Venezuela’s President Nicolas Maduro has ordered a ban on social media platform X for 10 days amid an uproar in the country over a disputed election.

Row with social media platform owner Elon Musk escalates after Maduro was declared the winner of last month’s election.

Accusing X owner Elon Musk of “inciting hate and fasicism”, Maduro on Thursday said he signed a resolution presented by telecommunications regulator Conatel which “has decided to take social network X, formerly known as Twitter, out of circulation for 10 days”.

“Elon Musk is the owner of X and has violated all the rules of the social network itself,” Maduro said following a march by pro-government groups.

“X get out of Venezuela for 10 days!” he said in a speech that was broadcast on state television.

Election authorities declared Maduro the winner of the July 28 election with 51.2 percent of votes, but have yet to release detailed results. 

It said opposition candidate Edmundo Gonzalez Urrutia, who had been leading in opinion polls, got 44.2 percent.

The announcement led to widespread accusations of fraud which also spread across social media. Protests from Venezuelans nationwide and abroad broke out demanding Maduro step down and honour a win by Gonzalez.

In a joint statement, the foreign ministers of Brazil, Colombia and Mexico on Thursday called on the National Electoral Council (CNE) to publish the vote tallies.

The opposition says it won in a landslide and warned Thursday of a potential mass exodus if Maduro is allowed to remain in power.

Thailand’s financial regulator (SEC) announced on August 9 the launch of a “regulatory sandbox” designed to “test and refine” cryptocurrency services.

Amid the rapid adoption of crypto and the increasing need for regulation in respective regions, Thailand’s financial regulators announced on August 9 the launch of a “regulatory sandbox” designed to “test and refine” cryptocurrency services.

This regulatory sandbox launch comes against the backdrop of the country’s Securities and Exchange Commission (SEC) step-by-step approach, which began earlier this year. 

The announcement noted:

Earlier in March, the SEC Board passed a resolution approving in principle the establishment of the Digital Asset Regulatory Sandbox. 

Later in May, the SEC conducted a public hearing on this matter to gather comments and suggestions from the public and stakeholders. 

Most of the respondents agreed with the principles and the proposed amendments to the governing regulations.

The regulator added that following these steps comes the issuance of “regulations determining the characteristics of eligible services, the qualifications of participants, and the scope of the Sandbox experiments.”

Digging Deep Into The Sandbox Initiative

The crypto regulatory sandbox launched by the Thailand SEC earlier today is not only seen as a response to the global interest in digital assets and their “transformative” potential for the financial sector but also serves as an “experimental” framework for companies to pilot their crypto-related services without the immediate pressure of full regulatory compliance.

In the announcement, the SEC emphasized that the sandbox is open for applications starting today, encouraging innovators in the digital asset space to participate.

According to the SEC, aside from being a testing ground, the regulatory soundbox would also promote “innovative development in the capital market under a framework of flexible regulation.”

The SEC further outlined specific regulations for the sandbox. These include eligibility criteria for participants and the scope of permissible experiments.

Additionally, services eligible for testing include various digital asset ventures such as exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers.

Participants must also clearly define their services’ scope to mitigate potential risks. The trials within the sandbox are allowed to run for no more than one year from the approval date, with provisions for possible extensions if necessary.

The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Thailand Crypto Stance

So far, Thailand’s stance on crypto has been welcoming compared to other regions. Before today’s crypto regulatory sandbox, the country has since been trying to be friendly with its approach towards the crypto market.

Thailand’s Finance Ministry excluded value-added tax (VAT) on crypto assets trading in February. The announcement said this move was made “to push Thailand towards becoming a digital asset hub.”

https://twitter.com/ThaiPBSWorld/status/1754798508027400546

Cardano (ADA) is poised to launch the highly anticipated Chang hard fork as over 70% of nodes have signaled readiness for the new version.

This milestone suggests that the fork, which aims to enhance decentralization and coordination among nodes, may be announced soon.

The Chang hard fork is a significant update for Cardano, targeting improvements in network decentralization without central oversight. It will rely on nodes running version 9.1.0, and its success hinges on broader node adoption.

While several exchanges have updated their nodes, the community is still awaiting upgrades from major services like Coinbase and Binance.

In the second phase of the Chang hard fork, Cardano will introduce a new governance model proposed by the Intersect organization, including a seven-member interim constitutional committee with community representatives.

This phase will also enable ADA holders to participate in governance more actively, moving beyond simple staking to proposing and voting on future changes.

Charles Hoskinson, Cardano’s creator, continues to develop the project with a vision of a decentralized network that eventually drafts its own constitution. 

The network’s total supply is capped at 45 billion ADA, with a 1 billion ADA treasury to be allocated based on community votes, aiming to balance out any potential dilution effects.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disputed Venezuelan President Nicolas Maduro said in a speech Thursday that he signed a decree ordering telecommunications regulators to ban X for 10 days.

