CoinCodeCap Weekly: NFTs, Adoption and Scams [22 January 2022 – 28 January 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!

Coincodecap Weekly Glance: 22 January - 28 January
CoinCodeCap Weekly Glance: 22 January – 28 January

22 January 2022

Bitcoin crashed again by 6.7% and was trading at $36,395.The downward trend continued for other tokens as well. The market suffered a loss of over $1 trillion.

NYC Mayor gets his first paycheck converted to bitcoin and ether. The mayor wants New York to be the centre of the cryptocurrency industry and also to be at the forefront of such innovation to help us create jobs and improve the economy in near future.

Twitter’s crypto team opened the vacancy for a senior product manager to work on cryptocurrency projects. According to the job description, the Senior PM should work with the product and engineering teams. The position called for the hire to collaborate with the Bluesky team to shape Twitter’s future as a decentralised social media platform.

The Graph raised $50M in funding round n a new investment round led by Tiger Global. The Graph gathered funding from blockchain community members, key VCs, and significant individuals, including Coinbase Ventures, DCG and others, to fund network growth.

The Beta Version of Robinhood Bitcoin Wallet has begun to serve the Customers who signed for it. The wallet allows customers to transfer and receive coins. Robinhood’s crypto team chief operating officer tweeted this news. 

Russian banks to begin Digital ruble payments. The Customer-to-customer (C2C) payments are considered to be the focus of the trials. The attempt was made to undercut a decentralised digital ruble alternative.

Russian Banks To Begin Digital Ruble Payments
Russian Banks to Begin Digital Ruble Payments

Iran’s Central Bank revealed that the pilot phase of the country’s digital currency project will begin soon. The Islamic Republic hopes to join a growing group of countries that want to benefit from having their own currency and implementing blockchain technology in other areas.

The White House Prepared to Place Itself at the Forefront of US Crypto Policy. Reports suggested that the late-stage draught of the executive order details the economic, regulatory, and national security challenges posed by cryptocurrencies. Various agencies will submit reports by the second half of 2022. A CBDC could help the United States keep up with the rapid growth of private cryptocurrencies and coins produced by other countries, such as China. 

23 January 2022

Decommissioned Power Plant in Armenia waved the green flag to host Crypto Mining Farms Armenia could invite cryptocurrency miners to install coin minting hardware in an old thermal power plant. Armenian authorities have decided to shut down the old power plant soon. 

Decommissioned Power Plant In Armenia To Host Crypto Mining Farms
Decommissioned Power Plant in Armenia to Host Crypto Mining Farms

24th January 2022

Solana Updated to Version 1.8.14  after the 3 Days of “Degraded Performance”.The developers further anticipated the improvement and services. However, third party services like cross-chain and others cautioned their customers about the transactions being refused by the network.

OpenSea Exploited and  Suffered Front-end Attack and Hacker Gained $800k.A bug in the front end of the popular non-fungible token (NFT) marketplace OpenSea has resulted in an exploit that allows users to buy popular NFTs at their previous listing price. The bug appears to be prevalent with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collectables.

Opensea Exploited: Suffers Front-End Attack And Hacker Gains $800K
OpenSea Exploited: Suffers Front-end Attack and Hacker Gains $800k

25 January 2022

Singapore-Based Influencer IreneDAO, a series of NFTs developed from her Telegram meme sticker pack earned  $7.5 million from NFTs. She was making Telegram sticker packs for her fans when one recommended she mint them as NFTs. 

Bitmain was accused of being probed in China. Bitmain had signed a contract with Taiwan Semiconductor Manufacturing Company (TSMC) to supply advanced computer processors, which is a major bottleneck for crypto mining hardware producers. However Du, the CEO of Bitmain’s mining operation, categorically rejected it.

 The Bank of Korea completed the first stage of the CBDC pilot project last December. The second phase is expected to end by June 2022. The bank is yet to test the potential of CBDC to work in a real-world environment. 

Congressman McHenry marked that the regulators are overstepping their bounds in the absence of crypto legislation. Rep. Patrick McHenry (R-N.C.) had pushed for regulatory clarity on digital assets since last year from the march in a letter to SEC Chairman Gary Gensler. Legislation that addresses crypto directly has floundered in nearly all cases.

The son of the Chairman of Animoca Brands had 2 mutant apes and 1 Clone-X stolen. The scammer refused to use OpenSea, phished his account via a fake link. The person who stole the funds first contacted his son through discord via buy/sell channel for RTFKTstudios on discord for his Clone-X.

The Son Of The Chairman Of Animoca Brands Had 2 Mutant Apes And 1 Clone-X Stolen
The Son of the Chairman of Animoca Brands had 2 Mutant Apes and 1 Clone-X Stolen

2019 crypto theft traced to Hamas wallets.Bitcoins in Delhi businessman’s e-wallet traced to wallets operated in Egypt, Palestine. Police recovered all the details of the accounts. The police said they had recovered all details of these accounts, and while some were used for financing terror operations, others were used for accessing child pornography.

