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The Unchained Web Daily Crypto News #63

Alexandros Dolgov CBA? (Study/Bitcoin)

发布日期: 2023年5月25日

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Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

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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/

DeSantis: ‘Bitcoin Represents a Threat to the Current Regime’

Ron DeSantis, a contender for the leadership of the Republican Party and potential U.S. president, has expressed his support for cryptocurrency, particularly Bitcoin. During a Twitter space event with Elon Musk and venture capitalist David Sacks, DeSantis criticized the current administration's stance on Bitcoin and warned that their policies could lead to its demise. He views the regulation of crypto as a matter of civil liberties and opposes attempts to control or eliminate Bitcoin. As the governor of Florida, DeSantis signed a law prohibiting the use of central bank digital currencies (CBDCs) within the state, although legal experts have questioned its effectiveness. DeSantis emphasized the need for Congressional authorization for a CBDC, expressing concerns about its potential misuse to influence politically unfavorable purchases. However, some argue that CBDCs offer constitutional protections in commerce, providing defenses for controversial transactions that are not available when dealing with private companies. The issue of CBDCs is becoming a divisive topic in U.S. politics. DeSantis has received numerous phone calls regarding CBDCs, according to Samuel Armes, president of the Florida Blockchain Business Association. Recent polling indicates that DeSantis currently trails former President Donald Trump among Republican and Republican-leaning voters. Another Republican candidate, Vivek Ramaswamy, has also voiced support for Bitcoin and opposition to CBDCs. Click here for more.

Crypto Conglomerates, DeFi Targets of EU Financial Stability Watchdog Concerns

The European Systemic Risk Board (ESRB), chaired by EU central bank chief Christine Lagarde, has raised concerns about the potential systemic risks posed by the growing digital asset and decentralized finance (DeFi) sector. The ESRB suggests that new regulations may be necessary to address large crypto conglomerates and smart contracts. While the upcoming Markets in Crypto Assets regulation (MiCA) covers governance, licensing, and reserve requirements for certain players in the crypto industry, it does not include provisions for crypto lending and staking, which the report identifies as areas of significant risk to consumers. The report proposes potential policy options such as specific regulations for DeFi developers, including mandatory code audits, intellectual property restrictions, and rules for data-transmitting oracles. The ESRB also highlights the need to study the activities of crypto-asset conglomerates in the EU, considering the potential risks they may pose. The report compares the exponential growth dynamics of the crypto market to the 2008 collapse of Lehman Brothers, suggesting that future disruptions could have major systemic implications, although such implications have not materialized thus far. Click here for more.

German banks slowly adopt crypto, mostly for institutional investors

German banks have been hesitant to embrace the cryptocurrency industry due to concerns about speculation, risk, and regulation. However, this reluctance is starting to change as more institutions seek to offer crypto services to their customers. Deutsche WertpapierServiceBank (Dwpbank) has launched a crypto trading platform called wpNex, providing access to the digital asset industry for 1,200 banks and savings banks in Germany. Other traditional banks, such as DWS (owned by Deutsche Bank), Commerzbank, and DekaBank, are also exploring crypto-related initiatives, mainly targeting institutional clients. Cooperative banks, neobanks like N26, and online brokers such as Trade Republic and Revolut are catering to the retail market with their crypto offerings. Some small family-owned private banks, including Bankhaus Scheich, Bankhaus von der Heydt, and Hauck Aufh?user Lampe Privatbank, have specialized in cryptocurrency services. Overall, while traditional banks in Germany are gradually responding to the growing demand for cryptocurrencies, widespread adoption and comprehensive services for retail customers may still take time to develop. Click here for more.

