CoinCodeCap Weekly: Adoption, NFTs and, Scams [19 February 2022 – 25 February 2022]

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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!

19 February 2022

According to new court documents filed by the trust representing Cred’s debtors, there was a fraudulent transaction in which Cred paid consultant and “crypto whale” Winslow Carter Strong over 516 bitcoin in exchange for an essentially worthless bond. The Cred trust is currently looking into Cred’s consultant payments to Strong as well as his involvement in the business practices that led to the bankruptcy.

Lawmakers in Wyoming has proposed a bill to issue the state’s own stablecoin. The bill has been proposed by State senators Chris Rothfuss and Tara Nethercott in a coalition with Mike Yin and Jared Olsen.

Wyoming To Issue Its Own Stablecoins
Wyoming to Issue its Own Stablecoins

According to those familiar with the situation, a disagreement between White House officials and Treasury Secretary Janet Yellen over the scope of a future executive order that could include a digital currency has caused President Joe Biden’s cryptocurrency policy to be postponed.

The new rules made by the Fed centre around the trading and investing practices of the senior officials. The rule is made in the light of last year’s ethics scandal that swamped the US Central Bank. 

Nexo has announced a set of policy changes for US customers, as the Securities and Exchange Commission investigates crypto lending products and services. The policy changes affect both existing accounts and new accounts, with the firm saying it “voluntarily implemented changes to its Earn Interest Product in the U.S. to comply with newly-announced guidance.”

The administrative division of the U.S federal government appoints a new Director. The primary mission of NCET is to keep the use of cryptocurrencies and digital assets within the country in check. 

Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das reassured that the government and RBI are “on board” and will further discuss cryptocurrency internally. She and Das got candid at a press conference Monday, just after the annual post-Budget meeting, where she addressed the Central Board of Directors and resolved to work in complete harmony on the issue of “digital currency”.

The US Justice Department has appointed a seasoned computer crimes prosecutor to lead its new national cryptocurrency enforcement team, and the FBI has announced the formation of a unit dedicated to blockchain analysis and virtual asset seizure on Thursday.

20 February 2022

OpenSea investigating ‘exploit rumours’ as users complain of missing NFTs. An unknown attacker stole the assets listed on Opensea from the owners of high-value NFTs. Either the new Opensea contract was compromised, or users were subjected to a phishing attack.

Opensea Investigating ‘Exploit Rumors’ As Users Complain Of Missing Nfts
OpenSea Investigating ‘Exploit Rumors’ as Users Complain of Missing NFTs

Ottawa Court orders to freeze bitcoin wallets; it’s a shame they can’t. Recently, a private class-action lawsuit was filed against participants in Canada’s “freedom convoy”. It has been successful in freezing cash received through cryptocurrency donations.

Jamaica’s central bank digital currency (CBDC) now has a name. The name of Jamaica’s central bank digital currency (CBDC) is JAMAICA DIGITAL EXCHANGE. It is also known as JAM-DEX in short.

21 February 2022

Lugano has collaborated with Tether to make itself Europe’s bitcoin capital. Tether sees potential in bitcoins and stablecoins to revolutionalise the financial sector. The top issuer of the largest stablecoin is yet to reveal more information on a live stream on March 3, 2022. 

Russia’s VKontakte announced Sunday that they would add NFT support for monetization of user content and copyright protection. In an earlier episode, the Cent NFT marketplace suspended trading due to the rise in the sale of fake and often copied tokens from users who did not have rights to the content in the first place.

Nagpur Police arrested 11 people involved in the huge crypto scam. Over 172 investors have lost their money. The gang was evading the police for a long, but with the help of cyber experts, they finally got busted. 

Indian Crypto Scam Of $5.4 Million: Local Authorities Arrests 11
Indian Crypto Scam of $5.4 Million: Local Authorities Arrests 11

South Korea’s largest bank, Kookmin Bank, is set to become the first to provide crypto investment products to investors. In an official release, the bank’s Head of Index Quant Management, Honggun Kim, confirmed their plans.

22 February 2022

Timothy McKimmy who lives in Texas and unintentionally sold his Bored Ape NFT for 0.01 ETH roughly $26 is suing OpenSea. He’s alleging that OpenSea was aware of a bug that allowed hackers to purchase NFTs at far below market value. He claims in a federal court in Texas that he is the rightful owner of Bored Ape #3475. 

Customs in Guangdong Province, China, has announced the seizure of 49 used bitcoin (BTC) miners from an anonymous entity seeking to smuggle the equipment into the nation. According to local media, the obsolete machines will be disposed of in compliance with local regulations.

Energy officials in Kazakhstan say they have discovered 13 illegal data-mining farms. The illegal data-mining farms are discovered with a combined capacity of more than 200 megawatts in the last week.

Russia’s finance ministry revealed that it would be taking in proposals revolving around digital currency from the Central. The Bank of Russia creates a legal sphere of cryptocurrency markets dictated by the state-enforced guidelines and a defined network of users. 

The Stock Exchange of Thailand (SET) is looking at launching a new digital asset exchange integrated with the cryptocurrency market. SET President Pakorn Peetathawatchai said in a Bloomberg interview on Sunday that the company plans to build its own digital asset market in 2022. The SET revealed intentions to build a digital asset trading platform early last year, with a projected launch date of the second half of 2021, as previously reported.

