Weekly Crypto News Recap: Sep 16, 2022

September 16, 2022

The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain

The massive overhaul of Ethereum known as the Merge has finally happened, moving the digital machinery at the core of the second-largest cryptocurrency by market value to a vastly more energy-efficient system after years of development and delay. It was no small feat swapping out one way of running a blockchain, known as proof-of-work, for another, called proof-of-stake. “The metaphor that I use is this idea of switching out an engine from a running car,” said Justin Drake, a researcher at the non-profit Ethereum Foundation. The payoff is potentially gigantic. Ethereum should now consume 99.9% or so less energy. It’s like Finland has suddenly shut off its power grid, according to one estimate. The update’s complexity was compounded by the fact that it may have been one of the largest open-source software endeavors in history, requiring coordination across dozens of teams and scores of individual researchers, developers and volunteers. Tim Beiko, an Ethereum Foundation developer who played a key role in coordinating the update, “I think the Merge can genuinely get those people who were interested in Ethereum, but skeptical of the environmental impacts, to come and experiment with it.”

Starbucks to Offer NFT-Based Loyalty Program Using Polygon’s Blockchain Technology

Starbucks is to offer an NFT-based loyalty program with the blockchain technology provided by Polygon. The company’s Starbucks Odyssey will allow customers to purchase and earn digital collectible stamps in the form of an NFT that offer benefits and immersive experiences. The program is to be built on Polygon’s proof-of-stake network, a scaling tool that sits on top of the Ethereum network. Applications that run on Polygon and other scalers can avoid some of the high costs and low transaction speeds caused by congestion on Ethereum’s main network. Starbucks hinted at developing a Web3 experience in May when it announced plans to launch a series of NFT collections providing “unique experiences, community building and customer engagement.” Customers can now join a wait list to gain access to Starbucks Odyssey.

Magic Eden defends launch of NFT royalty enforcement tool

Solana-based NFT marketplace Magic Eden has fended off some community backlash following the launch of MetaShield, its new enforcement tool aimed at deterring NFT buyers who bypass creator royalties. MetaShield, which was reportedly launched in partnership with NFT marketplace and aggregator Coral Cube saw mixed reactions from the NFT community following its launch on Sep. 12, who were split on whether NFT marketplaces should protect creator rights or cut royalty fees to make NFTs cheaper for collectors. The NFT royalty enforcement tool is designed to allow NFT creators to flag and blur NFTs that may have been sold that managed to bypass creator royalties. The new tool came only a few weeks after NFT marketplace X2Y2 introduced a new feature that affords buyers with the discretion to decide whether they pay a royalty fee (and if so, how much) when buying an NFT.

Fortnite Developer Epic Games’ Marketplace Lists First NFT Game

The game marketplace of Fortnite creator Epic Games has listed its first NFT-powered Web3 title, Mythical Games’ Blankos Block Party, according to a press release. Blankos Block Party is a free-to-play multiplayer party game centered around unique collectible digital vinyl toys called Blankos, non-fungible tokens that can be bought, upgraded and sold within the game. The game was co-developed by Mythical Games and Third Kind Games.

US Treasury – You Are Not Breaking Sanctions by Sharing Tornado Cash Code

The U.S. Treasury Department has released further clarifications on the sanction placed on the popular cryptocurrency mixer, Tornado Cash. The department stated that the sanction does not affect the rights of individuals in the U.S. to view and disseminate the open-source Tornado Cash code. “U.S. persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view, as well as discussing, teaching about, or including open-source code in written publications, such as textbooks, absent additional facts,” the response said. It also revealed that individuals whose transactions – those made before the designation of the mixer – had been frozen can complete their transactions by filing a licensing request from the OFAC. Additionally, it noted that wallets that have been the target of “dusting” transactions – where wallets received unsolicited and nominal amounts of crypto – will receive lenient enforcement as long as the “transactions have no other sanctions nexus besides Tornado Cash.”

