Autor Cointelegraph By Zhiyuan Sun

Helium migrates its blockchain to Solana following T-Mobile partnership

On Thursday, the Helium Foundation announced that it would be moving its mainnet to the Solana blockchain following a community vote. According to the proposal, proof-of-coverage and Data transfer mechanisms will be moved to Helium Oracles. It’s official! The HIP 70 vote has ended. #Helium will be moving to the @Solana blockchain! pic.twitter.com/V2WIajou7R— Helium (@helium) September 22, 2022Meanwhile, Helium’s tokens and governance will relocate to that of the Solana blockchain. As told by developers, the benefits of the move would include more of its native token HNT available to subDAO reward pools, more consistent mining, more reliable data transfer, more utility for HNT and subDAO tokens, and more ecosystem support.Helium is a blockchain wireless communications protocol. The same week, Nova Labs, the creator of Helium, signed an agreement with American telecommunications provider T-Mobile to launch Helium Mobile, a crypto-powered mobile service that will enable subscribers to earn crypto rewards. Helium Mobile subscribers on this cellular plan can opt-in to earn token rewards for sharing data about coverage quality and helping identify Helium dead-spot locations nationwide. A 5G capable device is required.As a decentralized wireless network, Helium provides open-source coverage worldwide. Since its launch in 2019, over 900,000 hotspots using Helium have been deployed, with 1,000 units added daily. There are currently over 2,500 active Helium hotspots with 5G in 889 U.S. cities since the program became active in August 2022.Solana, Helium’s new blockchain, is known as a hub for building decentralized applications. When considering vote transactions, Solana’s daily transactions have grown from about 100 million to 200 million per day. The blockchain’s user count has surged past 1 million starting from May of this year. Helium developers recommended the shift due to Solana’s capacity to improve operational efficiency and scalability of projects.

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South Korean gov has confiscated 260B KWR in crypto for non-payment of taxes since 2021

According to regional news outlet mk.co.kr, the South Korean government has seized over 260 billion Korean won ($180 million) worth of cryptocurrencies over the past two years due to tax arrears. The country’s politicians enacted regulations allowing for the seizure of digital currencies for tax delinquencies and began enforcing them last year.One individual living in Seoul, dubbed “Person A,” had 1.43 billion won (roughly $101.6 million) worth of tax arrears and his cryptocurrency exchange account was seized by the authorities. The account contained 12.49 billion won (about $88.7 million) of digital assets spread across 20 coins and tokens, including 3.2 billion won (around $2.3 million) in Bitcoin (BTC) and 1.9 billion won ($1.3 million) in XRP.After the seizure, Person A reportedly paid the arrears and requested to halt the sale of seized assets. If tax arrears are not paid, South Korean law allows authorities to sell confiscated cryptocurrencies at market value.South Korea is one of the most popular countries in the world for crypto activity, with its digital currencies market growing to $45.9 billion last year. In March, crypto-friendly Yoon Suk-Yeol won the country’s presidential elections, and a coin used to mint his signature as a nonfungible token (NFT) surged by 60% shortly afterward. In addition, both leading candidates released campaign-related NFTs for election support. Yoon has pledged to “overhaul regulations that are far from reality and unreasonable” in South Korea’s crypto sector. One of the measures, dating from July, includes postponing a 20% tax on income generated from cryptocurrency transactions in excess of 2.5 million won ($177,550) for two years. 

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Societe Generale launches custodial services for crypto fund managers

According to a new press release on Wednesday, Société Générale, one of the largest investment banks in Europe, said that it would be expanding its cryptocurrency asset management services through its Security Services subsidiary. Clients who are digital asset fund managers can now elect to have Société Générale as their fund custodian, valuator and liability manager. The tools are designed to facilitate the addition of cryptocurrencies into institutional investors’ portfolios. The firm’s most recent client is Arquant Capital SAS, a licensed asset management company in France with two euro-denominated digital asset products consisting of Bitcoin (BTC), Ether (ETH) and other derivatives. David Abitbol, director of Societe Generale Securities Services, commented:”By combining Societe Generale’s innovation expertise with Arquant Capital’s technical skills, we are expanding SGSS’ ability to meet the diversification needs of asset managers.”Meanwhile, Eron Angjele, CEO of Arquant Capital, wrote:”This solution provides Arquant Capital with an innovative structuring that allows us to scale our offering and focus on creating value for our clients.”Société Générale Security Services is ranked among the three largest European custodians and the top 10 worldwide. It has over $4.277 trillion worth of assets under custody, providing trustee services for 3,312 funds and valuation services for 4,426 funds. It also has 22 locations worldwide with over 4,000 staff.In the past, Société Générale has issued euro bonds on the Ethereum blockchain as well as proposed DAI stablecoin loans in exchange for bond tokens. The firm also has a security token on the Tezos blockchain. It is one of the financial behemoths that is currently partnering with the European Central Bank to develop a digital euro. 

