The Unchained Web Daily Crypto News #102

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Arweave crosses 1 billion transactions

Arweave celebrates a significant milestone, going from 39 million to 1 billion pieces of permanent data storage in just two years, with 66% of the growth achieved in the past year. This success showcases the platform's stability, widespread adoption, and maturity. Arweave aims to be humanity's collective hard drive and its scalability is evident in flawlessly handling one billion transactions. The future holds exciting possibilities, including the Universal Data License empowering content creators. The journey has just begun, inviting readers to explore the Arweave ecosystem with a special promotion. Welcome to the Permaweb - a realm of endless possibilities. Click here for more. Additionally, if you want to see the cummulative transactions as they stand now in real time via the Arweave block explorer, click here.

Norway Blocks Meta’s Targeted Ads That Don’t Get User Permission

Meta, the company behind Facebook and Instagram, is facing a temporary ban on behavioral advertising in Norway. The ban, imposed by the Norwegian Data Protection Authority, lasts for three months and requires Meta to get users' consent for data processing. If Meta fails to comply, they could face daily fines of up to one million NOK. The ban comes as a result of Meta's illegal practices and disregard for previous decisions against them, raising concerns about data protection rights in Norway. In response, Meta has mentioned ongoing debates around legal bases and continues to engage with the Irish DPC for compliance. However, it's uncertain if they will appeal the order or modify their operations in Norway. Meta's switch to claiming legitimate interests for processing user data offers EU users the ability to object to behavioral advertising, suggesting a less intrusive form of ad targeting is feasible. Click here for more.

US Prosecutors Slap Celebrity Crypto Scammer With Eight-Year Prison Term

A Nigerian crypto scammer, Olalekan Jacob Ponle, has been sentenced to eight years in federal prison in Illinois for orchestrating a multi-million dollar fraud scheme. He used cryptocurrency wallets to hide and store the proceeds of his crimes, victimizing businesses across the United States through email phishing scams. The scam resulted in over $8.03 million in actual losses and more than $51.3 million in intended losses. Ponle instructed money mules to convert the funds to Bitcoin and transfer them to his control. He was a social media celebrity in Nigeria known for extravagant displays of wealth. The court ordered him to pay restitution and forfeit luxury items bought with the proceeds. Cryptocurrency-related crime has seen a decrease recently, but impersonation scams have increased. The UAE, where Ponle resided, deported him to the United States despite lacking an extradition treaty. Click here for more.

North Korean Hackers Target Crypto Clients of US IT Firm

North Korean hacking group Labyrinth Chollima has been targeting clients of the US IT company JumpCloud to steal cryptocurrency. They sent phishing emails to JumpCloud customers, posing as part of an "ongoing incident" and asking them to change their credentials. The breach was discovered in June, and JumpCloud is working with cybersecurity firm CrowdStrike to investigate. Although there have been no confirmations of actual crypto theft yet, security experts believe the attacks are part of North Korea's efforts to fund government initiatives amid international sanctions. In 2022, hacking groups linked to Pyongyang stole around $1.7 billion in digital assets, and the recent Labyrinth Chollima breach follows this trend. While crypto funds flowing to illicit addresses decreased in H1 2023, ransomware and impersonation scams have increased. Click here for more.

FTX Tries to Claw Back $71.5 Million From Its Philanthropic Arm

Bankrupt crypto exchange FTX has filed a complaint in the US Bankruptcy Court to recover around $71.5 million in donations and investments made by its former CEO, Sam Bankman-Fried, to various life science companies. These donations were made using users' funds, and FTX aims to recover them as they are considered avoidable under the Bankruptcy Code and Delaware Code. FTX alleges that the transfers were made to hinder, delay, or defraud present or future creditors, and they did not receive equivalent value in return for the transfers. FTX has been actively trying to recover funds, including filing a lawsuit against its European arm and pressuring political recipients to return donations. Click here for more.

UK Government Rejects Lawmaker Plan to Regulate Crypto as Gambling

The U.K. government has rejected lawmaker proposals to regulate cryptocurrency like gambling, stating that its existing plans are more effective in addressing the risks associated with events like the FTX collapse. The House of Commons' Treasury Committee had expressed concerns that the current approach treats the crypto sector too leniently, creating a false sense of safety for investors. However, the government disagreed with the committee's recommendation, stating that gambling regulation alone would not address critical risk factors, such as commingling of customer funds and insider trading, covered by traditional financial regulations. The government's approach aligns with global standard-setting bodies' recommendations, but the crypto sector has warned that the U.K.'s rulemaking lags behind other jurisdictions like the European Union. Click here for more.