Bahrain’s CoinMENA obtained a second cryptocurrency licence from  European Union paving the way for expansion to new jurisdictions. CoinMENA now is able to expand to new jurisdictions in the MENA region and beyond and increase the number of crypto assets and crypto financial services on the platform.

Joe Grand shared a tweet where he said he has hacked Trezor and recovered $2 million. Replying to his Tweet, Trezor said that we want to add that the vulnerability was already fixed, and all new devices are shipped with a fixed bootloader.

The Central Bank was accused of attempting to disgrace Russia. The majority of government and politicians in Russia, according to the Russian website lenta ru, oppose the central bank’s report on a crypto prohibition. The study served as nothing more than fodder for debate.

A French orthopaedic surgeon listed a patient’s X-ray as NFT in the current NFT mania. The doctor marks this incident as an “error”. The victim’s association has made a derogatory remark against the doctor. 

The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) issued a combined press release claiming that using cryptocurrencies for payment poses a threat to Thailand’s financial industry. The agencies acknowledged that digital currencies are widely used as a payment method, but regulators must prioritise consumer protection.

 A letter published by YouTube CEO Susan Wojcicki suggested that the video-sharing platform might embrace Web3 technologies, such as non-fungible tokens (NFTs), which are a way to certify digital assets stored on the blockchain, as a way to help YouTube creators make money.

26 January 2022

A new browser plugin auto blocked  Twitter accounts with NFT profile pictures. The web creator recommendED using Better TweetDeck to block NFT profile photo users.

Flushing Bank, a New York State-chartered commercial bank, announced that it will begin offering Bitcoin services to its customers in Q1 2022. Customers of Flushing Bank would be able to buy, sell, and hold bitcoin directly from their online banking accounts in the near future. The functionality will be available in Q1 through NYDIG and Q2 Holdings.

Elon Musk joined the chorus in urging McDonald’s to accept DOGE. The billionaire CEO promised to eat a McDonald’s happy meal on TV if they do. Musk has been a strong supporter of DOGE and has even begun to accept the meme coin as payment for Tesla-branded merchandise. 

Project Galaxy raised $10 million in funding that allows users to create unique campaigns utilising plug-and-play modules to issue credential-based NFTs that achieve a variety of objectives. It aims to solve this problem by establishing an open and collaborative credential data network.

IMF executive board concluded 2021 Article IV consultation with El Salvador. Due to the pandemic, the country’s growth has been stagnant. The adoption poses considerable risks for financial and market integrity, financial stability, and consumer protection. 

South Korean crypto exchange planned Eco-Friendly NFTs for K-POP fans. Addressing this situation, the chief executive of Upbit’s operator Dunamu, Sirgoo Lee told the Financial Times in an interview that this collaboration with Hybe is using “low carbon, eco-friendly” technology to mint the NFTs.

WikiLeaks creator Julian Assange wins the right to appeal extradition in UK Supreme Court. The U.K High Court said that Wikileaks Founder Julian Paul Assange had been granted permission to appeal against a decision that allows him to be extradited on espionage to the United States. The decision to extradite Assange has laid on his mental health.

CoinShares has announced the debut of the world’s first physically-backed crypto exchange-traded products (ETPs) meant to reward investors for staking..This is the sixth ETP to be launched on the CoinShares Physical ETP platform, and it comes after the company revealed its Q3 financial results following its March 2021 NASDAQ First North Growth Market listing

Greenidge Generation announced a $264 million data centre in South Carolina. The first phase is to be open by the end of this yearThe expansion is further planned until 2025. The announcement is considered to be a sign of the region’s ability to attract technology businesses by the officials.

FTX US, a cryptocurrency exchange, stated on Wednesday that it had accomplished a bar of $8 billion after raising $400 million in its first investment spherical from traders. T

Huobi Group, introduced a basket of sponsoring plans for Avalanche environment to mutually incubate rising tasks. The Alliance might be operated with the aid of using the network and could sell and assist the adoption of blockchain.

Canada’s first cryptocurrency trading platform Bitbuy to be regulated as a marketplace for trade surveillance. The aim of the Eventus Validus platform is basically to fulfil all of its change surveillance needs. 

A duo couple sent to prison for stealing USD 3.8M XRP After an appeals court in South Korea concluded that the couple should spend the better part of a decade behind bars for stealing USD 3.76 million worth of XRP tokens from a crypto investor in 2017, they were sentenced to seven years in prison.

A fake grimace coin jumped to  285k% after McDonald’s Tesla joke. It launched after a McDonald’s joke tweet surged as high as 285,641% in a few hours as opportunistic actors jumped at the chance to earn money in a lukewarm crypto market.

Fake Grimacecoin Jumps 285K% After Mcdonald'S Tesla Joke
Fake Grimacecoin Jumps 285k% After McDonald’s Tesla joke

Russian President Vladimir Putin has expressed reservations about the Central Bank of Russia’s recent decision to prohibit the use of cryptocurrency in the country. Putin requested that officials from his government, including the central bank, hold talks on cryptocurrencies in a video conference.