Maduro accused Musk of having “violated all of the rules” of X, and “inciting hatred, fascism, civil war, death and confrontations among Venezuelans.”

Internet monitoring firm NetBlocks confirmed that X is now restricted in Venezuela following Maduro’s order.

Contested Venezuelan President Nicolas Maduro ordered a 10-day ban on social networking site X, cutting off locals’ access to the platform after a feud with Elon Musk.

In a CNBC-translated speech Thursday, Maduro said he signed a decree ordering the Venezuelan telecommunications regulator to block X, as the firm’s owner, Musk, “violated all of the rules of the very social network Twitter, today known as X — all of them. And he has violated [the rules], by inciting hatred, fascism, civil war, death and confrontations among Venezuelans, [he] has violated all of the laws of Venezuela. And in Venezuela there are laws … and we will enforce the laws.”

Venezuela’s National Commission of Telecommunications, or Conatel, will “remove the X social network, previously known as Twitter, out of circulation in Venezuela for 10 days,” allowing X to respond, Maduro added.

Internet monitoring firm NetBlocks confirmed that X is now restricted in Venezuela following Maduro’s order.

Several of the country’s internet service providers were shown cutting off access to the site, with some displaying zero reachability and others showing restricted access, according to a post from NetBlocks on X.

Musk launched a war of words with Maduro, who claimed he clinched a third six-year term in power in a disputed election result.

Musk wrote in a post on X, “Shame on Dictator Maduro” and accused the longtime Venezuelan leader of committing “major election fraud.”

In response, Maduro challenged the technology billionaire to fight him, telling national television: “Elon Musk, I’m ready. I’m not afraid of you … Let’s fight, wherever you want.”

Responding to a X post containing footage of Maduro’s comments, Musk said, “I accept.”

Protests erupted in Venezuela following the 2024 presidential election on July 28, which was marred by allegations of misconduct and electoral fraud.

Maduro’s government has cracked down on the protests, with riot police deployed to quell the unrest.

Both Maduro and his opponent, Edmundo Gonzalez Urrutia, claimed victory in the election, with the national electoral authority declaring Maduro won 51% of the vote.

However, Washington and other foreign governments have cast doubt on the official results. 

The US, which back in April re-imposed sanctions on Venezuela to pressure Maduro’s administration over election concerns, recognized Gonzalez as the winner of the disputed July vote.

Charles Hoskinson, founder of Cardano, recently warned that voting Kamala Harris in the upcoming presidential election would be detrimental to the US crypto industry.

He criticized the Biden-Harris administration for its increasing hostility towards crypto, noting no signs of a more favorable approach.

As I have repeatedly said, the Biden-Harris Whitehouse has a war on crypto. There appears to be no reset. In fact, it appears to be even worse now. A vote for Harris is a vote against the American Crypto industry https://t.co/yRPgfx5gcK

— Charles Hoskinson (@IOHK_Charles) August 9, 2024

Charles Hoskinson’s remarks were in response to Tyler Winklevoss, who criticized the Federal Reserve’s actions against Customers Bank, a known crypto-friendly institution.

Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto "reset" is a scam. The Fed revealed all of this in a 13-page enforcement action it issued this morning against… pic.twitter.com/zhLRRWAH0E

— Tyler Winklevoss (@tyler) August 9, 2024

Winklevoss argued that the Fed’s enforcement lacked solid evidence and claimed it was a move to exert more control over the banking sector’s relationship with crypto. He suggested that if Harris wins, the approval of crypto companies by the Fed could be minimal.

Winklevoss further stated that the Fed’s current actions were mild due to the upcoming election, but anticipated more stringent measures if Harris were to win.

Previously, both Hoskinson and Winklevoss warned that voting for President Joe Biden would negatively impact the American crypto industry. With Harris now leading the campaign, her team is working to attract crypto supporters, even setting up an initiative called “Crypto for Harris.”

In contrast, Charles Hoskinson praised Robert F. Kennedy Jr., a presidential candidate and Bitcoin advocate, highlighting his integrity and support for financial freedom.

I'm looking forward to this conversation. Kennedy is one of the brightest and highest integrity candidates to run for the presidency of my generation. https://t.co/5ib6UyCRBK

— Charles Hoskinson (@IOHK_Charles) August 10, 2024

Kennedy, who has invested significantly in Bitcoin, also proposed that the US should acquire enough Bitcoin to match the value of its gold reserves, aiming to position the nation as the largest Bitcoin holder globally.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Connecticut State Police (CSP), in collaboration with the Statewide Prosecution Bureau, said on Wednesday that they have successfully recovered over $63,500 for a victim of a cryptocurrency phishing scam. 

The incident, reported in April by a Cheshire resident, involved the loss of over $68,000 in cryptocurrency through a fraudulent scheme offering new tokens. 

