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CoinCodeCap Weekly brings you an entire week’s news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!
Table of Contents
08 January 2022
TrueLayer to Take Open Banking Mainstream addressing the pain points of manual bank transactions. A lot of the work is focused on improving user journeys so that open banking is user-friendly.
PayPal reportedly confirms plans to explore the launch of a stablecoin. Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser. Work on what has been dubbed a “PayPal Coin” is visible through hidden code and images.
Hackers targeted StoboxCompany. According to its official, its private key has been leaked, and its Token has dropped by 96.93%. All reserve money has been stolen or liquidated because the deployer addresses of ETH and BSC are the same. Users were urged to halt purchasing and selling, and the STBU snapshot has been restored to the last transaction before the hack.
12 UK Police Forces have Seized Cryptocurrency Worth $435 Million in the Last Five Years. More bitcoins were seized by the London Metropolitan Police than the other police boroughs. The London Metropolitan Police Department seized the most cryptocurrency, totaling £294 million in Bitcoin. In addition, £25 million was confiscated by Greater Manchester Police. However, the queries were not responded to by several police boroughs.
Mirror Trading’s CEO Arrested in Brazil for Running a Bitcoin Ponzi Scheme. Brazilian military police carried out the arrest, which took place in the country’s Goiás province. In addition to being jailed for his role as the mastermind behind the MTI bitcoin Ponzi scheme, the Brazilian military police have ordered Steynberg to pay a fine for falsifying documents.
09 January 2022
PeckShield Inc. informed people about LCX hot wallet compromise. According to PeckShield Inc., the estimated loss was $6.8M in total. LCX informed everyone that they have taken security measures to protect other wallets and assets.
Turkey Reportedly denies to Impose 40% Tax on Crypto Yields. In the coming weeks, a legislative proposal to regulate cryptocurrency trade in Turkey is expected to be submitted to parliament. The Justice and Development Party (AKP) has “strongly denied” allegations that authorities in Ankara plan to tax cryptocurrency gains at a rate of 40%.
10 January 2022
Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners. María Muñoz, a Spanish Congress deputy, has written a letter to the institution inquiring about the possible actions that the government could take.
German neobank N26 to launch crypto trading later this year. N26 intends to “sharpen its focus on its European business”, by introducing new products and services to its 7 million customers. The N26 mobile app currently lacks crypto functionality, and details about the upcoming product’s crypto trading features have yet to be revealed.
Bitcoin bond bills will be submitted to Parliament in El Salvador, according to the Finance Minister. President Nayib Bukele is optimistic that bitcoin’s upward trend would continue this year. His administration is attempting to increase bitcoin investment by issuing bonds to both institutional and ordinary investors.
Unicredit decided to prohibit accounts From trading cryptocurrency. The bank’s standards forbid them from dealing with “counterparties issuing virtual currencies or functioning as exchange platforms,” according to the bank.
Candidates are offering non-fungible tokens as Crypto creeps into US politics. Candidates for the House of Representatives and the Senate employ tokens such as campaign items. In the midterms, questions about regulation and public awareness linger.
11 January 2022
Reports Say, Bahrain to Launch JPM Coin, Succeeds in Trials. CBB is focused on enhancing customer experience related to payment & settlement solutions. JPM coin’s successful trial marks a promising future.
Mike Novogratz says bitcoin should bottom around $40K as it sees ‘tremendous’ demand From institutional investors. Bitcoin’s price has plummeted after reaching an all-time high of $69k. While we witnessed a 56% correction the prior time, we’ve only seen a 41% correction this time. The charts indicate that $40k is strong support for BTC.
tZERO to Pay $800K in Penalties to the US Securities After Settlement with SEC Over Late Filings under ATS Rules. The penalties should be paid without admitting or denying the findings.
The associated press is all set to launch an NFT photography marketplace. AP’s marketplace will help them monetize their photojournalism. The release of the initial collection will begin on 31st January 2022. The aim is to transform it into a community of collectors sharing similar interests in “stunning photography.”
Fired Florida Deputy Extorts Nude Man over Crypto Deal Gone Wrong. According to a recently released sheriff’s report, a Florida corrections deputy allegedly held a naked man at gunpoint, recorded him for hours, forced him to sign a $30,000 contract, and threatened to send damning video to his family and church.
