https://thenewscrypto.com/eu-officials-explore-initiatives-to-increase-openness-of-ai-technologies/

• Some of the biggest names in IT have already committed to the EU’s Code of Practice.
• Businesses will need to report on updated AI safety measures by July of this year.

Additional initiatives to increase the openness of AI technologies like OpenAI’s ChatGPT have been explored by European Union officials.

Companies using generative AI technologies that have the “potential to generate disinformation” should mark their material. Vera Jourova, vice president for values and transparency at the European Commission, told the media on June 5. This is part of an attempt to fight “fake news.”

Reporting Updated AI Safety Measures

The necessity for “safeguards” to prevent bad actors from using services that use generative AI, such as Microsoft’s Bing Chat and Google’s Bard, for misinformation was also mentioned by Jourova. The European Union (EU) in 2018 developed its “Code of Practice on Disinformation.” Which serves as an agreement and a tool for actors in the digital sector on self-regulatory norms to fight misinformation.

Some of the biggest names in IT have already committed to the EU’s Code of Practice on Disinformation for 2022. According to Jourova, these businesses and others will need to report on updated AI safety measures by July of this year.

The fact that Twitter left the code of practice was also brought up. With the implication that the firm would be subject to more regulatory oversight.

The EU Artificial Intelligence Act, a comprehensive set of principles for the public use of AI and the corporations deploying it, is now under preparation, which is why the vice president is making these remarks now.

Official European legislation won’t take effect for another two to three years, but in the interim, European authorities have pushed businesses to draught a voluntary code of behavior for generative AI developers.

https://thenewscrypto.com/multichain-multi-price-surges-40-as-cross-chain-bridges-back-online/

• The official Multichain Twitter account, meanwhile, has been silent as of late.
• Earlier, the price of MULTI dropped by 50% in a month.

On-chain specialists verified on June 5 that Multichain protocol transactions were taking place, signaling the return of certain cross-chain bridges. Vice President and admin Tung Dinh of Multichain has verified that router2 has returned to service. The price of Multichain’s native token, MULTI, soared by 40% in a matter of hours after users reported receiving cross-chain payments.

On June 5th, Bobie, creator of the Web3 knowledge graph protocol 0xScope, announced on Twitter that Zksync Era, Kava EVM, and Avax C-Chain are among the Multichain cross-chain bridge services that have resumed operation. He makes a case for or against Zhao Jun’s release from prison as CEO and co-founder of Multichain.

Investors Optimistic on Return

In addition, he showed transaction images from Zksync Era, Kava EVM, and Avax C-Chain, which may indicate that Multichain’s cross-chain bridge services have restarted. The official Multichain Twitter account, meanwhile, has been silent as of late.

Meanwhile, Salience reported that router2 for Multichain has been restored to service. This means the essential bridges are in good shape and can continue functioning regularly. The network administrator has assured everyone that everything is OK with the router.

MULTI, Multichain’s native coin, has had a 40% price increase, however, there was a pullback, and is now trading at $3.97 as per CMC. And after just a few hours, trading volume has surged, suggesting a surge in investor enthusiasm. After Multichain halted cross-chain bridges and CEO Zhao Jun went missing during an investigation, the price of MULTI dropped by 50% in a month.

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https://thenewscrypto.com/senior-analyst-predicts-catastrophic-decline-for-btc-and-crypto-market/

• The senior macro analyst at Bloomberg Intelligence paints a gloomy picture for Bitcoin.
• According to McGlone, the cryptocurrency market is bracing for the first U.S. recession.

Well-known Bloomberg analyst Mike McGlone is skeptical about Bitcoin’s recent price movement. McGlone issued his June Crypto Outlook report, which predicts a catastrophic decline for the flagship cryptocurrency and the whole crypto market in the next months, lending more support to his prediction.

The senior macro analyst at Bloomberg Intelligence paints a gloomy picture of Bitcoin in his analysis, citing a number of potential causes that might lead to the cryptocurrency’s depreciation. Furthermore, he argues that current patterns, fundamental reasons, and the Federal Reserve’s bias imply that Bitcoin’s worst may not yet be over.

Bracing for First U.S Recession

According to McGlone, the cryptocurrency market is bracing for the first U.S. recession, a likely bear market for stocks, bank hesitance in the wake of the FTX, and intense interest rate rivalry. As per his analysis, these variables pose a threat to the long-term viability of Bitcoin and other leading altcoins in the cryptocurrency market.

McGlone’s analysis labels the “biggest liquidity pump in history” leading up to the peak in 2021 as a serious risk factor due to its speculative excesses.

Moreover, McGlone’s examination of the market shows that Bitcoin, Copper, and Chinese equities have been unusually weak relative to the reliable Nasdaq 100 Stock Index. Moreover, the increased anticipation of a Fed rate rise contrasted with the notion that Nasdaq’s success alone may raise the whole market.

As a result of these considerations, he has come to the conclusion that, despite Bitcoin’s growth, it may still be too young to outperform conventional safe-haven assets like gold in the case of a US economic collapse.

https://thenewscrypto.com/terra-classics-joint-l1-releases-v2-1-0-upgrade-proposal/

• This is primarily done so that Terra Classic can compete with other blockchains.
• The v2.1.0 Upgrade proposal has been released and can be read on the Commonwealth site.

The proposal for the upgrade to v2.1.0 of Terra Classic was issued by the Joint L1 Task Force (L1TF) for debate and evaluation on Commonwealth. Since the Terra Classic community gained control of the blockchain in May of last year during the Terra-LUNA dispute, this is one of the most significant changes.

This is primarily done so that Terra Classic can compete with other blockchains like Terra 2.0 and the many Cosmos chains. As a result, developers and projects may once again use the Terra Classic infrastructure.

All Set for June 14

The v2.1.0 Upgrade proposal has been released and can be read on the Commonwealth site, as announced on Twitter by Joint L1 Task Force (LITF) project manager LuncBurnArmy. It also confirmed that the upgrade would take place as planned on June 14 and that the proposal will be put to a vote on June 7.

