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Crypto Weekly Roundup: Multichain’s Deafening Silence And More

Crypto Weekly Roundup: Multichain’s Deafening Silence And More

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The radio silence from the Multichain team following days of outages has left users searching for answers, with the protocol currently holding $1.5 billion in total value locked. Let’s find out more. 

Bitcoin 

Binance CEO Changpeng Zhao has said that he believes the crypto space could see the beginning of a bull run after China Central Television aired a segment on crypto. 

Ethereum

Ethereum co-founder Vitalik Buterin's recent blog post has raised concerns about the potential risks associated with expanding the scope of social consensus within the Ethereum network.

Ethereum recently implemented its Shanghai/Shapella upgrade, which has been ground-breaking for its investors.

DeFi

The Aave community is mulling over a proposal to launch its V3 on the Coinbase-backed Layer-2 blockchain solution, Base network. 

Pioneering DeFi protocol, MakerDAO, has initiated a vote on a proposal allowing its delegates to maintain anonymity and keep their whereabouts undisclosed.

Altcoins

The lack of communication and updates from Multichain’s leadership has amplified rumors, leading to significant unease and uncertainty among protocol users. 

Technology

The Solana Foundation has announced the official integration of a ChatGPT plug-in developed by Solana Labs, marking the official integration of AI into its network. 

Hardware wallet provider Ledger has announced that it is pushing back the launch of its key-recovery feature after mounting criticism from the larger crypto community. 

Business

According to court filings published on Thursday, Crypto Consortium Celsius has won the bid to acquire bankrupt crypto lender Celsius Network. 

After filing for Chapter 11 bankruptcy last December, the Bitcoin mining company, Core Scientific, is now set to finalize a restructuring plan which it expects will net at least a $46 million boost.

Cryptocurrency exchange Gemini has revealed that Genesis parent entity DCG missed a $630 million loan payment due last week. 

Regulation

US Senator Cynthia Lummis has pushed back against the Biden Administration’s proposal to tax cryptocurrency miners, stating that the administration is picking “winners and losers.”

Hong Kong's Securities and Futures Commission (SFC) has recently introduced a series of stringent rules that are set to reshape the landscape of virtual asset trading within the city. 

Governor Ron DeSantis of Florida has made promises to protect the world of digital assets while simultaneously dismantling the concept of a central bank digital currency (CBDC). 

In a recent announcement, the European Systemic Risk Board emphasized the need for measures to prevent excessive leveraged bets on crypto assets.

Germany’s Banking Sector recognizes the vast potential of blockchain technology beyond cryptocurrencies by exploring related innovative applications across various other domains. 

Crypto exchange Coinbase filed a writ of mandamus against the US SEC shortly after the regulatory body stated it was in no hurry to respond to Coinbase’s demands for regulatory clarity.

Global policy forum IOSCO on Tuesday released the first global approach to crypto asset and digital market regulation.

Japan has announced the implementation of new anti-money laundering measures for cryptocurrencies to combat increasing fraudulent activities in the industry. 

With the UK seeking to become a crypto hub, the Winklevoss twins are advising the government not to let itself be influenced by the politicization of crypto in the US.

Cryptocurrency exchange Bitget continues to make strides toward becoming an industry leader by securing a regulatory license in Poland. 

The Philippines Securities and Exchange Commission has issued an advisory warning to the public, asking them not to invest in Gemini’s Gemini Derivatives product. 

A welcoming embrace from French regulators has led crypto exchange OKX to opt for making France a central base for its operations.

Malaysia’s securities regulator, the Securities Commission, has ordered cryptocurrency exchange Huobi to cease all operations in the country. 

The South Korean Prime Minister, Han Deok-soo, has called on high-ranking public officials to disclose their crypto holdings, with party members unveiling a new bill on Friday.

While speaking at the final day of the G7 summit in Hiroshima, President Joe Biden clarified that he would “not agree to a deal that protects wealthy tax cheats and crypto traders.”  

NFT

The Binance crypto exchange has launched an NFT loan feature, which will allow users to use their NFTs as collateral to borrow cryptocurrency. 

Renowned entrepreneur and digital asset advocate Gary Vee expressed his belief that NFTs have the power to revolutionize the ticketing industry.

Web3

ConsenSys, the blockchain technology firm behind the widely used crypto wallet MetaMask, has addressed recent rumors claiming it collects taxes from cryptocurrency users.

Dispersion Capital has emerged from stealth mode and announced the launch of a $40 million fund to support startups working on infrastructure for Web3 projects.

Security

Cybersecurity firm Unciphered has claimed it managed to hack the hugely popular Trezor T hardware wallet manufactured by Satoshi Labs. 

Decentralized crypto mixing platform Tornado Cash recently suffered a significant attack when a malicious proposal recently subverted its governance system. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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