27th January 2022

The IRS claims that crypto and NFTs are rife with mountains of fraud. A variety of criminal activities caused concern among law enforcement agencies. Kooner claimed that bad actors can take advantage of this to launder money from criminal enterprises such as drug trafficking.

Jeremy Grantham predicted that the “Super Bubble” will burst soon. He cited a rapid rise in “parody” cryptocurrencies like Dogecoin, as well as huge gains in otherwise dubious “meme” stocks like AMC and GameStop, as instances of the out-of-control supposition that’s fueling the bubble.

Five stars banks  introduced a new and trusted digital banking option for customers to easily acquire, sell, keep, and manage bitcoin alongside their traditional financial assets

Tesla released its financial results and shareholder letter as announced earlier for the fourth quarter of 2021, and accordingly for its full-year 2021.

The Federal Reserve issued its FOMC statement on its official website. It says that economic activity and employment indicators are reinforcing. The sectors that were negatively affected by the pandemic were able to recover a lot in recent months but the sudden rise in Covid-19 cases again obstructed the growth. 

REDDIT checked out the features that allow customers to use NFT as profile pictures. The feature is similar to Twitter. Reddit explained that this unique NFT check is in very early tiers and hasn’t been made to public customers on the web website.

iSwap, introduced the release of iSwap V5 an upgraded version. iSwap aimed to enhance cross-chain DeFi transactions. The new update provides considerable order aid for USDT, USDC, and ETH and the choice to divide single-chain transactions.

A report by wall street stated that The Wa Meta Platforms Inc’s (FB.O) digital currency venture Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp (SI.N) for about $200 million.

A crypto spy going through Zach on Twitter published an alleged conversation with Daniele Sestagalli claiming that they’ve recognized Wonderland’s different co-founder OxSifu as Patryn. Avalanche-primarily based DeFi protocol Wonderland changed into allegedly co-based through Michael Patryn.

The United States Securities and Exchange Commission (SEC) is investigating crypto companies that pay interest on virtual token deposits. The SEC investigated crypto companies that pay interest on virtual token deposits. The corporations indexed for more comprehensive investigations are Celsius Network, Voyager Digital, and Gemini Trust.

Matt Hancock stated that the UK can be home to cryptocurrencies and fintech. The minister praised the UK’s burgeoning fintech industry in the Commons, asking that it become a sector in which the UK can be a world leader.

Matt Hancock States That The Uk Can Be Home To Cryptocurrencies And Fintech
Matt Hancock States that the UK can be Home to Cryptocurrencies and Fintech

Irkutskener Gosbyt filed 137 complaints towards clients about the usage of backed energy to mint virtual currencies in mining centres installation in basements and garages. The application hoped to get better sixty-three million Russian rubles (over $790,000) in compensation.

Venezuelan cryptocurrency watchdog Sunacrip had suspended the operating licenses of two exchanges. The operating licenses were suspended for lack of adherence to current regulations. The announcement for suspending the operating license was made by Joselit Ramirez.

Bud Light launched its first zero-carb beer, Bud Light Next, in conjunction with a new nonfungible token (NFT) project and Super Bowl campaign. The tokens, which cost $399 each, are restricted to consumers 21 and older and are only available in the United States to those who pay with ethereum or fiat currency.

28th January 2022

Peckshield informed via Twitter about the hacking and draining of $8million of QuBit Finance’s platform. The attack addressed transformed the stolen ETH, BTCB, DAI, and other assets to BNB and currently holds over  200,000 BNB worth almost $80 million. 

HashKey Group, one of the largest digital asset financial services groups in Asia completed its first fundraising of $360 million. The fund would be spent on organisations and tasks that use blockchain. The fund is targeted to offer traders institutional-grade publicity.

OpenSea reversed its policy to impose limitations on the number of NFTs and collections that creators can mint utilising its smart contract. They Apologised to the creators and said that it owes an explanation to them. 

Nike opened the vacancy of Hiring for The Metaverse. They listed five roles to help the corporation embed new workers for the metaverse or related functions in what it described as its Technology Innovation Office.

Italian brand and manufacturer of the luxury automaker Lamborghini has announced that it is all set to release its first NFT (non-fungible token) next month. The sale would last for seventy-five hours.

Fidelity Investments has filed a plea for a Metaverse ETF. They aimed to tune public businesses with publicity to the blockchain-primarily based totally community. The employer decided to start the Fidelity Advantage Bitcoin ETF in Canada amid reluctance from U.S. regulators for approval.

Don Huffines, a conservative Republican candidate for Governor of Texas, unveiled his strategy to make Texas the nation’s leading cryptocurrency state.

Don Huffines If Elected Will Make Bitcoin Legal Tender
Don Huffines if Elected will Make Bitcoin Legal Tender

The Goop founder and former Marvel Cinematic Universe actress joined the Bored Ape club by posting the NFTs to her Twitter account. Many people have expressed their displeasure with Paltrow’s latest acquisition. Many have attacked her, claiming that her new Bored ape tarnishes her reputation.

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Editorial Team