Edward Kim, a professor and core developer of Terra Classic (LUNC), has said that the parity is necessary for implementing Interchain Accounts (ICA) on the network. ICA will connect the Block Entropy chain of AI applications to the Terra Classic network.

Meanwhile, the Block Entropy TestNet Faucet is where members of the community may get their hands on some Testnet tokens. DeFi‘s DFLunc protocol is also burning LUNC coins to facilitate the acquisition of Block Entropy testnet tokens by its users.

At about 17:21:02 UTC on June 14, the Terra Classic chain will be upgraded to version 2.1.0. Both the block height and the upgrading schedule are flexible. Before proceeding with the upgrade, it is necessary to update to version 2.1.0 on all nodes and validators.

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https://thenewscrypto.com/qatar-central-bank-criticized-by-fatf-over-crypto-aml-implementations/

• The QFCRA issued a ban on the provision of virtual asset services in December 2019.
• The country has disclosed that it is actively studying potential applications for CBDC.

Qatar Central Bank (QCB) has been criticized by the Financial Action Task Force (FATF). This is for failing to effectively implement QCB’s own policies forbidding virtual asset service providers.

To successfully tackle developing kinds of criminal conduct. Such as punishing virtual asset service providers. Qatar has to enhance its skills, as was noted in a report issued on May 31. This was by the global money-laundering and terrorism funding watchdog.

Also, the Qatar Financial Centre Regulatory Authority (QFCRA) issued a ban on the provision of virtual asset services in and from the Qatar Financial Centre in December 2019.

Need to Step Up Investigation Efforts

At the time, the regulatory body issued a warning to any company that distributes or supports the supply or exchange of crypto assets. Saying that penalties will be applied in line with the QFCRA’s rights and duties.

The Financial Action Task Force (FATF) has released a report. It states that although Qatar has achieved “positive and sustained progress.” Especially, in collecting beneficial ownership information for its almost full unified register, more work needs to be done.

Moreover, it has been claimed that Qatar’s “sophisticated analysis capabilities” to uncover cases of money laundering are not being properly exploited. Thus, prompting calls for the country’s authorities to step up their investigation efforts.

In spite of the fact that Qatar has placed a prohibition on companies. That offer services related to virtual assets, the country has disclosed that it is actively studying potential applications for a central bank digital currency (CBDC). Back in June of 2022, it was reported that the QCB had reached the “foundation stage” of the CBDC issuing process.

https://thenewscrypto.com/makerdao-community-votes-in-favor-of-eliminating-usdp-exposure/

• A lack of income from USDP exposure was also cited as a hindrance.
• The voting proposal was to reduce the USDP debt cap from $500 million to zero.

On Thursday, voters decided unanimously to remove Paxos from the reserve asset holdings, after a vote on a governance proposal to reduce the USDP debt cap from $500 million to zero. There were 35 voters that cast a total of 73,249 MKR tokens.

According to the proposal’s authors at MakerDAO risk management business Monet Supply, USDP is less effective than other options like USDC for fostering DAI liquidity. A lack of income from USDP exposure was also cited as a hindrance to MakerDAO’s capital efficiency.

For the Gemini U.S. Dollar (GUSD) stored in MakerDAO’s Peg Stability Module (PSM), MakerDAO receives marketing incentive payments from other stablecoin issuers like Gemini. The defi protocol might get a cut of Coinbase Custody’s profits from the sale of its USDC assets.

Low Trading Volume

In January of this year, Paxos suggested that MakerDAO be charged a marketing fee that would be equal to the Effective Funds Rate on USDP. In return, Paxos asked MakerDAO to consider putting an additional $1.5 billion worth of USDP into the PSM. Paxos predicted that MakerDAO will see an increase in yearly sales of $29 million thanks to the strategy.

The stablecoin’s organic trading volume is rather low, and it is substantially less liquid in both centralized and decentralized marketplaces since MakerDAO controls around half of USDP’s outstanding supply.

Paxos’s Binance stablecoin BUSD was halted from being minted in February after the NY State Department of Financial Services (NYDFS) issued an order to do so. Since then, the market cap of the Paxos-issued stablecoin has decreased by $11 billion.

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https://thenewscrypto.com/ecb-president-signals-upcoming-additional-interest-rate-hikes/

• The ECB President suggests that more rate increases are on the horizon.
• On June 15 and 16, the FOMC will decide on the interest rate in the U.S.

In a speech on Thursday, European Central Bank President Christine Lagarde indicated that additional interest rate rises were likely throughout the continent since it is not yet clear that core inflation in the eurozone has peaked.

In a lecture given Thursday in Hanover, Germany, Lagarde said, “There is no clear evidence that underlying inflation has peaked.”

Eyes Achieving 2% Inflation Goal

Shortly after statistics revealed that inflation in the 20-nation eurozone dropped significantly last month, the central bank’s president spoke, signaling that the hardest monetary-tightening campaign of the euro period may soon come to an end. Lagarde, however, has said that this is not currently the case, suggesting that more rate increases are on the horizon.

Based on current pricing pressures, it seems that at least one more rate increase will be necessary to achieve the 2% inflation goal. On Wednesday, ECB Vice President Luis de Guindos remarked, “could not say that the victory is there so far.” More than one extra quarter-point rate change is probable, according to Madis Muller, another rate-setter.

The head of the European Central Bank has said that monetary policy is being conveyed “forcefully” to credit, and that the action done to date is still having a major influence, despite the fact that authorities aren’t happy with the inflation forecast.

On June 15 and 16, the Federal Open Market Committee (FOMC) will convene to discuss potential future interest rate increases in the United States. The consensus among experts is that the current cycle of interest rate increases has one more increase to come.

https://thenewscrypto.com/investment-bank-td-cowen-announces-closure-of-crypto-division/

• No specific reasons were disclosed by the investment bank
• The international bank established Cowen Digital just last year.

Cowen Digital, the cryptocurrency division of American independent investment bank TD Cowen, has been shut down a little over a year after its establishment, for reasons that have not been made known. In March 2022, the international bank established Cowen Digital to provide institutional customers access to the cryptocurrency market through 16 different cryptocurrencies.

