CoinCodeCap Weekly: Scams, Metaverse, and Crypto Bans [05 February 2022 – 11 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!

05 February 2022

DePo informed people that their dApp is under heavy load due to increased transaction volume. They informed people that a prior employee drained & sold one of their Farms rewards wallets, moving SSS/LP to “inactive”. He’s fully doxxed and they have commenced legal proceedings against him. 

GoFundMe stops showing support to Freedom Convoy 2022 by freezing donations. The company says that the protestor’s acts of violence and harassment go against its terms of service. They will be refunding payments to all donors automatically. 

The local utility has announced power cuts for miners in Kazakhstan. As a result, Crypto farms was unplugged until February 7. According to the company, the main reason for the measure, which was supposed to expire at the end of January, is ongoing problems with electricity supply.

Kazakhstan Power Cuts For Cryptocurrency Miners Extended
Kazakhstan Power Cuts for Cryptocurrency Miners Extended

A Decentralised Autonomous Organisation has raised millions of dollars in cryptocurrency to assist Wikileaks founder Julian Assange in his release. Since 2019, Assange has been imprisoned in the United Kingdom. AssangeDAO, founded in December 2020, is raising funds to bid on an NFT artwork. 

06 February 2022

Meter.io informed their community that Meter Passport was hacked. They asked people to not trade the unbacked meterBNB that is circulating on Moonriver. They have identified the issue. According to them, Passport has a feature to automatically wrap and unwrap gas tokens like ETH and BNB for user convenience.

Belarus is preparing to allow financial funds to invest in cryptocurrency. The scheme is one of a flurry of legislative proposals aimed at luring such businesses to the country. The Ministry of Finance has proposed amendments to attract investment capital to Belarus. Despite a statutory framework for collective investments, the country has yet to register a single fund. 

Belarus' Government Approves Purchase Of Bitcoin By Investment Funds
Belarus’ Government Approves Purchase of Bitcoin by Investment Funds

Former employees of Facebook were unable to work under the company’s restrictions. They started their venture, Mysten Labs. Mysten Labs has plans of developing its blockchain. The blockchain they are working on is expected to be launched in late March, and developer activity on-chain and building by this April or May. 

An exclusive Rolling Stone Live NFT collection has been released in collaboration with Coinbase. The NFTs, which also feature the Rolling Stone logo, was created by a team of 12 digital artists. Before being available for purchase on the Coinbase NFT marketplace later this year, the artwork will be animated.

07 February 2022

Colombia has approved new regulations requiring users and exchanges to report cryptocurrency transactions exceeding a certain amount. Resolution 314 establishes that cryptocurrency transactions over $150, or cryptocurrency transactions made with multiple tokens whose value goes over $450, will have to be reported to the UIAF. This new regulation will go into effect from April 1st 2022. 

Tesla has reported receiving a subpoena from SEC. Musk’s tweet threads have started a feud between Tesla and Biden administration. Biden is supporting the legacy automakers. In addition, Musk has also offended the United Auto Workers (UAW) union, which are a vital ally of Biden.

An acquaintance in Surat reported dacoity and a crypto scam to a Hyderabad-based victim. Accused and eight others charged under IPC 395 for Dacoity have fled but were captured on CCTV.

Tatarstan Minister, Khayrullin supports the crypto ban in Russia. A public test zone will be set up for experimentation. Putin wants the government and the regulator to come to an agreement. Pavel Durov, the founder of Telegram, thinks that a ban on crypto in Russia will lead to the outflow of IT specialists, which may damage sectors in high-tech companies. However, Russian Presiden. Vladimir Putin asks the government and the Central Bank to make a settlement. 

Tatarstan Plans On Becoming Pilot Zone For Regulating Russia’s Bitcoin Market
Tatarstan Plans on Becoming Pilot Zone For Regulating Russia’s Bitcoin Market

08 February 2022

EarnHub informed people that the EHB Staking pools have been compromised. A hacker was able to exploit their contracts and steal most of the tokens in certain pools, then sell them, draining their LP. They informed people that if they are staking in the step-pool, then they should unstake their tokens now. The hack that happened today pulled out all of the tokens from the staking pools.

According to a United Nations report, North Korea’s primary source of revenue remains crypto theft. Without a doubt, the number of hacks on exchanges and other platforms has recently increased. And, although not all of them are sponsored by North Korea, they remain one of the top contenders.

The Un Found North Korea Used Stolen Crypto To Fund Missile Program
The UN Found North Korea Used Stolen Crypto to Fund Missile Program

NFTs will be used as a ticket to Maxwell Tribeca, the newest social club in New York. This was reported to the program’s curators by David Litwak, the founder and former CEO of the tech travel portal Mozio.

Zimbabwe’s central bank announced that it is investigating the feasibility of launching its own digital currency (CBDC). The bank also claimed that interest in its regulatory sandbox continues to grow.

Qi Dao informed their users that superfluid’s vesting contract for QI has been exploited. User funds on QiDao contracts are safe. The exploit is solely on Superfluid. QI bridging is temporarily paused.

The Venezuelan government has approved a new tax that would apply to cryptocurrency and foreign currency transfers and transactions. The government of Venezuela has approved a new 20% tax on Bitcoin and cryptocurrency transactions.

KPMG in Canada is bullish on crypto assets and may consider investments other than BTC and ETH in the future, according to an executive. The company teaches institutions about the metaverse, NFTs, and Decentralized Autonomous Organizations (DAOs). NFTs to Serve as a Ticket to Maxwell Tribeca, New York’s Newest Social Club. Aside from the investments, the firm hopes to enable institutional participation in Web3.

