The Unchained Web Daily Crypto News #88

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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/

Worldcoin confirms it is the cause of mysterious Safe deployments

Worldcoin, a cryptocurrency developer, has caused a series of deployments to the Optimism network. These deployments raised speculation on Twitter, with some users suggesting a possible Sybil attack or address-farming technique. However, it was revealed that Worldcoin was simply preparing to migrate its app to Optimism, and the deployments were related to this migration. The transactions involved the creation of numerous subaccounts and the establishment of new Safe wallets. Concerns about a potential attack or scam were alleviated, indicating that the Optimism network was not currently compromised. Optimism recently upgraded to its new version, called "Bedrock," resulting in increased transaction activity, lower fees, and shorter deposit times. Click here for more info

Nevada financial regulator petitions court to place Prime Trust into receivership

Nevada's Financial Institutions Division has taken further action against crypto custodian Prime Trust after filing a cease and desist order. The regulator has petitioned for the appointment of a receiver for Prime Trust Technologies, including its crypto custodian arm, due to the significant deficit between its assets and liabilities. The petition seeks a temporary restraining order to prevent irreparable harm to customers and the public, as well as to protect confidence in the cryptocurrency market. Prime Trust has agreed to the receivership due to its financial condition, which is said to be unsafe and worsening. The company owes a substantial amount to its clients in both fiat and cryptocurrency. This legal move comes after BitGo announced the cancellation of its acquisition of Prime Trust following the cease and desist order. Click here for more.

Bitfinex launches P2P trading platform in Venezuela, Argentina and Colombia

Bitfinex, a digital asset exchange, has introduced a peer-to-peer (P2P) trading platform in Venezuela, Argentina, and Colombia. The platform, called "Bitfinex P2P," enables users in these South American countries to buy and sell cryptocurrencies such as Bitcoin, Ether, Tether, Tether's euro-pegged stablecoin EURT, and Tether Gold. Bitfinex's expansion into these countries is part of its efforts to promote digital asset-related financial services in Latin America. The launch follows Bitfinex obtaining a digital asset service provider license in El Salvador and partnering with Chile-based crypto platform OrionX. The move comes after the closure and subsequent reopening of P2P platforms LocalBitcoins and Paxful in the region. Click here for more.

$7.8B lost in crypto Ponzi and pyramid schemes in 2022

A report by TRM Labs reveals that a total of $9.04 billion worth of cryptocurrency was involved in financial fraud schemes in 2022. Of this amount, $7.8 billion was paid to cryptocurrency pyramid and Ponzi schemes, $1.5 billion was spent on darknets for illicit activities, and $3.7 billion was lost in hacks or exploits. Investment fraud, including fake initial coin offerings (ICOs) and fraudulent investment platforms, accounted for $2.57 billion in crypto, representing a 200% increase from the previous year. Ten of the largest crypto Ponzi and pyramid schemes comprised 54% of the total amount, with Tron-based schemes making up 40% of the incoming volume. Two notable schemes, Forsage and Trade Coin Club, collected nearly $974 million and over $295 million, respectively, before facing regulatory action from the United States Securities and Exchange Commission. Despite the bear market, crypto-related crime continues to thrive. Click here for more.

CFTC issues $54M default judgment against trader in crypto fraud scheme

The Commodity Futures Trading Commission (CFTC) has obtained a default judgment against Michael Ackerman, a resident of Ohio, in a case involving a fraudulent digital asset trading scheme. The judgment includes a permanent injunction against Ackerman, prohibiting him from participating in trading activities within CFTC-regulated markets and from registering with the CFTC. Additionally, Ackerman is required to pay $27 million in restitution to victims of the scheme and a $27 million civil monetary penalty. The CFTC accused Ackerman of soliciting funds under false pretenses and misappropriating the majority of the funds for personal use or to sustain the fraudulent trading scheme. The case originated in 2020 and involved over 150 individuals and entities who entrusted Ackerman with at least $33 million. In a separate context, CFTC Commissioner Christy Goldsmith Romero proposed reducing cryptocurrency anonymity to mitigate the risks associated with digital assets, emphasizing the need for collaboration between governments and the industry to address illicit finance concerns in the crypto market. Click here for more.

Bitcoin-Friendly App Damus Avoids Apple Deplatforming After Two-Week Battle Over 'Zaps' Tipping

Damus, a Bitcoin-friendly social media app, has received approval to remain in the Apple App Store after a two-week battle. Apple had threatened to remove the app for violating in-app purchase guidelines by allowing tips or "zaps" with Bitcoin instead of Apple Pay. The new version of Damus will no longer have zaps on posts but will still allow users to send zaps to each other at the profile level. The decision has faced criticism from the Bitcoin community, including former Twitter CEO Jack Dorsey, who believe that Apple's guidelines hinder Bitcoin adoption. Despite the compromise, supporters of Damus see the approval as a small win and believe that the concept of zaps will revolutionize social media in the medium term. Damus creator William Casarin found Apple's review process frustrating but has already moved on to adding new features to the app. Click here for more.

