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October 08,2024

South Korean Military Doubles Down On Internal Bad Actors

A South Korean investigation into soldiers allegedly using their military passwords as collateral for loans to purchase cryptocurrency has revealed 29 additional incidents of compromised military secrets.

Among these is a case involving a captain who transmitted confidential documents regarding the wartime missions of a special forces brigade. According to TVChosun, the captain shared this sensitive information with someone who then sent crypto assets valued at approximately $35,700 in return.

Previously, South Korean regulators engaged in discussions with officials representing ASEAN, the Association of Southeast Asian Nations, and the OECD regarding cryptocurrency policy in Seoul on March 18th, 2024.

 

Damage Control

Previously reported findings indicated that at least three active-duty soldiers this year provided Level 3 military passwords and secret documents to loan sharks to invest in crypto or settle crypto investment debts. Earlier this month, the Ministry of National Defense disclosed that a court handed down a suspended jail sentence to one captain, leading to his discharge.

Several other soldiers are suspected of similar actions, and prosecutors have charged three loan sharks for accepting military secrets in exchange for illegal cash loans. The ensuing controversy has prompted legislative involvement. Kang Dae-sik, a member of the National Assembly Defense Committee, claims that as of October 6th, acting soldiers have leaked secrets on 29 separate occasions since 2021.

 

Attitude Adjustment

The ministry recorded six incidents in 2021, eight in both 2022 and 2023, and seven cases up until July 2024. One case in 2021 also involved a captain trading military secrets for money, while another instance saw a captain take photos of a Korean Joint Command and Control System terminal with his cellphone and send them to an unnamed recipient via the Telegram app.

The findings also include examples of senior soldiers selling information to private defense firms for cash, as well as a soldier who sold copies of a top-secret military manual. Some incidents stemmed due to a lax attitude toward security. In one case, a soldier sent videos of secret military equipment to his girlfriend using the KakaoTalk app, claiming he wanted to share his daily life in the army with her.

 

October 08,2024

New FTX Bankruptcy Plan Ensures Full Repayment With Interest

A Delaware judge has finally approved the FTX bankruptcy plan, allowing for cash repayments to customers along with interest, marking a crucial step in addressing the ongoing financial challenges for the now defunct crypto exchange.

Back in 2022, investigations revealed that FTX founder Sam Bankman-Fried and other executives misappropriated customer funds and produced misleading financial statements, leading to fraud allegations by both users and U.S. authorities.

 

Mixed Reactions

The approved plan could distribute up to $16 billion in recovered assets to FTX creditors. Judge John Dorsey of the U.S. District of Delaware Bankruptcy Court granted approval on October 7th. This decision follows two years after the cryptocurrency exchange collapsed, impacting thousands of customers worldwide.

The plan received support via 94% of claimants, with 98% of creditors expected to receive 118% of their claims in cash. However, not everyone agreed with the cash repayment option. Sunil Kavuri, representing the largest creditor group, advocated for repayments in-kind, particularly in cryptocurrencies. Judge Dorsey rejected this proposal, citing the drastic decline in the value of both FTX and its native token alongside the slim chance of recovery.

 

A Long Time Coming

The settlement effectively concludes the increasing number of cases surrounding FTX and its bankruptcy. Shortly after the Chapter 11 filing, Bankman-Fried and several top executives were arrested. Following a swift trial, he was convicted and sentenced to 25 years in prison. He has since filed an appeal, claiming judicial bias.

Caroline Ellison, who served as the former co-CEO of Alameda Research and was romantically involved with Sam, was dismissed regarding her position at Alameda and subsequently became a key witness in the criminal proceedings against Bankman-Fried.

 

October 07,2024

SHIB Developer Believes UAE Will Become The Crypto Capital Of The World

Shytoshi Kusama, the enigmatic lead developer of the Shiba Inu (SHIB) ecosystem, commended the UAE government for its decision to exempt cryptocurrency transactions when it comes to value-added tax (VAT).

In related news, Chainalysis previously announced that they would enlist UAE-based skilled professionals with expertise in traditional finance, regulatory compliance, and Web3 technologies to operate out of its Dubai base.

 

Updating Regulations

In a post on X, Kusama reacted to the news of the aforementioned exemption with a GIF featuring Vegeta, a popular character in the anime series DragonballZ. The pseudonymous figure referred to the UAE as the cryptocurrency capital.

