Federal Government Contemplates Actions Against Dragonfly Due to Tornado Cash Financing
In the world of cryptocurrency, the week has been a mix of developments, investments, and regulatory actions. Here's a roundup of some of the key events that took place:
Hacking Incident on Nemo Protocol
The Nemo Protocol on the Sui Network suffered a hack, resulting in a theft of $2.4 million USDC. The details of the incident are still being investigated, and the community is closely monitoring the situation.
Legal Seminar on Digital Currency Crime
A legal seminar was held in Fujian, focusing on digital currency crime. The seminar aimed to share insights and strategies for combating digital currency-related crimes, emphasising the importance of a collaborative approach in the digital age.
Investment by Dragonfly Capital
Dragonfly Capital, a venture capital firm, made an investment aimed at supporting privacy-preserving technology. The investment followed FinCEN guidelines, and it's important to note that, as of now, no venture capital firm has been charged solely for financing a privacy protocol.
Stock Surge for Eightco Holdings
Eightco Holdings saw its stock skyrocket over 5000% amid its strategy with Worldcoin. The exact reasons for this significant increase are yet to be fully understood.
Ant Group and Longxin's Ant Chain Trust Company
Ant Group and Longxin launched Ant Chain Trust Company for digital green assets. This move is part of Ant Group's ongoing efforts to expand its digital asset services.
Regulatory Actions Against Dragonfly Capital
The U.S. Department of Justice is contemplating legal action against Dragonfly Capital due to regulatory scrutiny surrounding its 2020 investment in PepperSec, Inc., the developers of Tornado Cash. Dragonfly Capital invested in the founders of Tornado Cash, who have been charged with money laundering and sanctions violations.
Binance's XPINUSDT Contract
Binance is set to launch the XPINUSDT contract with 50x leverage, providing traders with increased opportunities for high-risk, high-reward trades.
Regulatory Framework in Hong Kong
Hong Kong unveiled a crypto regulatory framework under Basel rules, aiming to strike a balance between fostering innovation and ensuring financial stability.
DeFi, NFTs, and Web3 Coverage
John Kojo Kumi, a cryptocurrency researcher and writer, provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations. With expertise in content strategy, SEO optimization, and technical research, Kojo Kumi is a valuable voice in the crypto space.
Regulatory Scrutiny in Vietnam and China
Vietnam embarked on a five-year crypto trading pilot program, while China launched a cross-border QR code payment trial. These moves indicate a growing interest in digital currencies and blockchain technology in these countries.
Controversy Surrounding Dragonfly Capital
Haseeb Qureshi, Managing Partner of Dragonfly, stated that charging investors for portfolio company actions would set a dangerous precedent. This statement comes amidst the potential legal action against Dragonfly Capital by the DOJ.
John Kojo Kumi's Background
John Kojo Kumi holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi. He is currently a Crypto News Writer and a Registrar at the Commission on Human Rights and Administrative Justice.
Ant Chain Trust Company for Digital Green Assets
Ant Group and Longxin launched Ant Chain Trust Company for digital green assets. This move is part of Ant Group's ongoing efforts to expand its digital asset services.
Stock Market Surge for Eightco Holdings
Eightco Holdings saw its stock skyrocket over 5000% amid its strategy with Worldcoin. The exact reasons for this significant increase are yet to be fully understood.
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