CoinCodeCap Weekly: Metaverse, Collaborations, and Crypto Bills [19 – 25 December 2021]
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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
19 December 2021
An attack was made on ChargeDeFi Vault that enabled the attacker to drain 1849 Charge from the vault. It is estimated that the attacker gained approximately $500k before making his getaway. This attack is not a standard flash loan attack, but a flash loan was used to increase his gains. The exploited platform has set up a compensation package and there is a proposal on their Discord. The main focus of this compensation plan is to reimburse the affected investors without causing a major price impact on other holders.
An external attacker exploited the grim finance platform. The attacker’s address has been identified with over 30 million dollars. The attacker attacked using the function titled before deposit from Grim Finance vault strategy, entering a malicious token contract. Grim Finance has paused all of the vaults to prevent future funds from being placed at risk.
20 December 2021
Bank of Russia might restrict crypto investments. Elvira Nabiullina, the governor, recently stated that the regulator has the power to limit them. Russia’s monetary authority does not encourage Russian citizens to invest in cryptocurrencies, according to Elvira Nabiullina.
Telangana Govt and CoinSwitch launched a new Blockchain Accelerator called the India Blockchain Accelerator (IBA). The announcement follows the successful launch of eight innovative startups in the T-Block Accelerator’s first edition. The second edition of the accelerator program aims to empower India’s thriving blockchain startup ecosystem and maintain its commitment to foster the creation of India’s “Blockchain Ecosystem of the Future.”
Baidu has filed a trademark application for Metaverse despite recent warnings from the authorities. Members will be able to use the full functionality of XiRang after signing in via various devices such as PCs, phones, and wearables, including seeing, listening, and interacting with people in their chosen avatar on a Möbius strip-shaped planet.
Dubai World Trade Center to become a new crypto zone and regulator for virtual assets. Dubai’s latest economic initiative is part of the Arabian city’s most current economic strategy. Emcredit, announced a partnership in October that allowed Dubai residents to pay for goods and services using emcash, a state-backed digital currency.
The Line to launch NFT LineNext service next year in South Korea and the United States to expand the global NFT ecosystem. As per the CEO of LineNext, NFTs are a type of technology infrastructure that will revolutionize the digital world. Using Line’s considerable expertise developing and scaling messenger and blockchain services, LineNext seeks to change the NFT experience for companies, creators, and users.
21 December 2021
Coca-Cola NFTs will be offered on the VeVe platform. It’s done to pay honor to previous Christmases at the company. Throughout the world, Coca-Cola NFTs will be available for purchase. Coca-Cola has a long history of being associated with Christmas, and with the introduction of Coca-Cola NFTs, the company is once again making Christmas history.
FTX US announces a new agreement with four additional American sports clubs. FTX US is now the only crypto exchange and non-fungible token (NFT) partner in the United States. FTX.US will pay the UKY basketball players in USD as part of the arrangement, and they will be able to generate and profit from their non-fungible tokens (NFTs) sold on the FTX NFT marketplace. In addition, FTX.US will donate to a charity selected by the UKY basketball players.
Ubisoft’s Quartz NFT initiative generated only $400 revenue in 2 weeks with only 15 purchases. Despite the project’s publicity and anticipation, Ubisoft Quartz Beta did not appear to be exceptionally prominent. Liz Edwards, Apex Legends’ Senior Character Artist, recorded a total sales volume of XTZ 94.49, which is less than $ 400 today.
Bent Finance platform tweeted that there is a possible exploit. Reportedly $2.1M was Lost. They notified people that they had disabled the claims, people will not be able to claim rewards at the moment. They are investigating the curve LP pools. They suggested people if people want to be safe, they can withdraw it now.
Visa completed its acquisition of CurrencyCloud. In July of this year, VISA announced that it would buy Currencycloud for $963 million. It collaborates with Visa, Dwolla, GPS, and Mambu to provide clients with simple, clear cross-border infrastructure solutions. They are regulated in the United Kingdom, Canada, the United States, and the European Union.
Belgium’s biggest bank KBC is gauging customer interest in Bitcoin and crypto. The KBC coin is currently unavailable to the general public, but it has already begun testing in a private environment. KBC stated that their token has nothing to do with Bitcoin or any other cryptocurrency on the market. Instead, it will only run within the bank’s infrastructure, avoiding the major price swings that traditional cryptocurrencies are subject to.
22 December 2021
On December 21st, 2021, a malicious contract drained Visor Finance’s staking contract of 8,812,958 VISR tokens. They will be launching a new token that replaces the old one. They have already begun the process of listing the new token on various registries.
Manasquan Bank has chosen Bakkt to provide cryptocurrency access to its retail customers. The bank is modernizing its digital banking services by allowing customers to buy, sell, and hold cryptocurrency. Bakkt’s early adopter program is expected to commence in Q2 2022, with the bank’s participation reliant on the bank’s primary financial service provider’s adoption.
In an interview with Maria Bartiromo, former U.S. President Trump warns of a massive ‘explosion,’ stating that crypto is ‘Very Dangerous.’ The former U.S. president warned that “I don’t want to have all these others, and that could be an explosion someday, the likes of which we’ve never seen. It will make the big tech explosion look like baby stuff. I think it’s a very dangerous thing.”