BTC-e founder seeks prisoner swap deal for detained WSJ journalist

Alexander Vinnik, the Russian co-founder of the allegedly illicit crypto exchange BTC-e, is seeking release through a prisoner swap deal. His lawyer is attempting to modify a protective order on Vinnik's case to allow him to be considered for a trade deal between Russia and the United States. The proposal suggests exchanging Vinnik for detained Wall Street Journal reporter Evan Gershkovich. Vinnik's legal team believes a strong public campaign is necessary to maximize the chances of such an exchange. The efforts for a potential swap come as the U.S. government calls for the immediate release of Gershkovich, who was arrested in Russia for alleged espionage. Vinnik's push for a trade deal started in 2021, urging officials to consider swapping him for U.S. citizens detained in Russia. Vinnik was first arrested in Greece in 2017 and subsequently extradited to France, where he was convicted of money laundering charges. BTC-e was seized by U.S. authorities in 2017 for allegedly aiding criminal activities. Vinnik pleaded not guilty to the charges against him. Click here for more.

China Central Television airs crypto segment in rare move

China Central Television (CCTV), the largest state broadcaster in China, aired a segment about the adoption of cryptocurrencies in Hong Kong. The segment stated that Hong Kong regulators have made final preparations for virtual asset trading and will accept applications from trading platforms. The segment highlighted the challenges of regulating virtual asset providers, including cybersecurity, asset security, and potential conflicts of interest. Interestingly, the segment did not make any overtly negative comments about cryptocurrencies, which is in contrast to the strict regulations imposed by mainland China, such as the ban on Bitcoin mining and cryptocurrency exchanges. However, the ownership of cryptocurrencies is currently allowed in China. Earlier, the Chinese version of TikTok, Douyin, briefly published cryptocurrency price quotes but later removed them, cautioning users about investing in unofficial digital currencies. Click here for more.

DeFi protocol Voltz launches SOFR swaps on Avalanche

The decentralized finance protocol Voltz has introduced a new feature on the Avalanche network, allowing users to trade interest rate swaps based on the Secured Overnight Financing Rate (SOFR). SOFR is a benchmark dollar rate used globally and is influenced by the Federal Funds Rate set by the Federal Reserve. The new feature enables investors to hedge against interest rate changes and allows speculators to make bets on the direction of the rate. Traditionally, interest rate swaps based on SOFR have been used in traditional finance to protect against rate fluctuations. Voltz's integration of this product on the Avalanche network aims to make it accessible to a wider group of investors and level the playing field between retail investors and large institutions. This development reflects the trend of traditional financial products gradually entering the decentralized finance (DeFi) space, as seen with other initiatives like INX launching shares via Ethereum and Neobank's Soulbound token protocol simplifying the Know Your Customer process for DeFi. Click here for more.

IMF optimism in Central African Republic, despite Bitcoin adoption

The Central African Republic (CAR) has received optimism from the International Monetary Fund (IMF) regarding its adoption of Bitcoin as a legal tender. The IMF's positive outlook is based on the country's economic prospects and the impact of embracing Bitcoin. The IMF report projects a rebound in real GDP growth to 2.2% in 2023, along with an average inflation rate of 6.3%. While the CAR's projected public debt is expected to remain sustainable, the report highlights liquidity risks due to potential shortfalls in donor support and challenges in accessing domestic and regional markets. The CAR aims to leverage Bitcoin to reshape its financial infrastructure and boost its economy, with the government working on the Sango Project for digital currency integration. Despite delays in listing Sango Coin on crypto exchanges due to market conditions and legal obstacles, the CAR is actively working on legal amendments to facilitate the smooth integration of the cryptocurrency. Click here for more.

Chinese city launches gov’t-backed metaverse platform

Nanjing, China has inaugurated the China Metaverse Technology and Application Innovation Platform to advance metaverse research and development in the country. Led by the Nanjing University of Information Science and Technology, the platform brings together academic institutions and metaverse-related companies to strengthen research in the metaverse field. The metaverse refers to a virtual universe where users can interact with each other and computer-generated environments in real time. Nanjing, along with other Chinese cities like Shanghai, is actively competing to become a leader in metaverse development. While China has strict regulations on cryptocurrencies and NFTs, it recognizes the transformative power of Web3 technologies like the metaverse in driving its digital economy. The establishment of industry standards for the metaverse is also emphasized. Click here for more.

