Here's your Tuesday edition of Cryptonews Crunch, featuring the latest stories about Iran passing a bill that allows trade transactions with cryptocurrencies, Crypto.com accidently sends USD 10.5m to a customer instead of USD 100, and the FBI warns investors about cybercrime hurting the DeFi sector.
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Source: CoinMarketCap.com
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- Crypto adoption is on the march in Brazil, where the nation’s Central Bank has commissioned the commercial banking giant Itaú Unibanco to build a DeFi solution for its prototype central bank digital currency (CBDC). Meanwhile, across the border in Argentina, the city of Mendoza says that it will accept tax payments made using USD-pegged stablecoins – while the capital Buenos Aires also wants to get in on the action.
- Iran has passed a bill authorizing trade transactions with cryptocurrencies, officially approving the use of digital assets for imports. The bill redefines regulations on cryptocurrencies, the authorization to use cryptocurrencies for imports, and the supply of fuel and electricity for mining, Iranian news agency Tasnim reported, citing Minister of Industry, Mines, and Trade Reza Fatemi Amin. The Central Bank of Iran has also agreed that the imports can be processed in cryptocurrencies. People can now even import cars using digital assets instead of US dollars or euros, per the report.
- An apparent error on the side of Crypto.com has turned an attempt to process a USD 100 refund into a hefty USD 10.5m wire transfer into a bank account owned by a resident of Melbourne, Australia. Thevamanogari Manivel, to whom the bank account belongs, and her sister Thilagavathy Gangadory have gone on a massive spending spree, including the purchase of a property worth some USD 1.35m after the former received the undue funds in May 2021, as reported by local broadcaster 7News. Before the company discovered its mistake during an audit held in December that year, a large portion of the funds was already gone. Crypto.com has launched legal action against the women and has so far reportedly succeeded in its legal battle against the two sisters, securing an order from Victoria’s Supreme Court under which the home is to be sold, and the money returned to the crypto exchange.
- The price of Avalanche’s native token AVAX soared in the market today, after Emin Gün Sirer, Founder of Avalanche developer Ava Labs, called claims that he has used litigation to fool regulators and harm competitors “categorically false.” As of 09:10 UTC on Tuesday, AVAX stood at USD 20.29, up 13% for the past 24 hours. The strong gains made the token today’s top performer among the top 20 cryptoassets by market capitalization. However, the token still remains down by just over 10% on a 7-day basis.
- Bitcoin (BTC) failed to continue higher today and moved below the USD 20,000 level again. Ethereum (ETH) also dropped, erasing all its daily gains. ETH is now unchanged in a day, after dropping from almost USD 1,600 to USD 1,523.
- With cybercrime increasingly hurting the DeFi sector, the US Federal Bureau of Investigation (FBI) is taking steps to warn investors and platforms about these risks, and is also recommending a set of precautions that could prevent them from losing their assets to criminals. Click/tap here to discover these 6 important precautions.
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- Albanian police arrested Fatih Ozer, Founder and CEO of crypto exchange Thodex, and the process to extradite him to Turkey has started, the Turkish Interior Ministry said on Tuesday. Ozer has been sought by Turkish authorities over fraud accusations.
- Troubled crypto lender Hodlnaut said its legal representatives on Monday attended the Interim Judicial Management hearing, and that a judge has appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors Pte. Ltd. as the Interim Judicial Managers. Hodlnaut froze withdrawals earlier in August, citing challenging market conditions.
- The government of the Central African Republic, a country that adopted Bitcoin as legal tender in April this year, will not be allowed to sell land and citizenship in exchange for investments in the country’s cryptocurrency, the Sango Coin. That is per a ruling by the country’s Constitutional Court, Bloomberg reported.
- The Ethereum scaling network Arbitrum said it will undergo a major upgrade on Wednesday that will lead to 2-4 hours of downtime starting from 10:30 ET (14:30 UTC). The upgrade, known as Nitro, is expected to increase transaction throughput, cut transaction fees, and simplify interactions between Arbitrum and Ethereum.
- Crypto lender Nexo said that its Board of Directors allocated a further USD 50m to the company’s long-standing Buyback initiative. This approval enables the company "to discretionally and periodically repurchase its native NEXO Token in the open market," they added.
- The major financial derivatives exchange CME Group said it launched euro-denominated Bitcoin (BTC) and Ethereum (ETH) futures.
- The mobile gaming firm Limit Break has raised USD 200m over the course of two funding rounds led by gaming firm Mino Games chairman Josh Buckley and investment firms Paradigm and Standard Crypto, per a tweet from the firm.
- RedStone Finance, a provider of oracles for DeFi applications, has raised USD 7m in a seed funding round led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Maven11 Capital, Distributed Global, Lattice, and Arweave. RedStone said it plans to use the money to further development of its oracles and modular data-processing smart contracts on Arweave called Warp.
- Annual harmonized inflation in Germany is estimated to reach 8.8% in August, per the Federal Statistical Office (Destatis), and be in line with the consensus forecast and up from July’s 8.5%.
- The US Federal Reserve has updated the timeline for the launch of its FedNow Service, a new nationwide instant payment system in the US. According to the latest update, the FedNow Service is scheduled to launch mid-year 2023.
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