Over 100 companies in Singapore have been unable to obtain cryptocurrency licenses due to strict regulations. The country’s central bank, the Monetary Authority of Singapore, stated that “cryptocurrencies could be abused for money laundering, terrorism financing, or proliferation financing due to the speed and cross-border nature of the transactions” (MAS).
Kraken has acquired Staked, a non-custodial staking platform. Since the beginning of the year, Kraken’s staking business has expanded by more than 950% reaching $16 billion in November. According to Crunchbase, Staked had raised $4.5 million in venture capital funding before its acquisition. GlobalBrain, Fabric Ventures, Coinbase Ventures, 9Yards Capital, Pantera Capital, Visary Capital, and Blocktree Capital are some of the investors.
Visa partners with 60 crypto platforms to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide. Visa has partnered with more than 60 leading crypto platforms, like FTX, Blockfi, Crypto.com, Coinbase, and Binance.
As the country’s currency has plummeted to new lows, the number of cryptocurrency trades in Turkey has risen to one million per day. On Tuesday, the lira fell as much as 8.6% intraday and gained 18.5% on its second-largest day range. The last trading up 7% at $12.230 per dollar in little volume. The lira’s one-month implied volatility or predicted price fluctuations hit a new high, suggesting investor skepticism about the scheme.
23 December 2021
Polygon’s unexpected code change has sparked debate. The fact that Polygon’s blockchain was hard forked without warning raised some eyebrows. While the exact nature of the modification to Polygon’s coding and its spread around the project’s nodes is unknown, it’s clear that decentralization is still a contentious topic in the web3 community.
Metamask prepares NFT integration for its browser extension. For MetaMask mobile users, the feature is already available, allowing them to view NFTs such as Bored Ape Yacht Club and CryptoPunks directly on their mobile wallet.
SushiSwap proposal calls for a merger with the Bancor network. The main idea is that the two projects will create a new network that will benefit liquidity providers and traders. The proposal doesn’t detail the technical aspects, but one of the reasons cited is the turmoil in SushiSwap’s leadership.
Uniswap deploys on Polygon, an Ethereum-focused scaling platform. Polygon co-founder Mihailo Bjelic proposed deploying Uniswap v3 on Polygon on the Uniswap governance portal last month. Last Thursday, the Uniswap group voted to support the possibility.
BNB Auto-Burn is replacing Binance’s BNB Quarterly Burn. The goal is to give the BNB community more transparency and predictability. The new technology termed “BNB Auto-Burn,” will have two features, as per the official blog post. It will be objective and verifiable. It will not depend on revenue earned from the use of the native token on Binance’s centralized exchange. Instead, the burn amount will be changed automatically based on the price of BNB.
Telegram-verified payments bot to accept Toncoin cryptocurrency. Durov’s comments came as Donate, a Telegram-verified payments service, was preparing to enable Toncoin cryptocurrency donations on Telegram. On Thursday, TON announced a partnership with Donate, stating that Toncoin will soon be used to make donations and pay for subscriptions.
24 December 2021
Senator Cynthia Lummis plans to introduce a crypto bill next year that would radically alter the legislative and regulatory landscape for cryptocurrency. According to the article, the plan would establish a new regulatory agency to monitor cryptocurrency matters, controlled jointly by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
VeChain develops a government traceability platform. The Ministry of Agriculture announced the Digital Agriculture Rural Development Plan that will use blockchain technology. The end-user’s detailed landing page provides an overview of company profiles, product data, the manufacturing process, quality test reports, ingredient traceability, and the item’s on-chain TXID.
AU21 has threatened the founder of the Solana lending platform, Solend. Solend was compelled to register using an invalid domain name, which enraged the community. AU21 has invested in Binance, Huobi, Chia, and Xend Finance, a Nigerian firm. AU21 did not reply to this issue before the deadline for projects like Equalizer Finance, a rapid loan platform.
25 December 2021
In order to fully eradicate Chinese customers, Huobi has announced that those who do not withdraw cryptocurrency would be charged management costs. Every month, account management is charged at a cost of 0.2 percent of the snapshot capital. The cost will be assessed at that amount if the account maintenance fee for a single account is less than 1USDT.
Turkey’s President Recep Tayyip Erdogan stated that he expects the nation to take a step forward with a new economic model. As the first step, he will address the crypto industry by enacting legislation to promote its legal use. He explained that his team is working on a Crypto Bill that will be sent to Congress for consideration as soon as possible. The draft is not yet publicly available and Turkey’s president didn’t say much about it.
Mirror on the Terra, a synthetic asset protocol, is under suspicion of a governance attack. Proposal 185 was started by the attacker, who disguised it as a call for cooperation with Solana in order to rob the community fund pool of 15 million MIR tokens. Hackers planned to corrupt the network by acquiring $38.7 million in MIR tokens (equal to 15 million MIR) at $2.58 per token.
As a result of a law permitting regional authorities to limit the electrical energy supplied at favorable rates, Russians mining cryptocurrency at home may face increased electricity bills. According to the Russian business daily Kommersant, private users will have to pay more if their consumption exceeds certain limits. Household electricity tariffs in Russia are regulated by the government, which keeps them substantially below economically justified levels. As a result, businesses pay higher charges to compensate for the differential in power pricing.
OpenDAO Gives away more than 23.9 Trillion SOS in Airdrops. In deep NFT groups, the free $SOS airdrop is gaining traction. The airdrop is open to anyone who has conducted a transaction on OpenSea since its inception.
