14 Jan 2025

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Stay ahead of the curve with The Coinomist’s breaking news coverage. From major market shifts to regulatory updates and industry-defining announcements, we deliver the critical information you need, fast and accurate. Be the first to know about the stories shaping the world of cryptocurrency, business, investing, and Web3.

Coinbase CEO supports crypto regulation bills

Coinbase CEO supports crypto regulation bills

Brian Armstrong has publicly urged US residents to actively support the 21st Century Financial Innovation and Technology Bill, which promises to bring much-needed clarity to cryptocurrency regulation. Armstrong emphasized that it is ordinary Americans who can have a decisive impact on the outcome of the vote by sending an email to their representatives asking them to support the bill. In a more detailed statement, Coinbase added that the bill, in addition to protecting consumer rights and enhancing national security, has the potential to spur job creation in the US.

27 Jul 2023
Elon Musk Takes Control of 16-Year-Old Twitter Account @X

Elon Musk Takes Control of 16-Year-Old Twitter Account @X

Hwang, co-founder of Orange Photography, had been the proud owner of the one-letter Twitter handle until the recent Twitter rebranding. As recently as Tuesday, he asserted that no one had attempted to reach out to him, but now the account is being managed by Elon Musk’s company. According to reports from American and British media, the company not only took control of the account without prior discussion but also refused to offer any compensation. The only thing they offered Hwang was exclusive merchandise. Later, Hwang wrote from his new account, “All’s well that ends well.”

27 Jul 2023
The EOS Network Foundation is taking legal action against Block.o

The EOS Network Foundation is taking legal action against Block.o

The founder and CEO of ENF, Yves La Rose, officially announced this on Twitter. He claims that the company allegedly failed to fulfill its investment commitments totaling $1 billion. According to Yves La Rose, this has caused significant financial and marketing issues for the EOS community, and he holds Block.one responsible as the original creator of the project.

27 Jul 2023
Federal Judge to Consider Revoking Bail for Sam Bankman-Fried

Federal Judge to Consider Revoking Bail for Sam Bankman-Fried

A federal judge overseeing the criminal case against Sam Bankman-Fried is set to review the possibility of revoking the former FTX CEO’s $250 million bail following allegations of intimidation against Caroline Ellison. Additionally, federal prosecutors in New York have requested that Sam Bankman-Fried be jailed before his scheduled October trial. At a hearing in Manhattan federal court, prosecutor Danielle Sassoon argued that “no set of release conditions can ensure the safety of the community.”

27 Jul 2023
Significant Step by US House Panel for the Crypto Industry

Significant Step by US House Panel for the Crypto Industry

The United States House panel has approved two bills that could provide regulatory clarity for crypto firms, addressing the jurisdictional differences between the U.S. securities and commodities regulators. The Republican bill introduces a process for firms to certify with the SEC that their projects are decentralized, enabling them to register digital assets as digital commodities with the CFTC. The bipartisan Blockchain Regulatory Certainty Act aims to remove hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers, and decentralized finance platforms. Congressmen praised the passing of these bills as a “huge win” for the United States.

27 Jul 2023
Robert F. Kennedy Jr. Reveals Personal Bitcoin Investment

Robert F. Kennedy Jr. Reveals Personal Bitcoin Investment

US presidential candidate Robert F. Kennedy Jr. disclosed that he invested in Bitcoin earlier this year, buying two BTC for each of his seven children. This move came after facing criticism for promoting the cryptocurrency without having any personal stake in it. Kennedy clarified that he made the investment right after attending a Bitcoin conference where he announced his decision to accept campaign donations in Bitcoin. “Right after that Bitcoin conference, I got a big check, and I said, okay, you know, I’m going to put my money where my mouth is.” During the conference, he denied having any personal investment in the cryptocurrency. However, he later decided to invest in Bitcoin to demonstrate his commitment to the technology and its potential.

27 Jul 2023
Lawmakers Inch Closer to Stablecoin Regulations

Lawmakers Inch Closer to Stablecoin Regulations

U.S. lawmakers are reportedly close to creating a framework for regulating stablecoins, but a separate bill overhauling financial laws’ treatment of crypto assets is facing opposition from Democrats who deem it too favorable to the crypto industry. Top Democrats, including Rep. Maxine Waters, have expressed their disappointment with the market structure bill. Meanwhile, Republicans remain optimistic that ongoing negotiations may lead to agreement on stablecoin legislation.