Reserve Bank of India establishes a department to oversee cryptocurrency exchanges and develop CBDCs. According to reports, India would create two CBDCs, one for wholesale and one for retail. The RBI’s decision could be great news for the crypto industry, which has been clamouring for restrictions for quite some time.
Green Flag to Cryptocurrency by Iran for Int’l Settlements. The Central Bank of Iran and the Ministry of Industry, trade and mining have agreed to link the CBI crypto platform to the global trade system. This will allow businesses to make headway to settle payments to overseas partners.
China top planning body marked crypto mining as ‘obsolete’. The National Development and Reform Commission made the designation on Monday to update the 2019 policy that reinforces government effort to stamp out industry entirely.
Fidelity investments to include bitcoin exposure in its portfolio funds. To “enhance risk-adjusted returns,” Fidelity Canada has added Bitcoin exposure to two ETFs. Many advisors are split on whether or not to include cryptocurrencies in their customers’ portfolios, and other businesses do not allow clients to keep them.
Axis Bank said it has successfully executed industry-first blockchain-enabled domestic trade transactions with Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes Ltd on Secured Logistics Document Exchange (SLDE), a government-backed platform.
Costa Rica Hydro Plant Worth $13 Million Gets a New Lease on Life from Crypto Mining. The plant was forced to reinvent itself after 30 years because the government stopped buying electricity during the pandemic due to the surplus power supply in the Central American country, where the state has a monopoly on energy distribution.
12 January 2022
MHGL Begins Preliminary Testing of Crypto Mining in Pennsylvania. Meten Hodling Group Ltd. has procured 147 cryptocurrency mining machines. The Company is gearing up to make its total computing power capacity reach 135P. Further, it is striving towards making all its miners fully operational in January 2022.
PeckShield Inc. informed people that they have detected 7 IDO protocols that have been rugged. According to PeckShield the 7 IDO protocols rugged are $GOTEM(gotEM), $ONEP (HarmonyPad), $HBARP (HbarPad), $MPLAY (MetaPlay), $ELIT (Electrinity), $PEE (MicroPee) and $QDrop (QuizDrop). According to PeckShield, more than 5,744 WBNB have been rugged. The rugged funds have been deposited to TornadoCash.
The Ministry of Information and Broadcasting’s Twitter account was compromised. The hackers changed the account’s name to “Elon Musk” and began tweeting “great job.” The ministry regained control of the account, restored the profile picture, and deleted the tweets posted by the hackers. The hackers even used it to post some malicious links.
Bitcoin Legal Defense Fund Boards’ Email to Developers. Cryptocurrency influencers propose to establish the ‘Bitcoin Legal Defense Fund Board’. The aim is to help independent open-source developers with legal support. Aiming to settle the Tulip Trading lawsuit.
Hong Kong to announce a new regulatory plan for cryptocurrencies by July and implement it by 2023/2024. After the implementation of the new regime, all virtual assets are to be regulated and supervised. HKMA is also of the view to adopt a risk-based approach. The new licensing would initially require only offering services to professional investors until the market becomes more mature.
Cash App integrates Lightning network. Cash App is a mobile payment service developed by a fintech company. It has generated $5.9 billion in revenue in 2020. Cash App has 36 million monthly active users and over 100 million downloads. Cash App users have stored a total of $1.7 billion 76% of Cash App revenue comes from Bitcoin. It is currently working in the US and UK.
IMF expresses concern about the growing correlation between cryptocurrency and financial markets. According to the report, this might destabilize financial markets. The number of younger individuals who invest in cryptocurrency is only expected to rise, which will irritate institutions like the IMF.
The US inflation rate rose to 6.8% (almost 7%) over the last year to its highest point since 1982, the Bureau of Labor Statistics reported Friday morning. Republicans are already blaming Biden for Friday’s number criticizing Democrats on Twitter for responding to the inflammation referring to the $1.75tn social and climate spending bill that is under negotiations.
A group of U.S. banks plans to offer its own stablecoin, called USDF, in a move to tackle concerns about the reserves behind non-bank issued equivalents. A group of U.S. banks plans to offer its own stablecoin, called USDF, in a move to tackle concerns about the reserves behind non-bank issued equivalents.
Twitter is Testing Out a Feature That Allows Users to Link to Encrypted Wallets. A checkmark would appear next to users’ avatars, similar to the blue checkmark provided to verified Twitter users.