South Korea’s lead party wants crypto disclosure laws to apply earlier

A new bill in South Korea will require lawmakers and high-ranking government officials to declare their cryptocurrency holdings. The bill, which is expected to take effect within the next two months, aims to address the lack of disclosure requirements for cryptocurrencies and digital assets under current rules. The proposed legislation comes in response to a recent scandal involving a government official accused of liquidating millions of dollars worth of crypto assets before the enforcement of the country's "Travel Rule." The bill is scheduled for a vote on May 26 and is likely to undergo revisions before being finalized. South Korea has been expediting cryptocurrency regulations since last year and has introduced a comprehensive bill proposing harsher penalties for crypto-related crimes. Click here for more.

Japan’s crypto Anti-Money Laundering measures to start in June

Lawmakers in Japan have decided to implement stricter Anti-Money Laundering (AML) measures for cryptocurrency transactions starting from June 1. The move is aimed at aligning Japan's legal framework with global crypto regulations and follows revisions to the AML legislation in December, prompted by criticism from the Financial Action Task Force (FATF). One significant aspect of the new measures is the enforcement of the "Travel Rule," which requires financial institutions processing crypto transfers over $3,000 to share customer information with the recipient institution, including sender and recipient details. Japan, an early adopter of cryptocurrencies, has some of the most stringent crypto regulations globally, with the country's financial regulator having tightened rules on crypto exchanges after major exchange hacks. Click here for more.

ETH can be both a security and a commodity, former CFTC commissioner says

Dan Berkovitz, former commissioner of the U.S. Commodities Futures Trading Commission (CFTC), stated that Ethereum's native token, Ether (ETH), could be considered both a commodity and a security. The confusion arises from conflicting statements from the CFTC and the Securities and Exchange Commission (SEC). While the CFTC has referred to Ether as a commodity, the SEC has not provided a definitive classification. Berkovitz explained that an asset can be classified as both a commodity and a security due to overlapping legal definitions. He also criticized the SEC's stance that everything except Bitcoin should be designated as a security, arguing that the classification should depend on the specific circumstances. Click here for more.

Ledger key recovery service paused amid backlash, will open-source code

Ledger, the hardware wallet company, has decided to postpone the launch of Ledger Recover due to intense criticism from the crypto community. Ledger's CEO, Pascal Gauthier, acknowledged the miscommunication and apologized to the community during a Twitter Spaces session. In response to concerns, Ledger plans to open-source more of its codebase, starting with core components of its operating system and Ledger Recover. The company aims to provide greater transparency and allow experts to review the protocol and build their own backup providers. Ledger faced backlash for its proposed key recovery tool, with some community members expressing concerns about potential vulnerabilities. Click here for more.

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Celsius Network Chooses Fahrenheit to Lead Bankruptcy Turnaround

Crypto consortium Fahrenheit has emerged as the winner of the bid to acquire over $2 billion worth of Celsius's assets, offering hope to users whose funds were stuck in the platform. Celsius plans to end the bankruptcy proceeding by transferring its assets to Fahrenheit, which will operate under the new branding of "NewCo." The deal, however, is pending regulatory approval. Celsius faced financial difficulties after filing for bankruptcy in 2022 following the market crash triggered by the collapse of the Terra Luna ecosystem. The agreement with Fahrenheit brings relief to customers awaiting the opportunity to withdraw their remaining assets. Click here for more.

Cybersecurity Firm Hacks Trezor Hardware Wallet Using Three-Year-Old Exploit

Cybersecurity firm Unciphered claims to have hacked the popular Trezor T hardware crypto wallet. In a video, the team demonstrates extracting the wallet's mnemonic seed phrase or private key using their own exploit and custom code. Trezor responded, stating that it seemed to be an RDP downgrade attack, which targets specific vulnerabilities in Trezor hardware. The incident raises concerns about the security of hardware wallets, following a recent PR issue with rival firm Ledger. It highlights that no hardware wallet can be considered completely safe despite manufacturer claims. Click here for more.