The company hinted at the time that it will also include services related to futures, derivatives, and decentralized finance. In addition, as recently as December, it has added personnel to its approximately 10-person European team.

String of Crypto Firms Shut Down

However, as reported by Bloomberg News, Cowen Digital will be shutting operations as of June 1. The email said, “Today will be the last day for the team here at Cowen Digital.” The email did not explain why the division was closing.

The shutdown coincides with a string of crypto firm failures in 2022 and the financial and regulatory problems facing the United States in 2023. The communication raised the eyebrow that the Cowen Digital team could be trying to continue operating independently.

The email read:

“Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors — through white-glove high and low touch execution, deep knowledge-driven content, corporate access and group educational events. We will continue to try and fulfill that endeavor, but will have to do so in a different home.”

The crypto institutional client unit at Cowen Digital is the second to close in the last week. Earlier on May 25, it was reported that Digital Currency Group (DCG), a venture capital firm, has decided to shut down its primary brokerage subsidiary TradeBlock, effective May 31.

https://thenewscrypto.com/binance-prohibits-trading-of-several-privacy-coins-in-france/

• The crypto token limitations will begin on June 26, 2023.
• The outcome was an instantaneous decline in the value of the leading privacy currencies.

Binance, the largest cryptocurrency exchange in the world, has decided to restrict trade in many privacy currencies, including Monero (XMR), Zcash (ZEC), and Dash (DASH), in France. Emails sent to French customers translate to “local regulatory requirements” as the reason the exchange disabled trading of crypto assets in France.

According to emails that were received on Wednesday, the crypto token limitations will begin on June 26, 2023. The outcome was an instantaneous decline in the value of the leading privacy currencies.

Crackdown on Privacy Coins

The increased governmental monitoring of the cryptocurrency business is already a major issue. And the additional limits on privacy coins just add to that. In the United States, the most substantial financial market, the crypto industry’s largest obstacle comes in the shape of the Securities and Exchange Commission (SEC).

France has joined Dubai’s Virtual Asset Regulatory Authority (VARA) in cracking down on the trade of privacy coins with these new regulations. Meanwhile, the future of these currencies in the weeks leading up to the June 26 deadline for Binance limitations is uncertain.

There is a class of cryptocurrencies known as “privacy coins” that claims to protect users’ anonymity and personal information. Some people have concerns that unlawful operations like money laundering might exploit the anonymity provided by these currencies.

On the other hand, Binance CEO Changpeng Zhao expressed his gratitude for DeSantis and others who have publicly shown their support for the cryptocurrency business. This was during an Ask Me Anything session on Wednesday. For their pro-crypto position, CZ praised both DeSantis and Miami Mayor Francis X. Suarez.

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https://thenewscrypto.com/crypto-com-offers-us-users-to-pay-in-crypto-for-leading-brands-and-earn-rewards/

We are happy to announce that, solely inside the App, US users of the Crypto.com App may now spend 30+ coins on 150+ leading consumer brands spanning fashion, grocery, electronics, and more. Additionally, they will get up to 10% in Pay Rewards on each qualifying purchase* that is made in CRO.

Uncover the list of brands, which includes Apple, Nike, Walmart, Ray-Ban, and GameStop by heading to Crypto.com Pay in the App.**

By utilizing the new One-Time Card function with these premium brands, US customers may earn Pay Rewards. They may simply and securely check out using 30+ cryptocurrencies, including CRO, BTC, ETH, and USDT, by creating a single-use One-Time Card.

To learn how it works and to get going right away, watch this video guide:

Buy now

Users of the Crypto.com App in the US may use this service, and it will soon be accessible in more markets.

*Rewards are only valid for purchases made from the specific merchants listed in the Crypto.com App. The maximum rewards per user per month are US$100. Any benefits you received from that purchase are lost if your payment is canceled or refunded.

**Crypto.com independently established this promotion; there is no affiliation between Crypto.com and the participating retailers. The only authority to alter this offer rests with Crypto.com.

https://thenewscrypto.com/reddits-collectible-avatars-all-set-to-cross-10-million-holders/

• There are around 7.7 million people who have just one collective avatar wallet.
• There was a slow start to 2023, but the number of wallets has tripled in the last six months.

Nearly 11 months after its inception in July 2022, Reddit’s collectible avatars, or “Reddit NFTs,” are nearly 10 million holders. Dune Analytics estimates that as of right now, there are 9,909,465,000,000 people who own Reddit collectible avatars. 

There are around 7.7 million people who have just one collective avatar wallet. In July of 2022, Reddit created a marketplace for collectible avatars on the Ethereum scaling network Polygon. Individual artists and Reddit content makers created the NFTs available in the customizable collection.

Tripled in last 6 Months

The number of people who owned an Avatar increased rapidly after the opening of the collection but stabilized at around 3 million by the end of November. There was a slow start to 2023, but the number of wallets has tripled in the last six months.

The number of people who have an avatar on Reddit has climbed by 80 percent since the beginning of 2023. There are 13.7 million NFT avatars in the Reddit Collectible Avatars collection, giving the market cap a value of $38.4 million.

The data also shows that a total of 303,033 transactions have been made, with a total sales volume of $32.6 million. A user named “ContextMelodic4212” on Reddit congratulated the site on May 28 reaching the milestone, but they also pointed out that part of the increase may be due to bot activity.

Reddit announced on May 26 that it will be supporting Ubisoft’s Rabbids NFT collection. Free Rabbids NFT avatars are in high demand on Reddit, and users are snatching them up quickly.

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https://thenewscrypto.com/collapsed-australian-crypto-exchange-trigonx-all-set-to-relaunch/

• The digital asset exchange was among the several hit hard by FTX’s collapse.
• TrigonX failed to satisfy withdrawal requests thus, administrators were appointed last year.

After collapsing in December with debts of more than $50 million, Australian crypto exchange TrigonX is the latest comeback story to emerge from the FTX failure. The Australian reported on May 29 that TrigonX director Matteo Salerno said the crypto exchange will be revived once a deed of company arrangement was authorized by creditors.

The digital asset exchange, founded in 2014, was among the several hit hard by the FTX’s unexpected collapse in November. On December 16th, when TrigonX failed to satisfy withdrawal requests, administrators were appointed.