Utilizing blockchain analytics, CSP detectives traced the stolen funds to the suspect’s digital wallet, where most of the cryptocurrency remained. Legal actions led to the seizure of more than $63,500, which was then returned to the victim after a motion was filed in Meriden Superior Court. 

The ongoing investigation has uncovered multiple victims across the United States. 

The CSP Cryptocurrency Working Group warns residents to avoid unsolicited offers related to cash, cryptocurrency, or investments and advises against sharing personal or financial information with unknown individuals. 

Potential fraud victims are urged to contact the CSP via email.

In a recent discussion, Sheila Warren said that there is likely to be a change in leadership at the SEC irrespective of who wins the election.

In a recent discussion, Sheila Warren, CEO of the Crypto Council for Innovation, addressed the potential implications if Vice President Kamala Harris were to win the presidential election in November. 

In an interview with The Paul Barron Network, when asked about the future of Senator Elizabeth Warren’s position on the Senate Banking Committee and the fate of SEC Chair Gary Gensler, Warren clarified a few points.

Firstly, she said that the SEC is supposed to be an independent, non-partisan agency. However, under Gensler’s leadership, it has become increasingly politicized, a development that has frustrated many across various industries, not just within the cryptocurrency sector. 

This shift in the SEC’s role has made Gensler unpopular among a broad range of industry players, including exchanges and other financial entities, who feel victimized by his aggressive regulatory stance.

Sheila Warren speculated that regardless of whether Harris or a Republican candidate wins the presidency, there is likely to be a change in leadership at the SEC. 

She said that Gensler’s unpopularity is widespread, making his continuation as SEC Chair uncertain. Traditionally, a new president often leads to a change in the SEC Chair, especially if the chair was appointed by the previous administration.

Harris, if elected, is expected to make changes in various governmental areas, including national security and antitrust, which could extend to the SEC. 

While Gensler’s term officially lasts until 2026, Warren pointed out that the pressure might lead to his resignation or a demotion to a commissioner role within the SEC.

They also discussed the broader impact of Gensler’s tenure. His stringent regulatory approach has not only sparked criticism but has also galvanized Congress into more active discussions on cryptocurrency regulation. 

She said, “The reality is that Gary Gensler has politicized the agency, which is a big problem. So I think it would be shocking if, certainly, if Trump wins, we’re going to have a change over there. If Harris wins, I actually think we’d still have a change over there because the reality, and the thing I think people in crypto miss, is that Gary Gensler is not popular among a broad variety of industry actors, not just crypto.”

Michael Saylor emphasized that Bitcoin is the only truly global capital market, operating even when all other markets are closed.

Bitcoin is recovering from its recent losses earlier this week. Michael Saylor, executive chairman of MicroStrategy, shared his thoughts on Market Domination about the cryptocurrency’s recent movement and his bullish outlook.

Saylor emphasized that Bitcoin is the only truly global capital market, operating even when all other markets are closed. He explained that its volatility is a necessary trade-off for creating instant global liquidity and credit availability. According to him, Bitcoin’s performance last week demonstrated its efficient functioning, which is crucial to its success.

Despite Bitcoin’s recent dip, Saylor views the volatility as a sign of strong energy. He believes that the future is digital, and there is a race to dominate cyberspace.

In his opinion, empires are built and defended by various forms of power, including digital power. Saylor sees Bitcoin as a representation of digital power and ownership of cyberspace, making it a valuable investment.

He highlighted that Bitcoin has appreciated 55% annually over the past four years, compared to the S&P 500’s 13% appreciation and a 5% depreciation in bonds.

Saylor also mentioned that MicroStrategy is continuously buying Bitcoin, regardless of market conditions. He expects Bitcoin to keep appreciating as a form of digital capital, reinforcing his belief in its long-term potential.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

In Costa Rica, a band of visiting Israeli tourists became the latest in a long line of victims to a stunning beach city robbery. 

11 Israelis visiting Costa Rica were attacked by 8 men who overpowered their security guard and robbed them of $700,000 worth of bitcoin. Analysis of surveillance footage leads investigators to suspect the robbers are current or former police.https://t.co/f09114S8e6

— Jameson Lopp (@lopp) August 9, 2024

Eleven visiting Israeli tourists off to a social gathering lost around $700,000 worth of Bitcoin. This is one of the most noteworthy events in the saga concerning the security challenges that surround cryptocurrency.

Details Of The Incident

The incident occurred on 10th August 2024 in Puntarenas. This is one of the famous beach destinations that is accompanied by a perfect tourist scene. 

While having a good time as a group in this vacation area, they were attacked by some armed robbers who wanted them to surrender their valuables.

In particular, the attackers were targeting their cryptocurrency wallet stored digitally. The incident points to the risks of carrying huge amounts of cryptocurrency, especially when visiting foreign countries.

The local authorities are investigating the incident, but little has come out of it.

Eyewitness accounts indicated that the robbers did their job in almost unbelievable speed and precision, raising many red flags regarding the level of its planning. 

