SEC revises $22 million fine against LBRY
SEC seeks to reduce fine from $22 million against platform LBRY to $111,614 due to lack of company funds. LBRY claims to be financially ruined and alleges that the amount originally required by the SEC was overstated. ”The Commission acknowledges LBRY’s representations that it is bankrupt, ceasing operations and lacking the funds to pay a larger fine, and recognizes that the ability to a defendant to pay is a factor in imposing a civil penalty,” the SEC said in the filing.
KuCoin Pool launches joint LTC and DOGE mining services
Leading global cryptocurrency mining platform KuCoin Pool has launched joint Litecoin (COIN:LTCUSD) and Dogecoin (COIN:DOGEUSD) mining services. This partnership aims to deliver a more efficient and profitable mining experience, increasing overall rewards and protecting coin networks. The KuCoin Pool will adapt its services to the changes brought about by the LTC halving, ensuring that miners remain competitive. The platform offers benefits such as an intuitive interface, 24/7 expert support and daily reward payouts with no limits or fees. To celebrate the release, there’s a zero-fee promotion and an AMA event with prizes.
Canton Network receives support from companies to simplify financial markets with blockchain
Major companies and financial institutions support the Canton Network, a new blockchain to simplify financial markets. The platform has partners such as Microsoft (NASDAQ:MSFT), Capgemini (USOTC:CAPMF), Deloitte and others, and already has clients such as Goldman Sachs (NYSE:GS) and BNP Paribas (EU:BNP). The Canton Network targets interoperability and privacy by enabling asset and data synchronization between financial applications. The platform uses the Daml smart contract language, developed by Digital Asset. Canton Network aims to overcome the privacy and control challenges of public blockchains by providing a secure and scalable environment. “The Canton Network is a powerful response to industry requests for a solution that harnesses the potential of blockchain while preserving fundamental privacy requirements for institutional finance,”
CertiK and Alibaba Cloud Team Up for Blockchain Security in the Cloud
New York-based blockchain security firm CertiK and Alibaba Cloud (NYSE:BABA) announced a partnership to provide blockchain security services for cloud-based projects. With the integration of CertiK’s Security Suite and the scalable and secure infrastructure of Alibaba Cloud, Web3 developers can accelerate the development process and secure their apps and smart contracts. The partnership also includes ongoing support for the Web3 world through hackathons, developer education and application development programs. “Alibaba Cloud has always been committed to providing customers with secure and reliable cloud computing services and actively promoting the development of new technologies and applications. This cooperation will provide us with more comprehensive technical support and security solutions to better serve the blockchain and Web3 ecosystem,” said Raymond Xiao, Head of International Web3 Solutions at Alibaba Cloud Intelligence.
Hourglass launches marketplace to trade Time-Bound Tokens (TBTs) on DeFi
Startup Hourglass has launched the first marketplace to trade Time-Bound Tokens (TBTs), which represent assets locked in DeFi based on the lock period. This allows users to exchange ownership of locked assets, offering intermediate liquidity. The platform will tokenize the Lido withdrawal queue, avoiding delays and obstructions. “TBTs are a growing class of tokens that represent assets staked on DeFi protocols that are committed for a period of time,” Hourglass said in a press release. “Hourglass will support everything from trading blocked frxETH to early withdrawals from the Lido withdrawal queue,” the statement added. TBTs will be issued by non-custodial smart contracts. Hourglass has raised $4.2 million in seed funding from prominent investors.
HOMER token price skyrockets 60,000% in 7 days
The $HOMER cryptocurrency, inspired by the character Homer Simpson, is gaining popularity in the crypto market. With no promises or practical use, the token attracts investors and saw a trading volume of $15.3 million in 24 hours. With a market cap of around $68 million, $HOMER shows potential for growth, although there are downside risks.
Litecoin price rises with NFT market entry
On May 15, Litecoin (COIN:LTCUSD) price rose by around 5.65% in the last 24 hours, reaching around $88.25, due to its entry into the Non-Fungible Tokens (NFT) market. The launch of the Litecoin Ordinal Protocol allowed the creation of NFTs on the Litecoin blockchain, boosting network activity. Increased demand and bullish prospects for LTC, especially with the upcoming halving in August, contributed to the recent price gains.