13 January 2022
Pakistan to completely Ban Cryptocurrencies. SBP supports the ban of cryptocurrencies. Reports have been produced to SHC supporting the ban of virtual currencies. The law and finance ministries of Pakistan are responsible to give the final verdict. The next hearing will be on April 12.
A US Congressman Proposes Bill to Limit Issuance of CBDC by FED. Congressmen and long-time crypto advocate, Mr. Tom Emmer has introduced a bill to interrupt Fed’s ongoing studies on digital currencies. The bill prohibits Federal Reserve to issue its own CBDCs to individuals.
In connection with a cryptocurrency scam, India’s Enforcement Directorate (ED) seized assets worth 36.72 crore rupees ($5 million). The ED began investigating the scheme after the Kerala Police filed a first information report (FIR) under the Indian Penal Code. According to the police, over 900 investors were duped out of 1,200 crore rupees.
NFTs will Change the Movie-Making Business Forever. Blockchain technology has truly transformed the world of investing. While cryptocurrencies are modern investment alternatives, the introduction of non-fungible tokens (NFTs) has changed the way creators and artists fund and sell their projects.
Turks are Flocking to Bitcoin and Tether to Avoid Lira’s Fall. Cryptocurrencies are popular in Turkey and other underdeveloped countries where government economic policies are viewed with suspicion. The Turkish lira has grown so volatile that Turks have abandoned it in favor of assets with an even higher risk profile: cryptocurrency.
Cryptocurrency exchange to become a sponsor of Mexico’s national soccer team. The Mexican National Soccer Team will provide crypto education in Mexico as well as develop a series of NFTs that will be distributed by the exchange. Bitso, a Latin American exchange, has become the Mexican National Team’s ((Selección Mexicana de Fútbol).) first crypto sponsor.
14 January 2022
Tonga to Make Bitcoin Legal Tender, Walking on Footprints of El Salvador. Tongan bigwig Lord Fusitu’a predicts that his country will embrace Bitcoin by November, citing a judgment that is nearly the same as the El Salvador bill. Lord Fusitu’a, a former Tonga member of parliament, provided an ETA for Bitcoin becoming legal cash in Tonga in a series of tweets. Following El Salvador’s lead, the action has the potential to bring over 100,000 Tongans onto the Bitcoin network.
Tether Ltd. has froze three addresses that have a worth of $160M USDT. Tether works with regulators and law enforcement to keep an eye on suspicious activities. A blacklisted account freezes along with its funds, which thus cannot be moved. Tether has a recovery mechanism to help recover funds from “unsupported destination.”
The Court asks SEC to reveal Hinman’s email regarding Ethereum to Ripple. SECs’ arguments regarding the documents were partly agreed to and partly denied. XRP is yet to be determined as security.
The discord of Yield Guide Games was compromised early this morning around 7.30 a.m. (IST). As per the reports, the server was hacked by an anonymous person who allegedly changed the server’s name to NIGGERTIME. Various URLs were sent out by many boats on the server, requesting that everyone click to mint.
Elon Musk tweets that Tesla will now accept Dogecoin for payments. The value of Dogecoin surges by 20% within an hour. Founder of Dogecoin supports Musks’ views on Dogecoin. Currently, Tesla is not capable of receiving or detecting other digital assets.
Pledge Finance Adds Stanford Professor Jeff Strnad to Advisory Board. His impressive track record includes teaching graduate-level technical and legal courses on blockchain at Stanford University, as well as practical experience integrating blockchain and DeFi into real estate finance applications, expertise and experience that will help Pledge become the premier platform for developing long-term lending dApps for DeFi.
Jack Dorsey’s firm Block is all set to start mining for bitcoin. Tweets from block’s general manager for hardware laid out the company goal for the next steps. Block is also working on a wallet to store cryptocurrency.
According to a complaint filed in California, Kim Kardashian, former NBA star Paul Pierce, and boxer, Floyd Mayweather exploited their influence to promote a new cryptocurrency as part of a bigger plot to deceive investors while benefitting for themselves.
The mayor of Rio de Janeiro, Eduardo Paes, plans to invest 1% of the city’s Treasury in bitcoin. If he goes through with it, the megacity will become the first in Brazil to buy the main cryptocurrency as a store of value.
FTX Ventures, a new venture arm of FTX, has been established. The new fund will be funded with $2 billion by the exchange operator. Amy Wu, a former Lightspeed partner, has been hired to oversee the new fund.
