377 NFTs, which includes 11 CryptoPunks, 330 ArtBlocksCurated, 2 Mutant Apes, 1 Bored Ape, as well as other NFTs from other popular collections. As of now, assuming average prices, 3AC's NFT portfolio is worth USD 7,524,617, according to Dune Analytics.
- Amid lingering sour market conditions, Ethereum Name Service (ENS) domain 000.eth has sold for ETH 300 (345,260). The ENS domain was first listed in September 2021 for ETH 100 (worth around USD 300,000 at the time) but was relisted earlier this year for ETH 500 (USD 1.6m), and again in March for ETH 300, where the offer sat for three months before being accepted.
- According to data from CriptoYa, the price of Tether (USDT) in the Argentine peso (ARS) jumped this weekend from around ARS 250 per USDT on Saturday to between ARS 270 and ARS 280 on Monday after news broke that the country’s minister for the Economy had resigned.
- An attempt to force Spaniards with coins on foreign exchanges or in overseas wallets to declare their holdings descended into “chaos” earlier this year. The Treasury and the Agencia Tributaria (Spain’s tax body) were forced to abandon plans to make citizens list their crypto holdings on the much-vilified Modelo 720 form. The latter is a declaration of taxable assets, such as stocks and real estate, that are held outside Spanish territory. However, the Treasury decided to allow crypto holders off the hook. Now the Treasury and the tax body are now ready to try again – rolling out proposals for a new document that they want to call Modelo 721.
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- The Austrian Post launched a new product category called Crypto stamp art (CSA) which focuses on digital collecting, but the would-be owners must first purchase a physical stamp to get its NFT twin on the Ethereum (ETH) blockchain, according to Post & Parcel. The digital collection boxes are set to launch on July 22.
- Vincenzo Sospiri Racing, multi-Championship winning GT team, said that with support from Lamborghini Squadra Corse, and in partnership with corporate NFT platform, Go2NFT, they are piloting a new scheme that will enable the team to trial Go2NFT technology to certify racing car parts for authentication and auditability.
- The UK government is seeking views on the taxation of cryptoasset loans and staking within the context of DeFi. They said that they are particularly interested in ascertaining whether administrative burdens and costs could be reduced for taxpayers and whether the tax treatment can be better aligned with the underlying economics of the transactions involved.
- The Court of Justice of São Paulo has frozen some USD 85m worth of crypto and fiat in the customer accounts of Capitual, a domestic neobank and the former partner of the crypto exchange Binance. Capitual and Binance have been locked in an increasingly bitter legal struggle since the middle of last month. The Brazilian firm had previously acted as a bridge between the Binance platform, but legal wrangling between the parties has left customers unable to access their coins for several weeks. Globo reported that Binance has assured clients in Brazil that its new partner, LATM Gateway, is currently being integrated – and that withdrawals and deposits will be resumed soon.
- The Bank of England (BoE) warned in their financial stability report for July 2022 that “unless addressed, systemic risks would emerge if cryptoasset activity, and its interconnectedness with the wider financial system, continued to develop.” They added that this proves the need for “enhanced regulatory and law enforcement frameworks to address developments in these markets and activities.”
- Maastricht University announced that an investigation by the Netherlands Public Prosecution Service into a 2019 cyberattack on the university has been successful and that around EUR 500,000 (USD 512,610) worth of crypto was seized.
- Ted Lin, chief growth officer at Binance, has left the company in order to “spend more time with [his] young family and be more flexible with [his] time.” He added that he will “continue to stay immersed in crypto and Web 3, 4, 5”, as well as “continue to help advance the ecosystem through angel investing and mentorship”.
- Samir Shah, formerly JPMorgan’s head of asset management sales, has left the bank to take up the position of chief operating officer at Pantera Capital.
- The UK Financial Conduct Authority (FCA) has appointed Matthew Long as Director of Payments and Digital Assets, a new role overseeing the e-money, payment and cryptoasset markets and leading related policy development. Matthew is currently a Director within the National Economic Crime Command within the National Crime Agency, which has a strategic leadership role for economic crime and illicit finance. He also led the UK Financial Intelligence Unit. He will join the FCA in October, per the announcement.
- Payments platform Wirex launched Wirex Credit, which offers interest rates and no origination fee for crypto-backed loans. Users can borrow up to USD 100,000 in stablecoins, with a loan to value (LTV) of up to 80% within the Wirex app, they said.
- GFI Securities, a subsidiary of global brokerage BGC Partners, has arranged an intermediated block trade of CME Group bitcoin options contracts between crypto market maker Cumberland and banking giant Goldman Sachs.
- qiibee, a blockchain-based B2B rewards marketplace, has raised USD 4.8m following the close of a seed funding round led by Z5 Capital. qiibee added that it has earmarked funds secured during this round for the growth of its global team, including in North America.
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