Here's your Wednesday edition of Cryptonews Crunch, featuring the latest stories with Twitter's former head of security blowing the whistle on the platform, alleging that is has many security flaws, the Singapore High Court grants a petition by Teneo to recognize the liquidation order for Three Arrows Capital, and Coinbase aims to ditch its reliance on transaction fees as its main source of income.
The Singapore High Court has granted a petition by advisory company Teneo to recognize the liquidation order for Three Arrows Capital (3AC) it obtained. Last June, Teneo was appointed by a British Virgin Islands court to serve as the crypto hedge fund’s liquidator. Three Arrows is said to owe more than USD 2.8bn in unsecured claims to its creditors. Persons close to the proceedings said that this step will provide Teneo with the capacity to request all relevant records, including financial filings, bank accounts, crypto holdings, shares, and properties, among others.
Twitter's former head of security, Peiter Zatko has blown the whistle on the social media platform, alleging that the company has big holes in its security practices and that it misled the US government and Elon Musk about its vulnerability. Musk declared his Twitter takeover bid on April 14, offering to buy 100% of the shares in the company for USD 54.20 per share. However, in mid-May, Musk announced that he was putting the deal “on hold” until it became clear that less than 5% of the platform’s daily users are fake. In early July, Musk officially announced that he was pulling out of the deal, but Twitter sued the billionaire for violating the deal, asking a court to order the Tesla CEO to complete it.
Coinbase wants to ditch its reliance on transaction fees as its main source of income – and is concerned that the fees that traders pay when they exchange tokens cannot provide a sustainable form of income. Coinbase no longer wants to rely so heavily on making hay when the bull market sun shines and toughing it out through prolonged crypto winters. Its CEO, Brian Armstrong claimed that the firm was “investing today so much in subscription and services revenue” and added that “a number” of new services-related products were currently “in the works.”
Writing in the latest issue of The Week On-chain report, Glassnode’s analysts described the lack of interest from new Bitcoin users during the rally between late June and early August as one of the main factors behind “weakness and subsequent rejection of the price from [USD] 24.4k back below the Realized Price.” Bitcoin’s Realized Price is the value of all circulating coins at the price they were bought, divided by the number of coins in circulation, and is often thought of as the break-even price for the average bitcoin investor. Further in the report, Glassnode also pointed to exchange flows as another sign of fundamental weakness in the Bitcoin market at the moment.
The city of Ningbo, in China’s Northeast Zhejiang Province, has announced that all 125 of its metro stations now accept digital yuan payment – as the Chinese central bank digital currency (CBDC) continues its adoption drive. Per an official release from the operator, Ningbo Rail Transit, residents wishing to pay with the token will need to do so via the subway system’s dedicated app.
The US-based Coinme exchange has announced the opening of cash-based onramps for six cryptoassets in addition to Bitcoin (BTC) through Coinstar kiosks across the US. The newly added coins are Chainlink (LINK), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Lumens (XLM), and Polygon (MATIC).
Crypto exchange Bitfinexhas announced the listing of Ethereum chain split tokens (CSTs) in preparation for any potential hard forks as Ethereum’s Merge nears. The new tokens are called ETHW (PoW) and ETHS (PoS) and will be available from Bitfinex Derivatives.
The central bank of the Philippines, Bangko Sentral ng Pilipinas, has approved two more digital banks to operate in the country, bringing the total number of such banks to six. The latest banks to be issued Certificates of Authority were UnionDigital Bank, Inc.(UDB) and GoTyme Bank Corporation(GTYME), Forkast reported.
The Canadian financial regulator Ontario Securities Commission(OSC) has issued an alert calling out a number of crypto firms, including Kucoinand the affiliated companies MEK Global Limited and PhoenixFin Pte. Ltd., for not being registered in the province. The alert marks the second such warning OSC has issued about Kucoin.
Hackers behind the USD 190m Nomad Bridge attack earlier in August are being incentivized to return funds with exclusive white hat-themed NFTs designed by NFT studio Metagame, according to a tweet from the team behind Nomad Bridge.
The Partisia Blockchain Foundation announced on Wednesday it has completed integrating its Mainnet v3.0 (known as ZEUS) into the Ethereum scaling protocol Polygon. The integration will allow Polygon developers to build “use cases that require data confidentiality and privacy while using a public blockchain,” the announcement said.
Web3 game company Planetarium Labs has launched a new profile picture (PFP)-style NFT series dubbed D:CC (De:Centralized Cat) for Nine Chronicles, its popular MMORPG (Massively Multiplayer Online Role-Playing Game) inspired by Norse mythology. Nine Chronicles also has additional NFT collaboration events planned with Web3 games such as The Sandbox, Sipher, and Delysium, per an announcement.
Blockchain platform Polygon has announced that GameSwift, a crypto-based gaming platform formerly known as StarTerra on the Terra (LUNA) blockchain, has rebranded and migrated to Polygon.
The blockchain-based video delivery network Theta Network has announced the major US media company Fuse Media as its first partner for the launch of Metachain (also known as Mainnet 4.0). Metachain is intended to ease the transition to Web3 for media and entertainment businesses.
NFT Design Works announced the completed sale of all 14 of the exclusive NFTs commemorating Former All Black Sir John Kirwan’s Rugby World Cup 1987 try - known across New Zealand as “The Try”. Sold via auction, the digital artworks fetched thousands of dollars, said an announcement, adding that NFT Design Works worked in partnership with carbon credit marketplace JustCarbon.
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