Kuwait Cracks Down on Crypto, Banning Payments, Investment and Mining

Kuwait's financial regulator, the Capital Markets Authority, has issued a circular prohibiting the use of cryptocurrencies for payments or investments in an effort to combat money laundering. The ban also includes an "absolute" prohibition on digital asset mining and does not recognize cryptocurrencies as decentralized currency. The public is warned that companies are not allowed to offer any crypto-related services. Securities regulated by the Central Bank of Kuwait and other financial instruments overseen by the Capital Markets Authority are exempt from this ban. The prohibitions are in line with the Financial Action Task Force's global recommendations for crypto assets and were the result of a study conducted by the National Committee for Combating Money Laundering and Financing of Terrorism. The regulator also emphasized the risks associated with volatile and unregulated cryptocurrencies and warned of penalties for any violations of the ban. Click here for more.

Orgasm NFTs? NARS Cosmetics Brand Reveals Eyebrow-Raising Art Auctions

Makeup brand NARS is releasing an NFT collection inspired by the colors and textures of its "Orgasm" shade, in celebration of National Orgasm Day on July 31. Five female artists were commissioned to create bespoke digital pieces, which will be auctioned as single-edition Ethereum NFT artworks on the SuperRare platform, with all proceeds going to the creators. The auction will start on July 25, and each piece will come with added benefits, including cosmetics products and a consultation with a brand makeup artist. The artists also designed augmented reality (AR) filters inspired by their compositions, available on NARS' Instagram account on July 31. NARS has previously ventured into NFTs and has used the "Orgasm" inspiration for its Web3 initiatives. Other mainstream makeup brands, like L'Oréal's NYX, have also experimented with NFTs in the beauty industry to explore new revenue streams and customer loyalty. Click here for more.

Russia to Start Testing ‘Digital Ruble’ CBDC in August Barring Putin's Veto

Russia's central bank could start testing its digital ruble, a central bank digital currency (CBDC), in a few weeks. A bill granting legal authority to the CBDC has passed through the Federation Council and now awaits President Vladimir Putin's signature. If signed, the tests will begin on August 1. The central bank will act as the platform operator for the digital ruble, and the bill defines legal definitions for users and account operations. The CBDC can be used for payments and transfers within the central bank's platform or partner banks but not for lending or deposits. The move follows the country's economic struggles and Western sanctions. A CBDC is seen as a hedge against volatile national currencies, and Russia aims to explore stablecoins to make payments with "friendly countries" to avoid using US dollars and euros. Click here for more.

Italian Football Club AC Milan Extends Crypto Sponsorship With BitMEX

AC Milan, an Italian soccer club, has extended its partnership with BitMEX, a cryptocurrency exchange, which will now be named the team's premium partner in addition to its official cryptocurrency trading partner title. BitMEX's logo has been displayed on the gameday sleeves of both AC Milan's men's and women's team kits since the original deal in 2021. The partnership also includes collaborations on NFT collections, with sales benefiting the team's charitable arm, Fondazione Milan. The financial terms of the extended deal have not been disclosed. Cryptocurrency sponsorships have been popular in Italian soccer, with other clubs like Juventus also signing deals with crypto companies. Click here for more.

China’s digital yuan nears $250B transaction volume — Central bank governor

In the one-and-a-half years since the start of its pilot, China's digital yuan has processed nearly $250 billion worth of transactions, according to People's Bank of China governor Yi Gang. The digital yuan has seen around 950 million transactions from approximately 120 million wallets, with an average transaction amount of about $260. At the end of June, there were around $2.3 billion (16.5 billion digital yuan) in circulation, representing only 0.16% of China's monetary supply. The adoption of the digital yuan is still relatively low compared to the country's large population, mostly being used for domestic retail payments with some trials in Hong Kong. Click here for more.

South Korean central bank charts out future course of payment systems, CBDC

The Bank of Korea (BOK) has published its 2022 Payment and Settlement Systems Report, indicating successful oversight of the systems and preparations for central bank digital currency (CBDC) adoption. The BOK-Wire+ payment system will be upgraded to real-time gross settlement (RTGS) with the ISO 20022 standard expected to be implemented in 2028. The bank is also focusing on increasing oversight of Big Tech payment services and improving IT operational risk response capabilities. In terms of CBDC preparations, the BOK tested its simulated CBDC system with 14 banks and the Korea Financial Telecommunications and Clearings Institute, handling 2,000 transactions per second. The bank also experimented with using a zero-knowledge proof protocol to improve CBDC transaction privacy, but further investigation is needed due to slowed processing speeds and security implications. The BOK will continue CBDC research, focusing on identifying an operating model with minimal impacts on financial system stability and monetary policy effectiveness. The report also mentions progress on crypto asset regulation and discussions surrounding stablecoin regulation. Click here for more.

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Brought to you by Alexandros Dolgov CBA? (Study/Bitcoin)