Costa Rica has been one of the favorite places to visit for tourists, especially those from Israel, because of its beauty and the friendliness of its people. This robbery may further dent the reputation of this country as a safe destination for holidaymakers.

Cryptocurrency Crime On The Rise

This incident is part of a wider trend of rising crime related to cryptocurrency. Digital currencies attract criminal elements, who see opportunities in taking advantage of people who do not realize the risks of dealings. Of course, thieves are especially drawn to decentralized cryptocurrencies like Bitcoin, irrevocably transferred and hence hard to trace.

Experts are, however, warning travelers to use such digital currencies with utmost care, especially in unfamiliar places. Many people are still unaware of how their digital assets should be protected—therefore, this makes them pretty easy to be preyed upon by ill-intentioned cyber-criminals.

The authorities of Costa Rica have been urged to enhance the security level around places of tourist attractions to ensure that no such cases occur again.

Cota Rica: Implication For Tourism And Security

The fallout from this robbery could be perpetual in Costa Rica tourism. While adventure seekers and tourists are finding a haven in this country, such incidents may turn them off. 

Guests’ safety stands as the first concern, and with the news of such a high-profile robbery, some may not be so quick to plan a vacation to that destination.

The local tourist authorities are trying to reassure potential visitors that steps are being taken to improve safety. Among these are more police on the streets in areas popular with tourists and educational campaigns highlighting cryptocurrency security. 

It remains to be seen whether such initiatives will be effective in restoring confidence among the locals and foreign holidaymakers.

Recent Etherscan data shows 12 transactions linked to the 2021 AnubisDAO rug pull, with 7 transfers totalling 2.1 ETH.

AnubisDAO defrauded investors of $60 million in October 2021 through a quick exit scheme.

Nearly three years since the infamous AnubisDAO rug pull that saw $60 million vanish from investors, suspicious transactions linked to the case have resurfaced.

New Suspicious Transactions Linked To AnubisDAO Rug Pull

According to data from Etherscan, 12 transactions labeled “AnubisDAO Liquidity Rug 1” have just re-appeared. Seven of them, amounting to about 2.1 ETH, have been sent elsewhere. 

All these developments, viewed against the backdrop of the activity surging, prompted the crypto community to voice their concerns, thereby hinting at another probable scamming attempt at hand.

AnubisDAO, created on October 28, 2021, had aimed to ride the meme coin mania because of its branding after the ancient Egyptian god Anubis.

The project was an attempt to mix liquidity bonding mechanisms with a treasury of Shiba Inu tokens. After the token sale on Copper, everything seemed to kick off well. But then, within 24 hours, approximately 13,597 ETH had been siphoned from the sale pool to some unknown Ethereum address.

AnubisDAO Rug Pull: Stunning Events of 2021

The anonymous creators of AnubisDAO conducted what has now been adjudged as one of the biggest rug pulls ever witnessed in DeFi history, which resulted in investors losing a sum equivalent to about $60 million.

Following the event, the crypto community reacted, with user 0xSisyphus offering a bounty of up to 1,000 ETH for information on the current holder of the stolen funds. 

At the peak times when the price of Bitcoin reached $68,000 in 2021, accompanied by all the lavishness of DeFi platforms with pre-sale movements, the AnubisDAO rug pull made many investors reconsider.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

On August 9, 2024, the Thailand SEC launched its Digital Asset Regulatory Sandbox, aiming to drive innovation within the country’s Bitcoin and digital asset industries.

This initiative creates a controlled environment where firms can test new cryptocurrency services under a flexible regulatory framework.

The sandbox, approved earlier this year in March and refined after positive public feedback in May, will allow participants to trial services while ensuring they adhere to Thai regulatory standards.

Eligible companies include those involved in crypto exchanges, asset brokerage, virtual asset dealing, fund management, advisory services, and custodial wallets. To participate, companies must demonstrate strong financial stability, effective management structures, and secure operations, along with clearly defining their service scope to mitigate potential risks.

This new framework is expected to stimulate growth in Thailand’s digital asset market by attracting both local and international players, potentially boosting innovation and competition.

Binance TH, which recently began operations in Thailand, may join the sandbox, which could further enhance its service offerings and set a precedent for other major entities. 

The move aligns with a broader trend in Asia, where similar regulatory initiatives are being introduced to foster digital asset innovation.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Top Crypto Analyst Miles Deutscher Sees Solana Potentially Hitting $1000 with 5-10x Upside

Solana Maintains Strong Performance Despite Market Fluctuations and Rising Meme Coin Interest

Upcoming Firedancer Upgrade and Institutional Adoption Could Boost Solana’s Price

Solana (SOL) has been one of the top performers in the current crypto cycle, boasting a 20x increase from its bear market lows. 

Yet, according to renowned crypto analyst Miles Deutscher, the rally may just be beginning, with the potential for a 5-10x upside that could see SOL reach $1,000. Here’s a breakdown of the 10 solid reasons fueling this bullish outlook.