Michael Saylor Publishes Open Letter Discussing the ‘Sheer Volume of Misinformation’ Tied to Bitcoin
MicroStrategy to reinvest $500M stock sales into Bitcoin: SEC filing
Bitcoin maxis bullish on new leader of Canada’s Conservative Party ETHPoW (ETHW) plunges over 60% a day after mainnet launch
Ethereum Liquidations Top $127M Amid Post-Merge Volatility
Community braces for ‘fork wars’ after Poloniex’s sudden move to support EthereumFair over ETHW
Lido’s Staked Ether Surges Closest to Ether Since Terra Crash
All The ETH On Aave Has Been Borrowed Ahead Of The Merge
Ether Futures Market Discount Evaporates After the Merge
Meet 8 Ethereum Developers Who Helped Make the Merge Possible
Ethereum is grappling with the risk of censorship after The Merge
The Ethereum Merge Can Change Corporate Perceptions Compound Treasury to let institutions use digital assets as collateral when borrowing USD or USDC
BNB Smart Chain Teams Up With Google Cloud to Accelerate Web3 Development
Tron’s Grand Hackathon Season 3 Launches With $1.2M Prize Pool
Ethereum Classic and Ravencoin’s Hashrate Nearly Doubles After Merge
Maker Raises Staked Ethereum Limit to Reduce Reliance on USDC
TRON and Wintermute Reach Strategic Partnership
Algorand Admits it has Lost $35 Million in the Hodlnaut Implosion
Bitfinex Lists Sweat Economy As Movement Coin Launches Token Generation Event
Maple Revives Crypto Lending With $40M Deal
Algorand throws hat in ring as Helium community begins vote on Solana migration
ENS Sues GoDaddy and Manifold Finance Over eth.link Sale
Scaling Solution Polygon Plans To Aggressively Expand by Hiring 200 People in Coming Months: Report
Near Blockchain Moves Ahead With Phase One of Sharding Upgrade Crypto Custody Specialist Anchorage Digital Offers Japanese Yen Stablecoin
MakerDAO Users To Mint DAI for Free After Debt Ceiling Rises
Tether’s USDT stablecoin launches on Near blockchain Celsius presents creditors plan to revive business operations
Hyperledger announced new members at commencement of global forum
Digital Wallet Provider MetaMask Allows Crypto Purchases With Brazilian Reals
Opera Crypto Browser Integrates MetaMask Ahead of Ethereum Merge
Linux launches foundation to support development of open source wallets
Amber Group cuts staff by 10%: Bloomberg
Fireblocks proclaims ‘centaur’ status with $100 million in annual recurring revenue Gamers want fun, not a grind fest for tokens — Animoca subsidiary
A Bored Ape Ethereum NFT Owner is Launching a Real-World Yacht Club
Ethereum community wastes no time minting PoS NFTs right after the Merge
Someone Just Minted an NFT of Ethereum’s Last Proof-of-Work Block
Esports teams to get playable NFT characters in Immutable’s Guild of Guardians
NFT marketplace Rarible partners with Immutable to broaden its gaming NFT offerings
Doodles NFT Project Raises $54M At $704M Valuation
$70M Art Collection at MoMA To Be Sold, Proceeds Could Fund NFT Buys
Mean Girls set to make Web3 comeback as “crypto-collectibles”
NFT mints on Solana have surged to an all-time high
Near Protocol Forms Working Group to Promote DeFi Governance
Web3 Domain Names Are Overtaking Apes in Trading Volume on OpenSea
Square Enix becomes validator on gaming blockchain Oasys Ethereum Mining Alternative Ravencoin Jumps 85% Ahead of the Merge
Ethereum Miners Are Quickly Dying Less Than 24 Hours After the Merge
Bitcoin Miner Iris Rises as Compass Point Upgrades on Potential Boost in Hashrate
Bitcoin mining execs talk industry consolidation, CleanSpark’s asset deal
Crypto Miner F2Pool Mined the Last-Ever PoW Ether Block Before Merge
Norwegian town wants ‘noisy’ Bitcoin miner out, CEO responds
F2Pool, Poolin to start Ethereum PoW mining after ETHW mainnet launch
Bitcoin Mining Difficulty Edges to All-Time High
What’s left for Ethereum GPU miners after The Merge?
White House Crypto Mining Report Draws Praise From Advocates and Critics Alike
‘Clandestine’ crypto miners in Argentina caught by authorities
Filecoin Miner RRMine Global Leaves China for Singapore
Wallet Service of Top Bitcoin Mining Pool Poolin Will Issue ‘IOU’ Tokens After Suspending Withdrawals Crypto Exchange Bybit Halts Derivatives Trading in Brazil After Exchange Commission Ban
Crypto Exchange Coinbase Enlists Broadridge Financial to Improve Liquidity
Coinbase Now Lets Users Check Which Politicians Are Crypto-Friendly
Binance.US launches rebate and rewards program to boost liquidity
SBF apologizes for FTX glitches amid high volatility
CME Group premiers ETH futures options trading as the world braces for The Merge
Crypto Exchange Huobi Secures License to Operate in the British Virgin Islands
Blockchain.com Receives Provisional Approval for Dubai Operations Ex-Citadel Securities employees raise $50 million for crypto market maker
Token management platform Magna closes $15 million funding round
Doodles announces $54 million raise, plots hiring spree
