Singapore invests $112M 🇸🇬, Accepting crypto donations 💯, UK to expand crypto crime agency 🇬🇧
Daily Crypto, Blockchain & Web3 Update 2023-08-07
CRYPTOCURRENCY
Bitcoin OG bets surprising sum on BTC hitting $100K before the halving (2 min read)
Adam Back has joined a growing roster of market commentators who are bullish on the price of Bitcoin ahead of next year’s halving event.
Blockstream CEO Adam Back, one of the crypto’s early pioneers, is pretty confident Bitcoin will hit an all-time high of over $100,000 before Bitcoin's halving in 2024 — and is willing to drop a million wagering on it.
Binance sold USDC for another stablecoin, Coinbase CEO (4 min read)
Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD.
Coinbase CEO Brian Armstrong mentioned that Binance transferred funds from USDC to a different stablecoin. However, the market cap of USDC has remained stable.
Decentralized asset management system launches for Arbitrum, Optimism (3 min read)
Decentralized asset management platform Valio has launched publicly, according to an announcement from the platform’s team. The new protocol allows users to have their funds managed by professional traders without having to trust these traders as custodians.
Controversy as MakerDAO’s Spark Protocol blocks users with VPNs (3 min read)
Users attempting to access Spark Protocol with a virtual private network will not be able to, sparking criticism from supporters of privacy.
MakerDAO, one of the early pioneers of decentralized finance, has sparked criticism over its decision to block virtual private network (VPN) users from accessing its recently launched lending platform, Spark Protocol.
BUSINESS
Elon Musk rebrands Twitter Blue subscription services to X Premium (3 min read)
Elon Musk renamed Twitter's subscription service Twitter Blue to X Premium after rebranding the social media platform as X.
The X Premium subscription offers subscribers the opportunity to earn a share of the ad revenue based on their engagement on the platform.
CoinGecko now has an index for crypto tokens alleged as securities (2 min read)
According to CoinGecko, nearly $85 billion worth of crypto falls under the category of “alleged SEC securities.”
CoinGecko launched a new index tracking the biggest crypto tokens viewed as likely securities by the United States Securities and Exchange Commission.
Curve Finance opens bounty after exploiter’s return deadline expires (2 min read)
Curve Finance is extending a $1.85 million bug bounty offer to anyone who can identify the exploiter of its stable pools.
Decentralized finance (DeFi) protocol Curve Finance is extending a bug bounty offer to anyone who is able to identify the exploiter responsible for draining over $61 million from its pools on July 30.
Huobi refutes insolvency and leadership arrest rumors (2 min read)
The exchange faces ongoing rumors about its falling stablecoin reserves and an alleged investigation by Chinese authorities.
Huobi, a cryptocurrency exchange, denied rumors of insolvency. The rumors were based on data showing $64 million in outflows between August 5th and 6th. These rumors arose during ongoing investigations by Chinese authorities.
QUICK LINKS
Singapore commits $112M to support fintech solutions like Web3 (2 min read)
Singapore’s central bank recognized the importance of partnering with industry players to support solutions from emerging technologies like Web3.
The Monetary Authority of Singapore (MAS) will provide 150 million Singapore dollars ($112 million) to support financial technology solutions like Web3.
Singapore Red Cross starts accepting crypto donations (1 min read)
Singapore Red Cross has partnered with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore. This partnership allows anonymous donations in cryptocurrency. All donations will be converted into fiat currency and settled via bank transfer within one business day.
India House passes bill to ease BigTech data compliance (2 min read)
The lower house of the Indian parliament approved updates to a bill that would ease data storage, processing, and transfer standards for BigTech companies.
India's lower house of parliament approved a bill that will relax data compliance regulations for Big Tech companies, as reported by Bloomberg.
UK to expand crypto crime agency, hiring spree underway (2 min read)
The job involves investigating crypto fraud, money laundering, and other blockchain-based crimes performed by organized groups.
The United Kingdom’s National Crime Agency (NCA) wants to expand its digital asset investigation team by hiring four senior investigators for its Complex Financial Crime Team to work on crypto-related crimes.
Universities are ‘critical players’ for the future of Web3 — LBank Labs exec (2 min read)
Czhang Lin said it’s important for universities to understand Web3 and guide students toward the right vision.
Universities have a “critical” role to play in nurturing the next generation of Web3 talent, and academia must understand it to guide students toward the right vision, according to Czhang Lin, an IC board member of Web3 venture fund LBank Labs.
OPNX exchange bids for crypto lender Hodlnaut in Singapore: Report (2 min read)
Approved deal: $30 million worth of FLEX tokens injected into Hodlnaut to cover creditors' payout and claims.
Crypto lender Hodlnaut appears to have found a white knight investor to exit its bankruptcy proceedings. According to a Bloomberg report, OPNX exchange has made an offer to take over 75% of the company.