Weekly Crypto News: Edition #2
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:
- Brazilian Crypto Scam Firm Donated $122K to Bolsonaro Election Campaign, Lawmakers Told
- Sony Makes Blockchain Move as Japanese Firms Flood Web3 Space
- Judge Lewis Kaplan Rejects Sam Bankman-Fried's Pre-Trial Release Plea –
- Coinbase to Implement Bitcoin Lightning Network for Faster Transactions Amid Growing Competition
But first, did you miss our article on how to Beat the Bear? Read it here.
Brazilian Crypto Scam Firm Donated $122K to Bolsonaro Election Campaign, Lawmakers Told
A https://coinmarketcap.com/community/articles/6502abe8b086c61bf29a5fae/firm 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.
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.
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.
Sony Makes Blockchain Move as Japanese Firms Flood Web3 Space
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 Sony Digital Asset Management (SDAM).
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.
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:
- SoftBank, which invested USD 200m in Mercado Bitcoin, Brazil’s largest crypto exchange.
- Rakuten, which launched its own crypto exchange and wallet service, Rakuten Wallet.
- LINE, which launched its own blockchain platform and token, LINK.
- Mitsubishi UFJ Financial Group (MUFG), which partnered with Securitize, a US-based digital securities platform.
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.
Judge Lewis Kaplan Rejects Sam Bankman-Fried's Pre-Trial Release Plea
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.
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.
The trial is set to begin on October 3, with jury selection currently underway.
Coinbase to Implement Bitcoin Lightning Network for Faster Transactions Amid Growing Competition
Coinbase, one of the world’s largest and most popular crypto exchanges, has announced that it will integrate the Bitcoin Lightning Network 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.
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.
Moreover, Coinbase faces pressure from its rivals who offer lower fees, more coins, and more services than Coinbase does. For instance:
- Binance, which offers over 500 coins and tokens, as well as futures, margin trading, staking, lending, and more.
- FTX, which offers over 150 coins and tokens, as well as derivatives, options, prediction markets, NFTs (non-fungible tokens), and more.
- Robinhood, which offers zero-commission trading for seven coins and tokens.
By implementing the Lightning Network, Coinbase hopes to regain its edge and attract more users who value speed and convenience when dealing with bitcoin.
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Circle Partners With Grab to Test Web3 Related Services in Singapore
Circle, a global payments firm behind the USDC stablecoin, has partnered with Grab, a ride-hailing giant, to pilot Web3 customer experiences in Singapore.
https://decrypt.co/156152/panerai-include-nft-digital-passport-all-luxury-watches
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.
https://www.cryptopolitan.com/animoca-brands-invests-20m-in-mocaverse/
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.
https://nftnow.com/news/justin-bieber-turns-2015-track-company-into-nft-royalty-sharing/
Producer Axident sells NFTs that give buyers a share of the streaming royalties for Justin Bieber’s song ‘Company’. The NFTs are powered by AnotherBlock, a blockchain platform for music rights.
https://opensea.io/blog/articles/creator-fees-update
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.
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.
PS. Don’t forget the NEW Big Bash Tournament!
Ryan Turnbull
Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.
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