Jury selected for Sam Bankman-Fried criminal case
Twelve jurors have been selected for Sam Bankman-Fried’s
criminal case, including a medical assistant, a librarian and a
nurse. Data analysts at Nansen revealed details about the
close relationship between FTX and Alameda Research, both founded
by Bankman-Fried, with suspicious transfers of FTT tokens
(COIN:FTTUSD) and the companies’ great control over the supply of
these tokens. Additionally, Michael Lewis’ book “Going
Infinite” revealed that Binance CEO CZ Zhao turned down a $40
million offer from Bankman-Fried to create a cryptocurrency futures
exchange in 2019. In other recent news, the FTX 2.0 Coalition is
optimistic about a possible $2 billion investment from Google
(NASDAQ:GOOGL) at artificial intelligence company Anthropic, which
could benefit FTX’s creditors.
Bitcoin maintains stability amid US bond yield volatility
The price of Bitcoin (COIN:BTCUSD) has remained stable around
$27,500 since the Wall Street open on Oct. 4 as attention focused
on rising U.S. bond yields. Market watchers have highlighted
the importance of key price levels such as $27,600 and $27,000 as
they await market direction. US dollar volatility and concerns
about the stability of traditional markets have also affected
Bitcoin price action.
Ripple gets Singapore license, legal victory over SEC boosts XRP
Payments company Ripple (COIN:XRPUSD) obtained a license to
offer essential services in Singapore, while XRP experienced a 5.3%
price increase, driven by the decision of District Judge Analisa
Torres, who denied the attempt Securities and
Exchange Commission (SEC) appeal in the Ripple case. Although
the broader cryptocurrency markets posted losses, XRP continued to
attract strong interest, with significant volumes on the UpBit and
Binance exchanges. The license in Singapore allows Ripple to
continue offering digital payment services in the fast-growing
region.
Vitalik Buterin explores the debate over resource commitment in the
Ethereum protocol
Vitalik Buterin, founder of Ethereum (COIN:ETHUSD), addressed
the question of which features should be built directly into the
Ethereum protocol rather than being built as smart
contracts. He highlighted the pros and cons of this approach
and examined cases such as enshrining account abstraction and other
features like ZK-EVMs, bidder-builder separation, private mempools,
liquid staking, and more pre-builds. The debate in the
Ethereum community revolves around prioritizing time-honored
features versus keeping the base layer simple to preserve
decentralization.
Shiba Inu community scam alert: Telegram admin account compromised
The Shiba Inu cryptocurrency community is on alert after the
Telegram account of a prominent administrator, Ragnar Shib, was
compromised. According to Bitcoinist, the compromised account
was used to promote a fake airdrop of the BONE (COIN:BONEUSD)
token, aiming to create urgency among SHIB
enthusiasts. Several key community figures warned about the
scam and emphasized the importance of online safety. The
community is now calling for additional security measures and
encouraging caution among SHIB investors as the cryptocurrency
remains at a critical price level.
MEXC Ventures invests in decentralized blockchain platform Open
Network
Ton Network (COIN:TONUSD), a decentralized blockchain platform
originally created by Telegram, has received an eight-figure
investment from MEXC Ventures, a subsidiary of global
cryptocurrency exchange MEXC. As part of the strategic
partnership, MEXC will promote Web3 Accessibility, provide
marketing services for TON-based projects, and launch a TON
collateral loan service. TON Foundation aims to increase
adoption of the Web3 ecosystem in the Telegram app with support
from MEXC Ventures.
Jito Labs client usage increases on Solana network
The Solana Foundation revealed that more than 31% of the total
stake in the Solana network is now running through the Jito Labs
client, indicating growing client adoption. The network has
maintained 100% uptime since February, in contrast to periods of
downtime last year. The number of validators using Jito Labs
has almost doubled since the last report in March. There are
four different validator client implementations for the Solana
network in active development, built on three independent
codebases. Last year, Jito Labs managed to raise Series A
funding worth US$10 million. This company is focused on
building infrastructure related to Solana MEV (Mechanism Extracted
Value).
Block reveals images of its first Bitcoin hardware wallet
Financial services company Block (NYSE:SQ), co-founded by
Twitter CEO Jack Dorsey, has revealed images of its first Bitcoin
hardware wallet. The hexagon-shaped device has a fingerprint
sensor for additional biometric security. Block’s entry into
the hardware wallet market highlights the importance of security
and self-custody in the world of cryptocurrencies. The wallet
is expected to be accessible, allowing more people to participate
in the crypto ecosystem. The community awaits more details on
the release date, pricing and additional features.
Yield Protocol will cease operations by the end of 2023
Yield Protocol, a decentralized finance (DeFi) lending protocol,
announced that it will cease operations by the end of 2023 due to a
lack of commercial demand and global regulatory pressures. The
protocol will cease to exist after the December 2023 series, citing
a lack of sustainable demand for fixed-rate loans as the
reason. Additionally, unfavorable regulations in the US,
Europe and the UK contributed to this decision. The protocol
stated that all loans will be closed by December 31, 2023.