Coinbase Layer 2 Base Prepares for Mainnet Launch With No Plans to Issue Token

Coinbase has provided an update on the progress of launching its Layer 2 network, Base, on the mainnet. The first phase, called "Mainnet Genesis," will be followed by a window for developers to deploy apps on the Layer 2 network. The Base core team will assist decentralized applications as early builders on the network. Specific criteria need to be met before the network goes live, including the successful testnet of the Regolith hard fork and an infrastructure review. Base is built on the same codebase as Optimism, and its launch will be influenced by Optimism's upgrades. Base will undergo audits and stability testing before the launch. Coinbase does not plan to issue a network token for Base. Instead, they aim to drive adoption by building useful products. Click here for more.

Magic Eden Will Pay You to Buy and Sell Solana NFTs

Multi-chain NFT marketplace Magic Eden is launching its "Chapter II" initiative on the Solana blockchain, aimed at opening its platform and addressing criticisms. The company will aggregate listings from competing marketplaces, open-source its marketplace smart contract, and remove the "co-sign" feature that limited composability. Magic Eden will temporarily change its "maker fee" to -0.25%, effectively paying users to buy and sell NFTs. The initiative comes as rival marketplace Tensor has gained market share on Solana. Magic Eden aims to refocus on Solana while expanding its offerings on other chains. Click here for more.

Web3-Friendly Browser Brave Introduces NFT-Gated Video Calls

Brave, a web browser integrated with Web3, is incorporating non-fungible tokens (NFTs) by introducing token-gated video calls. The new feature allows hosts to use NFTs and POAPS to control access to calls, enabling NFT projects to engage with other holders. The tool is available to Brave Talk users with a premium subscription on any browser equipped with a Web3 wallet. Currently, the feature is compatible only with Ethereum-based NFTs. Brave intends to expand the functionality in the future, allowing hosts to grant access based on token balances or ownership, as well as send crypto to participants. Additionally, NFTs can be utilized by hosts to customize avatars, assign moderator permissions, and more. With its native Brave Wallet, the browser aims to create an integrated Web3 live event platform. Brave has surpassed 50 million monthly active users and previously added support for Solana dapps on its iOS and Android versions. Click here for more.

Streetwear Brand The Hundreds Opens Metaverse Shop With Exclusive Drops

Streetwear brand The Hundreds has announced the opening of its flagship store in the metaverse. The virtual storefront is located in some.place, a metaverse platform that focuses on e-commerce and experiential product drops. The 3D store, rendered with Unreal Engine 5, aims to provide an interactive and social shopping experience for The Hundreds' community. The platform will offer exclusive apparel drops, including items exclusively available to holders of the brand's Adam Bomb Squad NFT collection. Users can earn rewards through digital and real-world interactions. Some.place, which started as a social platform, has shifted its focus to become a destination for brands to build online stores and experiences. It plans to expand to the web and allow other brands to build on its platform. Click here for more.

Tornado Cash Dev Facing Dutch Charges to Question Chainalysis Data Alleging Criminal Links

Alexey Pertsev, the developer of Tornado Cash, a privacy protocol, has been granted permission by a Dutch court to cross-question blockchain analytics company Chainalysis as part of his defense against money laundering charges. Pertsev was arrested in August 2022 following allegations that Tornado Cash was used by North Korean hackers to conceal the origin of funds. The case has sparked concerns among online rights activists regarding open-source coding and online privacy. Pertsev's lawyer intends to inquire about Chainalysis' methods and challenge the technical explanations provided by Dutch financial crime enforcers. Pertsev, who was released to await trial in April 2023, is set to face further hearings, with the case potentially extending into 2024. In a separate incident, Tornado Cash recently experienced a malicious attack that resulted in a loss of control over the protocol and a subsequent decline in the value of its TORN token. Click here for more.