Bithumb collaborates with 300FIT to distribute NFTs to traders. Sports has been a critical driving force behind making crypto more conventional. The distribution at the Beijing Olympics is open only to those traders who have made transactions worth more than 1 million Korean won worth of FIT tokens which is almost $835. 

The Securities and Exchange Commission is now seeking public opinion on whether exchange-traded funds (ETFs) directly linked to the price of Bitcoin, such as spot Bitcoin ETFs, could be used to commit fraud.

The Central Bank of Ireland, which controls foreign funds with over €4 trillion in assets, warned on Tuesday that allowing funds aimed at non-professional investors to engage in cryptocurrencies is “very improbable” since they are “extremely dangerous and speculative.”

09 February 2022

According to US Treasury Undersecretary for Domestic Finance Nellie Liang, technology companies that aren’t licensed as banks shouldn’t offer crypto stablecoins. Concerns about stable coins lack of regulation have grown since US regulators expressed reservations about Facebook’s plans to create a token that could have been used by billions of the company’s social-media users in 2019.

Hundreds of thousands of dollars in digital currency donations have been poured into Ukrainian non-governmental organizations (NGOs) and volunteer groups, according to a report released on February 8 by blockchain analytics firm Elliptic.

Donations Pour In Cryptocurrency As Ukraine Border Tension Escalates
Donations Pour in Cryptocurrency as Ukraine Border Tension Escalates

Gunna has categorically denied any connection in the Pushin Peth crypto fraud, taking to social media to clarify the situation, saying that his Twitter account was hacked to promote the scam. Gunna had promoted the Pushin P coin, and his followers tweeted about it before removing it.

The Russian government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. By February 18, they will prepare a draught law on the circulation of digital currencies in the Russian Federation. The law will recognise cryptocurrencies as currency analogues rather than digital financial assets (DFA). The new rules will take effect in the second half of 2022 or in 2023.

The US Department of Justice seized $3.6 billion in cryptocurrency and arrested two suspects linked to the 2016 hack. According to the DoJ, alleged hackers Ilya Lichtenstein and Heather Morgan were apprehended after federal authorities used their ability to “follow the money through the blockchain.” There were several questions about this event in the mind of the crypto community. 

DOJ has finally seized the solen bitcoin from the 2016 Bitcoin Hack. A husband and wife from Manhattan have been arrested for laundering the stolen money. Cryptocurrency proves not to be a haven for criminals. 

10 February 2022

Gucci is expanding its presence in the metaverse for its Gen Z-focused platform Gucci Vault by launching its virtual environment on the digital real estate marketplace The Sandbox. Gucci Vault is also where Gucci sells old Gucci pieces and pieces by other upcoming designers, including Collina Strada, Rave Review, and Ahluwalia.

Gucci To Create A Virtual World For Gen Z
Gucci to Create a Virtual World for Gen Z

The Terra Community Trust (TCT) has entered into a five-year, $38.15 million partnership with the Washington Nationals MLB franchise. The partnership is to promote Terra throughout its home venue and TV network, as well as to work to make UST an accepted currency in-venue transactions.

Dego Finance, a cross-chain NFT+DeFi protocol got hacked. Dego Finance addresses providing liquidity on Uniswap and PancakeSwap was hacked. DEGO detected abnormal change of DEGO price on DEX and centralised exchange too. The team looked into this anomaly and quickly concluded there has been a well-organised hacking event from approx 11:29 PM UTC on 9th Feb 2022 targeting DEGO team addresses hosting DEGO tokens and DEX liquidity (DEGO/ETH, DEGO/BNB).

Samsung’s latest flagship smartphone will include a new wallet function that will allow users to store digital documents and, reportedly, cryptocurrency. According to a press release, it will also allow users to store digital credit and debit cards.

Apple has announced its new “Tap to Pay” feature on iPhone. Stripe will be the first host to this feature, followed by other platforms. Apple’s primary concern still lies in user privacy. Apple also ensures its customers that user privacy will remain their primary concern and is at the core of all the design and development of all its payment features.

Crypto.com extends its partnership with Formula 1: becomes the title sponsor of the international event. Fans will get an exclusive view of the tracks. The CEO of Crypto is ready to experience new adventures from this partnership

Binance makes a “strategic investment” into Forbes and Magnus Opus. Forbes is gearing up to be a public traded company. In this quarter, Patrick Hillmann, Chief Communications Officer for Binance, and Bill Chin, Head of Binance Labs, will be joining the Forbes board of Directors upon successful closure of this transaction. 

Kenya’s central bank seeks public opinion on digital currencies. The regulator is concerned about the risks involved in this venture. The government of Kenya, including the central bank and other major bodies, cannot take any independent decision without knowing the public’s views. 

11 February 2022

After GoFundMe, the Canadian Superior Court of Justice freezes funds of the ‘Freedom Convoy 2022” protestors received by GiveSendGo. GiveSendGo is supporting the protestors who are considering Bitcoin to collect donations. 

Aave launches a Web3 native, open social graph called Lens Protocol. It will allow users to own their content. Lens Protocol is created to empower more content creators. Users will be able to generate “follow NFT” when they follow someone. They will also collect published works and re-publish them using the “mirror” feature. By doing so, the sharer will profit from anyone who will further share the content.

Lens Protocol, The Decentralised Competitor To Instagram &Amp; Twitter By Defi Project Aave
Lens Protocol, the Decentralised Competitor to Instagram & Twitter by DeFi Project AAVE

Intel aims to develop Blockchain technology by using “scalable and sustainable solutions.” Argo Blockchain, BLOCK, and GRIID have already become Intel’s customers. Intel claims to outperform SHA-256. 
McDonald’s has filed 10 trademark applications that explain ambitions to offer virtual restaurants and other digital-based items, after a spate of well-known businesses seeking trademarks for metaverse related products and virtual goods.

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Editorial Team