Blockchain financial market expected to reach US$79.3 billion by
2032
A report from Allied Market Research predicts that the global
blockchain finance market, encompassing public and private
blockchains, trading, payments, settlements and asset management,
will grow to US$79.3 billion by 2032. The Covid-19 pandemic and the
Interest in reducing operating costs drives this growth. The
public blockchain subsegment, used by ecosystems such as Bitcoin
(COIN:BTCUSD) and Ethereum (COIN:ETHUSD), leads the market due to
its computational power. Cross-border payments and commerce
are key application areas, with North America leading
adoption. Research also suggests that blockchain technology
could save $10 billion in cross-border payments by 2030.
OpenSea launches OpenSea Studio to facilitate the creation and
management of NFTs
Leading NFT marketplace OpenSea has introduced OpenSea Studio, a
platform that aims to simplify the process of creating and managing
NFT projects. Studio allows creators to set up whitelists,
create project pages, and even mint NFTs directly in their
wallets. The platform is compatible with multiple blockchains,
including Ethereum, Polygon, Solana and others. OpenSea plans
to add additional functionality such as collection pages and
enhanced features in the coming months.
BIS conducts successful test to track transactions in
cryptocurrencies and blockchains
Bank for International Settlements (BIS) has collaborated with
European central banks on a project called Atlas to track
transactions in cryptocurrencies and public blockchains such as
Bitcoin (COIN:BTCUSD). They used data from exchanges and
blockchains to analyze cross-border cryptocurrency flows, with
results indicating a significant economic impact. The project
aims to help central banks assess the relevance of cryptocurrencies
in different jurisdictions and will continue to expand its data
scope.
Argentine presidential candidate proposes digital currency to
combat inflation
Sergio Massa, Argentine presidential candidate and current
Minister of Economy, has proposed the creation of a central bank
digital currency (CBDC) to address the country’s hyperinflation
crisis. He highlighted the importance of aligning Argentina
with global trends and allowing citizens to repatriate money from
abroad without additional taxes. Massa opposed the
dollarization proposed by his pro-Bitcoin opponent, Javier Milei,
and urged Argentines to defend their national
currency. However, the crypto community has expressed concerns
about CBDC, arguing that it could harm the country’s informal
economy.
South Korea starts CBDC pilot project
The Bank of Korea (BOK) is launching a pilot project to explore
the technical infrastructure of a CBDC. The project, announced
in conjunction with the Financial Services Commission (FSC) and the
Financial Supervisory Service (FSS), will assess the viability of a
monetary system based on wholesale CBDCs. Private banks and
public institutions will participate, with technical support from
the Bank for International Settlements (BIS). Retail CBDC live
trials are expected to begin in 2024, representing a significant
step towards the future monetary system, as highlighted by FSS
First Vice Governor Lee Myung-soon.
Banque de France considers CBDC as basis for new global monetary
system
Denis Beau, first deputy governor of the Banque de France,
defended the global perspective of central bank digital currencies,
seeing them as a catalyst for improving cross-border payments and
building a new international monetary system. He emphasized
the importance of addressing interoperability between wholesale
CBDCs and legacy systems early on. Beau also mentioned
financial tokenization and the need for public to private sector
support to unlock the potential of blockchain, highlighting that
tokenized assets and CBDC are allies, not competitors.
UK plans to launch second Sandbox for digital titles by 2024
The UK Treasury is scheduling the launch of a second sandbox
focused on digital securities by the first quarter of 2024. Helen
Boyd, head of capital markets at the Financial Conduct Authority
(FCA), announced the initiative during the CCData Digital Asset
Summit. This new sandbox, different from the Digital Sandbox
already in operation by the FCA, will allow firms to develop
financial market infrastructures with digital asset technology
under a temporarily modified legislative framework. The FCA
awaits a decision from the Treasury on the scope of its regulatory
powers in crypto in the future.
CMCC Global raises US$100 million to invest in Web3 companies in
Hong Kong
Blockchain-focused venture capital firm CMCC Global has raised
$100 million for its new fund, the Titan Fund. This fund will
invest in Hong Kong-based Web3 companies, focusing on sectors such
as gaming, metaverse and NFTs. Lead investor Block.one has
committed $50 million, and other major entities such as Pacific
Century Group and Winklevoss Capital have also
contributed. Hong Kong, with its new regulatory regime, has
become an attractive destination for investments in the blockchain
industry.
El Salvador starts Bitcoin mining in US$1 billion renewable energy
project
El Salvador has reached a milestone with the launch of its first
local Bitcoin mining pool. The Volcano Energy project,
financed in part by Tether, begins mining blocks through Lava Pool
in partnership with Luxor Technology. The aim of the project
is to use renewable energy sources in El Salvador to power Bitcoin
mining operations in the country. Volcano Energy seeks to
create a vertically integrated energy and Bitcoin mining company,
benefiting investors and Salvadoran citizens. Luxor’s chief
operating officer believes this will contribute to Bitcoin’s
geographic decentralization and the potential for renewable energy
countries to use Bitcoin mining to boost their economies.
Uzbekistan sets strict rules for cryptocurrency mining
Uzbekistan’s crypto market supervisor, the National Agency for
Perspective Projects (NAPP), has issued a decree establishing new
rules for cryptocurrency mining in the country. The changes
limit cryptocurrency mining to companies, prohibit individual
miners, and require the use of solar energy for
mining. Companies must meet specific requirements, including
creating a dedicated mining room and using the registered
address. Additionally, NAPP banned anonymous cryptocurrency
mining.
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