26 Jul 2023
Industry Leaders Collaborate for Responsible AI Governance

Industry Leaders Collaborate for Responsible AI Governance

Tech leaders Google, Microsoft, OpenAI, and AI startup Anthropic are forming a new industry watchdog group, the Frontier Model Forum, to supervise the “safe and responsible” development of frontier AI models. The alliance aims to push research on AI safety, pinpoint responsible development practices, collaborate with governments and civil leaders, and back the development of applications. This move follows a commitment made by these AI companies to the White House for the safe and transparent development of AI.

26 Jul 2023
Craig Wright’s Big Win: 1 Pound Compensation Secured!

Craig Wright’s Big Win: 1 Pound Compensation Secured!

Craig Wright, who asserts he is Bitcoin’s creator, has lost his libel case appeal against Peter McCormack. Wright had claimed McCormack damaged his reputation by calling him a fraud who didn’t invent Bitcoin. Initially, the court found McCormack’s comments defamatory but reduced damages to £1 due to Wright’s conduct. The UK Court of Appeal upheld this decision, stating Wright failed to produce adequate evidence for his claims.

26 Jul 2023
Reddit Introducing 4th Gen Collectible Avatars

Reddit Introducing 4th Gen Collectible Avatars

The freshly minted line-up of collectible avatars, titled ‘Retro Reimagined’, is scheduled for a grand unveiling on July 26 at 3:00 pm Eastern Time. In the tradition of previous releases, this series will also make its debut on the Polygon blockchain. Users will have the ability to exchange these Non-Fungible Tokens (NFTs) via various external trading applications On top of that, Reddit has given some tantalizing hints about future modifications coming to its treasure trove of collectible items. In the not too distant future, this store will be directly accessible from the avatar editing interface. At present, the store’s offering is somewhat limited, with only a handful of third-generation selections available for purchase, each carrying a price tag of $4.99.

26 Jul 2023
KuCoin Squashes Rumours of Extensive Job Cuts

KuCoin Squashes Rumours of Extensive Job Cuts

Yesterday, reports surfaced suggesting that KuCoin had dismissed 30% of its employees due to declining profits. However, the cryptocurrency exchange’s representatives debunked these claims today, explaining that there was just a slight downsizing in line with their routine organizational strategy. “To stay on top, we regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic,” asserted Johnny Lyu, the Chief Executive of KuCoin.

26 Jul 2023
Singapore High Court: Cryptocurrency Equated with Fiat Money

Singapore High Court: Cryptocurrency Equated with Fiat Money

In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam’s elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company’s coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.

26 Jul 2023
UK’s National Crime Agency Seeks Experienced Crypto Investigators

UK’s National Crime Agency Seeks Experienced Crypto Investigators

The National Crime Agency (NCA) is actively recruiting financial investigators with a crypto-edge. To do that, you have to be an accredited financial investigator (AFI), possessing skills in blockchain analysis, and comprehending pertinent legislation.

26 Jul 2023
Optimism announced Law of Chains v0: a foundation for the future

Optimism announced Law of Chains v0: a foundation for the future

Optimism announced Law of Chains v0: a foundation for the future of Superchain. Law of Chains v0 will change Optimism Governance to govern standards for multiple chains, defining the necessary conditions for integration into Superchain and prioritizing user security. According to the developers, this will: 1. Preserve a unified, neutral, and open blockchain space. 2. Conduct blockchain modernization. 3. Ensure infrastructure availability. Optimism aims to officially unveil this project and the first version of the new chain governance process after discussions with the community in the next governance season.

26 Jul 2023
Blessings’ or Curse? Duo Charged with Crypto Pool Fraud

Blessings’ or Curse? Duo Charged with Crypto Pool Fraud

Michael and Amanda Griffis are in hot water with the Commodity Futures Trading Commission (CFTC) as the agency alleges the couple pulled off a grand-scale fraud. Operating under the auspicious name “Blessings of God Thru Crypto,” they enticed over 100 individuals to contribute to their digital assets commodity pool. Accumulating over $6 million, the couple promised high returns and security for the pooled resources. According to CFTC, these pledges were not only empty but the pooled funds frequently ended up mingling with the Griffis’ personal finances.

25 Jul 2023
A New Game from the Axie Infinity Creators

A New Game from the Axie Infinity Creators

The company behind the popular P2E game Axie Infinity, Sky Mavis, has announced a partnership with the NFT collection CyberKongz. Their joint venture will entail developing a new game on the EVM-compatible blockchain Ronin. While the details of the new venture are yet to be disclosed, it has been revealed that CyberKongz’s game, Play & Kollect, will also be migrated to the Ronin network.

25 Jul 2023
Security Breach Shakes zkSync Network!

Security Breach Shakes zkSync Network!