Last week, the UAE Federal Tax Authority updated local VAT regulations, which, according to PricewaterhouseCoopers (PwC), will remove taxes on the transfer and conversion of virtual assets. PwC noted that these exemptions would take effect retroactively on January 1st, 2025. It is worth mentioning that the UAE does not impose federal income tax on individuals, though a 5% VAT applies to goods and services.

 

Why It Matters

This exemption marks another move by the UAE government to position the country as a global hub for cryptocurrencies, blockchain development, AI, and Web3 in general. Earlier this year, Binance, the largest cryptocurrency exchange globally, obtained a full regulatory license in Dubai, enabling it to offer virtual asset services to a wider audience.

Additionally, Ripple Labs received preliminary approval to provide blockchain-based payment services via the Dubai International Financial Centre (DIFC). Kusama has previously expressed admiration for the local cryptocurrency environment and has appreciated the Emirati culture alongside his connections in the region.

 

October 07,2024

Crypto Analyst Promotes Meme Coin While Remaining Bullish On BTC

A well-known crypto analyst has exciting news for investors, as he believes a specific meme asset that has skyrocketed 300x in under a year is poised to kick off another substantial rally. As is the case with all cryptocurrencies though, particularly, meme coins, it is imperative to conduct your own research beforehand.

 

Vast Potential

Altcoin Sherpa, a pseudonymous trader with a following of 223,600 on the platform X, recently shared his bullish outlook on the memecoin Popcat ($POPCAT). He highlights that the asset has successfully broken through its last major resistance level at $1, setting the stage for potentially explosive growth.

Sherpa believes that $POPCAT could surge by over 60% compared to its current price. When a coin breaks out of a trading range, you want to see that momentum continue, he explains. Of course, the overall movement will depend on Bitcoin, but I am optimistic about $POPCAT. Honestly, I would not be surprised to see it hit around $2, he added.

 

Bounce Back Seemingly Inevitable

As of now, $POPCAT is trading at $1.23, reflecting a notable increase of over 7% in just the past 24 hours. To put this into perspective, back on January 5th, this meme coin was valued at a mere $0.00379, leading to astonishing gains of more than 324x.

Turning our attention to the leading cryptocurrency by market capitalization, Sherpa is equally optimistic about Bitcoin (BTC). He anticipates that BTC will bounce hard in the near future, suggesting it is in the process of forming a local bottom. For what it is worth, I genuinely believe BTC is set to make a strong rebound soon. A bottom seems to be taking shape, he asserts.

October 07,2024

Web3 Fundraising Deals - 1st To 7th October 2024

Sophon Labs raised an undisclosed amount with assistance by Binance Labs. Sophon is a platform which focuses on providing consumers with an engaging and culturally rich ecosystem of diverse yet practical applications.

 

 

Pallete secured an undisclosed amount in M&A funding with help being provided by Aptos Foundation. Palette is a blockchain optimized for all kinds of digital content, though mainly NFTs, covering a variety of fields such as anime, sports, and music.

 

 

Synnax Technologies obtained $550K in Strategic Funding thanks to support by Wintermute. Synnax is a protocol that combines credit intelligence to provide forward-looking credit ratings through a decentralized consensus model.

 

 

SecondLive raised $12M in a Private Token Sale via assistance by Crypto.com. SecondLive is a diversified metaverse focused on building social networks and supporting creator economic activities.

 

 

RD Technologies secured $7.8M in Pre-Series A Funding with help by Solana Foundation. RD Technologies is a fintech company focused on facilitating payments and commerce with trust, stability, and efficiency. The company is developing HKDR, a Hong Kong Dollar-backed stablecoin, aiming to enhance the capabilities of digital money and contribute to the global Web3 economy.

 

 

MeshMap acquired $4M thanks to support granted by by Andreessen Horowitz. MeshMap is a decentralized platform for creating and sharing 3D maps collaboratively. It leverages decentralized infrastructure to enable users to contribute, validate, and access highly detailed 3D maps without relying on centralized mapping services.

 

Roolz secured an undisclosed amount with Animoca Brands once again providing the support. Roolz is a platform that combines anime, mobile apps, and digital collectibles, powered by the $GODL token.

October 06,2024

Bitcoin Briefly Crosses $62K As Elon Musk Joins Donald Trump

The cryptocurrency market experienced significant volatility over the past 24 hours, with Bitcoin (BTC) taking the spotlight and surpassing $62,000. This rise has allowed smaller altcoins to bounce back, including a popular meme coin that surged by as much as 25% during the day.