Hard Hit by FTX Collapse

Liquidation is not the best option, according to Salerno, who prefers a return to a “better, more certain and expedient dividend” for creditors. The downfall of Trigon was due to many circumstances, including the fall of FTX, according to a study by the law firm Kroll. In addition, consumers sought restitution via the courts, adding insult to injury.

Kroll also looked into many big transactions made to Salerno and his wife just before FTX went down. In response to the Kroll report’s questions, Salerno said that the payments in question were made “in the context of bringing employee entitlements up to date” since the firm was about to be sold.

One of the debtors is the Sydney-based investment firm, King River Capital. According to a report from April in the Australian Financial Review, the company is attempting to recover $9 million from TrigonX which King River had not permitted TrigonX to trade with on FTX. On the other hand, the FTX group has plans to relaunch the collapsed exchange in the upcoming months.

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https://thenewscrypto.com/huobi-offers-spot-trading-virtual-assets-custodian-services-in-hong-kong/

• Before delivering their regulated services, crypto companies must first apply for a license.
• Huobi HK announced that it will be listing BTC, Ethereum, and other major cryptocurrencies.

Huobi HK has filed for a virtual asset exchange license and now offers spot trading & virtual assets custodian services in Hong Kong. According to a post on Twitter, the exchange filed an application notice with the Hong Kong Securities and Futures Commission (SFC) on May 29. Before delivering their regulated services, crypto companies must first apply for the license.

According to the statement, the platform would collaborate with auditors to ensure compliance with and adherence to anti-money laundering rules. The goal is to conform to the standards set by the Securities and Futures Commission in Hong Kong.

Favorable Regulatory Climate

To safeguard retail investors and promote innovation, Hong Kong has just created a crypto licensing scheme for crypto exchanges. The BTSE, JPEX, and OKX are among the companies that have shown interest in applying for the license.

The Huobi main site is where you may access the Hong Kong service. On May 26th, Huobi HK announced that it will be listing Bitcoin, Ethereum, and other major cryptocurrencies.

The exchange stated:

“Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.”

Huobi, a lesser-dominant cryptocurrency exchange compared to Binance, Coinbase, and OKEx, has experienced $12.7 billion in trade activity this month.

The cryptocurrency trading platform has said that it would increase its spending in Southeast Asia, Europe, and other countries, as well as look into potential strategic mergers and acquisitions to further grow its ecosystem.

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https://thenewscrypto.com/bidens-proposed-crypto-mining-tax-blocked-in-debt-ceiling-agreement/

• The Biden administration justified the proposed 30% tax on crypto mining companies earlier.
• The document is still subject to rigorous investigation and discussions in Congress.

It became clear on Sunday that the Digital Asset Mining Energy (DAME) excise tax proposed by the Biden administration was blocked as part of the agreement between President Joe Biden and House Speaker Kevin McCarthy on the U.S. debt ceiling.

The Biden administration justified the proposed 30% tax on crypto mining companies as necessary to mitigate negative effects on the environment and society.

Whether “the Administration’s DAME excise tax proposal is gone?” was a query raised by Riot Platforms’ Vice President of Research Pierre Rochard, because Bitcoin mining wasn’t mentioned in the text of the measure, which was called the “Fiscal Responsibility 5 Act of 2023.”

Warren Davidson, U.S. Congressman Warren Davidson (R-OH-08), tweeted:

“Yes, one of the victories is blocking proposed taxes.”

Subject to Further Approval

The debt ceiling deal is a comprehensive 99-page law that aims to postpone the nation’s debt limit until 2025, averting a federal default, while also setting constraints on government spending. The document is still subject to rigorous investigation and discussions in Congress.

In March of this year, the concept of imposing a tax on the use of energy was first proposed. Despite the vast variations in energy use, the proposed Digital Asset Mining Energy (DAME) tax would be levied upon miners of digital assets running on both Proof-of-Work (PoW) networks like Bitcoin and Proof-of-Stake (PoS) networks like Ethereum.

The proposed tax system would require cryptocurrency miners to report their power use, the worth of that electricity, and whether or not it comes from renewable sources. Off-grid power production, including the recovery of otherwise lost natural gas, would be subject to this rule as well.

https://thenewscrypto.com/blend-emerges-as-leading-nft-lending-platform-with-225-million-volume/

• High-end NFT collections may be borrowed from Blend, such CryptoPunks.
• Blend charges zero protocol fees for both lenders and borrowers.

According to a report by Nansen, the peer-to-peer lending and borrowing platform Blend, established this month by the newly minted non-fungible token marketplace behemoth Blur, has already handled approximately 16,000 loans for a total of 123,500 ETH, or $225 million.

The marketplace Blur soon overtook OpenSea in terms of trading volume when it launched in October of last year. And then introduced an aggressive incentive programme that lured many traders to its platform. According to Nansen, Blend’s success is a big reason why NFT lenders and borrowers like using it.

Dominating the Market Share

Considering that Blend is “arguably the go-to NFT platform for crypto-natives and NFT degens.” Nansen’s prediction that it will develop quickly is not surprising. Incentives like their bidding and listing points system for blur (token) airdrops have greatly aided the marketplace’s meteoric rise in popularity.

In a statement, Nansen claimed to have tracked lending and borrowing on behalf of “1,200 unique borrowers and 1,600 lenders.” High-end NFT collections may be borrowed from Blend, such CryptoPunks and Bored Ape Yacht Club.

The fact that Blend charges “zero protocol fees for both borrowers and lenders,” as Nansen puts it, sets it apart from other peer-to-peer lending platforms. According to Brad Kay, an analyst who keeps tabs on Blend lending using his Dune analytics dashboard. The new NFT lender has cornered 85% of the market this month.

This week, Binance released a new tool that enables clients to borrow crypto using non-fungible tokens as collateral, signaling the exchange’s intention to enter the NFT lending industry.

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https://thenewscrypto.com/nigerian-crypto-firm-patricia-halts-withdrawal-post-exploit/

• The platform has temporarily disabled withdrawals as a security measure.
• A member of the criminal ring responsible for the breach had been identified.

