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The Unchained Web Daily Crypto News #71

Alexandros Dolgov CBA? (Study/Bitcoin)

发布日期: 2023年6月5日

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42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

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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/

FBI Warns of AI Deepfake Extortion Scams

The U.S. Federal Bureau of Investigation (FBI) has issued a warning about criminals using deepfakes, generated by artificial intelligence (AI), to extort victims. The FBI has received reports of explicit content created by altering photos or videos of both minors and non-consenting adults. Last year, over 7,000 reports were filed regarding online extortion targeting minors, with an increase in victims of "sextortion scams" involving deepfakes since April. Deepfakes are increasingly difficult to distinguish as fake, thanks to advanced AI platforms. The FBI advises against paying any ransom, as it does not guarantee that the deepfake won't be posted anyway. They also recommend caution when sharing personal information online, monitoring children's online activity, and watching for unusual behavior from known individuals. The U.S. Federal Trade Commission has also raised concerns about deepfake usage in scams, warning that criminals can create audio deepfakes to deceive victims into sending money by impersonating friends or family members. Click here for more.

SEC Sues Binance and CEO for Alleged Securities Violations

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ), accusing them of violating U.S. securities regulations. The SEC has brought 13 charges against Binance, including the unregistered sale of crypto assets, failure to restrict U.S. investors from accessing its platform, and operating as an unregistered exchange, broker, and clearing agency. The court document alleges that Binance and CZ showed a "blatant disregard" for securities laws and enriched themselves while putting investors' assets at risk. The SEC claims that Binance and CZ knowingly evaded regulations to maximize their own profits. Binance has been facing increased scrutiny from regulators, with investigations launched by the Ontario Securities Commission and multiple U.S. agencies, including the SEC, CFTC, IRS, and the Department of Justice. The news of the SEC lawsuit caused a sharp drop in the price of Binance's native token, BNB. CZ stated on Twitter that he had not yet seen the lawsuit, and Binance's press team did not provide an immediate comment. Click here for more.

Stablecoins Could Play ‘More Prominent’ Role in Economy: Australian Central Bank

The Reserve Bank of Australia (RBA) has submitted its views on a proposed digital assets bill that aims to regulate crypto exchanges, custody services, and stablecoin issuance. The RBA's submission focuses on stablecoins, acknowledging their potential while emphasizing the need for a robust regulatory framework. Although stablecoin activity is currently limited in Australia, the RBA recognizes the global trend of governments considering regulation due to the potential widespread use of stablecoins for payments. The RBA also mentions its active engagement in researching central bank digital currencies (CBDCs) but clarifies that no decision has been made on implementing a digital Australian dollar. The RBA envisions a future where CBDCs could be accessed and used by non-residents, potentially outside their issuing jurisdiction. The proposed bill suggests collecting data from authorized deposit-taking institutions to understand Australians' use of foreign CBDCs, but acknowledges the limitations if digital wallet services are provided by entities other than banks. While the RBA maintains a neutral tone, it acknowledges the growing interest in CBDCs among advanced economies, evident in the collaboration of seven central banks, including the Fed and the Bank of Japan, to explore CBDCs further. Click here for more.

SEC Claims Solana, Polygon, Cardano Are Securities in Binance Lawsuit

In addition to filing a lawsuit against Binance and its CEO, the Securities and Exchange Commission (SEC) has also implicated several altcoins in the case. The SEC claims that coins like Solana, Polygon, Cardano, and others are securities. These coins have significant market capitalizations, with some belonging to gaming-centered projects. The charges against Binance and its CEO include commingling customers' funds and attempting to evade U.S. securities laws. The mentioned altcoins experienced declines in value following the news of the lawsuit, with Solana being particularly affected. The SEC accuses Binance and its associated entities of operating as exchanges without registering with the SEC and offering certain cryptocurrencies as securities without appropriate disclosures to investors. Click here for more.

UK Crypto Think Tank Warns Government of CBDC Privacy, Security Risks

The British Crypto and Digital Assets All Party Parliamentary Group (APPG) has released a report urging the UK government to carefully consider and mitigate potential risks associated with the development and introduction of a central bank digital currency (CBDC), also known as a digital pound. The report highlights concerns related to financial stability, privacy, and security risks. It emphasizes the need for comprehensive regulation to protect consumers and promote investment and economic growth while ensuring that the introduction of a digital pound does not stifle private sector innovation. The APPG recommends that the government move quickly to establish a clear regulatory framework to attract companies and investment to the UK within the next 12-18 months. The report also acknowledges the potential for cryptocurrency to be used for criminal activities and advises a proportionate and risk-based approach to address such risks while establishing an evidence base to inform regulatory responses. Click here for more.

SEC’s Lawsuit Against Binance Triggers 12% Plunge in Coinbase Shares

The US Securities and Exchange Commission (SEC) has intensified its regulatory scrutiny of the cryptocurrency market by targeting Binance, the world's largest crypto exchange, for alleged securities law violations. This news has had a ripple effect across the market, leading to a sharp decline in the shares of Coinbase and other crypto-related stocks. Bitcoin's price also dipped by 5.3%, falling below $26,000 for the first time since mid-March. The SEC's lawsuit accuses Binance of operating an unregistered trading entity and directing customers' assets into a trading fund controlled by its CEO. Binance denies the allegations and plans to vigorously defend its platform. The regulatory actions and legal actions against major players in the crypto industry are raising concerns and causing turbulence in the market. Click here for more.

