New Russian user rules 🇷🇺, Laos drought 🇱🇦, OnlyFans' parent purchased $20M Ethereum 💰
Daily Crypto, Blockchain & Web3 Update 2023-08-28
CRYPTOCURRENCY
Binance adds fiat currency restrictions for Russian users (3 min read)
Cryptocurrency exchange Binance continues to introduce more restrictions for Russian customers on its peer-to-peer (P2P) trading platform.
Binance P2P has banned Russian residents from using fiat currencies other than the Russian ruble, Binance announced on its Telegram channel on Aug. 27.
Laos drought pulls the plug on crypto mining electricity supply (2 min read)
Électricité du Laos (EDL), the state-owned electricity distribution company, will stop providing electricity to crypto mining operations in the country due to difficulties in generating enough power during the drought.
Indian PM Modi calls for global cryptocurrency framework at G20 Summit (2 min read)
Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.
‘Breakthrough growth’ will be driven by Web3: Hong Kong financial secretary (2 min read)
Hong Kong’s financial secretary, Paul Chan Mo-po, has reiterated his support for blockchain technology, calling it the next wave of “breakthrough growth” in the digital technology industry.
BUSINESS
1inch wallet buys $10M in ETH following a $3.7M profit streak in July (3 min read)
A crypto wallet belonging to the 1 inch Investment Fund has bought huge amounts of Ether a month after recently cashing out on its dollar-cost averaging (DCA) buys throughout the first quarter of 2023.
OnlyFans’ parent company bought $20M of Ethereum as revenue surged (2 min read)
OnlyFans' parent company has disclosed that it invested around $20 million in Ether this year, joining the growing list of firms revealing their cryptocurrency holdings.
QUICK LINKS
Bitcoin revenue per terahash nears record lows as hashrate soars (2 min read)
Bitcoin mining revenue has dropped to its lowest levels since the collapse of FTX in November 2022. However, the hash rate, which measures the amount of computing power used for mining, has reached new highs.
Friend.tech pronounced ‘dead’ after activity and fees tank (3 min read)
Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics following a recent drop in key metrics such as activity, inflows, and volume.
Google updates service policies to comply with EU regulations (3 min read)
Google will update its service policies to comply with the European Union's Digital Services Act (DSA), as stated in a blog post on Aug. 24.
Ronaldinho fails to testify in crypto scam probe, faces possible arrest in Brazil (2 min read)
Brazilian soccer star Ronaldinho Gaúcho could be detained by authorities to testify over a crypto fraud investigation in Brazil. According to local media reports, Ronaldinho failed to appear before the country's Congress over a pyramid scheme probe allegedly linked to one of his companies.
OKX and Bybit remove sanctioned Russian banks from payments list (2 min read)
At least two major crypto exchanges followed Binance by excluding Russian banks under international financial sanctions from their payment options. Tinkoff Bank and Sberbank are no longer available on the list of peer-to-peer (P2P) transactions on Bybit and OKX.
Balancer exploited in nearly $900k after vulnerability warning (3 min read)
Balancer, a decentralized finance protocol, was recently exploited for $900,000 after revealing a vulnerability that impacted multiple pools.