Patricia, a Nigerian platform for buying and selling cryptocurrencies and gift cards, has had a security compromise, forcing swift action to protect its consumers. The platform has temporarily disabled withdrawals as a security measure.

The organization disclosed a security vulnerability that resulted in the loss of Bitcoin and Nigerian naira. Other cryptocurrencies and client assets were safe, it assured users in an email. Customers, however, are unable to get their money out of the system at the moment. Since it is “undergoing internal restructuring.”

Investigation Underway

Patricia didn’t say how much was stolen. But it did say that a member of the criminal ring responsible for the breach had been identified with the aid of the authorities. It pledged to keep collaborating with authorities and other parties in an effort to retrieve the missing funds.

Also, users have resorted to Twitter to vent their frustration with the platform after withdrawals were temporarily disabled. However, they stress that they are always working to make the platform safer.

Moreover, most of the stolen Naira was traced back to a single individual. Who was reportedly identified via the group’s compromised Naira assets. The business has hired a security firm to undertake an assessment of the platform. In an effort to improve its security.

Customers may now again make withdrawals once Patricia Personal, the impacted division, is given the green light to resume operations. The Central Bank of Nigeria (CBN) made it plain that the banking system and cryptocurrency trading will not be connected to safeguard people from illegal and fraudulent crypto operations on the black market.

https://thenewscrypto.com/bitcoin-secures-second-largest-nft-blockchain-rank-amid-ordinals-craze/

• Bitcoin is now the world’s second most popular blockchain for NFTs, behind Ethereum.
• While Solana saw $49 million in NFT transactions over that time, Bitcoin saw $173 million.

Since Counterparty’s Rare Pepes and operation code Easter eggs, the newest iteration of NFTs on Bitcoin, Ordinals, has sprung onto the scene. Bitcoin is now the world’s second most popular blockchain for NFTs, behind Ethereum which is still the most popular blockchain overall.

Ethereum has handled $390 million in on-chain NFT transactions over the last 30 days, whereas Bitcoin is getting close to half that amount. While Solana saw $49 million in NFT transactions over that time, Bitcoin saw $173 million.

Ethereum Clearly Dominates

No one could have imagined a few months ago that Bitcoin would handle approximately half as many NFT transactions as Ethereum. Ethereum has handled almost 38 million NFT transactions since its creation, much surpassing Bitcoin’s 320,000.

Despite this, Ordinals’ meteoric rise in popularity is inspiring new uses for the oldest blockchain in the world, including the safekeeping of works of art, movies, collectibles, tickets, and even video games.

Ordinals protocol is a system that uses wallet software other than Bitcoin Core to serialize bitcoin’s smallest unit of currency, the satoshi. The former Bitcoin Core engineer, Casey Rodamor spent a year working on his own personal “ordwallet” programme, in which he coded and fixed bugs.

Like serial numbers on banknotes, his order numbers have a special significance. Although there is a minimum value of $1 on all notes, uncommon bills with specific serial numbers have more numismatic value.

Ordinals have generated enormous transaction fees for miners, despite the fact that they are primarily of interest to explorers and NFT merchants.

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https://thenewscrypto.com/yearn-finance-hacker-moves-3-6m-via-crypto-mixer-tornado-cash/

• The exploiter has recently transferred more over $3.6 million, or over 2000 ETH.
• Over 1 quadrillion Yearn Tether (yUSDT) were minted by the hacker last month.

Stablecoins worth $11.6 million were stolen in a cyberattack last month that targeted an earlier version of the Yearn Finance protocol. The exploiter has recently transferred more than $3.6 million, or over 2000 ETH, via Tornado Cash.

According to data from PeckShield, a blockchain analytics company, the exploiter is transferring money to new addresses before sending it to Tornado Cash. Since the attack, the perpetrator has moved $9.3 million in stacked transactions via Tornado Cash.

Over 1 quadrillion Yearn Tether (yUSDT) were minted by the hacker, as previously revealed by PeckShield. A hacker named Lanter traded those tokens for $11.6 million worth of other stable currencies. On the same day, the exploiter sent 1,000 ETH to the sanctioned crypto mixer.

Decline in Attacks Post Sanction

According to PeckShield, funds have been distributed across many addresses before being sent in layered transactions to the cryptocurrency mixer. A total of 4,134 ether were sent from an address associated with the yearn exploiter to the sanctioned crypto mixer.

Moreover, after penalties were imposed on the cryptocurrency mixer Tornado Cash. Blockchain intelligence company TRM Labs observed a precipitous decline in attacks during the first quarter of 2023.

About $400 million was taken in 40 separate assaults against cryptocurrency projects, according to the study, which is a 70% drop from the same time period in 2022. The penalties placed on Tornado Cash last year, which made it “difficult to launder the proceeds,” were cited as a contributing factor to the industry-wide shift towards legal proceedings against hackers.

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https://thenewscrypto.com/new-matic-addresses-on-polygon-surges-amid-recent-developments/

• 556 new MATIC addresses were generated on the Polygon network daily.
• Glassnode data shows that the number of addresses has increased by 40% in the last year.

Increasing PoS use is indicative of a revolutionary change happening in the digital asset market. Polygon has been rather quiet this year, as discussions about Ethereum and layer 2s networks have dominated the field.

Recent data, however, shows that the daily rate of new addresses established on it has increased. On May 22nd, 556 new MATIC addresses were generated on the Polygon network everyday, according to statistics given by crypto expert and trader Ali Martinez. In February of 2021, we last saw this level.

Promising Statistics

Increasing interest and engagement from users in the Polygon ecosystem can be seen in the address count, which has been on a constant upward trend and has mainly withstood the price action of MATIC. In addition, the total number of addresses on the network rose to over 1.83k, up from just over 1.66k at the start of the year (an increase of 10.68%).

Glassnode data shows that the number of addresses has increased by about 40% in the last year. Recently, Polygon announced enhancements to zkEVM that would lower costs by around 20%. The change is made in the hopes of gaining new customers.

The network’s zkEVM statistics looked promising as well, with $14.26 million in TVL since its March debut, a 19.7 percent growth in unique addresses, and a 15 percent increase in deposits.