Solana has been one of the strongest performers this cycle, up 20x from its bear market lows.

However, the party is just getting started.

I dug through the data, and shockingly, a $1,000 SOL may not be as crazy as it sounds.

: 10 reasons why $SOL is set for 5-10x upside.

— Miles Deutscher (@milesdeutscher) August 9, 2024

1. Consistent Relative Strength

One of the key reasons for SOL’s success is its consistent relative strength. Despite market fluctuations, Solana has maintained its prominence, largely driven by its dominance in the meme coin space. 

2. All-Time High in Mindshare

Remarkably, during major events like the Bitcoin conference, Solana ranked second only to Bitcoin in terms of mindshare. This strong attention has created a feedback loop, driving both price and further interest in the token.

3. Solana: The Casino of the Crypto World

Deutscher likens Solana to a crowded casino, where the SOL token acts as chips and meme coins as the games. The more participants enter the ecosystem, the more value is surged. 

Solana’s user-friendly platforms, like Phantom, make it easier for new retail investors to get started, positioning the network to capture even more market share as interest in crypto rises.

4. Market Cap Potential with Ethereum

Solana’s market cap, relative to Ethereum’s, presents significant upside potential. Currently valued at 4.4x ETH, SOL could see its price skyrocket if ETH reaches $5,000, potentially pushing SOL to between $660 and $1,320. 

5. Leading DeFi User Growth

Additionally, Solana is leading the way in new DeFi users, outpacing major networks like Bitcoin and Tron. This growth is driven by the booming meme coin market, further solidifying Solana’s position in the DeFi space.

6. Record-Breaking TVL

Solana’s Total Value Locked (TVL) recently reached its highest level since January 2022, surpassing $5.367 billion. Additionally, SOL’s decentralized exchange (DEX) volume has exceeded Ethereum’s on a 30-day trailing basis, signaling robust activity within the ecosystem.

7. Revenue Leadership

On July 29th, Solana generated more revenue than Ethereum, Optimism, Arbitrum, and Base combined. This surge in revenue highlights the strength of Solana’s ecosystem, particularly its role as a “meme coin casino.”

8. Firedancer: A Major Upgrade

Solana’s upcoming Firedancer upgrade is poised to be its most significant yet. As a second validator client, Firedancer aims to scale Solana’s transactions per second (TPS) to 1 million on the testnet, enhancing network efficiency and reducing vulnerabilities, making the blockchain more attractive to institutional investors.

9. Institutional Adoption

Speaking of institutions, asset managers like Hamilton Lane, with $920 billion under management, are already launching funds on Solana, highlighting its growing appeal. This shift indicates Solana’s ability to compete with Ethereum in sectors like Real World Assets (RWAs).

10. Impact of SOL ETFs

Finally, the recent filing of a SOL ETF by VanEck could be a game-changer. If approved, it would pave the way for significant institutional capital to flow into Solana. Other major players like BlackRock and Fidelity are likely to follow, further boosting SOL’s price potential.

Solana (SOL) is currently trading at $153.59, reflecting a 2.4% drop over the past 24 hours. The cryptocurrency boasts a market cap of $71.6 billion. 

Meanwhile, data from DefiLlama reveals that the total value locked (TVL) on Solana’s blockchain has experienced significant growth, increasing from $1.533 billion in January to $4.972 billion at present.

OKX CEO Star Xu warned users that deposit to and withdrawals from sanctioned crypto platforms, including Garantex and Tornado Cash, could result in freezing your funds.

OKX CEO Star Xu has warned users about the risks surrounding the sanctioned crypto mixer Tornado Cash.

In an August 9 statement on the X platform, Xu stressed that deposits from sanctioned entities, including Garantex and Tornado Cash, or withdrawals to those entities, could trigger compliance risks and result in account suspensions.

被制裁的人无法在okx成功开户。

对于已经开户成功用户：1. 从被制裁的主体比如 Garantex和 Tornado cash充值到okx 2. 从okx提币去被制裁的主体

都会触发合规风控，导致被清退账户。

制裁和普通人很遥远，大部分人完全不需要担心。 https://t.co/MTJ7OtQRny

— Star (@star_okx) August 9, 2024

Xu emphasized that OKX strictly adheres to all relevant sanctions policies, including those imposed by the U.S.

As a consequence, the exchange does not accept customers on the Specially Designated Nationals (SDN) List and cannot provide services to sanctioned individuals or entities.

He clarified that this policy has been in place for some time and is not new. 

Xu said:

“If our sanctions controls are triggered due to deposits from or withdrawals to a sanctioned exchange or DeFi protocol such as Garantex or Tornado Cash, our compliance team can freeze the associated funds and off-board the account.”

This warning follows a public call by an X user known as Satoshi Friends, who urged users from the Commonwealth of Independent States to withdraw their funds from the platform.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Irish police has seized €6.5 million ($7.1 million) in crypto from three individuals arrested in Dublin for suspected involvement in dark web crimes and money laundering.

