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Here's your Wednesday edition of Cryptonews Crunch, featuring the latest stories on why Coinbase is facing a new class action lawsuit, South Korean police begin to seize crypto from people who refuse to pay fines, and a mid-year crypto crime update from Chainalysis.
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Source: CoinMarketCap.com
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- Coinbase faces a new class action suit alleging the company unauthorizedly transfers and freezes funds and locks consumers out of their accounts for extended periods. Meanwhile, the US Internal Revenue Service (IRS) has been granted permission to look into the customers of crypto prime dealer SFOX Inc., while the US Securities and Exchange Commission (SEC) objected to orders to disclose drafts of a former official's speech in its fight with Ripple.
- According to Chainalysis's mid-year crypto crime update, “Overall, criminal activity appears to be more resilient in the face of price declines: Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes. However, the aggregate data doesn’t tell the whole story,” Through July 2022, it said, USD 1.9bn worth of crypto has been stolen in hacks of services, compared to just under USD 1.2bn at the same point in 2021. "This trend doesn’t appear set to reverse any time soon," the report added.
- South Korean police have been given experimental new powers that allow them to seize crypto from people who refuse to pay fines – and have already taken tokens from a citizen who failed to pay a traffic fine. If officers discover individuals with outstanding fines worth over USD 763,000 have token holdings on domestic crypto exchanges, they have been granted the power to freeze wallets and gain warrants that allow them to seize coins. Should the pilot prove successful, it could open the door for a potential nationwide rollout at police stations throughout the country.
- Amid the ongoing surge in the so-called 'creator economy' which allows creators to monetize their work in new ways, NFT platform PlayNFT is launching a new marketplace to allow Twitch streamers and YouTube creators to roll out branded NFTs with in-game utility intended for their communities.
- The blockchain protocol Antelope has taken what it describes as a “leap of freedom” and forked its protocol off development firm Block.one’s EOSIO platform and instead embraced the rival EOS Network Foundation. According to an announcement from Antelope, the project has already launched a new website and shared a public release of the Antelope Github repository. Going forward, Antelope will be run by a Coalition led by the EOS Network Foundation, with participation by community members from EOS and the blockchain networks Telos, Wax, and UX Network.
- Under 2% of remittances made to El Salvador make use of the state-operated Chivo Bitcoin app and wallet – and Bitcoin ATM booths in the nation are “empty” less than a year after their launch, a new report has claimed. Data from the Central Reserve Bank shows that between September 2021 and June 2022, USD 120.46 million entered the country via crypto wallets. That represents just 1.8% of the USD 6.4 billion total remittances sent to the nation – mostly from overseas-based Salvadorans – in the same period. The figures also show that USD 29.68 million was remitted in BTC via the crypto wallets in October 2021 – one month after Bitcoin was adopted as legal tender in El Salvador. Since then, however, senders have remitted no more than USD 20 million per month. In some months, that figure fell to around the USD 10 million mark.
- Decentraland has announced the lineup for its 3rd annual Metaverse Art Week titled The World is Made of Code, which includes “mind-bending” work from contemporary artists and contributions from a Ukrainian NFT project. According to an announcement from Decentraland, the Metaverse Art Week 2022 starts on August 24th and lasts until the 28th, and it will feature works from a range of artists and designers from around the world, as well as major art houses like Sotheby’s, art communities and creative groups like Artnet and UXartlab, and NFT marketplaces OpenSea and Rarible, among others.
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- Co-founder of the distraught crypto project Terraform Labs, Do Kwon, has reportedly hired a South Korean law firm, in anticipation of potential charges against him. As per Naver News, no charges have yet been filed against Kwon, but he still submitted a letter of appointment to an attorney in the Seoul Southern District Prosecutor’s Office, which is currently looking into the Terra-LUNA fiasco.
- During Celsius' second day hearing, which took place this Tuesday, judge Martin Glenn, chief judge of the US Bankruptcy Court for the Southern District of New York, approved the bankrupt crypto lender’s plan to sell mined Bitcoin to cover operational expenses.
- The Colombian government is looking at creating a digital currency, local media are reporting. As per a Semana report, the country’s Head of the Colombian Tax and Customs National Authority, Luis Carlos Reyes, argues that the new president will seek to introduce a digital currency to tackle tax evasion that, at the moment, equals around 8% of the country’s GDP.
- NFT domains service provider, Unstoppable Domains, announced the launch of a mobile app, as a simple way for users to manage their NFT domains and Web3 digital identity, said a press release shared with Cryptonews.com. Through the app, the company says, users will be able to buy, mint, and manage NFT domains, build profile cards, and log into more than 180 integrated apps, metaverses, and games.
- The emoji brand and Web3 platform RECUR announced a partnership today, the result of which should be a large NFT collection of the world’s most popular emojis. From September 22 onward, customers will be able to choose among 2,222 PFPs.
- Crypto.com announced today it has received regulatory approval from the UK Financial Conduct Authority (FCA) as a cryptoasset business. This registration will enable the crypto exchange to offer a suite of products and services to customers in the UK, compliant with local regulations.
- BitGet announced today that its partnership with Juventus football club will continue into the 2022-2023 season. The company will remain its Official Sleeve Partner, benefitting from the considerable visibility that comes with Juventus’ large global audience.
- Payments platform Paysafe announced that it is registered as a Virtual Asset Services Provider (VASP) with Italy’s Organismo Agenti e Mediatori (Agents and Brokers Body). The registration is mandatory in the country, for all companies offering crypto trading, custody, or other similar services.
- Institutional-grade digital asset custodians GK8 are now integrated with Polygon, the company confirmed via a press release earlier this week. The news means GK8 customers should get more flexibility necessary to manage a diverse portfolio, without additional research and development, or integrations, they added.
- The inflation rate in the UK hit 10.1% in the 12 months to July, up from 9.4% in June, the country’s Office for National Statistics (ONS) said, per BBC. Soaring food costs have pushed inflation into double digits for the first time since 1981, with prices continuing to rise at their fastest rate for more than 40 years, it said.
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