Crypto data infrastructure platform Goldsky raises $20 million seed round
Community Labs raises $30 million strategic funding round
Bolt backs off $1.5 billion Wyre deal: Axios Hashdex Introduces the World’s First ’33 Act Bitcoin ETF
Binance Labs Doubles Down on Aptos Bet Ahead of Blockchain Launch
Investors Add $74M to Crypto-Focused Valkyrie Trusts
Tech investor SoftBank considering a third startup investment fund: WSJ
Two Sigma Ventures raises $400 million across two funds
Spice VC to make investor payout after selling Blockdaemon, Securitize stakes
Fidelity’s rumored retail crypto plans are on display in recent job ads
North Island Ventures launches $125 million investment fund
Web3 unicorn Alchemy is raising for a new venture fund
Crypto Fund LedgerPrime Planning to Refund Outside Investors
Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcoin fund
Hong Kong’s HashKey Receives Approval to Manage 100% Crypto Portfolio
Merge ‘jitters’ sees outflow from Ether-based investment products
Venture-Capital Firm Northzone Raises $1B Fund for Fintech, Web3 Investments
Investment Giant KKR Puts Portion of Private Equity Fund on Avalanche Blockchain
VC firm Bloccelerate aims to raise $100 million for new fund
FTX Investment Arm Buys 30% Stake in Anthony Scaramucci’s Skybridge Capital As Expansion Spree Continues
NEAR Foundation launches $100 million VC fund and lab for web3 Tesla launches new Cyberwhistle that can only be bought using Dogecoin
SWIFT and Symbiont announce corporate data blockchain pilot
JPMorgan hires former Microsoft exec for payments and blockchain role: CoinDesk
Banking Giant DBS Announces Metaverse Partnership With The Sandbox (SAND)
Google gets in on Ethereum Merge excitement with nifty easter egg Biden administration takes a step closer towards a digital dollar
Central Bank of China Calls for Increasing Use of Digital Yuan
Reserve Bank of India is considering running a CBDC trial
IMF Says There is Growing Increase in CBDC Research
Norwegian central bank uses Ethereum to build national digital currency Russian Central Bank Wants to Hire a Crypto Specialist
FSOC to report on regulatory gaps around digital assets next month
Treasury recommends ‘double down’ on crypto enforcement, but more guidance too
El Salvador’s pro-Bitcoin president Nayib Bukele announces reelection bid
White House Releases First Crypto Regulatory Framework—Here’s What You Need to Know
CFTC chair asks senators for more authority in crypto markets
OFAC Backtracks but Tornado Cash Sanctions Already Set a Terrifying Precedent
Gensler Says Proof-of-Stake Assets Could Be Securities: Report
Gary Gensler Says Many Crypto Firms Are Transacting in Securities and Must Register With SEC
CDC gives nod to Lummis-Gillibrand bill in proposed amicus brief in SEC v. Ripple case
Thai SEC intends to ban crypto lending in the country
Coinbase-backed suit against Treasury set to become landmark blockchain case
Crypto Unit of Japan’s SBI Wins Capital Markets License in Singapore
UK fintech EPayments officially closes its doors following FCA probe
OpenNode receives approval to test Bitcoin payments in Bahrain
Chamber of Digital Commerce urges SEC to approve Bitcoin ETF for US investors
El Salvador Launches 2 Debt Repurchase Offers Amid Uncertainty Over Its Bitcoin Bond
Blockchain Association unveils BA PAC to support pro-crypto from both US parties
Trudeau says showing support for crypto is irresponsible leadership
ePayments shutters as FCA Anti-Money Laundering regulations tighten
Abu Dhabi regulator introduces its ‘guiding principles’ for crypto
Russia PM sets December deadline for international crypto payments rule
SEC Enforcement Chief: We Can’t Ignore Crypto Law-Breaking
Crypto Investor Paradigm Argues Infrastructure Providers Should Not Be Subject to US Treasury Sanctions ‘Green ETH’ narrative to drive investment and adoption, say pundits
New $1M ad campaign against Bitcoin mining after Ethereum’s Merge
Crypto Tech Firm BlockFills to Offer ESG Credits to Miners Craig Wright Tells Court He ‘Stomped on the Hard Drive’ Containing Satoshi Wallet Keys
South Korea Looks to Invalidate Terra Co-Founder Do Kwon’s Passport: Report
US CPI Report Shows Inflation Hotter Than Expected, Bitcoin Plunges 9.6%
South Korean court issues warrant for Do Kwon’s arrest, Chosun Ilbo reports
Brother of former Coinbase employee pleads guilty to charges related to insider trading: Report
Tokenization of illiquid assets to reach $16T by 2030: Report
Alleged Bitcoin Launderer ‘Razzlekhan’ Wants Access to Crypto Wallets for Tax Purposes
Vitalik Buterin impersonators ramp up ETH phishing ahead of The Merge
Merriam-Webster Highlights Mainstream Growth of Crypto, Adding ‘Altcoin’ and ‘Metaverse’ to Dictionary
Zuckerberg asked by senators what he is doing to fight crypto scams on social media
Vitalik Buterin makes surprise appearance at Kyiv Tech Summit

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