EraLend, a cryptocurrency lending protocol, was victimized by a re-entrancy attack, leading to substantial losses of $3.4 million. The project’s team confirmed via Twitter that the threat has been contained, and all loan transactions have been halted. As a precautionary measure, it’s currently recommended to avoid making USDC deposits.

25 Jul 2023
Ethereum NFT Royalties: Are Artists Getting Their Due?

Ethereum NFT Royalties: Are Artists Getting Their Due?

NFT royalties on Ethereum hit an eye-popping 699,816 ETH, roughly translating to $1.8 billion. However, data analytics firm Nansen’s deep-dive analysis points to an unsettling trend. Despite sustained NFT volumes in 2023, royalties for this year only constitute 9.4% of the total payout, a stark contrast to 2022, which accounted for over 64% of the total ETH paid. The culprit behind this disparity is the downward trend in effective royalty rates, which fell from 2.5% in 2022 to a scant 0.6% by July 2023. Some NFT projects such as Yuga Labs, behind popular initiatives like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), are among the few benefiting, receiving 9.4% of all royalties.

25 Jul 2023
The UK’s data watchdog is setting its sights on Worldcoin

The UK’s data watchdog is setting its sights on Worldcoin

The UK’s data watchdog is setting its sights on Worldcoin, Sam Altman’s initiative offering free crypto for iris scans. With digital ID on one side and cryptocurrency on the other, it’s caught the Information Commissioner’s Office’s attention. “We note the launch of WorldCoin in the UK and will be making further enquiries,” a spokesperson for the ICO says.

25 Jul 2023
Arkham Intel Exchange Rewards $5K for Terra Wallet Details

Arkham Intel Exchange Rewards $5K for Terra Wallet Details

Arkham Intel Exchange has acknowledged two on-chain investigators with approximately 9,519 ARKM (valued at ~$5,000) for information on Do Kwon & Terra’s wallet holdings. This new data suggests a potential inconsistency in Terra’s previous declaration of possessing a single Luna Foundation Guard wallet.

25 Jul 2023
TikTok Takes Aim at Twitter with Text-Based Feature

TikTok Takes Aim at Twitter with Text-Based Feature

In a bid to compete with Twitter (recently rebranded to X) TikTok has launched a new feature enabling users to create and share text-based content. :comet: The move comes just 20 days after Meta’s Threads was introduced as a rival to X. Additional features like stickers, tags, hashtags, background colors, and draft saving are also available to enhance text-based content.

25 Jul 2023
Musk’s Crypto Manipulation Continues!

Musk’s Crypto Manipulation Continues!

The tech tycoon has stirred the online world yet again by displaying the fresh emblem of Twitter and Dogecoin as his profile location. While the overall market is submerged in a sea of red, DOGE has managed to record a 9% surge within a day, now exchanging at $0.077.

25 Jul 2023
GAO Proposes Major Regulatory Shake-Up for Crypto Space

GAO Proposes Major Regulatory Shake-Up for Crypto Space

The United States Government Accountability Office (GAO) has published a report suggesting that a more robust regulatory framework is required for the use of blockchain in finance. The report highlighted the lack of regulation around crypto asset trading platforms and stablecoins and identified non-security crypto asset spot markets as the main regulatory gap. According to the GAO, Congress could address these issues by designating a federal regulator to oversee these markets. Moreover, the report suggests a need for more regulatory coordination and proposes the establishment of a formal mechanism to identify risks and respond to them within an agreed timeframe.

25 Jul 2023
Korean Banks Pave the Path to Tokenization

Korean Banks Pave the Path to Tokenization

Private banks in South Korea, Hana Bank and Woori Bank, have taken a keen interest in tokenized deposits, commonly known as Deposit Certificates or CDs. CDs offer an alternative rooted in blockchain technology, serving as an equivalent to private stablecoins and Central Bank Digital Currencies (CBDCs). Presently, it’s being viewed as a potential substitute for customary notes and deposits without disrupting the existing banking system.

24 Jul 2023
Coinbase vs. SEC: Court Dates Set for Legal Dispute

Coinbase vs. SEC: Court Dates Set for Legal Dispute

The lawsuit between the U.S Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase is moving forward as the date for initial arguments has been confirmed. Coinbase’s chief legal officer, Paul Grewal, revealed on Twitter that New York judge Katherine Polk Failla had approved the joint request from both parties to proceed with hearings. Coinbase has until August 4, 2023, to submit its initial brief and additional supporting documents by August 11. The SEC’s opposition brief is due on or before October 10, with Coinbase’s reply by October 24 or sooner.

24 Jul 2023

Opinion

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Investigation

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Zora Network Reviewed: A Testnet Guide

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