BTC among top 3 assets in case of US default
Gold, US Treasurys and Bitcoin (COIN:BTCUSD) are the top assets in the event of a US debt default, according to Bloomberg research. More than 50% of finance professionals would opt for gold, followed by US Treasurys and, in third place, Bitcoin among retail investors. Bitcoin is considered a more popular safe haven than the dollar, yen and Swiss franc, considered by some investors to be a kind of digital gold.
Switzerland has the highest crypto adoption rate in Europe
Cryptocurrency adoption grows in Europe, led by Switzerland with 21% of the population using digital currencies. The Netherlands is the second country with the highest adoption rate, followed by Norway. UK and Germany reach 12% adoption. European crypto market revenue is expected to double in 2023, driven by the UK and Germany. The number of cryptocurrency users in Europe is estimated to increase by 43% this year, reaching 141 million.
North Korean hackers stole $2.3 billion in the last five years
North Korean hackers have stolen $497 million worth of cryptocurrency from US companies since 2017, Nikkei-sponsored analysis reveals. Elliptic identified transfers to wallets linked to the Lazarus Group, known for exploring DeFi projects. North Korea uses cybercrime to fund its missile program. Japan is a top target for these hackers, as they have stolen $721 billion from companies in the country – equivalent to 30% of their ill-gotten wealth. It is followed by Vietnam, where they stole $540 million and $281 million from Hong Kong.
G-7 commits to regulatory norms for crypto assets and central bank digital currencies
Group of Seven (G-7) finance ministers and central bank governors discussed oversight of crypto assets in Niigata, Japan, ahead of the G-7 summit. They announced their commitment to the implementation of upcoming Financial Stability Board (FSB) rules and International Monetary Fund (IMF) recommendations on central bank digital currencies. The G-7 will follow the standards set by the FSB. Furthermore, the group supports the efforts of the Financial Action Task Force (FATF) to accelerate the global implementation of its travel rule and will review the IMF recommendations on CBDCs. The G-7 is made up of the US, UK, Canada, France, Germany, Italy and Japan, with representatives from the European Union, Australia, India and several other jurisdictions invited this year.
DOJ plans crackdown on illicit cryptocurrency platforms
The US Department of Justice (DOJ) is planning a crackdown on cryptocurrency trading platforms that allow illicit behavior, according to the director of the National Cryptocurrency Enforcement Team (NCET). The DOJ aims to fight cryptocurrency crime, which has grown significantly over the past four years, by focusing on companies that prevent money laundering and do not abide by customer knowledge rules. In addition, NCET intends to take action against investment scams, which involve scammers building relationships with victims over months, with over $2.5 billion reported being stolen from cryptocurrency scams in 2022. “We expect that by focusing on on these types of platforms, we have a multiplier effect,” said Eun Young Choi, director of NCET.
Samsung and BOK join forces for CBDC offline payments
Samsung Electronics has partnered with Bank of Korea (BOK) for joint research on creating an ecosystem for a central bank digital currency (CBDC). The agreement involves carrying out studies on the CBDC issued by the BOK and collaboration in the offline payments sector. Samsung has already participated in a BOK CBDC pilot project and developed offline CBDC technology. The partnership also aims to allow payments using Samsung smartphones even without an online connection. The two signed a memorandum of understanding (MOU) on May 15, according to KBS World. BOK Deputy Governor Lee Seung-heon said that he hopes “Korea can take the lead in offline CBDC technology […] as central banks around the world are actively working on it.”
South Korean authorities raid Upbit and Buthumb after political scandal
South Korean prosecutors raided exchanges Upbit and Bithumb in search of transaction records related to lawmaker Kim Nam-kuk’s digital assets. This action followed Kim’s resignation from his political party. Reports indicate that he liquidated more than $4 million worth of cryptocurrencies prior to the implementation of the “Travel Rule”. Bithumb has faced controversy and investigations in recent months as South Korea steps up its crackdown on crypto activities.