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Mike McGlone – Senior Commodity Strategist at Bloomberg Intelligence – recently suggested that Bitcoin is on its way to becoming “global collateral.” He called the primary cryptocurrency a possible “leading indicator” for risk assets, which may be at risk given the crypto market’s latest decline.  Signs of Maturity? As McGlone tweeted on Wednesday, most risk assets are struggling in the second half of 2022. Their headwinds primarily stem from the Federal Reserve's “sledgehammer” of rising interest rates, which “may form…

Coinbase – the largest cryptocurrency exchange in the United States – plans to make trading fee revenue less central to its business.  Instead, company CEO Brian Armstrong said he’d like to see over 50% of its revenue generated from subscriptions and services.  Coinbase’s Long-Term Plans In an interview with CNBC, Armstrong said that subscriptions and services account for 18% of Coinbase’s current revenue. He predicts that share will grow over many years, making the exchange’s performance more predictable in the…

A Netherlands court has ruled that Tornado Cash developer Alexey Pertsev be denied bail. The inculpated programmer will inevitably spend a further three months in detention before any further rulings. Netherlands Judge Rules Against Pertsev 29-year-old Alexey Pertsev, one of the developers responsible for the Tornado Cash code, has been denied bail. This comes hot on the heels of his August 10 arrest. Dutch Financial Crimes Agency FIOD had apparently had their eye on Tornado Cash since June. Authorities finally…

Major stablecoin network Tether may not be on board with the US Treasury Department’s ban on crypto mixer Tornado Cash.  In an official release on Wednesday, the team revealed that they would not blacklist any of the OFAC’s sanctioned smart contract addresses. Tether in Close Touch with Law Enforcement Agencies Earlier this month, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the privacy protocol Tornado Cash. The treasury highlighted its role in laundering the proceeds of cybercrime as the…

A recent release has unveiled new updates on the ongoing lawsuit against Stephen Ehrlich, Voyager Digital CEO and founder. The suit also extends to Dallas Mavericks Governor Mark Cuban due to his promotion of the now bankrupt crypto brokerage platform.  Lawsuit Seek to Halt Suit Against Ehrlich and Cuban Over the past two weeks, both parties have engaged in a legal battle regarding their roles in Voyager’s alleged Ponzi scheme. Florida-based law firm Moskowitz filed a civil suit accusing Ehrlich…

According to various reports, on Tuesday, August 23, China entered the next phase of the pilot test for its central bank digital currency. The public transport system in the city of Guangzhou now accepts digital yuan (e-CNY) payments for bus fares. Guangzhou Transportation launched a digital RMB payment code that residents can use to pay for rides. Passengers first need to download the Digital RMB app and fund their accounts. Then they can simply scan the QR code displayed in…

Since March, Iranian authorities have confiscated nearly 9500 unlawful crypto mining rigs in the nation’s capital, Tehran.  While crypto trading is still illegal among Iranians, the government's use of crypto remains at an all-time high. Iran Acts Against Illegal Miners According to a report, Kambiz Nazerian, head of Tehran Electricity Distribution Company spoke on the matter. Nazerian said on Monday, August 22 that inspectors had uncovered the mining devices in various districts of Tehran. Last year, a release from blockchain…

Speculations of a rug pull have begun circulating after SudoRare, an AMM protocol for ERC-721s to ERC-20 swaps unexpectedly stopped running. The platform’s social media accounts are no longer active and the founders appear to have carted off 519 Ethereum tokens, about 519 ETH, about $815K. SudoRare Wallet Drained, Social Media Goes Offline Crypto analyst @sungjae_han first sounded the alarm via a tweet this morning. The post pointed out a strange transaction on SudoRare’s etherscan data. Using LooksRare (LOOKS) and…

Lawyers serving Nate Chastain – a former Product Manager at OpenSea – are defending the ex-employee against charges of insider trading. They claim that no insider trading could have been possible in Chastain’s case because NFTs are neither securities nor commodities. Chastain Stands His Ground In a recent filing, the lawyers called for the dismissal of government charges against Chastain.   “The government’s arguments are contrary to years of settled precedent and are a transparent effort to plant a flag in…