Crypto Weekly Roundup: Do Kwon Wanted, Solana Outage, And More

Another eventful week in crypto – the Do Kwon situation has developed so much more with the Interpol slapping a red notice on the founder and reports emerging that he attempted to withdraw crypto worth millions. Let’s find out more. 

Bitcoin 

Defunct Terraform Labs founder Do Kwon has reportedly attempted to withdraw Bitcoin worth $69 million from the Luna Foundation Guard shortly after an arrest warrant was issued in his name. 

Altcoins

The Solana Network suffered yet another outage after a misconfigured node took down the entire network on October 1, leaving all pending transactions in limbo. 

The Polkadot network is planning on boosting its mainnet to increase transaction speed by 100 to 1000 times by adopting the “asynchronous backing” technique by the end of this year.

Cosmos hub proposes a slew of changes, including turning ATOM into its reserve currency, at the Cosmoverse conference in Medellin, Colombia. 

The Shimmer Network launch, which took place on the 28th of September, had a ripple effect on IOTA, which made significant gains in anticipation of the launch over the previous week. 

DeFi

GitHub has announced that it has reversed a complete ban on Tornado Cash, meaning code repositories for the Ethereum-based mixer were relisted on the site.

Technology

Global banking messaging system SWIFT is working with crypto data provider Chainlink to develop a proof-of-concept that will allow traditional financial institutions to integrate blockchain technology. 

After being delisted from Binance and WazirX, Circle is expanding the support for its USDC stablecoin to make it available on five additional blockchains. 

Sweden’s central bank has partnered with the Bank for International Settlements (BIS) in a project that aims to test out instant payments for its central bank digital currency (CBDC)

Business

The world’s largest asset manager, Blackrock, has announced the launch of a new Exchange Traded Fund (ETF) to open up access to the blockchain space for its European customers. 

Record label behemoth Warner Music Group has announced a partnership with OpenSea, with the goal of helping its artists expand into Web 3.0. 

Spain’s largest telecommunications firm, Telefónica, announced that it now accepts Bitcoin and other cryptocurrencies for purchases on its technology marketplace.

Sam Bankman-Fried-led FTX has won the protracted bidding war for bankrupt crypto lender Voyager Digital’s assets, with a winning bid of $1.4 billion. 

Regulation

Chairman Rostin Benham of the Commodity Futures Trading Commission pitched for greater regulatory oversight of the crypto sector, claiming that institutions won’t enter the crypto market unless regulatory certainty exists.

Interpol has slapped  Do Kwon with a red notice, which means that the defunct Terraform Labs founder is now a globally wanted person. 

Crypto lending platform Nexo has come under regulatory fire as eight U.S. states have filed lawsuits accusing the lender of offering non-registered securities.

Acknowledging that DeFi would soon expand into the retail space, the Federal Reserve Chair, Jerome Powell, called for the regulation of DeFi. 

Federal Reserve Chair has acknowledged that DeFi would soon permeate the retail space and has thus called for economy-conscious regulation for the sector. 

India’s Enforcement Directorate (ED) has frozen cryptocurrency worth around $1.5 million in relation to an ongoing money-laundering investigation in connection with the gaming app E-Nuggets. 

A recent study found that at least a quarter of Australians have plans to invest in crypto over the next year, despite being concerned about impending industry regulation. 

NFT

Facebook and Instagram’s parent company, Meta, has announced that users of both social media platforms can now connect their wallets and share their NFTs

Source : cryptodaily.co.uk

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