CFTC technology advisory board to discuss DeFi, DAOs and more at July meeting

The Commodity Futures Trading Commission's Technology Advisory Committee is scheduled to discuss decentralized finance (DeFi) and the recent Ooki DAO case, where a federal judge ruled in favor of the CFTC. The discussion will cover the implications for other decentralized autonomous organizations (DAOs) being held liable for legal violations as "persons" under the Commodity Exchange Act. The committee, sponsored by CFTC Commissioner Christy Goldsmith Romero, will also address other DeFi issues and hear from technology experts on topics such as artificial intelligence and decentralized finance. Additionally, the committee plans to introduce three subcommittees, including one focused on digital assets and blockchain technology. Click here for more.

Why Web3 Marketers Are Shifting Focus to Middle East, North Africa

Web3 marketers are shifting their focus to the Middle East and North Africa (MENA) regions due to three key factors: the rise of digital payments, the growing crypto infrastructure, and the emergence of Central Bank Digital Currencies (CBDCs). The MENA region has seen a decline in cash usage and a rise in "super-apps," creating opportunities for innovative customer engagement. Cryptocurrencies are evolving from investment assets to viable payment solutions, providing faster transactions and improved security. CBDCs, being explored by global central banks including those in the MENA region, offer a potential revolution in digital finance and financial inclusion. Clearer regulatory frameworks in the region would further support Web3 marketing strategies and establish trust in new technologies. Overall, the MENA region presents significant growth opportunities for crypto Web3 marketers in the fintech space. Click here for more.

One of the Most Powerful Binance Executives Speaks Out as Lawsuits Pile Up

Binance, the world's largest cryptocurrency exchange, is facing multiple lawsuits and regulatory scrutiny. In response, Yi He, a key Binance executive and co-founder, has decided to address the crisis directly. She maintains that if Binance is non-compliant, then many other cryptocurrency exchanges are as well. Despite the legal challenges, He remains optimistic and suggests that Binance and regulators may find common ground. She defends the company's transparency and cooperation with US regulators. Looking ahead, He is preparing for a future without herself and CEO Changpeng Zhao leading Binance, with backup executives in training. Despite the regulatory challenges, Binance retains a significant position in the crypto industry, and He's voice and leadership will be crucial in shaping its future. Click here for more.

Central Bankers Gloomy on Inflation and Recession at ECB Forum

Central bankers, including representatives from the European Central Bank, the Federal Reserve, the Bank of Japan, and the Bank of England, discussed further policy tightening to address persistent inflation at the annual ECB forum. While some expressed optimism about maintaining high interest rates without causing a recession, there were concerns about the risk of a European recession. The Bank of England acknowledged the need to closely monitor inflation despite recent interest rate rises. The Bank of Japan maintained loose policy due to below-target long-term inflation. Rising prices have become a significant concern, with global inflation rates experiencing the largest shock since the 1980s and 1990s. Click here for more.

Israel Seizes Cryptocurrency Linked to Hezbollah

Israel has confiscated more than $1.7 million worth of cryptocurrency that was connected to funding the Hezbollah militant group based in Lebanon. The country's National Bureau for Counter Terror Financing utilized blockchain analysis platform Chainalysis to carry out the seizure. Israel's defense minister announced that they had successfully disrupted the flow of terror financing through digital currencies. This action follows previous instances where Israel seized Binance accounts associated with Hamas and the Islamic State for funding purposes. Click here for more.

Bank of Italy: Cryptocurrencies and DeFi Have Not Lived Up to Their Promise

A report from the Bank of Italy states that cryptocurrencies, decentralized finance (DeFi), and stablecoins have not delivered on their promises to improve the financial system. The report highlights the lack of efficiency, resilience, and transparency in crypto and blockchain. It suggests that effective regulation could help achieve these benefits and make the financial system more efficient and competitive. The report criticizes stablecoins, stating that they have not proven to be stable and that crypto-assets are driven by speculation, market manipulation, and insider trading. It warns of the boom and bust cycles in the crypto market and the risks posed by the blurring of traditional finance and crypto. The report calls for a debunking of the "decentralization illusion" in DeFi and suggests the need for legal frameworks to accommodate decentralized autonomous organizations (DAOs). Regulators face challenges in categorizing and regulating crypto-assets and must determine whether to create specific regulations for them. The report reflects the ongoing regulatory debates in the United States and other jurisdictions. 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 Anne-Grace Kleczewski