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South Korean lawmakers may be gearing up to roll out new policies that encourage the growth of the nation’s metaverse sector. According to a local report, Heo Eun-ah, a member of the country’s National Assembly recently submitted a proposal for the “Metaverse Industry Promotion Law.”  New Metaverse Policy Review Committee Since the turn of the year, the East-Asian nation has continually invested in the development of the metaverse within Korea. Per the release, the proposal aims to create a good…

Framework Ventures – a blockchain-focused venture capital and technology company – has released a report examining compensation among venture-backed crypto startups.  The firm surveyed 18 companies, ranging from 2 to 80 employees, between May and June of 2022. Respondents were largely part of the DeFi, infrastructure, and web 3 gaming sectors and included by centralized companies and DAOs. Framework’s report publicly revealed 7 key findings, including information about how many startups actually use crypto over fiat to pay employees. Here’s…

On Thursday, Multichain DeFi project Kyber Network fell victim to an exploit losing assets worth $265,000 in the process. According to the team's official report, the malicious actors behind the hack targeted the KyberSwap user interface. This makes the exchange the latest in a series of DeFi platforms to suffer such attacks.  Malicious Code in Kyber’s GTM Script Kyber alerted users to the attack in a Twitter post yesterday evening which also outlined the details of the hack. In the…

Jim Cramer – the host of CNBC’s “Mad Money” – most recently warned investors to stay away from speculative assets, including cryptocurrencies. He believes the Federal Reserve has explicitly warned the markets that it intends to bring pain to related sectors. In a Mad Money episode on Tuesday, Cramer brought attention to Federal Reserve Chairman Jerome Powell’s latest comments at the Jackson Hole symposium.  “Fed chief Jay Powell told us that we need to stop doing stupid things with our…

Tether – the issuer of the world’s largest stablecoin, USDT – has released a statement responding to the Wall Street Journal (WSJ)’s latest claims about the status of its reserves. It labeled the outlet’s assertions as “a series of unsubstantiated conclusions” seeking to discredit Tether’s attempts to remain transparent with the public. Claims from WSJ In an article published on Saturday, WSJ reviewed parts of Tether’s history and accounting process that make its reserve dependability seems less than ideal. One…

Michael Saylor – Executive Chairman of MicroStrategy – is being sued by the city of DC for tax fraud. Attorney General Karl Racine alleged that the billionaire hasn’t paid his income tax in the capital city for over a decade. Tax Fraud by Michael Saylor? As confirmed in a tweet from the AG on Wednesday, Saylor allegedly evaded DC’s tax laws by misrepresenting his place of residence.  It’s the first lawsuit brought under the city’s recently amended False Claims Act…

Brian Brooks – CEO of blockchain technology company BitFury – recently spoke on the state of the economy, crypto markets, and the regulatory situation. He said that both the Federal Reserve and SEC’s approaches to markets harm Bitcoin in the short term.  Bitcoin VS The SEC During an interview with CNBC on Monday, Joe Kernen began by asking Brooks whether regulation was a net cost or benefit for crypto. He specifically referenced Securities and Exchange Commission (SEC) Chairman Gary Gensler,…

The Nitro upgrade for Ethereum layer-2 scaling solution Arbitrum is slated to take place on Wednesday, August 31. Arbitrum shared updates regarding the forthcoming upgrade in a Twitter post late last night.  Arbitrum Announces Nitro Launch Date The Ethereum-based scaling solution employs L2 structure, optimistic rollups to process transactions outside the Ethereum mainnet. Arbitrum completes operations in large batches off-chain before delivering them on Ethereum. With Nitro, however, the network should raise its transaction throughput and cut down transaction fees.…

Data from blockchain analytics firm CryptoQuant reveals that over 5,000 Bitcoin more than 7 years old were moved on Saturday. According to the company’s community manager “Maartuun” on Twitter, this could be a sign of further downside to come.  In a post on Sunday, Maartuun shared a chart showing the on-chain movement history of bitcoins during various timeframes.  Exactly 5,019 BTC that hadn’t moved in 7 to 10 years were transferred in one block on August 28. One block is…