Day: August 22, 2023

Thailand threatens Facebook shutdown over crypto scams

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Thailand has warned Facebook of a potential shutdown due to the rise in crypto scams and misleading ads on the platform. The Minister of Digital Economy and Society (DES), Mr. Chaiwut Thanakmanusorn, is taking action against fraudulent activities on Facebook. The DES plans to present its findings in Thai court, advocating for the platform’s shutdown unless prompt corrective actions are made. The ministry revealed that over 200,000 individuals have been duped by scams on Facebook’s advertising…

99.5% Of AVAX Holders In Loss, As Avalanche Bears Thirst For More Blood

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The Avalanche token (AVAX), like most other altcoins, felt the bearish impact of the general market downturn, which resulted in a billion-dollar liquidation in the crypto market. Historical price data, however, shows that AVAX has been experiencing selling pressure long before this recent market crash. As expected, the struggling price of the Avalanche token has also been reflected in the portfolio of the cryptocurrency’s investors, who seem to be drowning in losses at the moment. AVAX Holders In Profit Reach All-Time Low: IntoTheBlock On Tuesday, August 22, market intelligence platform…

OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine

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A federal judge has sentenced former nonfungible token (NFT) marketplace OpenSea product manager Nathaniel Chastain to 3 months in prison for wire fraud and money laundering related to insider trading on the platform. In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said Chastain had been sentenced to 3 months in prison, 3 months of home confinement, and 3 years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the NFT trades. Inner City Press…

Dubai grants full license to crypto custody Komainu

Komainu, a joint venture of Ledger, CoinShares, and Nomura, gains a full operating license from Dubai’s VARA, bolstering Dubai’s ambition to become a crypto hotspot. Crypto custody service Komainu, backed by Nomura, Ledger, and Coinshares, has received final approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for its full operating license. The company started the licensing process with the regulator in November 2022. Getting the full license with Dubai’s regulator takes four steps: a provisional permit, preparatory and operating minimally viable product (MVP) licenses, and a full market product (FMP)…

Deciphering XRP Lost Momentum Amid The SEC Lawsuit

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The US Securities and Exchange Commission’s (SEC) legal tussle with Ripple over the XRP token may have significantly set its trajectory back in the US market. Crypto lawyer John Deaton explained this in an X (formerly known as Twiter) post uploaded earlier today, shedding light on the ramifications of the SEC’s lawsuit on XRP’s potential adoption in the US. You could NEVER underestimate the damage the SEC’s lawsuit has caused – NOT ONLY AGAINST RIPPLE – BUT #XRP. THREE YEARS OF ADOPTION – that’s what it’s caused. Just how long…

Ex-OpenSea Executive Nate Chastain Gets 3 Months in Prison for Insider Trading

Chastain, 33, was convicted of fraud and money laundering in federal court in New York in May. The conviction marked the end to what prosecutors called the first prominent NFT insider trading case. Chastain reaped more than $50,000 by buying and selling at least 45 NFTs he knew would be featured on OpenSea’s homepage, concealing his purchases using various anonymous wallets and OpenSea accounts, according to the U.S. Justice Department. Source

Is the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market?

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The recent crypto crash hit memecoins hard, culminating with a 9% drop in total market capitalization from Aug. 14 to Aug. 21. During the same period, Pepecoin (PEPE), Shiba Inu (SHIB) and ApeCoin (APE) saw a 25% decline. The big question is whether this trend will affect the wider market, signaling a broader bear market, or simply reflects lagging performance of memecoins. Total crypto market cap (blue) vs. PEPE/USDT (green), SHIB/USDT (red), APE/USDT (orange), August 2023. Source: TradingView Memecoins like Dogecoin (DOGE) burst onto the scene, driven by viral memes…

Will Bitcoin Show A Repeat Of The March Rebound?

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Will Bitcoin observe a repeat of the rebound that took place after the crash back in March? Here’s what this on-chain metric suggests. Bitcoin Short-Term Holder SOPR Is Showing A Pattern Similar To March As an analyst in a CryptoQuant post explained, if the BTC short-term holder SOPR crosses above 1 in the coming days, a rebound might occur. The “Spent Output Profit Ratio” (SOPR) here refers to an indicator that tells us whether the investors are selling their Bitcoin at a profit or a loss right now. When the…

World Mobile launches on Google Play for customers in Australia, Canada, UK and US

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Decentralized wireless (DeWi) network operator World Mobile announced the launch of its app on Google Play for users in the United States, the United Kingdom, Australia, Canada and Tanzania on Aug. 22.  The launch comes on the heels of a series of beta tests conducted in numerous markets typically considered underserved when it comes to mobile connectivity and availability, including Kenya, Mozambique and Nigeria. The World Mobile app is also currently available in Zanzibar. According to World Mobile, its DeWi services are meant to bridge the gap between major telecoms…

Binance Needs to Get Off Twitter

“Following a volatile year in the crypto markets, CZ wrote a post on Twitter on the second day of the year explaining that he would try to keep 2023 simple and spend more time on fewer things. After listing three ‘do’s’, including education, compliance, product & service, he added a number 4 of one ‘don’t’, which was to ‘Ignore FUD, fake news, attacks, etc.” Source