Weekly Crypto News: Edition #2

<h1><strong>Weekly Crypto News: Edition #2</strong></h1> <p> </p> <p><span style="font-weight: 400;">Welcome to Wizardia Weekly, where we bring you the latest and most relevant news from the world of crypto and blockchain. In this edition, we will cover some of the stories that made headlines in the past week, such as:</span></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><a href="https://coinmarketcap.com/community/articles/6502abe8b086c61bf29a5fae/"><span style="font-weight: 400;">Brazilian Crypto Scam Firm </span></a><span style="font-weight: 400;">Donated $122K to Bolsonaro Election Campaign, Lawmakers Told</span></li> <li style="font-weight: 400;" aria-level="1"><a href="https://cryptonews.com/news/sony-makes-blockchain-move-as-japanese-firms-flood-web3-space.htm"><span style="font-weight: 400;">Sony Makes Blockchain Move</span></a><span style="font-weight: 400;"> </span><span style="font-weight: 400;">as Japanese Firms Flood Web3 Space</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Judge Lewis Kaplan </span><a href="https://www.aljazeera.com/economy/2023/9/13/ftxs-sam-bankman-fried-loses-bid-for-release-ahead-of-trial#:~:text=On%20Tuesday%2C%20Judge%20Lewis%20Kaplan,to%20consider%20such%20a%20request."><span style="font-weight: 400;">Rejects Sam Bankman</span></a><span style="font-weight: 400;">-</span><span style="font-weight: 400;">Fried's Pre-Trial Release Plea &ndash;</span></li> <li style="font-weight: 400;" aria-level="1"><a href="https://cointelegraph.com/news/coinbase-bitcoin-lightning-network-integration-brian-armstrong"><span style="font-weight: 400;">Coinbase to Implement Bitcoin Lightning</span></a><span style="font-weight: 400;"> Network for Faster Transactions Amid Growing Competition</span></li> </ul> <p> </p> <p><span style="font-weight: 400;">But first, did you miss our article on how to Beat the Bear? Read it </span><a href="https://wizardia.io/blog/beat_the_bear"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;">.</span></p> <p> </p> <h2 id="brazilian-crypto-scam-firm-donated-122k-to-bolsonaro-election-campaign-lawmakers-told">Brazilian Crypto Scam Firm Donated $122K to Bolsonaro Election Campaign, Lawmakers Told</h2> <p><a href="https://coinmarketcap.com/community/articles/6502abe8b086c61bf29a5fae/" target="_blank" rel="noopener"><span style="font-weight: 400;">A Brazilian </span></a><span style="font-weight: 400;"><a href="https://coinmarketcap.com/community/articles/6502abe8b086c61bf29a5fae/" target="_blank" rel="noopener">firm</a> that allegedly defrauded thousands of investors of over USD 300m has been accused of donating BRL 650,000 (USD 122,000) to the election campaign of President Jair Bolsonaro in 2018. </span></p> <p> </p> <p><span style="font-weight: 400;">The allegation was made by a former employee of the firm, named Atlas Quantum, who testified before a parliamentary inquiry committee on September 9. The employee claimed that the firm used fake accounts and documents to make the donations, and that Bolsonaro's son, Eduardo Bolsonaro, who is also a lawmaker, was aware of the scheme. The president's office has denied any involvement or knowledge of the donations.</span></p> <p> </p> <p><span style="font-weight: 400;">Atlas Quantum was one of the largest crypto firms in Brazil until it collapsed in 2019, leaving behind a trail of debts and lawsuits. The firm claimed to offer high returns to its clients by using a proprietary algorithm that traded bitcoin on various exchanges. However, it turned out to be a Ponzi scheme that used new investors' money to pay old ones, and fabricated its trading results and balances. The firm is currently under investigation by the Brazilian authorities for fraud, money laundering, and tax evasion.