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Crypto.com Users Get Freedom After Spending $7 Million Wrongly Sent
customer named Jatinder Singh accidentally received $7 million from crypto exchange Crypto.com in 2021, then spent it lavishly, although his whereabouts are still unknown $3.1 million, but he was released on bail, according to Cointelegraph. On 20 March, in Victoria District Court, prosecutors tried to convince the judge that jail was the only way to ensure Singh would not flee the country.
Singh faces a series of theft charges with his wife, Thevamanogari Manivel, the bank account owner where the money was transferred. Both pleaded not guilty. They claimed that they had legitimately won $7 million through the Crypto.com contest. After the lawsuit was filed, the Supreme Court of Victoria ruled that the duo must return the money to Crypto.com. Reportedly, the problem stems from the fact that in May 2021, a Bulgarian employee of Crypto.com mistakenly deposited $7 million. Filed a lawsuit to recover damages, $7.3 million was recovered, and the defendants used $3.1 million allegedly lost to buy 4 houses.
Taiwan’s Crypto Industry Gets Government Approval
Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability. XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines.
Bloomberg initially reported the FSC’s role as regulator, citing sources in the legislature. Huang stated that the regulation of the virtual asset service provider industry will be a collaborative effort with the FSC to establish a set of rules, with an industry self-regulatory body formed as one of the first steps. However, reports suggest that the FSC will not be regulating NFTs yet, as they are still emerging as an asset class. Alex Liu, CEO of Maicoin, stated that finding a balance between experimentation and investor protection is crucial. There were calls for the newly-established Ministry of Digital Affairs (MODA) to be the chief crypto regulator.
BlackRock CEO Larry Fink says US is lagging behind in crypto developments
CEO Larry Fink said in his annual letter to investors outlining what he contends are the most urgent and rapidly changing developments in crypto and traditional finance. The 9,000-word document, published March 16, touches on everything from the geopolitical crisis and the war in Ukraine to strategies for long-term growth and digital assets to broader trends in investing and market research.
Last year was one of the most challenging market environments in history – a year in which both equity and bond markets declined for the first time in decades – and the challenges have continued into 2023, Fink stated at the beginning of the document.In the letter, Fink also highlighted the impact of global macroeconomic factors shaping investing. For instance, he pointed out that the U.S. government’s interest payments on its debt surged to a record $213 billion in Q4 2022, a $63 billion increase from the previous year. Additionally, Fink took note of how significant unfunded tax cuts announced in the UK resulted in a plunge in gilts last fall.
El Salvador Launches Bitcoin, Lightning Dev Training Office
Salvador’s government has launched another initiative repping its support for Bitcoin adoption and development of the broader network. Plan B was an initiative the Bitcoin Office launched in Lugano, Switzerland last year to facilitate Bitcoin adoption. The city has already made Bitcoin and USDT de facto legal tender, and enabled BTC acceptance with over 150 merchants in the city.
The Plan B fellowship will provide the opportunity for El Salvador’s best and brightest computer science students to be trained by the biggest names in bitcoin from around the world,” stated the Office. The lecturers and mentors involved are yet to be announced. The current project will collaborate with the university of Don Bosco in Soyapango, which was recently freed from gang control after Bukele’s brutal crackdown on gang violence that began last year. El Salvador was the first country to officially install Bitcoin as legal tender, with the Central African Republic following suit months later.
Ethereum's next big upgrade Shapella expected to hit mainnet on April 12
core developers are targeting April 12 to release the highly-anticipated Shanghai-Capella upgrade, or Shapella, on the mainnet. The main feature of the upgrade is Ethereum Improvement Proposal (EIP) 4895, which aims to enable validator staking withdrawals on the main network. This critical function was not introduced during Ethereum's.
Besides the withdrawals, developers have also planned three additional improvements aimed at optimizing gas costs for certain activities with the Shapella upgrade. Since February, developers have carried out multiple phases of public testing on three test networks, or testnets, including Sepolia, Zhejiang, and Goerli. On Tuesday, Shapella was released on the Goerli testnet as the final dress rehearsal before the mainnet launch. All three testnets have successfully processed ETH withdrawals from their own validator sets. The upgrade is due to take place on April 12 at 10:27 a.m. UTC, with epoch number 620,9536.