In addition, market sentiment has also shifted to neutral, an improvement compared to a fearful atmosphere experienced last week.

 

Bitcoin Bulls Return
Yesterday, Bitcoin was hovering around $61,000 for an extended period, with bears pushing it down to a local low near $60,800. Nevertheless, buyers regained control, lifting it back over $61K. Currently, positive momentum continues, as BTC is trading at approximately $62,250.

The recent price movements are crucial, and how BTC behaves within this range will indicate its future trajectory. Moreover, despite various fluctuations, the derivatives sector felt the impact. In the last 24 hours, over $110 million in leveraged positions were liquidated, predominantly short positions totaling $64 million.
Most altcoins are also showing positive trends, though many are registering only modest increases. Major cryptocurrencies such as XRP, ADA, AVAX, SOL, BNB, and ETH have risen between 0.5% and 1.5%. The meme coin sector has thrived over the past day, with an average increase of 9%, particularly driven by cat-themed coins. For instance, POPCAT has risen by 25%, while larger meme coins like DOGE and SHIB have gained around 1%.

 

Other Markets

French strikes have left millions of barrels of oil stranded on tankers, while a wave of oil tourists rushes into the market amid the most significant rally in two years. This week, a key measure of market volatility surged to a two-year high, prompting Saudi Arabia to raise oil prices for Asia as uncertainty grips the market. Meanwhile, banks are activating funds for leveraged buyouts as interest rates decline, and US inflation is expected to reassure a labor market-focused Federal Reserve.

In the political arena, Elon Musk amplified his presence by joining Trump on stage, declaring the upcoming presidential election to be the most crucial election of our lifetime. Kamala Harris has pledged support during her visit to storm-affected North Carolina, while Biden is set to announce additional student loan relief ahead of his upcoming trip.

In China, imagery of a high-speed railway in Laos highlights the ambition the Chinese have in terms of infrastructure plans, as its bullet trains extend toward Singapore, despite ongoing debt concerns. Southeast Asian nations are embracing investments by Beijing aimed at knitting the region closer together through a network of interconnected projects.

 

October 05,2024

Ubisoft Announces Plans For New Ethereum Game NFT Mint

Ubisoft plans to introduce a collection of 10,000 NFTs on the Ethereum scaling network Arbitrum in the upcoming weeks, utilizing the Magic Eden marketplace. These NFTs will give holders early access to the highly anticipated top-down shooter, Captain Laserhawk: The G.A.M.E.

Set in a dystopian world influenced by the Netflix series Captain Laserhawk: A Blood Dragon Remix, the competitive multiplayer game will feature well-known characters representing different franchises like Rayman, Prince Of Persia, Beyond Good & Evil, and more.

Ubisoft, previously partnered with the Wemix Blockchain Node Council to help run validator nodes on the new Wemix 3.0 network, an Ethereum-compatible EVM blockchain.

 

A Collaborative Ecosystem

Minted on Arbitrum, the new Niji Warrior ID NFTs will provide early access to the game, facilitate participation in its governance model, and monitor player achievements. As players improve their scores, the NFT will evolve, unlocking additional benefits and enhancing governance capabilities. Holders will also have opportunities to earn rewards and access user-generated content, although specific details regarding this are still pending.

By integrating Web3, the platform is empowering its community to play and influence the future of the game, stated Didier Genevois, Web3 Executive Producer at Ubisoft. This initiative aims to create a collaborative ecosystem where player choices and creativity significantly affect the development of the game, allowing for a truly personalized experience.

This partnership also marks the introduction of Arbitrum support on the Magic Eden NFT marketplace, which has previously accommodated projects on Solana, Bitcoin, Ethereum, Polygon, and Base.

 

A New Experience

Announced in August, Captain Laserhawk: The G.A.M.E. is described as a transmedia experience, with its foundational elements being constructed on Arbitrum. The community will play a crucial role in shaping the narrative through Web3 governance, accessible via the upcoming Niji Warrior ID mint.

Following a closed beta in late August, limited footage has surfaced online, reportedly due to NDA agreements preventing beta testers from sharing images or details. However, snippets shared on Twitter suggest a vibrant game environment filled with intense combat scenarios.

The NFT collection is expected to mint soon, with many potential minters already securing spots by participating in the beta and completing Discord tasks. This minting represents the final milestone in the roadmap before the release of the game, indicating that Captain Laserhawk: The G.A.M.E. is on the horizon.