The Garda National Cyber Crime Bureau reported the confiscation of various cryptocurrencies, including Bitcoin and Monero, as well as a luxury watch worth €120,000 ($131,000) and two vehicles totaling €220,000 ($240,000).

The raid, carried out on Monday, led to the arrests of a 23-year-old man, a 49-year-old man, and a 32-year-old woman. 

The men face charges related to supporting a criminal group, while the woman is accused of money laundering violations.

Detective Superintendent Michael Mullen described the operation as the result of a complex investigation into dark web activities. According to the BBC, the older man and the woman have been released pending further legal procedures, while the younger man remains in custody.

This operation adds to Ireland’s efforts in seizing crypto assets linked to criminal activities, joining similar efforts in the UK, which has confiscated 61,245 bitcoins worth $3.5 billion. 

The seized cryptocurrency’s future handling will be determined by the case’s legal outcome.

Floki’s flagship metaverse Valhalla game partnered with Sunderland AFC for the full 2024-2025 season.

Floki officially announced that Valhalla partnered with Sunderland AFC for the full 2024/25 season as the club’s main back-of-shirt sponsor.

Valhalla partners with Sunderland AFC for the full 24/25 season

We are proud to announce that Valhalla, our flagship Play-to-Earn MMORPG, is partnering with Sunderland AFC for the full 24/25 season as a prominent back-of-shirt sponsor!

Key highlights of this partnership:– 4… pic.twitter.com/bdbPLMkEif

— FLOKI (@RealFlokiInu) August 9, 2024

Floki’s new partnership is aiming to boost the meme coin’s real-world adoption, with traders predicting a bull run for the meme coin.  

With this collaboration, Floki’s Valhalla game will be showcased in front of a TV audience of over 21 million across 4,500+ broadcast hours. It will also be now visible to Sunderland’s more than 4 million social media followers.

Floki Inu hopes to make Valhalla a household name in the gaming and crypto space, accelerating adoption for the meme coin through this partnership.

In a separate development, Floki announced the upcoming launch of Simon’s Cat token in TokenFi. Simon’s Cat token is the first major cat meme coin on BNB Chain. Simon Cat will airdrop partial supply to Floki holders.  

Happy International Cat Day, Vikings!

As we celebrate Floki's feline friends, we're thrilled to announce the upcoming launch of Simon's Cat token on #TokenFi. This popular cat meme brand is about to make waves in the crypto world, and #Floki is proud to play a role in it!… pic.twitter.com/HAB7y7kIQG

— FLOKI (@RealFlokiInu) August 8, 2024

Data shows large transaction volumes decreased by 83.1%, while daily active addresses dropped by 15.2%. Over the past seven days, transactions greater than $100,000 increased from 8 to 17 transactions as of August 8.

Despite price volatility, 71% of Floki holders are currently making a profit. Over the past month, the meme coin is down 12.7%.

The meme coin boasts 86% concentration by large holders. Crypto trader Shelby stated in his latest tweet that Floki is not just a meme but it is a “gaming movement.” He believes that this new partnership will place Floki ahead of Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe based on real-world adoption and utility.

Another crypto trader thinks that the price correction could be complete, but there is still one last final wave down to fill the wick.

 Based on technical analysis, early December could be of some significance for Floki. He concluded, “And while the current read is that the next wave up completes a larger degree (iii) there is still room for a (v).”

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

As the government works to create a more ordered legal environment for crypto assets, Turkey is seeing an increase in digital currency license applications.

This trend, which is fueled by a combination of legal clarity and economic considerations, shows how eager crypto companies are to operate in the country.

The continuous devaluation of the Turkish lira and high inflation rates have driven many people to look for other investment possibilities, hence increasing the demand for cryptocurrencies.

Crypto Assets: Development In Regulations

Currently under final considerations, the Turkish government calls on virtual asset service providers (VASPs) to secure permits from the Capital Markets Board (CMB). 

This program aims to improve investor security and provide a safe space for trading cryptocurrencies.

The CMB is keeping an eye on things to make sure they follow the rules. This is very important for gaining investor trust and moving Turkey towards world norms.

Turkey ranks well in worldwide adoption rates and has become one of the fastest-growing bitcoin markets in recent years. 

Reports state that over the last year, the nation has experienced an eleven-fold rise in crypto use; many of the people are turning to digital assets as a hedge against economic uncertainty.

Turkey may not have complete crypto laws at the moment, but there are rules to control the industry. In January, Turkey’s Minister of Finance and Treasury, Mehmet Simsek, hinted that the country’s crypto draft was nearly complete. But the much-anticipated bill is still missing from parliament.

Economic Aspects Encouraging Adoption

Crypto interest has been sparked by the country’s economic situation. Many of the people are looking for fresh ways to protect their investments since inflation in August 2023 is over 60% and the value of money is at lowest points. 