Polygon joined forces with Mastercard, a major US payment processor, and other Web3 and blockchain companies only last month. According to CMC, the price of MATIC is $0.884 and is up 2.38% in the last 24 hours.

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https://thenewscrypto.com/new-nft-loan-feature-introduced-by-binance-nft/

As of right now, users of Binance NFT will be able to borrow cryptocurrency using their NFTs as security. Users will be able to swiftly and simply access liquidity by borrowing ETH against their NFTs thanks to the loans, which will be made available with a few high-profile NFT projects and provide attractive interest rates and no gas fees. Users may do this without selling their NFTs.

With the debut with ETH, this new service will enable users to borrow cryptocurrency using blue-chip NFTs, providing the advantages of DeFi to the Binance NFT community. Since additional collections are anticipated to be added soon, users may now acquire loans against NFT collections including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.

“Binance NFT is buidling!” said Mayur Kamat. “We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community. We already have low fees and the Binance peace of mind, now NFT Loans will add a new form of liquidity for NFT holders, allowing them to participate in the market without having to let go of their precious NFTs.”

The function provides an easy option with attractive interest rates for customers who currently hold NFTs but may want rapid access to funds. It employs a “Peer to Pool” strategy, with Binance NFT serving as the lending pool and adding an extra degree of protection.

The NFT collection’s floor price, which is determined using Binance’s Oracle Pricing and a blend of many data sources, including Chainlink and OpenSea, determines the amount of ETH that may be borrowed.

Visit Binance NFT Loan for further information.

*Disclaimer: There is a considerable market risk associated with NFTs. An NFT Loan is entirely voluntary, and you choose to take one at your own risk, including the risk of liquidation in the event that the value of your NFT collateral declines considerably. Binance is not accountable for any damages you could sustain as a result of your participation in this offering; you are entirely responsible for it. Always do independent research and consult a professional advisor if you are unsure about whether a product is right for you. See our NFT Terms and Conditions as well as the general Binance Terms of Use and Risk Warning for more information.

https://thenewscrypto.com/japan-strengthens-anti-money-laundering-measures-for-crypto-transactions/

• It mandates the sharing of specific information between financial institutions.
• Each phase of a particular transaction must also include the relevant names and addresses.

To keep in line with other countries in the region. Japan is anticipated to enact additional anti-money laundering measures to better monitor crypto transactions. According to Japan Today on Tuesday, the country’s government plans to apply the new restrictions on June 1, which would see the implementation of what is known as the travel rule.

To prevent, identify, and punish money laundering and other financial crimes. It mandates the sharing of specific information between financial institutions for the purpose of transaction traceability.

Pressure from FATF

Each phase of a particular transaction must also include the relevant names, addresses, and other personally identifiable information necessary for processing the transaction. Providers of virtual asset services were included in a subsequent revision of the regulation.

Japan’s first effort at adopting the regulation in 2021 was deemed insufficient by the international organization responsible for implementing the rule, the Financial Action Task Force (FATF).

For the last two years, Japan has responded to critiques by increasing the stringency of its crypto legislation. The Financial Action Task Force also publicly shamed Japan for its “inadequate progress” on the problem of digital assets. Which was among the charges levelled against the country.

Therefore, the Japanese Legislature passed a major investor protection measure in June of last year. Providing a framework for stablecoins and classifying them as digital currencies. Stablecoins may only be issued by legally recognized financial institutions including banks, money transfer businesses, and trust firms.

Simultaneously, the government requested amendments to its Foreign Exchange Act in an effort to restrict cryptocurrency transactions that would benefit sanctioned Russian nationalists.

https://thenewscrypto.com/croatian-crypto-investment-firm-bitlucky-shuts-down-post-75m-loss/

• Luka Burazer emailed the company’s 700 or so customers to explain a slew of mistakes.
• Local media said the company advertised monthly returns of 5% to 25%.

Bitlucky, a Croatian cryptocurrency investment business, has reportedly collapsed and lost $75 million in customer money. Thus, prompting authorities to launch an inquiry. Croatian media sites claimed earlier this week that the company’s director, Luka Burazer, emailed the company’s 700 or so customers to explain a slew of mistakes.

Bitcoin and cryptocurrency investors in the Balkan country are speculating that “bad trades” may not be the only explanation for Bitlucky’s closure. Local media said the company advertised monthly returns of 5% to 25%.

Hindering Growth of the Sector

Once touted as “your window into the blockchain world,” Bitlucky has unfortunately closed its virtual doors. After receiving complaints from consumers, authorities in Croatia have reportedly begun investigating the firm, which has been in operation for five years.

It seems that the company advised customers on how to invest in cryptocurrencies like Bitcoin. The company advertises itself on its website as “an intermediary” that offers “advisory and education services” and guarantees a “safe and secure entry” into the cryptocurrency market.

In the developing Croatian crypto community, Bitlucky stands out as an exception. Bitlucky was not a member of the Croatian Association for Blockchain and Cryptocurrencies, according to a press release. “The director,” presumably referring to Burazer, also was not present at the association’s meetings or events.

Members of a Balkan crypto club Discord complained about Bitlucky’s false promises of profit as investors absorbed the news. The crypto sector is already under scrutiny over regulation all over the world and such events add fuel to the situation. Thus hindering the growth of the sector.

https://thenewscrypto.com/revised-digital-ruble-bill-introduced-in-russian-parliament/

• Lawmakers proposed Bank of Russia is responsible for managing the digital ruble platform.
• The revised bill also suggests facilitating access to the CBDC platform for non-residents.

Significant revisions to the bill establishing the digital ruble have been submitted to the Russian parliament as the project moves forward. These amendments seek to alter the original legislation with respect to debt operations, services for non-residents, and the function of the central bank.

The lower house of the Federal Assembly of Russia, the State Duma, drafted a package of ideas for the second reading of the digital ruble law on May 22, which was reported on by the state-owned news agency Interfax.

Lawmakers have proposed making the Bank of Russia, the country’s central bank, strictly responsible for managing the digital ruble platform. While prohibiting it from taking part in funding enterprises. The changes would also require the central bank to protect the personal information of clients. Especially those who work for the Federal Security Service.

