COIN BUREAU NEWSFLASH! – (26/08/22) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (26/08/22)
Here are some of today’s most important headlines:
CoinSwitch Kuber Raided by Indian Authorities Over Alleged Forex Violations
A16z-backed Indian crypto exchange Coinswitch Kuber has been raided by India’s Enforcement Directorate (ED) over alleged violations of the country’s forex laws, according to a report from CoinDesk.
ED reportedly searched CoinSwitch’s offices as well as the residences of its directors and CEO Ashish Singhal. CoinDesk’s source who is an official at the Bangalore cell of the ED stated,
"We are looking into multiple possible contraventions under FEMA and other entities that are connected to it. Since we did not receive the desired cooperation, we have conducted searches on (residences) of directors, the CEO and the official premises"
https://www.coindesk.com/business/2022/08/25/crypto-exchange-coinswitch-kuber-searched-by-indian-authorities/
Snoop Dogg and Eminem to Perform Bored Apes Track at MTV’s Video Music Awards
According to an announcement, rap superstars Eminem and Snoop Dogg will be performing together their BAYC and metaverse-themed song "From The D 2 The LBC" at MTV's Video Music Awards on Sunday.
Their music video for “From the D 2 the LBC” came out two months ago and has had notabe success with 46 million views and a VMA nomination for “Best Hip-Hop” song. It features 2D animations of the Bored Ape NFTs owned by both artists.
According to a statement from Eminem’s press arm,
"Global rap icons Eminem and Snoop Dogg will transform the 'VMAs' stage for a first of its kind performance of 'From the D 2 The LBC' inside the world of the Otherside metaverse in partnership with Yuga Labs. This is the first metaverse inspired performance to ever grace an award show.”
https://decrypt.co/108264/snoop-dogg-and-eminem-to-bring-bored-ape-nfts-to-vmas-in-otherside-metaverse-performance
Afghan Authorities Shut Down 16 Crypto Exchanges in One Week
Following a nation-wide ban on cryptocurrencies in Afghanistan, the Afghanistan police force has reportedly shut down 16 crypto exchanges in the Herat province of western Afghanistan in the last week.
Sayed Shah Sa’adat, head of the counter-crime unit of Herat police stated,
“Da Afghanistan’s Bank (central bank) stated in a letter that digital currency trading has caused lots of problems and is scamming people, therefore they should be closed. We acted and arrested all the exchangers involved in the business and closed their shops.”
https://www.ariananews.af/police-close-crypto-currency-exchanges-in-herat/
Polygon Founder Sandeep Nailwal’s Crypto VC Firm Raises $50M Fund
Venture Capital firm ‘Symbolic Capital’ has reportedly raised $50 million for a new startup fund dedicated to Web3 companies that focus on “pioneering web3 applications.” The VC firm which launched in May was founded by Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang.
Nailwal stated,
“We’re specifically focused on supporting founders from emerging markets that have often been passed over by traditional VC. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders. Our mission with Symbolic is to empower the next generation of emerging founders who have historically been overlooked by the VC industry.”
https://www.theblock.co/post/165671/polygon-and-cere-network-founders-launch-50-million-web3-fund
US Court Approves Voyager’s Proposal To Pay $1.9 Million In Bonuses To Retain Employees
A US Federal Court has finally approved Voyager’s proposed ‘Key Employee Retention Plan’ (KERP) that sought to pay out bonuses amounting to $1.9 million towards retaining key employees in the company.
The proposal was initially opposed by the firm’s creditors. However, it seems a compromise has been reached between the firm and the committee of creditors to drop the opposition to the proposed KERP on certain conditions. One of those conditions is implementing operational cost-cutting strategies to save $4.6 million.