 

October 04,2024

New HBO Documentary To Shed Light On Satoshi Nakamoto

As per Politico, HBO and filmmaker Cullen Hoback have announced a new film titled Money Electric: The Bitcoin Mystery, set to unveil fresh evidence regarding the identity of the creator of Bitcoin, Satoshi Nakamoto. The documentary, scheduled to air on October 8th at 09:00 PM EST, has generated significant anticipation as it aims to shed light on the enigmatic figure behind the Nakamoto pseudonym, which has remained a mystery since 2009.

 

New Evidence

Hoback, known for exposing individuals linked to the QAnon movement, is expected to present new evidence regarding the identity of Nakamoto. However, details about this evidence remain scarce. What began as a cryptographic experiment has transformed into a trillion-dollar asset class, utilized both as a currency and an investment vehicle. Speculation surrounding Nakamoto and his true identity has persisted for over a decade.

Potential candidates frequently mentioned include Len Sassaman, Hal Finney, and Adam Back. Although Sassaman and Finney, both of whom were involved in Bitcoin since the early days, have passed away, there is no definitive proof linking either to Nakamoto. Meanwhile, Back, a prominent figure in the crypto community, has consistently denied any involvement in the creation of Bitcoin.

 

An Intriguing Film

The upcoming film will also explore the rise of Bitcoin and its broader implications. Alex Thorn, head of research at Galaxy Digital, indicated that if the documentary identifies Sassaman as Nakamoto, the impact on the market would likely be minimal. Still, confirming the identity of Sassaman could alleviate concerns regarding the potential movement of the substantial Bitcoin holdings of Nakamoto.

Additionally, the documentary examines Bitcoin in both a cultural and financial context, including its evolution into a decentralized multi-trillion-dollar asset, and the ongoing speculation about its future in the global economy.

 

October 04,2024

Crypto Drought Causes Uptober Mentions To Plunge On Social Media

Bullish sentiment surrounding cryptocurrency for October, often referred to as Uptober on social media, has been diminishing as markets continue to decline. Onchain analytics firm Santiment observed a significant drop in mentions of Uptober since the month's onset, according to an X post on October 4th.

They noted that traders have grown pessimistic about the notion of this month being an automatic money printer for crypto. Instead, social media is filled with references to Selltober and Octobear. However, Santiment founder Maksim Balashevich remarked that the current lack of enthusiasm may create opportunities for a short-term rebound.

 

Chance For Recovery

Maksim stated that as Uptober excitement fades with the market downturn, it does create a chance for recovery. Whether the larger downward trend has concluded remains uncertain. Veteran crypto trader Ash Crypto informed his 1.1 million X followers on October 3rd that BTC might dip further, leading people to lose faith in Uptober, before adding that once bears get excited and start predicting $40k to $45k, BTC will surge.

In a note to investors on October 4th, analysts at 10x Research pointed out that many crypto bulls had been taken by surprise since March, anticipating a continued bull run. They indicated that technical indicators showed the rally was overextended, noting that it appears that sell-offs by early adopters and substantial token unlocks have been pushing prices down, even with strong inflows via stablecoins, Bitcoin Spot ETFs, and increased futures leverage.

 

A Repetitive Pattern

Historically, October has been favorable for Bitcoin, with positive price movements observed in nine out of the last eleven years, which contributed to its nickname. The past five consecutive Octobers recorded gains between 5.5% and 40%, including during bear markets.

However, price gains typically emerge around mid-October based on past cycles. In the first half of October 2023, BTC experienced a decline of about 7%, dropping to $28,500 on October 2nd before falling further to $26,650 by October 13th. The asset then surged nearly 30%, closing the month at $34,500. As of now, Bitcoin has lost approximately 4.7% this month.

 

October 03,2024

Nationwide Outage Causes Disruption To Thousands Of Bank Of America Customers

Tens of thousands of Bank of America customers have reported a network outage that is hindering access to their bank accounts and displaying a $0 balance. Issues with the service began surfacing around 4:26 PM UTC on October 2nd, peaking roughly an hour later when nearly 18,000 customers reported problems within a 15-minute window, according to real-time outage monitoring platform Downdetector.

 

Still A Lot Of Work To Do

Approximately 98% of the aforementioned reports were related to mobile and online banking applications. Although Bank of America has not released a public statement regarding the outages, it has reportedly informed CNN that the network issues have largely been resolved. However, several comments on Downdetector still indicate that the problem remains unresolved for some users.