Due Date Pushed Back

The revised bill also suggests facilitating access to the CBDC platform for non-residents via international banks that are granted membership. It also makes clear that users who are not located in the country shouldn’t face any restrictions.

If debtors have enough digital rubles. Enforcement authorities may take them out of their accounts without any restrictions under the present version of the law.

However, the State Duma’s legal department has already spoken out against this proposal, citing the fact that federal law prohibits debtors’ financial withdrawals over the minimum income level, which is equivalent to around $195 per month.

In March, House Bill 270838-8 went through its first reading. The original goal was to get a CBDC pilot program into legislation by April. However, owing to the continuing debate around the law, the due date has been pushed out. By the end of July, the law should have moved on to future readings, said Interfax.

https://thenewscrypto.com/okx-applies-for-digital-asset-service-provider-dasp-license-in-france/

• The corporation wants to set up a “substantial” physical presence in France as per Tim.
• According to Byun, filing paperwork might take up to six months.

OKX, a cryptocurrency exchange, aims to recruit about 100 staff in France over the next three years as it seeks to join the 74 other firms that have been granted regulatory authorization by France’s Financial Markets Authority (AMF).

The Seychelles-based company has applied for Digital Asset Service Provider (DASP) status with the relevant authorities. According to Tim Byun, the business’s director of worldwide government relations, the corporation wants to set up a “substantial” physical presence in France.

Eyeing EU Expansion

It’s not the only crypto trading platform eyeing the EU’s second-biggest economy as a potential location. After registering with the DASP, Binance decided to set up shop in France as its EU center last year.

According to CEO and founder Changpeng “CZ” Zhao, the biggest cryptocurrency exchange in the world has employed over 150 individuals for its Paris headquarters by the end of the month of September. According to an interview given by Byun, the company hopes to have 100 full-time workers within three years.

Moreover, according to Byun, filing paperwork might take up to six months. Companies seeking registration must demonstrate they have trustworthy leadership and are in compliance with anti-money laundering regulations.

The European Union’s (EU) Markets in Crypto Assets (MiCA) law was passed by all 27 member states earlier this month. Thus, making it simpler for crypto businesses to get clearance in a single nation. And then expand their operations to the rest of the EU.

The AMF proposed stricter regulations on governance, consumer protection, and financial stability for MiCA-licensed enterprises last month, suggesting that firms already registered in France may be fast-tracked to licensing.

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https://thenewscrypto.com/microstrategy-responds-to-fasbs-accounting-standards-for-crypto/

• As of March 31, 2023, MSTR disclosed that it has 140K Bitcoins.
• MSTR’s Bitcoin holdings were worth around $3.986 billion at the time.

On Monday, MicroStrategy Inc (NASDAQ: MSTR) wrote to the Financial Accounting Standards Board (FASB) in response to the FASB’s proposed accounting rules for crypto assets. In response, MSTR backed the regulators’ push for fair value accounting for Bitcoin and other cryptocurrencies.

MicroStrategy claims to have more Bitcoin than any other publicly traded firm. As of March 31, 2023, MSTR disclosed that it has 140K Bitcoins (about $3.78B as of May 22, 2023) in its possession. 

Better Data for Investors

MSTR’s Bitcoin holdings were worth around $3.986 billion at the time. Its BTC holdings on the consolidated balance sheet are now worth twice as much.  In their defense of the FASB’s proposed air value model, MicroStrategy said that it would allow them to provide investors with better data.

Over the last week, the price of Bitcoin has been under intense selling pressure. At the time of publication, the price of Bitcoin was $26,853, as per data from CMC. The total amount of money traded in a day has increased by 2.7% to $11.3 billion.

Despite the growing variety of crypto assets on the market, MSTR acknowledged in their answer FASB’s intention to keep the scope criteria tight initially. It thinks, however, that non-fungible tokens, wrapped tokens, and other factors add a layer of complexity.

However, rising prices and a lack of available jobs might force the US Federal Reserve to maintain its current pace of interest increases. Last week’s address by Fed Chair Jerome Powell offered no clear guidance.

https://thenewscrypto.com/meta-facebook-fined-1-3-billion-by-ireland-data-protection-commission/

• Data traveling from Europe to the US is not protected enough as per Court findings.
• The court’s decision applies just to Facebook and not to other Meta-owned services.

A record-breaking €1.2 billion ($1.3 billion) punishment was issued by the Data Protection Commission of Ireland against the social networking company, Meta. It is forbidden to send information on European Facebook users to the U.S. This is a serious breach of European Union data privacy laws.

Because of Meta’s disregard for a 2020 ruling by the European Union’s top court. The Irish regulator has issued a fine. According to the court’s findings, data traveling from Europe to the US is not protected enough. Especially against monitoring by US intelligence services.

Restrictions on Cross-border Data Transfers

The court’s decision applies just to Facebook and not to other Meta-owned services like Instagram and WhatsApp. Meta has said that it will appeal the ruling. And has reassured European Union Facebook users that the service will continue to function normally for the time being.

In response to the ruling, Meta argued that it had been singled out unjustly since other businesses engage in similar data-sharing methods. It was reported by the New York Times that Nick Clegg, Meta’s president of global affairs, and Jennifer Newstead, the company’s chief legal officer, had voiced worry about prospective restrictions on cross-border data transfers.

Moreover, the board insisted on the €1.2 billion punishment and compelled Meta to manage historical user data, which may entail erasure.

Furthermore, the corporation was fined €390 million in January for making users agree to tailored advertisements as a prerequisite to accessing Facebook. Also, it was hit with a €265 million penalties in November after a data breach.

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https://thenewscrypto.com/several-rare-nfts-owned-by-insolvent-3ac-sold-in-sothebys-auction/

• The auction also included CryptoPunk #1326 and Autoglyph #187.
• The extensive rare collection sale brought in approx $2.4 Million.

On Friday, Sotheby’s completed the auction of many rare non-fungible tokens (NFTs) confiscated from the extensive collection of defunct crypto hedge firm Three Arrows Capital (3AC), netting $2,482,850.