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Tether invests in El Salvador’s $1B renewable energy project

Stablecoin issuer Tether has announced a partnership with El Salvador to invest in a $1 billion renewable energy initiative. The initiative aims to power and monetize Bitcoin mining operations using solar and wind energy. Tether is among the investors in the project called Volcano Energy, which will develop a renewable energy park with 169 MWs of solar energy and 72 MWs of wind energy. The energy produced will be used for Bitcoin mining farms in El Salvador, and Tether estimates that the park's computation power will rank among the top 20 globally. This investment reflects Tether's commitment to renewable energy production and mining infrastructure. The exact amount of the investment was not disclosed. Bitcoin proponent Max Keiser and economist Saifedean Ammous are also involved in El Salvador's adoption efforts and the Volcano Energy project. Click here for more.

Blue chip collaterals help stabilize NFT lending: Paraspace

A recent report by Paraspace and BitKeep reveals that the total value of borrowing and lending in the NFT market, known as NFTFi loans, has exceeded $430 million across 43,521 borrowers. The most popular NFT collections, including Wrapped CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club, made up a significant portion of the collateral. The report highlights the introduction of a digital collectible lending protocol by NFT marketplace Blur, which saw over $16 million in loans on its launch day. However, liquidity concerns persist in the NFT sector due to limited user numbers, pricing difficulties, and high NFT prices. The researchers note that while the top NFTs maintain liquidity, others are sold at discounts. Paraspace NFT developers attribute their protocol's success to strict rules allowing only established and highly liquid blue-chip NFTs as collateral. They emphasize the need for liquidity aggregation and capital efficiency. The developers caution that the NFT market lacks historical data and universally recognized valuation methods, resulting in pricing challenges and varying perceptions of rarity. They mention emerging solutions such as NFT fractionalization, staking, and the rise of NFT liquidity platforms. Click here for more.

JPMorgan uses blockchain for 24/7 dollar transfers with Indian banks

JPMorgan has partnered with six major Indian banks to develop a blockchain-based platform for interbank settlement of U.S. dollar transactions. The project aims to enhance the existing settlement system by allowing instant transactions 24/7, eliminating the delays and restrictions of the current system. The initiative also seeks to position India's GIFT City as an alternative trading center to Singapore and Dubai. JPMorgan will conduct a pilot project using its blockchain platform Onyx, analyzing the banks' experience over the next few months. This move by JPMorgan comes as the bank's currency strategists observe signs of emerging de-dollarization in FX reserves and commodities. Click here for more.

Do Kwon out on bail once again after court dismisses prosecution appeal

Terraform Labs co-founder Do Kwon has been granted bail in Montenegro after an appeals process by prosecutors was dismissed by a Montenegrin court. Kwon and Terraform Labs' chief financial officer Han Chang-Joon will await further legal proceedings under house arrest in Montenegro. They have to pay 400,000 euros each and are under strict bail terms, unable to leave Chang-Joon's legal residence. They provided personal and financial information to local authorities as part of their bail conditions. Kwon remains wanted in South Korea for investigations into the collapse of the Terra ecosystem and faces fraud charges in the United States. Click here for more.

Bitcoin Ordinals rolls out upgrade to rectify 'Cursed Inscriptions' issue

Developers of the Bitcoin Ordinals protocol have released an upgrade (version 0.6.0) to address over 71,000 invalid or "cursed" inscriptions, allowing them to be traded. Cursed inscriptions were created through incorrect or intentional misuse of opcodes, making them invalid. The upgrade sets a block activation height to index these previously unrecognized inscriptions as normal positive inscriptions. This enables trading of over 70,000 existing but previously unsupported inscriptions. Bitcoin Ordinals are nonfungible assets that allow data to be inscribed onto Bitcoin's smallest unit, the satoshi. The protocol gained popularity earlier this year, causing congestion and transaction fee spikes. The upgrade aims to resolve the issue and facilitate trading of inscriptions. Click here for more.

Crypto lobbyists still fighting to axe ‘unlawful’ Tornado Cash sanctions

The Blockchain Association and the DeFi Education Fund have filed a joint amicus brief in support of Coin Center's lawsuit against the United States Treasury over sanctions imposed on Tornado Cash. The advocacy groups argue that the sanctions are unlawful, as the Treasury lacks statutory authority to sanction software like Tornado Cash, which is a decentralized protocol. They acknowledge that the protocol has been misused for money laundering but highlight its legitimate use in enhancing privacy on the Ethereum blockchain. The groups argue that the sanctions should be declared unlawful, and their enforcement should be prohibited by the courts. The lawsuit is also supported by Coinbase, which seeks to remove the ban on the mixer. The Treasury claims that crypto mixers pose a national security threat and that Tornado Cash has failed to implement adequate anti-money laundering controls. Click here for more.