Unsurprisingly, many customers have expressed frustration over the IT glitch, noting that while their balances appeared as $0, their debts were still intact. Issues also extended beyond the mobile app, as the bank was also apparently not allowing deposits or withdrawals. Other customers indicated that ATMs were unable to display their account balances, though they could still withdraw cash.

 

Crypto Could Be The Answer

Many crypto enthusiasts pointed to these difficulties as a reason to consider self-custody of funds, highlighting the strong uptime record displayed by Bitcoin (BTC). The flagship crypto has not experienced a network outage since March 2013, when it was still largely centralized, according to the Bitbo Bitcoin Uptime tracker.

However, this reliability does not extend to all blockchains. Solana, Canto, Zilliqa, and Linea have all experienced at least one halt this year, and several cryptocurrency exchanges, including BitForex and Lykke, suspended withdrawals after hacks earlier in the year.

Despite the IT issues, Bank of America saw its share price remain stable on October 2nd, as reported by Google Finance. Additionally, the share price managed to withstand $338 million in sell orders by Berkshire Hathaway between September 30th and October 2nd, according to Bloomberg.

 

October 03,2024

Edward Snowden Criticizes Solana And Its Highly Centralized Approach

In 2013, Edward Snowden disrupted beliefs about online privacy by revealing a worldwide surveillance operation aimed at citizens. Despite facing significant personal consequences, his disclosures reinforced his role as a dedicated champion for privacy rights.

During his speech at Token2049 in Singapore, Snowden criticized Solana (SOL) and its highly centralized approach to blockchain development, cautioning that it might ultimately serve authoritarian regimes.

 

Solana Under Scrutiny
Responding to a question about creating safe technology, Snowden cited Solana as a cautionary example of blockchain development. He emphasized that genuine security should incorporate an adversarial mindset above all else.

Snowden noted that while Solana integrates good concepts, it centralizes them to enhance speed and reduce costs. Although this convenience may be appealing, he warned it also leads to vulnerabilities, creating a system where individuals can easily lose control. Nonetheless, he expressed limited concern at the moment, pointing out that the primary applications on Solana revolve around memecoins and scams rather than significant state interests.

 

Thinking Long Term
The struggle between scalability and decentralization presents a core challenge in blockchain development, with projects often forced to choose one over the other. A libertarian perspective may view all regulatory efforts as attempts to co-opt freedom. Achieving an appropriate balance between absolute freedom and authoritarianism is essential.
Nevertheless, while Solana does offer rapid transactions and low fees which might draw users initially, with the platform also leading the charge in positive net flows and surpassing all other chains with a total of $1.0 billion over the past three months, the critique made by Snowden raises valid concerns regarding the long term viability of its development strategy.

October 02,2024

China May Rethink Crypto Ban If Donald Trump Wins Election

A former Chinese finance official is urging the government to reconsider its stringent cryptocurrency ban, especially as the U.S. adopts more favorable policies toward digital assets. Zhu Guangyao, a former senior finance official, highlighted the significance of digital currencies for the Chinese digital economy during a recent forum in Beijing, as reported by the South China Morning Post.

 

Competing With The U.S.

The remarks made by Zhu arise amid discussions in China sparked by the apparent welcoming attitude toward crypto in the United States. He acknowledged that while virtual currencies carry risks such as volatility and potential misuse for illegal activities, these issues could be addressed through regulation instead of complete prohibition.

China initiated its crackdown on cryptocurrencies in 2017 by banning initial coin offerings (ICOs) and shutting down crypto exchanges. The measures were further tightened in 2021, with a ban on Bitcoin mining and a declaration of crypto-related activities as illegal. However, Zhu contends that the current ban has driven trading underground, leaving it without regulation.

 

Time To Restrategize

In contrast, Hong Kong is developing its own crypto strategy, striving to become a global hub for digital assets with implicit support by Beijing. Earlier this year, the region approved crypto exchange-traded funds (ETFs), showcasing a different approach within China.

This shift in global policy is also being recognized in the U.S. Former President Donald Trump has advocated for the adoption of digital assets to counter China, while Kamala Harris has recently shown support for innovative technologies, including cryptocurrencies.

Wang Yang, a prominent Chinese economist, criticized the mining ban as unwise, arguing that it has pushed opportunities abroad, particularly to the U.S. He cautioned that if Trump were to return to the presidency, China could face increased financial isolation.