The Grails collection of NFTs, developed as part of 3AC’s asset portfolio which began in 2021, was the focus of the auction house’s multi-part sale. The hedge firm located in Singapore declared bankruptcy in July. Also, the liquidator for 3AC, Teneo, released a notice in February detailing its plans to sell a large number of NFTs with an estimated value in the millions.

Most Significant Digital Artworks

Sotheby’s calls the pieces in the Grails collection “some of the most significant digital artworks ever assembled.” Generative works of art such as Fidenza #725 by Tyler Hobbs and Ringers #375 by Dmitri Cherniak were among the NFTs up for bid in this round.

The auction also includes CryptoPunk #1326 and Autoglyph #187, both of which were developed by Larva Labs. There were seven different generative works available. In the future, 3AC plans to auction or privately sell more NFTs from its collection.

Also, Fidenza #725 and Autoglyph #187, both from the Grails collection’s first installment, are the two most expensive NFTs in the range of $120,000 to $180,000. Prices for the NFTs ranged from $1,016,000 to $571,500.

Moreover, Fidenza #725 was assessed to be worth 184.4 ETH, or over $335,000. This value was determined by the use of Deep NFT Value. A machine learning method that assesses high-value NFTs by investigating prior transactions of digital assets. Also considers current market circumstances, and the distinctive rarity qualities of each collection. The second top-ticket item, Autoglyph #187, was valued at 205.7 ETH, or almost $373,800.

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https://thenewscrypto.com/openais-chatgpt-now-available-on-apple-ios-in-the-u-s/

• The business claims that the new ChatGPT app will be available for free and ad-free.
• The latest version may encourage more people to give ChatGPT a try on their phones.

Mobile access to ChatGPT is now available on iOS. OpenAI has finally released its famous AI chatbot as an official iOS app, months after the App Store was flooded with illegitimate services claiming to be affiliated with OpenAI.

The business claims that the new ChatGPT app will be available for free, ad-free, and with support for voice input, but will initially only be available to customers in the United States.

Upgraded Experience For Users

The ChatGPT app, like its desktop version, lets users communicate with an AI chatbot to ask questions, receive advice, discover inspiration, learn, study, and more without resorting to a standard online search.

The latest version may encourage more people to give ChatGPT a try on their phones as their primary mobile assistant because of the problems with Apple’s own voice assistant, Siri, and Apple’s lack of advancement in artificial intelligence.

Google, which now benefits from being the default search engine in Safari on Apple’s iPhone, may also feel the effects of the debut. ChatGPT’s online interface remembers your search history, and the mobile app will sync this information so that you may continue where you left off. Whisper, OpenAI’s free and open-source voice recognition software, is included inside the app as well.

OpenAI noted in its statement that ChatGPT Plus members would have access to GPT-4’s capabilities via the new app, as well as early access to additional features and quicker response times. The premium service, which includes uninterrupted use of ChatGPT even during busy hours, is available to subscribers for $20 per month.

https://thenewscrypto.com/singapore-based-whampoa-group-all-set-to-open-digital-bank-in-bahrain/

• The Group plans to launch the bank before the end of the year.
• As per reports “in principle approval” has been given by the Central Bank of Bahrain.

On May 18, the Economic Development Board of the Kingdom of Bahrain announced that the Whampoa Group, a Singaporean family office, will establish a digital bank in the country. The Group plans to launch the bank before the end of the year, targeting customers all around the world.

In addition to traditional banking services, the bank will also provide digital asset trading, custody, and management. As per reports “in principle approval” has been given by the Central Bank of Bahrain. With the caveat that all conditions must be met.

Amy Lee, the niece of Singaporean leader Lee Kuan Yew, is affiliated with Whampoa Group via her father, Lee Han Shih. He runs the Singaporean multimedia behemoth Potato Productions. Whampoa Digital was founded in 2021, as stated on their LinkedIn profile. In June of 2022, it invested in a $500 million fund launched by Binance Labs. The VC arm of the Binance cryptocurrency exchange.

Strong Reputation in Financial Sector

It launched its own $100 million venture capital fund in September to back Web3 firms, which it disclosed. It has also invested in ByteDance, the firm that created TikTok. The Middle East and North Africa have the fastest-growing crypto market in the world, according to research from Chainalysis published in October.

CEO Shawn Chan of Whampoa Group said that the decision to locate the project in the Kingdom of Bahrain was based on Bahrain’s strong reputation in the financial services sector and other similar factors.

In October, local payment network EazyPay teamed with Binance Pay to make it possible to spend cryptocurrency at over 5,000 places of sale in the nation. Binance was granted a license to operate in Bahrain in March 2022. 

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https://thenewscrypto.com/paraspace-nft-protocols-5-4m-controversy-takes-an-exit-turn/

• Ruan insisted that he was innocent and that people like Yao were trying to frame him.
• On March 18, an attack involving price slippage on the NFT protocol was the first spark.

On May 19th, Jay Yao, a consultant working on the Paraspace NFT protocol, resigned from his job in the firm amid the ongoing controversy about the locations of the protocol’s funding. The missing funds and a storm of CEO and consultant charges against one another made headlines last week over the NFT process.

A representative from Paraspace issued the following statement:

“Yubo has never done any embezzlement. The whole issue is a setup. Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their action have no relation with ParaSpace.”

Mishandling of $5.4 Million 

Yao’s departure from the company happened a week after he and the rest of the Paraspace team had an argument with CEO Yubo Ruan about the missing money. At the time, Ruan insisted that he was innocent and that people like Yao were trying to frame him so that he would have to resign as CEO.

Moreover, according to Ruan, Yao and another Paraspace consultant named Thomas Schmidt gained unauthorized access to the protocol’s multisig accounts and social networking sites.

A week later, Yao used Twitter to announce his resignation from the company and apologize to the user base for allowing company politics to disrupt service. He continued by saying that nothing in this situation was ever meant to be public and should have been sorted out internally.

Mishandling 2,909 Ether (ETH), at the time valued at an estimated $5.4 million, lies at the heart of the Paraspace chaos. On March 18, an attack involving price slippage on the NFT protocol was the first spark.

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