Cryptocurrency Explained for Beginners

Crypto In Play News 2022 July Last Week

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The latest cryptocurrency news curated on a weekly basis.

Covered topics include regulation, user adoption, macroeconomy, and technology announcements.

Table of Contents

Deposits at non-bank entities, including crypto firms, are not insured – FDIC

Crypto Exchange Kraken Under Investigation for Violating US Sanctions

  • the US Treasury Department has been investigating crypto exchange Kraken since 2019 on suspicion that it allowed users from Iran, Syria and Cuba to utilise the site’s services in violation of federal sanctions.
  • The treasury department is likely to impose a fine against the exchange
  • According to a leaked spreadsheet shared by CEO Jesse Powell, Kraken had 1,522 residences in Iran, 149 in Syria, and 83 in Cuba.
  • links

How One DAO Brokered a $14.5 Million Funding Deal

  • DAOs (Decentralized Autonomous Organizations) are like startups in that they fund a team that builds a product that generates revenue, but they are also very different in that funding discussions are not between the founders and investors but involves everyone with a governance token
  • Lido Finance, a popular crypto staking service was seeking more cash by selling 2% of its own Lido coin so that the company can continue operating smoothly amid the current bear market
  • Lido’s community rejected and refined the proposal to sell Lido tokens to DragonFly, a crypto investment firm, pointing things out, such as the absence of a lockup period and to bring down the deal supply from 2% to 1%
  • The case of Lido shows the efficiency and transparency around a non-centralized entity
  • Links

US Economy Now Technically in a Recession

Celsius Unsecured Creditor Committee Formed | Committee chooses its law firm

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