Autor Cointelegraph By Savannah Fortis

Wanted Turkish crypto exchange founder detained in Albania

The saga of the defunct Turkish crypto exchange, Thodex, continues as its fugitive founder is now in custody in Albania. Local law enforcement detained Faruk Fatih Özer in an operation carried out at 05:30 AM (UTC) on Tuesday, Aug. 30, in the country’s capital city Tirana.According to a report byCointelegraph Turkey, Özer is currently held in custody. After initial questioning, the Turkish embassy in Tirana will be informed by local authorities. Both the Turkish Ministry of Internal Affairs and the Albanian government are working together on the case.Özer will be subject to legal proceedings in Albania, after which it is expected he will be deported to Turkey.This is the latest update in a story that dates back to last April 22, 2021, when Thodex stopped all trading and withdrawals on its platform. In response to an impending police raid, the exchange went silent and the initial reports of Özer’s disappearance began.Shortly after, Turkish authorities detained 62 individuals with potential connections to the exchange and its founder, who then confirmed he fled for the Balkan country of Albania. There had previously been a raid on a private residence in Tirana in pursuit of Özer, however, it proved unsuccessful.Related: Are non-KYC crypto exchanges as safe as their KYC-compliant peers?According to reports, the Thodex scandal potentially affected 391,000 crypto exchange users and roughly $200,000 million in investments.Turkey faced two similar incidents back to back with both the ThoDex scandal and another involving a shuttered crypto exchange called Vebitcoin. The drama unfolded as Turkish authorities unveiled new crypto regulations, which included a ban on crypto payment options.Related: Two more lawsuits for Coinbase: Law decodedIn the last year, the DeFi space has seen several exchanges and crypto-related companies disappear in the face of adversity. The most recent example is the founders of Three Arrows Capital (3AC), which reportedly are nowhere to be seen. One legal professional speculates Dubai but can’t be sure. 3AC recently filed for bankruptcy and still owes billions to various companies. Along with 3AC, the company Terraform Labs which was behind the major collapse of the LUNA token also faced its share of investigations for fraudulent behavior. The founder Do Kwon has been under major scrutiny and subsequently went silent. Regulators in South Korea imposed a travel ban on all employees of Terraform, despite its founder already being outside of the country.

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Frida Kahlo art finds permanent home in the metaverse

The family of the world-renowned painter Frida Kahlo released never before seen art and memorabilia tied to the artist into the metaverse. The content debuted in a permanent exhibition during the third-annual Metaverse Art Week in Decentraland, held on Aug. 24–28. Metaverse users are now able to experience the art, along with personal anecdotes told by close family members in a digital replica of the “Red House.” The house represents the real-life version of the Red House, owned by the family, which stands in Mexico City. The Red House in Decentraland. Source: EzelHowever, in the metaverse version of the Red House, each room represents little-known parts of the artist’s life before her infamous relationship with the Mexican painter Diego Rivera. Luke McFarlane, the co-founder of Ezel, the company responsible for the archival materials, elaborated:“The first 20 years will be represented in this house. It sets up a lot of her struggles and adversities, but also her drive and passion for life; between polio, coming of age and a major bus accident.”A friend of the Kahlo family and Ezel co-founder, Pedro Quinzaños Cancino, told Cointelegraph in an interview that the family had reservations about releasing some personal information to the public.“When I started talking to Mara [the great grand niece of Frida Kahlo], there was some resistance from the family.”The effects of the global pandemic and private developments within the family prompted them to take a chance on the emerging technologies to tell stories that might otherwise soon disappear. Cancino said he immediately saw an opportunity where blockchain could be useful. “Blockchain is a perfect tool to really lock in the real story from the family and get it out there without having any type of changes from the media or third party.”The founders of Ezel said they collected nearly 800 different pieces that belonged to Frida including sketches, original art, and other objects used in Kahlo’s day to day life. Each piece of content is scanned using high-resolution image capturing tools, which need at least 30 different images and videosRelated: Spatial digital art exhibitions to level up metaverse experiencesMetaverse technology and interactive experiences provide the opportunity for new engagement with Frida’s art. According to Cancino, the real-life Red House is a private family residence. Aside from the metaverse version, they do not want it converted into a museum. This is unlike the Blue House (Casa Azul), which saw over half a million visitors each year prior to the pandemic.Quality of images and avatars in the digital universe is still an issue, as it has been for past events like Metaverse Fashion Week, which also took place in Decentraland. However, the team at Ezel said that for now, storytelling and archiving is top priority so users can interact with culture and art in a “different, totally immersive way.”

