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Crypto in Play News 2022 July Week 3

cryptocurrency news

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US CPI inflation numbers for June 2022 were reported as 9.1% higher than expected forecast of 8.8%

  • U.S crypto lender Voyager Digital with assets between $1 billion and $10 billion has filed for chapter 11 bankruptcy protection, stating liquidity pressures and  huge losses from the default of crypto hedge fund Three Arrows Capital to which it had loaned $650 million. Voyager has paused all withdrawals.
  • Singapore-based hedge fund Three Arrows Capital that had managed US $3bil worth of investments will be be liquidated after suffering US $200 million losses when Terra Luna tokens they had invested to collapsed in May
  • Hong Kong-based crypto lender Babel Finance, Singapore-based crypto exchange Vauld, and US-based Celsius Network are also among the platforms that have also paused withdrawals with Babel reaching an agreement with debt holders to restructure its debt, Vauld in talks to be acquired by Defi player Nexo, and Celsius leaving its depositors in limbo.
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Celsius Network declares Chapter 11 Bankruptcy

The European Union Moves to Regulate the Crypto-asset market

  • last day of June, the EU reached agreement on how to regulate the crypto industry in its 27 countries, approving the Markets in Crypto-Assets (MiCA) legislative proposal, including things, such as:
    • rules for stablecoin issuers to maintain reserves to cover all claims and provide permanent right of redemption for holders, reserves protected in the event of insolvency
    • crypto exchanges will have liability for damages or losses caused to customers due to hacks or operational failures
    • crypto lending, DeFi, and NFTs are left out of the new rules for now
  • A day earlier, European parliament had approved the Transfer of Funds Regulation (ToFR), imposing compliance standards on crypto assets to crack down on money laundering, such as:
    • All crypto transfers have to be linked to a real identity
    • Crypto asset service providers need to require and store info on customer transfers
  • The regulations were heavily influenced by recommendations from the Financial Action Task Force (FATF), a global intergovernmental organization, comprising of country-appointed officials that work to develop recommendations for anti-money laundering and financial watchdog policies
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Polygon chosen as one of six Disney 2022 accelerator participants

  • Ethereum scaling solution Polygon has been selected by Disney’s 2022 accelerator program
  • Polygon, known as MATIC, is a blockchain framework that focuses on maximizing interoperability and scalability for Ethereum-based decentralized applications, solving Ethereum’s well-known slow transaction speed and high transaction fee problems
  • This year, the accelerator program focused on augmented reality, nonfungible tokens (NFTs), and artificial intelligence
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Ethereum Switch to Proof-of-stake scheduled for September, but delays are expected (launch will be likely be at end of 2022)

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