Arbitrum’s long-awaited airdrop to go live next week, with self-executing DAO
2 project Arbitrum will airdrop a governance token with the ticker ARB to its community members on March 23. This brings Arbitrum one step closer to being fully decentralized. The token will control the governance of the Arbitrum One and Nova networks through a DAO, which will be supported by a security council, according to governance documents.
“The goal of the airdrop and the goal of the token is really to give governance power over to the community members and try to identify the real community members that are active in the chain, are participating and will participate,” said Steven Goldfeder, CEO of Offchain Labs, the maker of Arbitrum, in an interview. Arbitrum’s form of governance will be a self-executing DAO. This means that governance members will be able to pass protocol upgrades that will automatically be applied on-chain. In doing so, Offchain Labs has gone for a more radical form of decentralization; one that Goldfeder reckons is absolutely necessary.
Stablecoin issuer CNHC raises $10 million in funding led by KuCoin Ventures
Group, the issuer of the CNHC stablecoin that is pegged 1:1 to the offshore Chinese yuan, raised $10 million in funding. KuCoin Ventures led the deal, the crypto investment firm said Wednesday. Other investors included Circle Ventures and IDG Capital. This was a Series A+ equity funding round, CNHC co-founder Joy Cham told The Block.
The CNHC stablecoin was launched in 2021 for use cases including money transfers and cross-border trade settlements. It is currently issued on the Ethereum and Conflux blockchains, and its total supply is around 15 million tokens (worth roughly $2 million), according to Cham. Tether's CNHT's current total supply is about 20 million tokens. With the fresh funding, CNHC aims to grow the adoption of its stablecoin, especially in the Asia Pacific region. To that end, the company is moving its headquarters to Hong Kong from the Cayman Islands, Cham said.
Filecoin becomes a blockchain platform compatible with Ethereum apps
storage platform Filecoin has implemented its own virtual machine, enabling it to support smart contracts — opening it up to the world of decentralized applications, NFTs, liquid staking and more. The network has always been designed to provide file storage in a decentralized manner — but now that it has launched its Filecoin Virtual Machine.
Filecoin’s virtual machine will give it the same capabilities as Ethereum, enabling anyone to build any kind of decentralized application on the network. It will also be able to support bridges to other blockchains and connect more closely to the rest of the crypto ecosystem. Bresser noted that SushiSwap, Axelar and Celer are all integrating with Filecoin. Applications built on Filecoin will enhance its primary purpose of providing decentralized file storage. Files stored on the network are typically stored for around 18 months before someone needs to manually request the network.
Marathon Digital says it has access to funds held at Signature Bank
Digital said it has access to $142 million in cash deposits held by Signature Bank, which was closed by state regulators on Sunday. The company said in a statement it has access to the funds for treasury management purposes and is paying all invoices in "the normal course of business.". Marathon also holds over 11,000 bitcoin.
Separately, Marathon confirmed that it had no direct business relationship with Silicon Valley Bank, which was shuttered by authorities on Friday. U.S. President Joe Biden assured American citizens on Monday that the banking system is safe following the collapses. Shares of Marathon were up 11.4% as of 10:20 am ET, with most miners also rallying. Bitcoin rose 15% over the past 24 hours trading at around $23,500. Meanwhile, at least two other big miners, CleanSpark and Iris Energy, said that they had no deposits with Silicon Valley Bank or Silvergate Capital, with the latter also confirming no ties to Signature.
Despegar Becomes First Travel Agency in LATAM to Embrace Crypto Payments
new offering will be initially available to customers in Argentina, but it might be extended across other countries in the near future. One of the leading travel agencies in Latin America – Despegar – partnered with Binance Pay and Inswitch to enable clients to pay for tour packages in cryptocurrencies. For starters, the offering will be available only for customers in Argentina.
The agreement, announced by the world’s biggest cryptocurrency exchange – Binance, turned Despegar into the first online travel agency (OTA) in Latin America to accept digital assets as a means of payment. Customers will be able to settle hotel accommodation, flights, car rentals, and cruise trips in more than 70 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP). While the new option applies only to clients in Argentina, it might reach other countries across South America in the future. Paula Cristi – General Manager of Despegar for Argentina and Uruguay – said the firm has realized the merits of the cryptocurrency industry.