The falling lira has made cryptocurrencies a desirable avenue for diversification and saving.

According to Chainalysis, Turkey’s cryptocurrency market is the fourth largest in the world with over $170 billion in trading volume. This places Turkey’s bitcoin market ahead of Germany, Russia, Canada, Vietnam, and Thailand.

Paribu, a local cryptocurrency exchange, has experienced an increase in trading volumes, particularly in stablecoins such as USDT. Investors in Turkey frequently implement stablecoins as a means of mitigating currency risk.

This change underscores a more general trend in which individuals are increasingly utilizing digital assets to protect their finances during difficult times, in addition to investment purposes.

The Road Ahead

Turkey is currently working on its rules for cryptocurrencies, which shows that the industry has a lot of potential for the future. To encourage creativity and bring in foreign capital, the government wants to make the system clear.

Meanwhile, the building of the Istanbul Financial Center to encourage the spread of fintech will create an ideal environment for the advancement of blockchain and bitcoin-related projects.

The SEC has subpoenaed at least 3 crypto VC firms, requesting they provide all contracts pertaining to token deals they have conducted, according to a report from DL News.

However, the 3 subpoenaed VC firms were not named in the report.

One subpoena, titled “In the matter of certain crypto asset offering intermediaries,” was viewed by DL News, and shows that the SEC is investigating potential VC firms violations of federal securities laws.

The report does not name any of the specific firms being targeted by the SEC action. A 2022 report from The Information on planned SEC action reported that the “most prolific of these investors, such as Andreessen Horowitz and Paradigm, would be the likeliest to get requests for information from the SEC, lawyers said.”

The SEC is focusing on whether crypto VCs are acting as “statutory underwriters,” which involves distributing securities to the public without proper registration.

A securities attorney noted that this focus on VCs is a “natural additional enforcement area” for the SEC.

Despite broad criticism of the SEC’s war on the crypto industry, it’s clear the agency is continuing to aggressively pursue cases against the full spectrum of industry players. 

The dynamic the SEC looks to be investigating is whether VC firms are effectively marketing tokens to the public, “poisoning the initial issuance.” 

Given the interplay of market makers, venture funds, and other financial actors in crypto, it is not hard to imagine the extent of this investigation deepening beyond the initial three unnamed VC firms who have received subpoenas.

The City of Santa Monica, California, has created a Bitcoin Office to provide education, identify economic opportunities and solidify the city’s position as a hub of Bitcoin innovation. 

The office is working closely with Proof of Workforce, a nonprofit organization focused on Bitcoin education for the workforce, unions and pension funds.

The new city office was created by unanimous vote of the Santa Monica city council on July 11. The office’s webpage appeared on the city’s website on the evening of Aug. 8. Although the office’s webpage does not suggest any concrete measures, the city will host a Bitcoin festival in October.

An Educational And Promotional Effort

The Santa Monica Bitcoin Office is “an education-based community initiative coordinated by the Proof of Workforce Foundation (Not Financial Advice),” according to its X profile. 

The office’s webpage contains a lengthy disclaimer warning readers of the risks of cryptocurrency investment. 

It specified:

“In addition to providing education, the Bitcoin Office’s mission is also focused on identifying and facilitating Bitcoin industry partnerships that actively support Santa Monica’s economic recovery and cultivate new employment opportunities.”

The Proof of Workforce Foundation was founded by Santa Monica firefighter and former firefighters’ union president Dominick Bei in 2023. 

The organization, which has 501 (c)(4) nonprofit tax status, “aims to empower unions, workers, and organizations to discover ways in which Bitcoin can enhance their mission and well-being.”

It is not required to disclose its donors. The nonprofit is not charging the city for its coordination efforts.

A Bitcoin Festival Is Revived

The city is promoting the Bitcoin Peer to Pier Festival, which seems to be related to an event that was intended to be sponsored by Swan Bitcoin. 

On Aug. 5, Swan announced that it was canceling its Pacific Bitcoin Festival to be held in Santa Monica, on the heels of a staff reduction.

We are excited to learn about #Bitcoin Peer-to-Peer …

Please Join Us!

Follow @SMBitcoinOffice for official updates and more information soon…Dates subject to change pic.twitter.com/hcgCgQUOaf

— Santa Monica Bitcoin Office (@SMBitcoinOffice) August 9, 2024

The two-day event planned by Swan would be replaced by a more modest event on Oct. 17, the company said. The event being promoted by the city is scheduled for Oct. 18.

Crypto execs unleash their fury at Democrats’ officials, turning a diplomatic Zoom meeting into a heated verbal showdown.

Democrats are working to undo crypto industry damage under Biden’s watch.

A meeting between industry execs and Democrats marked a move toward mending strained relations.

Crypto execs blasted government officials about the White House’s approach to regulation.

