This Week in Web3: $CEL’s Sweet Rally, Sweden's Money Laundering Warning, and Taurus' New Partnership
DeFi Planet
A digital publication on Web3 including Blockchain Technology, Cryptocurrencies, Decentralized Finance (DeFi) and so on.
It's been a wild ride for $CEL holders lately! Just a month after Celsius Network made a massive $2.5 billion payout to over 250,000 of its creditors, the token has seen an incredible 300% price surge.
Celsius filed for Chapter 11 bankruptcy in July 2022, one month after freezing customer accounts to prevent withdrawals and faced hefty fines from the US government. But the company has now paid back around 84% of what it owed - a whopping $2.53 billion.
While most creditors have received their dues, some are sitting on the fence, hesitant to claim their digital assets due to small owed amounts. The future may just be looking not so bad for the CEL ecosystem after all.
Swedish authorities are clamping down on unregulated crypto exchanges acting as "professional money launderers." An investigation by the Swedish Police Authority and Financial Intelligence Unit (FIU)? has exposed how these shadowy platforms are facilitating all kinds of illicit activities for criminal organizations.
The FIU’s analysis identified four distinct types of PMLs based on their operational traits: node exchange providers, hawala exchange providers, asset exchange providers, and platform exchange providers.
Swedish crypto miners are facing a tax bill exceeding $90 million, a result of four years of financial irregularities uncovered by the Swedish Tax Agency during investigations spanning from 2020 to 2023. Out of the 21 scrutinized crypto-mining firms, 18 were found to have provided deceptive or insufficient data to take advantage of tax benefits.
Swiss digital asset infrastructure provider Taurus has partnered with equity token specialist Aktionariat to offer Ethereum-based tokenized shares for small and medium-sized enterprises (SMEs) on Taurus' institutional-grade trading platform.
Launching in November, this collaboration opens up exciting opportunities for SMEs to tap into tokenization. By leveraging Taurus' network of banks, professional investors, and retail clients, Aktionariat’s customers will gain access to greater liquidity and market exposure. Investors will also have the flexibility to choose between traditional bearer shares and tokenized shares.
The security tokens created through this partnership will represent stakes in assets like equity, real estate, and bonds. However, specific regulations for these tokens are yet to be established.
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Tezoro
Tezoro is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you've already lost access to your wallet or died. Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.
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