Staff Picks - January 2022
Shiba Inu Is Launching a DAO
The DAO will let stakeholders make decisions on reward pools, coin listings, and more. The development team behind Shiba Inu (SHIB) has announced that it will launch a DAO, according to a new blog post.
Eminem Purchases Bored Ape Yacht Club NFT for $462K
The celebrated entertainer quickly made the dazed-looking ape, who is outfitted in a military-style cap and hip hop clothing, his Twitter profile picture. Award-winning rapper Eminem has joined the Bored Ape Yacht Club (BAYC), purchasing one of the non-fungible token (NFT) apes Thursday on the OpenSea platform for 123.45 ether, nearly $462,000.
Malaysia Seizes 1,720 Bitcoin Mining Machines in Electricity Theft Crackdown
Police in Malaysia have shut down a bitcoin mining operation and seized 1,720 bitcoin mining machines in a major electricity theft crackdown following public complaints. “Police inspected 75 premises around the district and 30 of them were found to be carrying out illegal bitcoin mining activities and stealing electricity.”
Mexico confirms plans to roll out CBDCs in 2024
Mexico has announced that it would introduce a new national central bank digital currency (CBDC) in 2024, according to a tweet posted on Thursday. The tweet by an account representing the Mexican presidency highlighted that "new technologies and next-generation payment infrastructure" will help Mexico become more financially inclusive.
Over 20,000 Bitcoin ATMs Installed in a Year
The number of cryptocurrency ATMs around the world has grown exponentially in 2021, with over 20,000 new installations made since last December. That’s more than the total of all crypto teller machines put into operation in the previous seven years.
Kosovo police seize 300 crypto mining machines amid electricity shortages
The country’s Minister for Economy tweeted that the seizure of crypto mining machines will save “tens of thousands of Euros per month,” providing “energy for hundreds of Kosovar families.”
Sologenic: Almost 50% of XRP Circulating Supply Participated in SOLO Airdrop Through Top 30 Exchanges
Crypto transactions linked to illicit activity jumped 79% from the year before, while the total crypto transaction volume grew by 550%. Interestingly, illicit activity represented just 0.15% of the total crypto transaction volume in 2021, marking a 126% decline from 2020 and a record low. According to Chainalysis, the yearly trend suggests that crime is becoming an ever-smaller part of the cryptocurrency ecosystem.
Crypto Crime Soared in 2021, But So Did Usage: Chainalysis
A significant rise in cryptocurrency-related crime accompanied the rise of decentralized finance in 2021. While crypto crime rates hit record highs in absolute numbers, illicit crypto transactions marked record lows in relative terms, representing just 0.15% of the total transaction volume in 2021.
Samsung Opens Virtual Store in Decentraland's Metaverse
The electronics giant opened its first store in the Metaverse today. Announcing the update in a Thursday press release, the firm revealed it had opened a flagship store in Decentraland, one of crypto’s most popular virtual worlds.
What should the crypto industry expect from regulators in 2022? Experts answer, Part 2
In 2021, we witnessed many developments in the regulatory landscape of the cryptocurrency sector, with authorities targeting stablecoins, decentralized finance (DeFi), nonfungible tokens (NFTs), crypto assets, smart contracts, unhosted wallets, central bank digital currencies (CBDCs) and so on. Still, most of these decentralized innovations remain in the gray zone of regulation globally, which only slows down the innovative impulse.
Swiss National Bank Trials CBDC in Transactions With Five Banks
The Swiss National Bank has successfully employed a wholesale CBDC to settle transactions with five commercial banks, the monetary authority announced. The tests are part of an experiment carried out together with the Bank for International Settlements and Switzerland’s financial services provider SIX.
Ripple CTO: Banning Bitcoin or branding Ethereum security could be ‘disastrous’ for Ripple
David Schwartz, Ripple’s chief technology officer, has stated that banning Bitcoin or proof-of-work algorithm or branding Ethereum security could be “disastrous” for Ripple.
XRP LAWSUIT IS NOW BELIEVED TO END IN AUGUST – SEPTEMBER 2022 – ATTORNEY JEREMY HOGAN
Attorney Jeremy Hogan added that the parties can stipulate a shorter time frame and the judge would agree with that. “But do you think the SEC would agree to shorter time frames? Me neither!”
