Crypto News Roundup: August 2, 2023 👀

2smh...KMBv

2 Aug 2023

119

Welcome to the Crypto News Roundup, where I bring you the latest and most exciting developments in the world of cryptocurrency.

Today, I have some interesting stories to share with you, from a government crackdown on a futuristic project, to a crypto exchange defying a ban, to a new tool for smart contract security, and a surprising move by a prominent investor. Let’s dive in!

Kenyan Government Suspends Worldcoin Activity on Financial Security, Privacy Concerns 🤕

Worldcoin is a project that aims to create a global digital identity system using iris scans and cryptocurrency. The idea is to distribute free crypto to anyone who scans their eyes with a special device called the Orb. The project claims that this will help create a more inclusive and fair economy for everyone.

However, not everyone is convinced by this vision. The Kenyan government has recently announced that it has suspended the activities of Worldcoin and any other entity that may be collecting eyeball data from its citizens. The government cited concerns over the legitimacy, data protection, and financial security of the project. It also stated that it will conduct an investigation to certify the absence of any risks to the public.

This is a major setback for Worldcoin, which has been testing its technology in Kenya since 2022. The project has reportedly scanned over 100,000 people in the country and distributed over $1 million worth of crypto. Worldcoin has also partnered with local organizations such as M-Pesa, a mobile money service, and GiveDirectly, a charity that provides cash transfers to the poor.

Worldcoin has responded to the suspension by saying that it respects the decision of the Kenyan government and that it will cooperate with the authorities. It also stated that it is committed to protecting the privacy and security of its users and that it does not sell or share any personal data.

Source: CoinDesk

Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway: WSJ 🔎

China has been cracking down on crypto for years, banning exchanges, mining, and trading activities. However, that has not stopped Binance, the world’s largest crypto exchange by volume, from doing business in the country. According to a Wall Street Journal report, Binance had over $90 billion worth of spot and futures trading volume from China in May 2023, despite the ban.

The report also reveals that Binance has 900,000 active users in China and that it employs teams of local staff who collaborate with Chinese law enforcement to detect potential criminal activity. Binance reportedly uses various methods to evade the ban, such as changing its domain names, using virtual private networks (VPNs), and offering peer-to-peer (P2P) trading services.

China remains to be Binance’s biggest market by far, accounting for 20% of its global volume. However, Binance also faces increasing regulatory pressure from other countries, such as the UK, Japan, Canada, and the US. The exchange has been accused of operating without proper licenses, facilitating money laundering, and offering risky products to investors.

Binance has stated that it is working hard to comply with local regulations and that it welcomes constructive guidance from regulators. It also said that it is committed to providing safe and secure services to its users and that it does not tolerate any illegal activities on its platform.

Source: WSJ

ConsenSys Releases ‘Fuzzing’ Tool to Test Smart Contract Vulnerabilities 🚀

Smart contracts are self-executing agreements that run on blockchains. They are designed to enable trustless transactions and decentralized applications. However, they are also prone to bugs, errors, and exploits that can result in huge losses or security breaches.

To help developers test and improve their smart contracts, ConsenSys, a blockchain technology firm, has launched a new tool called Diligence Fuzzing. This tool allows developers to easily identify vulnerabilities in their Ethereum smart contracts by producing random and invalid data points that trigger bugs, crashes, or vulnerabilities. This eliminates the need for developers to set up their own infrastructure or design complex test cases.

Diligence Fuzzing is integrated with Foundry, a smart contract toolkit that helps developers create, deploy, and manage their projects. The tool also offers a free version for developers who want to try it out before spending any money.

ConsenSys claims that Diligence Fuzzing can help developers save time and money by finding issues before they become costly problems. It can also help developers improve their code quality and security by providing feedback and suggestions.

Source: CoinTelegraph

3AC Co-Founder States That US Court Can No Longer Tell Him What to Do 🧐

Kyle Davies is the co-founder of Three Arrows Capital (3AC), a Singapore-based hedge fund that focuses on crypto investments. He is also one of the defendants in a lawsuit filed by Cryptsy customers who claim that they lost millions of dollars worth of crypto due to a hack in 2016.

The lawsuit alleges that Davies and other defendants conspired with Cryptsy’s founder, Paul Vernon, to launder the stolen funds through various exchanges, including Bittrex and Poloniex. The plaintiffs are seeking damages and restitution from the defendants.

However, Davies has recently filed a document with the US Bankruptcy Court for the Southern District of New York, stating that he has renounced his US citizenship in late 2020 and that he no longer views himself as under the jurisdiction of US courts. He provided copies of the form applying for the renunciation of his US citizenship on Dec. 15, 2020, as evidence of his claim.

Davies stated that he is now a citizen of Singapore, where he has been living since 2014. He said that he got married to a Singaporean national in 2017, gained permanent residency, and has two children in the country. He also said that he chose to renounce his US citizenship because Singapore does not allow dual nationality.

It is unclear how Davies’ renunciation will affect the outcome of the lawsuit, which is still ongoing. The plaintiffs have not yet responded to Davies’ filing.

Source: TheBlock

Bitcoin Ordinals Team Launches Nonprofit as Inscriptions Top 21 Million 🏦

Ordinals is a protocol that enables the creation and transfer of non-fungible tokens (NFTs) on the Bitcoin network. NFTs are unique digital assets that can represent anything from art, music, games, to real-world items. Ordinals allows users to inscribe data on the Bitcoin blockchain and create NFTs that are verifiable, scarce, and interoperable.

The team behind Ordinals has recently announced the launch of the Open Ordinals Institute, a nonprofit organization that will support the development and adoption of the protocol. The institute will collect donations in Bitcoin from the community and use them to fund the work of the core developers and other contributors. The institute will also promote the education and research of Ordinals and its applications.

The launch of the institute comes as Ordinals reaches a milestone of over 21 million inscriptions on the Bitcoin blockchain. This number matches the maximum supply of Bitcoin, which is also 21 million. The Ordinals team claims that this shows the growing demand and popularity of NFTs on Bitcoin.

The Ordinals protocol is compatible with various Web3 ecosystems, such as Ethereum, Solana, Stacks, and others. This means that users can create and transfer NFTs across different platforms using Ordinals. The protocol also leverages the security, decentralization, and immutability of the Bitcoin network.

The Open Ordinals Institute invites anyone who is interested in supporting Ordinals to donate to its Bitcoin wallet addresses, which are posted on its website. The institute also welcomes feedback and suggestions from the community.

Source: DeCrypt

Conclusion 🙏

That’s all for today’s Crypto News Roundup. I hope you enjoyed reading our stories and learned something new. Stay tuned for more updates and insights from the crypto world. Until next time, happy trading! 🙌

This week's crypto highlights!

Don’t forget to subscribe to my newsletter for daily updates on the crypto world. I will keep you informed about the latest news, trends, tips, and insights on everything related to cryptocurrencies.
Thank you for reading and stay tuned for more!