</span></p> <p> </p> <h2 id="sony-makes-blockchain-move-as-japanese-firms-flood-web3-space">Sony Makes Blockchain Move as Japanese Firms Flood Web3 Space</h2> <p><span style="font-weight: 400;">Sony, one of the world's leading technology and entertainment conglomerates, has announced its entry into the blockchain space by launching a new subsidiary called </span><a href="https://cryptonews.com/news/sony-makes-blockchain-move-as-japanese-firms-flood-web3-space.htm"><span style="font-weight: 400;">Sony Digital Asset Management (SDAM)</span></a><span style="font-weight: 400;">. </span></p> <p> </p> <p><span style="font-weight: 400;">The new company will focus on developing and providing digital asset management solutions using blockchain technology for various industries, such as entertainment, gaming, music, and sports. SDAM will also leverage Sony's existing intellectual property and expertise in digital content creation and distribution.</span></p> <p><span style="font-weight: 400;">Sony is not the only Japanese firm that is exploring the potential of blockchain and Web3. In recent months, several major companies have announced their initiatives or partnerships in this field, such as:</span></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">SoftBank, which invested USD 200m in Mercado Bitcoin, Brazil's largest crypto exchange.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Rakuten, which launched its own crypto exchange and wallet service, Rakuten Wallet.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">LINE, which launched its own blockchain platform and token, LINK.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Mitsubishi UFJ Financial Group (MUFG), which partnered with Securitize, a US-based digital securities platform.</span></li> </ul> <p> </p> <p><span style="font-weight: 400;">These moves indicate that Japan is becoming a hotspot for blockchain innovation and adoption, as well as a key player in the global Web3 ecosystem.</span></p> <p> </p> <p><picture><source srcset="https://wizardia.io/images/blog/thumb/small2-8889.webp 576w, https://wizardia.io/images/blog/inner/small2-8889.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/small2-8889.jpg 576w, https://wizardia.io/images/blog/inner/small2-8889.jpg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/small2-8889.jpg 576w, https://wizardia.io/images/blog/inner/small2-8889.jpg " alt="" loading="lazy" width="1200" height="627"></picture></p> <h2 id=""> </h2> <h2 id="judge-lewis-kaplan-rejects-sam-bankman-frieds-pre-trial-release-plea">Judge Lewis Kaplan Rejects Sam Bankman-Fried's Pre-Trial Release Plea </h2> <p> </p> <p><span style="font-weight: 400;">The former FTX CEO Sam Bankman-Fried, who is facing multiple fraud charges, has been denied a pre-trial release by Judge Lewis Kaplan. Bankman-Fried's lawyers had requested his release to help him prepare for the trial, claiming that he had insufficient time and internet access to review the case materials in jail. </span></p> <p><span style="font-weight: 400;">However, Judge Kaplan rejected their plea, stating that Bankman-Fried had enough time and lawyers to review the case since his indictment in December 2022. The judge also noted that Bankman-Fried's bail was revoked in August due to allegations of witness tampering, which involved leaking the diary of his ex-girlfriend and former Alameda Research CEO Caroline Ellison to the New York Times.</span></p> <p> </p> <p><span style="font-weight: 400;"> The trial is set to begin on October 3, with jury selection currently underway.</span></p> <p> </p> <h2 id="coinbase-to-implement-bitcoin-lightning-network-for-faster-transactions-amid-growing-competition">Coinbase to Implement Bitcoin Lightning Network for Faster Transactions Amid Growing Competition</h2> <p><span style="font-weight: 400;">Coinbase, one of the world's largest and most popular crypto exchanges, has announced that it will integrate the </span><a href="https://cointelegraph.com/news/coinbase-bitcoin-lightning-network-integration-brian-armstrong"><span style="font-weight: 400;">Bitcoin Lightning Network</span></a><span style="font-weight: 400;"> into its platform by early 2024. The Lightning Network is a second-layer solution that enables fast and cheap transactions on top of the Bitcoin blockchain. </span></p> <p> </p> <p><span style="font-weight: 400;">By using this technology, Coinbase aims to improve its user experience and offer more options for its customers who want to send and receive bitcoin quickly and cheaply.Coinbase's decision to adopt the Lightning Network comes amid increasing competition from other crypto platforms that already support this feature, such as Kraken, Bitfinex, OKEx, and Bitstamp. </span></p> <p> </p> <p><span style="font-weight: 400;">Moreover, Coinbase faces pressure from its rivals who offer lower fees, more coins, and more services than Coinbase does. For instance:</span></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Binance, which offers over 500 coins and tokens, as well as futures, margin trading, staking, lending, and more.