Synthetix founder wants to buyback and burn millions of SNX tokens

Kain Warwick, the founder of Synthetix, has proposed 12 governance proposals to drive the platform's growth and community participation. One key proposal suggests a 3:1 split of the platform's token, SNX, followed by a buyback and burn using the Treasury's fee yield. Another proposal suggests distributing SNX as quarterly bonuses to incentivize project contributors. Warwick also proposes allocating SNX for trading incentives and rewarding stakers. These proposals aim to expand the platform's capabilities and enhance community involvement. The proposals will be voted on by the Treasury Council, Synthetix's governance body, to determine their implementation. Click here for more.

Multichain Token Plummets on Team Arrest Rumors

The token of Multichain, a prominent blockchain bridge, has experienced a significant drop in value amid rumors of the team's arrest. The MULTI token has fallen by over 25% in the past 24 hours. A Twitter account called WhaleChart claimed that Chinese police had arrested Multichain team members, but the company has not yet addressed these rumors or provided a comment. Users in Multichain's Telegram group reported delays in transactions. Dovey Wan, a crypto investor and partner at Primitive Ventures, mentioned on Twitter that Chinese authorities are cracking down on crypto projects in mainland China. Compounding concerns, the Fantom Foundation, the company behind the Fantom blockchain, removed a significant amount of MULTI and ETH tokens from a liquidity pool on SushiSwap, fueling speculation that they may sell those tokens. Multichain is a major bridge in the crypto ecosystem, with a high volume and a large number of assets locked in its smart contracts. Multichain's biggest risks involve its multi-party computation (MPC) nodes, which, if colluded upon, could result in frozen, censored, or stolen funds. In other news, BitDAO, a project with a sizable treasury, has voted to rebrand itself as Mantle and focus on a Layer 2 network. The project plans to enable the conversion of BIT tokens to the new network's native token, MNT. BitDAO controls a $4 billion treasury and is positioning itself to compete in the Layer 2 sector, which has gained significant attention in the scaling efforts of Ethereum. Mantle's deep pockets, expertise in maximal extractable value (MEV), and association with ByBit, a major centralized exchange, may contribute to its success. The project is currently in the testnet phase and aims for a mainnet launch in mid to late July. The details of the token swap from BIT to MNT are being discussed on BitDAO's forums. Click here for more.

Lawyers Challenging U.S. Tornado Cash Sanctions Say Free Speech Is at Stake

A group of crypto engineers and investors has filed a lawsuit against the U.S. Department of Treasury over sanctions imposed on the Tornado Cash protocol. The plaintiffs argue that the sanctions violate the International Emergency Economic Powers Act (IEEPA) by incorrectly identifying Tornado Cash as foreign "property" and by failing to demonstrate a sanctionable interest in immutable, open-source smart contracts. They also contest the Treasury's classification of Tornado Cash as an unincorporated association. The plaintiffs claim that the Treasury's actions infringe on the First Amendment's free speech clause by prohibiting American citizens from interacting with open-source code. They argue that the evidence linking Tornado Cash to money laundering is weak, citing only a few instances out of millions of transactions. In the Netherlands, Tornado Cash developer Alexey Pertsev is facing a trial over money laundering allegations and recently won the right to cross-examine blockchain analytics company Chainalysis, which is often used as a source of on-chain evidence in court cases. Click here for more.

Do Kwon's Detention in Montenegro Extended After High Court Decision to Revoke Bail

Do Kwon, the co-founder of Terraform Labs, will remain in detention in Montenegro as he faces charges of falsifying official documents. Initially, a bail proposal from Kwon's lawyers was accepted by the Basic Court in Podgorica, but the decision was later revoked by a high court. The high court ruled that the lower court did not adequately assess the value of the defendant's property and required concrete evidence. As a result, Kwon's detention has been extended, and the court will proceed with renewed proceedings based on the high court's decision. Kwon and former Terra executive Han Chang-joon are scheduled for their next hearing on June 16. The United States and South Korea have requested Kwon's extradition to face criminal charges related to the collapse of Terraform Labs in May 2022. Click here for more.