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Tether says new court order to produce USDT reserve backing is a 'routine discovery matter'

On Wednesday, Tether (USDT), the issuer of the U.S. dollar-pegged USDT stablecoin, said that a recent order by a U.S. judge to provide evidence of USDT backing is part of routine discovery in court cases. The firm said that the decision did not substantiate any of the claims listed in an ongoing lawsuit: “We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with plaintiffs’ baseless lawsuit in due course.”The lawsuit stemmed from October 2019 and was filed by a group of investors alleging that Tether and cryptocurrency exchange Bitfinex engaged in market manipulation by issuing USDT that were not backed by the U.S. dollar with the intention of using them to purchase volatile cryptocurrencies such as Bitcoin. Both Tether and Bitfinex have denied the allegations.Thus far, the plaintiff’s main objectives are to assess the backing of USDT with U.S. dollars and to allow a forensic accountant to evaluate the USDT reserve. This includes a review of general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements relating to Tether’s operations.At the time of publication, Tether claims it has $68.15 billion of assets (collateral) against $67.96 billion of liabilities (stablecoins), with the vast majority of assets comprising cash and commercial paper. In the past, the firm has published results of its reserves being audited by independent accountant firms. Tether has recently increased the scope of its stablecoin issuance to the Euro, Mexican Peso, the Australian Dollar, and the Offshore Chinese Yuan.

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Litecoin Foundation’s managing director shares his thoughts on decentralized money

Litecoin (LTC), known as “the silver to Bitcoin’s gold,” has been around for almost 11 years — which is quite a feat considering a fair amount of cryptocurrencies go bust within 12 months of launching. Cointelegraph spoke with the Litecoin Foundation’s managing director, Alan Austin, about why he thinks Litecoin’s core utility is serving as a reliable means of payment.As told by Austin, much of his vision for Litecoin is drawn from personal experience:“When I finished grad school, I worked with startup technology companies and real estate. And one of the things I did was managing accounts for firms like Bank of America and Fannie Mae, and it was surprising to see how old their technology was and how difficult it was to get stuff done.”After the 2008 financial crisis, Austin began losing faith in the traditional financial system. “Seeing how the big banks set different standards for everyone at their discretion when it comes to access to money, and how now they were the ones getting bailed out, it made me really appreciate what blockchain technology was trying to do,” he told Cointelegraph.Austin explained that Litecoin was created with many features and attributes similar to Bitcoin (BTC). “For starters, it’s decentralized, and there were no pre-mine tokens given to founders, making it a fair launch. It also has a limited supply, is highly liquid and has very low fees. Moreover, the blockchain has been online for 11 years without downtime.” According to Austin, the Litecoin development team primarily focuses on three efforts: onboarding business partnerships, merchants and outreach for the Litecoin Card debit card.“When you use stablecoins to pay for goods, in reality, all you’re doing is using a digital version of fiat money. Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.”With the launch of Litecoin’s new privacy layer, Austin said that the coin has become more user-friendly for those keen on protecting their data. “It offers fungibility,” he said. “When you go to pay with a credit card or hard cash, the merchant doesn’t know how much cash you’ve got in your pocket, nor your bank account. But, say, if you pay with Bitcoin, everyone can see that transaction and your wallet balance on the blockchain.” Austin explains that the new privacy layer on top of Litecoin solves the problem. “We are allowing users to hide their address and balance amount when making payments. And it’s really useful for protecting people’s privacy, such when receiving their payroll in crypto.”Finally, for Austin, the idea of Litecoin lies in its evolution as a new means of payment and not so much in capitalizing on the latest trends in the industry. “Our goal right now is to kind of build slow. We’ve been here for years, and we’ve seen that if you move too fast, the project can implode on itself. So, we’re sticking to our goal of developing Litecoin as a better payment.”

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