cryptocurrencies

UNCTAD takes aim at crypto in developing world in a series of critical policy briefs

The United Nations Conference on Trade and Development (UNCTAD) released a policy brief Wednesday on cryptocurrency. It is the third brief in a row the agency has dedicated to crypto, and together they represent a detailed assessment of the risks crypto presents for developing economies and options for resolving those risks. UNCTAD Policy Brief No. 102, dated July but newly released, argues that although cryptocurrency can facilitate remittances and encourage financial inclusion, it can also undermine domestic resource mobilization in developing economies by enabling tax evasion by hiding the ownership of financial flows and directing them out of the country. The authors of the brief state, “Cryptocurrencies share all the characteristics of traditional tax havens – the pseudonymity of acco...

DeFi platform Oasis to block wallet addresses deemed at-risk

According to a new community Discord post on Thursday, decentralized finance platform Oasis.app says that sanctioned addresses will no longer be able to access the application. As a result of the change to the terms of service, wallets flagged as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, such category of users must interact directly with the relevant underlying protocol where funds are stored or find another service. In explaining the decision, Oasis.app team member Gabriel said: “We’ve recently needed to update the Terms of Service of the Oasis.app front-end to comply with the relevant laws and regulations. In line with the latest regulations, Oasis.app has an updated Terms of Service. Any sanctioned addresses will no longer ...

Mark Cuban faces class action lawsuit for promoting Voyager crypto products

Mark Cuban, the billionaire entrepreneur who has been quite active in the crypto ecosystem for the past year, is facing a class-action lawsuit over his promotions of the bankrupt crypto brokerage firm Voyager Digital. The Moskowitz Law Firm filed a civil suit in the United States District Court in Southern Florida against Cuban for promoting Voyager’s unregulated crypto products. The lawsuit demanded a jury hearing for the case. The lawsuit alleged Cuban also misrepresented the firm on numerous occasions, making dubious claims of it being cheaper than competitors and offering “commission-free” trading services. Cuban, along with Voyager Digital CEO Stephen Ehrlich, leveraged their years of experience to lure inexperienced customers into investing their life savings in what they called...

Anonymous user sends ETH from Tornado Cash to prominent figures following sanctions

On Tuesday, one day after the U.S. Treasury sanctioned cryptocurrency mixer Tornado Cash for its alleged role in cryptocurrency money laundering operations, intervals of 0.1 Ether (ETH) transactions began materializing from the smart contract to prominent figures such as Coinbase CEO Brian Armstrong and American television host Jimmy Fallon. It is not possible to trace the source of the transactions per Tornado Cash design, and as a result, either one individual or multiple individuals or entities could be involved in the operation. Notable individuals/companies who just received funds from a government-sanctioned entity: – Jimmy Fallon– Shaquille O’Neal– PUMA– Randi Zuckerberg– Logan Paul– Brian Armstrong– Steve Aoki– Uk...

Circle plans to only support Ethereum PoS chain after Merge is complete

On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as an important milestone in the scaling of the Ethereum ecosystem, writing: “USDC has become a core building block for Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped broaden the set of use cases that today rely on Ethereum’s vast suite of capabilities. We understand the responsibility we have for the Ethereum ecosystem and businesses, developers and end users that depend on USDC, and we intend to do the right thing.” Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset ov...

Is your SOL safe? What we know about the Solana hack | Find out now on The Market Report

On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack. To kick things off, we broke down the latest news in the markets this week: Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K? Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report....

Circle freezes blacklisted Tornado Cash smart contract addresses

Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or DApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain.  All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, cons...

Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market.  The stock trader and media personality took to Twitter on Monday to lament his $40,000 investment in the memecoin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.” I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued. https://t.co/qRAyBegQMm — Dave Portnoy (@stoolpresidente) August 8, 2022 Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a scr...

Trend Micro calls out vulnerabilities in metaverse security development

In a new report published by American-Japanese cybersecurity company Trend Micro, the firm said that the Metaverse possesses increasing vulnerabilities that could materialize within the next three to five years. As told by Trend Micro, the top threats to the sector, mainly from a regulatory standpoint, include NFT security concerns, the development of a “darkverse” similar to the dark web, financial fraud, privacy concerns, physical threats, augmented reality (AR) threats, social engineering and traditional information technology attacks. With regard to NFTs, Trend Micro specifically wrote: “NFT ownership is verified using blockchains so they are susceptible to blockchain hijacking attacks. NFTs that rely on smaller blockchains could be vulnerable to a Sybil attack. This is where the attac...

Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers

As reported by local news outlet The Economic Times on Monday, Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, although users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the two exchanges. Three days prior, The Directorate of Enforcement of India alleged that WazirX “actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route” and subsequently froze $8.1 million in bank balances related to the exchange.  Simultaneously, there is an ongoing controversy regarding whether Binance owns the exchange. Last Friday, Changpeng Zhao (CZ), CEO of Binance, said that Binance does not own any equity in WazirX...

Vitalik Buterin proposes stealth addresses for anonymous NFT ownership

Ethereum co-founder Vitalik Buterin has suggested there may be a “low-tech approach” to incorporating privacy features ito nonfungible token, or NFT, transactions. In a Monday post on the Ethereum research channel, Buterin implied Merkle trees and Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or ZK-SNARKs, were a more complicated method for stealth addresses for ERC-721 tokens, while proposing his own solution. The Ethereum co-founder suggested instead that smart contract wallets could include a method that would allow the sender to essentially mask their address to third parties. “You would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is,” said Buterin. Idea: stealth addresses for ERC721s. A low-te...

Nigeria becomes the most crypto-obsessed nation after April crash: Report

The crypto market crash in April saw most cryptocurrencies lose more than 60% of their valuation from the top, leading to an overall downturn in trading activity, investor interest and venture capital investment. A recent study has highlighted nations’ growing curiosity and interest in crypto after the April crash. The research was based on Google Trends data of popular crypto search terms that often reflect increased interest in the crypto market. The search history of each nation was then compiled to give an overall search score. The countries at the top of the list appear to be most eager to buy the dip. The Coingecko research highlighted a significant rise in curiosity among Nigerians after the crypto market downturn in April. The Nigerian population searched the term ‘cryptocurr...