SEBA Bank obtains FSP from ADGM’S FSRA. The regulator has also set up a new office in Abu Dhabi to extend its headcount in various sectors. 

The tourism business in El Salvador has grown by more than 30% since the enactment of the Bitcoin law. The country’s GDP will grow by 10.3% in 2021. Exports, which are a primary engine of economic growth, climbed by 13% year over year.

El Salvador’s Tourism Surges By 30% After The Adoption Of Bitcoin
El Salvador’s Tourism Surges by 30% After the Adoption of Bitcoin

23 February 2022

Flurry Finance Tweeted and informed their community that it was hacked. It has now paused all smart contracts running on the BSC and polygon to avoid further losses. As a precautionary measure, they have paused all smart contracts of rhoTokens including those on BSC and Polygon, which means converting/ redeeming rhoTokens. Reportedly Flurry Finance Vault contracts were attacked leading to around $293K worth of assets being stolen from Vault contracts.

The UK police have taken into custody a man and woman who are accused of money laundering and fraud. A lot of assets have been discovered by investigators in various forms. 23 victims out of 150 have already got their money back. 

Uk Police Returns $5.4M In Crypto To Their Rightful Owners After Seizing It From A Global Scam
UK Police Returns $5.4M in Crypto to their Rightful Owners After Seizing it from a Global Scam

The Twitterati broke into speculation as it changed its Twitter account username to Puma.eth, taking the NFT universe to another new level. The German multinational corporation made headlines yet again, fodder enough for impatient fans and consumers who wanted the company to venture into the world of cryptocurrencies. 

The Advertising Standards Council of India (ASCI) has created guidelines for virtual digital asset advertising in the wake of the increased popularity of cryptocurrencies in India. Cryptocurrency exchanges have recently begun aggressive advertising in order to attract more consumers. 

A journalist has accused the former Crypto CEO responsible for hacking the Ethereum DAO. The CEO, Hoenisch, has denied the allegations. Details about the hack are expected from a newly launched book, “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze.”

MOBLAND, the first mafia-themed metaverse, recently partnered with Bybit. Bybit will shortly launch its offices in the MOBLAND Metaverse as part of the agreement, making it the first centralized exchange to do so.

A Canadian court issued a Mareva Injunction against Nunchuk. It is among other intermediaries and individuals, ordering the company to disclose user information and freeze any assets related to the Freedom Convoy 2022 protests. The company tweeted that it had rejected the court’s order because it was unable to comply with it because the only user data it stores is email addresses.

Wrangler is moving into the metaverse at the age of 75 with an exclusive NFT and physical product created in conjunction with Grammy-winning singer Leon Bridges. On Tuesday, the Kontoor Brands-owned heritage brand unveiled “Mr Wrangler,” a two-part NFT drop centred on a denim suit custom-made for Bridges.

24 February 2022

The SPD, Greens, and Left would have pushed the position through in the negotiations. In its MiCA guidelines, the European Parliament wants to prohibit the provision of crypto services based on “environmentally unsustainable consensus mechanisms.” The final decision on the draught is scheduled for February 28 in Parliament.

The FBI issued a request for proposal (RFP) on Friday, requesting state-of-the-art tracking and analysis software and software licenses to detect criminals’ illegal crypto usage. The software should also be able to geo-locate ‘TOR-connected back-end servers’ and ‘IP attribution associated with addresses.

Indira Kempis, a senator from Nuevo León state, believes Bitcoin should be legal tender in Mexico. She is currently working on a cryptocurrency bill modelled after El Salvador’s “Bitcoin Law.” 

Mexico Senator Proposes Bitcoin Legal Tender Bill Which Is Unlikely To Pass
Mexico Senator Proposes Bitcoin Legal Tender Bill which is Unlikely to Pass

Mitsubishi UFJ Financial Group (MUFG) has announced the termination of its blockchain payment network project. The bank cited weak company development as the reason for abandoning the project. MUFG is one of the partner banks assisting the Bank of Japan performs digital currency experiments.

25 February 2022

MekaMiners exploited: reportedly $254K lost. MekaMiner’s vision is to create a new concept of NFT and combine NFT Gaming with artistic NFT. It gives opportunities for people to make their own passive income without the big investments.

Mekaminers Exploited
MekaMiners Exploited

Upbit, the most trusted global standard digital asset exchange, plans to implement travel rules. Travel rules will be implemented following the amendment to the Act on the Reporting and Use of Specific Financial Transaction Information.

The Gansu police have arrested 7 suspects regarding a crypto scam. The Supreme People’s Court has revised criminal judicial interpretation to prevent further illegal activities. 

FlexPool mining pool said it would cancel service to all Russian IPs and paying out outstanding balances, apologizing to Russian miners for this. Flexpool said if this situation is resolved peacefully it will gladly welcome all Russian miners back and use their personal funds to make amends. 
Brazil is awaiting the approval of a bill that will permit the issuance of the digital form of Real. Central Bank will have the supreme power in the creation of digital currency. However, savings in digital format will be considered a crime.

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