NFT Project Bored Ape Yacht Club Spawns ‘Left-Facing’ Copycats
The parody projects expose the absurdity of NFT communities and intellectual property concerns surrounding digital images. On Wednesday, two Bored Ape Yacht Club (BAYC) parody projects gained momentum on crypto Twitter, igniting plagiarism accusations, several trading bans and a robust supply of ape-themed memes.
German Online Bank N26 to Launch Cryptocurrency Trading Business This Year
N26, a German online neobank, has announced it will get into the cryptocurrency trading business this year. The announcement was made by Max Tayenthal, co-founder and a CEO of the company, who pondered whether focusing on cryptocurrency instead of going global may have been a better idea. The company closed operations in the U.K. and is now exiting the U.S.
Bitcoin Mining Difficulty Reaches Lifetime High, It's Now More Difficult Than Ever Before to Find a Block Reward
Following the drop in value during Thursday evening’s trading sessions, Bitcoin’s mining difficulty rose to a lifetime high, reaching 26.64 trillion after jumping 9.32% at block height 719,712. The mining difficulty’s all-time high (ATH) is now higher than the ATH it reached on May 15, 2021, which means it is currently more difficult than ever before to find a bitcoin block reward.
One of Ripple's Chris Larsen's Attorneys Withdraws from Defense, Here's Why
Prominent corporate lawyer James K. Filan has taken to Twitter to announce that one of the lawyers who has been defending former Ripple CEO Chris Larsen in the SEC v. Ripple Labs case is withdrawing.
Crypto.com shares details on security breach: 483 accounts compromised
Approximately $33.8 million in crypto assets was stolen from Crypto.com following a security breach on Monday. The Crypto.com security breach saga gets clarity with an official statement from the Singapore-based crypto exchange following a halt on withdrawals after detecting “suspicious activities” in user accounts.
Binance Didn't Upgrade Customer Checks, Despite Promises to Regulators: Report
A Reuters investigation found Binance has not been as keen on regulation as it has publicly professed to be. The world's largest crypto exchange kept weak know-your-customer (KYC) checks and did not properly cooperate with authorities, despite its public promises about compliance, Reuters said in an investigative report published Friday.
EU Regulator Urges Proof-of-Work Ban
The regulator warned against Proof-of-Work but expressed openness to Proof-of-Stake protocols. A leading EU regulator, Erik Thedéen, has pushed for banning Proof-of-Work mining amid concerns over its exorbitant energy consumption. As of now, this would entail banning mining for both of the two largest cryptocurrencies, Bitcoin and Ethereum, though the latter is slated to move to Proof-of-Stake this year.
Staying cool: Is crypto snowballing to 1 billion users this year?
Demographics rule: “Younger people are more likely to embrace crypto than older generations.” Meanwhile, the Great Transfer of Wealth is coming. Crypto.com raised a few eyebrows this past week when it announced cryptocurrency users worldwide could reach 1 billion by the end of 2022.
Crypto money laundering up by one-third in 2021 but still below record
A Chainalysis report detailed how cybercriminals laundered their crypto funds in 2021 compared to the previous year, with DeFi protocols seeing the biggest increase in use.
Reddit Reportedly Testing NFT Profile Pic Functionality
Reddit, one of the largest micro-posting sites on the internet, is reportedly venturing further into the world of non-fungible tokens (NFTs). The company is testing a new functionality that allows users to set NFTs as profile pics, something Twitter is already doing now. Reddit released its own batch of NFTs, called Cryptosnoos, in June 2021, albeit via a limited release.
New SEC Proposal Could Be a Disaster for DeFi Exchanges
A new proposal from the U.S. Securities and Exchange Commission is looking to expand the organization’s definition of a securities exchange. In doing so, the SEC may be looking to lay the groundwork for regulating decentralized crypto exchanges.
Web3
I didn’t anticipate how much I’d appreciate a @Jack of fewer trades. Key to progress is class traitors: Generals warning of a military-industrial complex, product managers who narc on mendacious management, and tech leaders who violate the Silicon Valley code of the white guy — never criticize each other or your noble missions to save the world.