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MAS doesn’t trust retail crypto investments, mulling more regulations

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, addressed the agency’s mixed signals on crypto in the public sphere at a seminar on Aug. 29.The public claimed that local regulators were spreading crypto-positive sentiments while simultaneously threatening more regulations. According to the new statement from Menon, the observation is not entirely wrong. He says the agency needs to do “a better job explaining” the situation. Overall, MAS is pro-digital assets, as directly stated by Menon, “yes to digital asset innovation, no to cryptocurrency speculation.” Regulators want the island country to become a hub for fintech innovation and distributed ledger activity.Though according to recent statements, where the problem lies is within cryptocurrencies themselves.This is where MAS’ “stringent and lengthy licensing process” for crypto services comes into play, Menon explains. It also is the reason for warnings against cryptocurrency retail investments and restrictions on retail cryptocurrencies.“Cryptocurrencies have taken a life of their own outside of the distributed ledger – and this is the source of the crypto world’s problems.”Regulators cite the extreme volatility of the crypto market, which rules them out from being considered viable currency or an investment asset. MAS claims that the price of said currencies does not correlate with “underlying economic value related to their use on the distributed ledger.”Related: Singapore venture firm launches $100M Web3 and metaverse fundThese comments come after a string of recent developments from local Singaporean authorities on the topic of digital currencies. On Friday, Aug. 26, MAS sent out questionnaires to clients on business activity and holdings ahead of any final decisions.Crypto trading platform Crypto.com scored approval from regulators in Singapore to set up operations in the country on June 22.In July, it already had its eye on limitations to retail participation in cryptocurrency-related activities.

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Cardano outranks Bitcoin in global top intimate brands in new report

Blockchain developer Cardano represents the crypto space with a top spot in a new report on global brand intimacy. Cardano ranks 26 among 600 brands and holds the top spot in the crypto industry, according to a report released by brand relations agency MBLM.According to the report, brand intimacy refers to the emotional connections brands are able to create with their user base and audience. MBLM utilized artificial intelligence (AI) and big data to understand consumer relationships with some of the world’s leading brands, including Disney, Tesla and Apple.Across 19 industries analyzed, crypto was among the top 10 perform, with Cardano in the lead, followed by Bitcoin as a brand at #30. Whereas crypto brands such as Uniswap and Solana took #261 and #265, respectively.In comparison to last year, the surveyors said Cardano is not only a new entry but the highest ranked in crypto and the highest performing financial services brand in the study.In a statement to Cointelegraph, Charles Hoskinson, the co-founder of Cardano, said the company was born of a simple belief that everyone is equal and should live in a fair society. Cardano works towards this through decentralization and merit, he added.“What’s nice about that is that it doesn’t require a founder, a particular culture or country. Now we have people in the Cardano ecosystem from more than 100 different countries working together towards this end.”On Twitter, users reacted to Cardano’s ranking, outpacing legacy brands like Google and eBay. One user tweeted that Cardano is not just a subject for internet memes but in a “league where the big boys are.” Reflections from the report also highlight the impact of the global pandemic stating that brand performance has increased by 19% since before the pandemic.Cardano’s high performance comes as the blockchain developer prepares for a major network upgrade. It is currently preparing for the long-awaited Vasil hard fork, which aims to reduce the size of transactions, lower costs, and allow more network activity.The top ranks of the crypto industry as a whole speak to the increasing mass adoption of Web3 and decentralized technologies. A recent survey of parents in the United States revealed that 64% want crypto-related content taught in schools.

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Bear market uncertainty is the perfect time to build and learn, says Sato exec

The decisions made by companies during bear markets play a pivotal role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run.Speaking to Cointelegraph during the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn. Sato is a digital assets mining company, publicly traded on the Toronto Stock Exchange (TSXV) since Sept. 2021 and mines both Bitcoin (BTC) and Ether (ETH).Philip further told Cointelegraph about the initial challenges of setting up in the industry despite entering the space during a bull market.The high demand for miners in the Quebec region of operation, where the company initially set up shop, caused a moratorium on new mining facilities and unfriendly sentiments from the local residents. Moreover, Philip related the global pandemic as a catalyst for “difficulties in sourcing electrical equipment.”Related: Crypto in Canada: Where are we today, and where are we heading?Though when asked about the effects of the bear market, Philip had more positive sentiments than negative ones. When asked if bear markets are a good thing, she answered:“To build? Perfect. Bear market is a built market for us.”She also commented on the relationship between the price of BTC, mining and purchasing mining equipment.“When the price of Bitcoin is low, you mine more,” Philip said. “If you have to [purchase] equipment, since it’s linked to the price of the Bitcoin, the price of the equipment decreases a lot.”All of these factors mentioned above help companies in the industry build, and according to Philip, Sato is in the building phase.This can be seen in the company’s brand new agreement with Foundry Digital LLC (Foundry). The two companies struck a deal that makes it possible for Sato to host up to an additional 4,300 miners at Center One in Québec. All of which will be powered by renewable energy.Sato uses its mining capabilities to mine a small amount of ETH in addition to its primary focus on BTC mining.When asked about any strategies to face the upcoming Ethereum Merge, Philip said it’s the time to diversify and learn about options.“What’s going to happen, nobody really knows. That’s why we decided to diversify. Mining is our core business but we develop a lot of applications on top of the Lightning Network.”On an end note, she highlighted that The Merge could be seen as an opportunity to look at all possibilities to build and earn within the Ethereum ecosystem. “It’s all part of the evolution,” Philip concluded.

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