Here's your Monday edition of Cryptonews Crunch, featuring the latest stories with Voyager Digital allowing eligible clients to withdraw cash from their accounts, Vitalik Buterin claims that another hard fork won't "significantly" harm Ethereum, and episode 150 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- In a Friday blog post, Voyager Digital said clients with cash in their accounts would be able to withdraw up to USD 100,000 in a 24-hour period starting as early as August 11. The company said eligible customers would receive an email with more details before the withdrawal process begins. "We anticipate customers will receive their funds in about 5-10 business days after making their requests," they added.
- Another hard fork won't "significantly" harm Ethereum and "pretty much everyone" in the Ethereum ecosystem is supportive of The Merge, when the network transitions from a proof-of-work (PoW) system to proof-of-stake (PoS), according to Ethereum co-founder Vitalik Buterin. His remarks come after some crypto miners, including prominent Chinese miner Chandler Guo, have expressed intentions to fork Ethereum as it moves to PoS, making miners obsolete.
- NFTiffs, a collection of 250 CryptoPunks-themed NFTs by American luxury jewelry retailer Tiffany, has seen a plunge in its sales volume as the buyers haven't rushed to the secondary market yet. According to CryptoSlam, NFTiffs' sales volume has dropped by 32% over the past 24 hours, plunging to around USD 458,000.
- A bitter dispute about the ownership of WazirX, an Indian crypto exchange that is being probed by the nation’s law enforcers over suspected money laundering allegations, has descended into a Twitter-based face-off between the Binance CEO Changpeng “CZ” Zhao and the WazirX Founder Nischal Shetty.
- Police in Hong Kong have begun publishing details of crypto fraud cases – in the hope that the public will take valuable lessons from cases that have seen people lose thousands of dollars to crypto villains. Per Takungpao, the move is part of the Eastern District police force’s “Operation Shield” program – a drive aimed at “raising awareness of fraud and fraud prevention.” The police stated that, on average, fraudsters claim a cumulative USD 2.5m per day from Hong Kong-based victims.
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Jesse Knutson is Head of Operations at Bitfinex Securities, a regulated security token platform offering issuers and traders access to capital and tokenized securities. Jesse started his career in traditional finance having worked at global investment banks including Barclays and Macquarie. Prior to joining Bitfinex Securities, Jesse was VP of Financial Products at Blockstream where he worked on developing and distributing financial products built on Bitcoin and backed by Bitcoin and Bitcoin mining. Jesse is also the host of the Blockstream Talk podcast.
In this conversation, we discuss:
- The Blockstream Mining Note - The current state of the STO industry - The opportunity for STOs - The benefits for issuers / investors - Accredited investor rules - Regulatory environment - The El Salvador Bitcoin Bond - Bitfinex Securities' pipeline of assets - Bitcoin mining - Living in Taiwan
Tune In!
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- The US Department of the Treasury’s Office of Foreign Assets Control added Ethereum-powered crypto mixing service Tornado Cash to its Specially Designated Nationals list, effectively banning Americans from using this mixer. The Department claims that the mixer "has been used to launder more than USD 7bn worth of virtual currency since its creation in 2019." According to crypto-focused attorney Collins Belton, "this is arguably the most significant legal action that has occurred in crypto and could have absolutely gargantuan ripple effects for everything from dev liability to first amendment implications of code publication."
- The United Arab Emirates (UAE) Ministry of Economy and the Ministry of Justice, in partnership with the UAE Financial Intelligence Unit (FIU), announced that all real estate agents, brokers, and law firms are obliged to file reports to the FIU for transactions of freehold real estate properties in the UAE that include virtual asset-related payments and/or payments where the fund(s) used in the transaction were derived from a virtual asset.
- Crypto platform Hodlnaut said it will be halting withdrawals, token swaps, and deposits with immediate effect "due to recent market conditions." "We work to find the best way to protect our users’ long-term interests," they said, promising to "provide details and timelines as soon as we can." Their next update is estimated on Friday, August 19.
- Troubled crypto exchange Zipmex will release ETH on August 11 and BTC on August 16, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product, Reuters reported, citing a spokesperson for the company.
- Galaxy Digital Holdings said it recorded a net comprehensive loss of USD 554.7m in the second quarter this year, compared with a USD 183m loss in the prior year period. However, the company claims that its partners' capital was USD 1.8bn at the end of the quarter, up 23%, while the company also maintained "a strong liquidity position" of USD 1.5bn as of June 30, 2022.
- Digital asset investment products saw inflows totaling USD 3m last week, or 96% less than a week earlier, per CoinShares data. BTC outflows reached USD 8.5m, compared with USD 85m inflows a week earlier, while ETH inflows increased from USD 1m to USD 16m.
- Fundraising totals for non-Ethereum-ecosystem NFT projects outpaced Ethereum ecosystem NFT projects in Q2 2022 by a margin of USD 1.8bn, according to crypto intelligence firm Messari. Also, the gaming NFT vertical raised more than four times as much capital as any other NFT vertical in H1.
- Kraken, Shapeshift, Binance, and Bittylicious have caused an estimated 240,000 UK investors to lose GBP 9.9bn (USD 12bn) in total when these exchanges delisted Bitcoin SV (BSV), according to Velitor Law, a law firm representing the investors. The claim is brought in the Competition Appeal Tribunal.
- Crypto.com said it has secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea by acquiring payment service provider PnLink Co. and virtual asset service provider OK-BIT Co. No further details about the deal were provided.
- MoonDAO, a decentralized autonomous organization "united by the mission of decentralizing access to space research and exploration," said it sent a popular Youtuber Coby Cotton, known for trick-shot group Dude Perfect, into space via the Blue Origin space tourism program.
- NEAR Protocol said that on June 6th, their Wallet team received a bug report indicating that sensitive information had been shared with a third party. "The issue was fixed promptly the same day," they said, adding that "we have found no indicators of compromise related to the accidental collection of this data, nor do we have reason to believe this data persists anywhere." Also, they said that they no longer allow users to create accounts using email or SMS for account recovery.
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