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">FTX, which offers over 150 coins and tokens, as well as derivatives, options, prediction markets, NFTs (non-fungible tokens), and more.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Robinhood, which offers zero-commission trading for seven coins and tokens.</span></li> </ul> <p> </p> <p><span style="font-weight: 400;">By implementing the Lightning Network, Coinbase hopes to regain its edge and attract more users who value speed and convenience when dealing with bitcoin.</span></p> <p> </p> <p><span style="font-weight: 400;">Want to get some crypto-travels in? </span><a href="https://wizardia.io/blog/9_crypto_events_september"><span style="font-weight: 400;">Here's how</span></a><span style="font-weight: 400;">!</span></p> <p><br><br></p> <h2 id="the-magic-crypto-ball">The Magic Crypto Ball &#128302;</h2> <p> </p> <p><a href="https://cryptonews.com/news/circle-partners-with-grab-test-web3-related-services-singapore.htm"><span style="font-weight: 400;">Circle Partners With Grab to Test Web3 Related Services in Singapore</span></a></p> <p><span style="font-weight: 400;">Circle, a global payments firm behind the USDC stablecoin, has partnered with Grab, a ride-hailing giant, to pilot Web3 customer experiences in Singapore. </span></p> <p> </p> <p><a href="https://cryptonews.com/news/italian-luxury-brand-panerai-to-include-nft-based-digital-passport-with-all-watches.htm"><span style="font-weight: 400;">https://decrypt.co/156152/panerai-include-nft-digital-passport-all-luxury-watches</span></a></p> <p><span style="font-weight: 400;">Panerai, an Italian luxury watch brand, will use NFTs as digital passports for its watches, providing proof of authenticity and extending warranty. The NFTs will be powered by Arianee, a Web3 solutions provider.</span></p> <p> </p> <p><a href="https://cryptonews.com/news/animoca-brands-secures-20m-funding-drive-ambitious-mocaverse-metaverse-project-nfts-making-comeback.htm"><span style="font-weight: 400;">https://www.cryptopolitan.com/animoca-brands-invests-20m-in-mocaverse/</span></a></p> <p><span style="font-weight: 400;">Animoca Brands has raised $20 million to expand its Web3 identity project Mocaverse. The funding round was led by CMCC Global and included other investors from the blockchain and gaming space.</span></p> <p> </p> <p><a href="https://cryptonews.com/news/axidents-nfts-turn-justin-biebers-company-into-royalty-investment.htm"><span style="font-weight: 400;">https://nftnow.com/news/justin-bieber-turns-2015-track-company-into-nft-royalty-sharing/</span></a></p> <p><span style="font-weight: 400;">Producer Axident sells NFTs that give buyers a share of the streaming royalties for Justin Bieber's song &lsquo;Company'. The NFTs are powered by AnotherBlock, a blockchain platform for music rights.</span></p> <p> </p> <p><a href="https://cryptonews.com/news/opensea-nft-marketplace-implements-changes-creator-fees-royalty-rules-heres-what-you-need-know.htm"><span style="font-weight: 400;">https://opensea.io/blog/articles/creator-fees-update</span></a></p> <p><span style="font-weight: 400;">OpenSea has made changes to make creator fees optional for new collections. Optional royalties will now be applicable to all NFT sales on the secondary market. </span></p> <p> </p> <p><span style="font-weight: 400;">That's all for this week's Wizardia Weekly. Stay tuned for more updates from the world of crypto and blockchain. And don't forget to check out wizardia.io for more information on how we can help you create your own magical web3 experience.</span></p> <p> </p> <p><span style="font-weight: 400;">PS. Don't forget the NEW </span><a href="https://wizardia.io/blog/weekend-bash"><span style="font-weight: 400;">Big Bash Tournament</span></a><span style="font-weight: 400;">!</span></p>