As the November election nears, the debate over cryptocurrency has become increasingly politicized. 

Presidential candidate Donald Trump has been a vocal supporter of the crypto industry, a stance that has pressured the Democrats to reconsider their position on digital assets. 

In response to this challenge, Democrats are taking advantage of Joe Biden’s withdrawal from the presidential race to repair their strained relationship with the crypto industry. 

The party’s efforts to regain the support of crypto enthusiasts follow a period of regulatory crackdowns and accusations of deliberate de-banking. However, a recent meeting to open dialogue with the crypto industry soon devolved into chaos.

Democrat Officials Get Yelled At

A Zoom meeting held on Thursday, aimed at repairing relations between Democrats and crypto execs while rallying support for Kamala Harris’ election campaign, quickly spiraled into mayhem. 

The call featured high-ranking government officials, including deputy treasury secretary Wally Adeyemo and deputy director of the National Economic Council Lael Brainard, alongside executives from leading crypto firms such as Ripple, Coinbase, Kraken, and Uniswap.

Fox Business reported that the meeting saw crypto execs forcibly expressing their frustrations, directing sharp criticism at Democrat officials over what they saw as regulatory overreach and the damage inflicted on the industry during Biden’s watch. 

The conversation grew heated, with executives reportedly shouting their grievances, though reports did not provide details on how the officials responded to the outbursts.

Tensions escalated when Adeyemo denied allegations of a deliberate effort to de-bank crypto firms. 

In response, a crypto executive asked the industry attendees to indicate if their companies had been de-banking. The majority of industry representatives raised their hands, casting doubt on Adeyemo’s statement.

De-Banking Emerges as a Major Industry Concern

Picking up on the de-banking thread, Laura Shin, host of the Unchained Podcast, took to social media to survey her followers about their de-banking experiences. 

https://twitter.com/laurashin/status/1821721818283053489

Her informal poll received affirmative responses from several prominent crypto figures, including Erik Voorhees of Shapeshift, Tyler Winklevoss of Gemini, and David Bailey of Bitcoin Magazine, to name a few.

Although Shin’s social media survey lacked statistical rigor, it still highlighted ongoing concerns about a deliberate attempt to stifle the crypto industry, in what VC Nic Carter labeled Operation Chokepoint 2.0.

Is Operation Chokepoint 2.0 Real?

Carter first coined the term Operation Chokepoint 2.0 in early 2023 to describe what he saw as attempts to isolate the crypto industry from the banking system. 

This concept gained traction during a time of heightened regulatory scrutiny in the crypto sector, marked by high-profile SEC enforcement actions against companies like Gemini, Nexo, and Kraken. This period has since been dubbed the ‘War on Crypto’ by many in the industry.

The term Operation Chokepoint 2.0 was derived from the original Operation Chokepoint, an Obama-era initiative from 2013 in which the Department of Justice pressured banks to close the accounts of businesses deemed undesirable, such as gun dealers and payday lenders. 

Critics of the original operation argued that it bypassed due process and imposed ideological preferences through indirect methods. 

However, it’s crucial to note that, despite the controversy surrounding the original operation, there is no concrete evidence of an official Operation Chokepoint 2.0 specifically targeting the crypto industry.

Despite the tensions evident in Thursday’s Zoom meeting, Anthony Scaramucci, founder of Skybridge Capital, felt encouraged due to the government’s willingness to engage with the crypto industry. 

Scaramucci expressed hope for Harris to garner increasing crypto industry support in the run-up to the November election.

The IRS seems to have updated its crypto brokerage tax form, Form 1099-DA, to remove requests for digital wallet addresses, among other information.

The updated Form 1099-DA is slated to go at least partially into effect in 2025.

The United States Internal Revenue Service has updated the draft of its crypto taxation form 1099-DA for crypto brokerage accounts.

“As a refresher, this is the form that ‘brokers’ will start using in 2025 to report digital asset transactions to customers,” wrote Ji Kim, Head of Global Policy, Digital Assets and General Counsel at the Crypto Council for Innovation, on the social media platform X. 

An updated draft 1099-DA form just posted on the IRS website, which reflects the final broker regs issued in June. As a refresher, this is the form that “brokers” will start using in 2025 to report digital asset transactions to customers. https://t.co/NSSu8prl4X

Initial…

— Ji Kim (@_jikim) August 9, 2024

“Initial review reflects that this draft form removed, among other things, wallet addresses, transaction IDs and time acquired. These are important changes.”

Form 1099-DA, which monitors “digital asset proceeds from broker transactions,” is slated to go at least partially into effect in 2025, according to its revised Aug. 8 draft.

The IRS, along with the US Department of the Treasury, first proposed the crypto brokerage taxation form in August 2023. 

Early drafts of the form required filers to submit a digital wallet address and to note whether assets are a “non-covered security.” 

However, members in the crypto industry raised privacy concerns in addition to how the taxation reporting could affect the decentralized finance industry.

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