Crypto News Headlines (13-Jul-2023)

An early shiba inu (SHIB) investor holding 10% of the token’s total supply today moved some $30 million worth of their stash to eight wallets, on-chain analytics tool Lookonchain tweeted Thursday.

A giant whale with 101.47 trillion SHIB, valued at over $756 million at current prices, transferred 4 trillion SHIB, or $30 million, to eight fresh addresses today, Lookonchain said.

This wallet is considered to be the single-largest holder of SHIB tokens, the firm added. It first purchased $14,000 worth of SHIB tokens in the days following issuance and sold just under $20 million worth in 2021.

About 9,800 BTC from Silk Road was moved in two transactions on Wednesday, reportedly sent to wallets controlled by Coinbase. At the time of writing, the funds held by the U.S. government are worth $302 million, based on the day’s BTC exchange rates.

The bitcoins came from James Zhong, the convicted Silk Road hacker. At the time of his arrest, federal authorities seized about 51,351.89785803 bitcoins on three separate occasions, along with a collection of precious metals and $661,900 in cash.

Last March, the government sold 9,861 bitcoins for just over $200 million. The onchain activity four months prior was also detected by onchain observers and blockchain parsers. It’s speculated that all the BTC transferred from Zhong’s stash has been sold on Coinbase.

With a newly redesigned system’s architecture, the team behind Polygon is now looking to launch an upgraded token to christen the upgrade.

Called POL, Polygon has dubbed the token a “3rd generation token” after Bitcoin and Ethereum. In terms of function, the new Polygon token will let POL holders also become validators within the network, allowing them to validate any number of chains and networks that Polygon is seemingly spawning every day.

Importantly, this token is an upgrade from the MATIC token, which will be deprecated as part of the move.

The Polygon team will share more details of the token’s smart contracts in a yet-to-be-posted Polygon Improvement Proposal (PIP).

Crypto mining firm Hive Blockchain is now calling itself Hive Digital Technologies — after enacting a branding pivot that seeks to highlight its foray into artificial intelligence.

The Vancour-based mining company said in a July 12 statement it has dropped “blockchain” from its name to better represent the company’s “evolving focus” on revenue opportunities in graphics processing units (GPUs) and cloud computing as well as “its mission to drive advancements in AI” and support the “new Web3 ecosystem.”

“As we expand our GPU Cloud business, we require a strategy that better reflects both sides of our business. We build infrastructure for emerging digital tech, not just blockchain, and we intend to utilize our large fleet of GPUs to grow a cloud hosting business,” said Hive’s CEO Aydin Kilic in a July 12 filing to the U.S. Securities and Exchange Commission.

Europe’s first spot Bitcoin BTC $30,560 exchange-traded fund (ETF) is set to debut later this year after a long delay. The Bitcoin ETF by Jacobi Asset Management — a London-based multi-asset investment platform — was set to debut on the Euronext Amsterdam exchange in July 2022.

However, unprecedented market conditions caused by the collapse of the Terra ecosystem in May 2022, as well as the FTX collapse in November, forced the asset manager to postpone the listing. The Jacobi Bitcoin ETF received approval from the Guernsey Financial Services Commission (GFSC) to launch its Bitcoin ETF in October 2021.

The asset manager told the Financial Times that it has decided to launch the ETF now because it has seen a gradual shift in demand compared with 2022. The asset manager told Cointelegraph that it is still assessing the launch and will share a date soon.

A recent U.S. Supreme Court judgment on student debt cancellation aids Coinbase’s fight against charges of operating an unregistered securities venue, lawyers for the crypto exchange argued in a Wednesday legal filing.

On June 6, the Securities and Exchange Commission charged Coinbase with breaching federal securities law. The exchange says the lawsuit is a bid by the regulator to exert “extraordinary wholesale power” over the $1 trillion digital asset industry and represents a breach of powers of the kind judges recently ruled unlawful.

It’s referring to a Supreme Court ruling on June 30, just days after Coinbase sent its opening defense, that the Secretary of Education had overstepped his authority by canceling around $430 billion in student debt, reinforcing a legal doctrine that says that government agencies need clear support from Congress if taking a decision of major economic or political significance.

The sovereign wealth fund Temasek, owned by the Singapore government, is not currently looking to invest in companies dealing with crypto asserts due to the regulatory uncertainty in the industry, its Chief Investment Officer, Rohit Sipahimalani, said in an interview on Tuesday. Speaking with CNBC, he elaborated:

There’s a lot of regulatory uncertainty in this environment. And I do think that be very difficult for us to make another investment and exchange in the middle of all this regulatory uncertainty.

Sipahimalani’s comments come at a time when the crypto sector finds itself under heightened pressure from regulators around the world and lack of comprehensive regulations in many jurisdictions, in the aftermath of the collapses of several major industry players last year.

Dapper Labs, the creator of popular NFT collections CryptoKitties and NBA Top Shots, is making more staff lay-offs, according to the company’s CEO Roham Gharegozlou.

Gharegozlou took to Twitter to share an email that was sent out to the team members, announcing as many as 51 employers are leaving the firm.

“The decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do is to ensure a lean and efficient Dapper Labs,” reads the CEO’s note.

The Vancouver-based Dapper Labs is best known for one of the earliest experiments with NFTs back in 2017 when it launched CryptoKitties, a blockchain-based “game” involving collectible “kitties,” each of which was tied to an NFT.

The South Korean Financial Services Commission (FSC) has announced that local companies will be mandated to disclose their cryptocurrency holdings from next year as new accounting rules come into effect.

According to an official release, the new rules apply to crypto asset issuers and companies that hold such tokens for investment purposes.

Korean Firms to Report Crypto Holdings in 2024

The FSC made the decision after reviewing the country’s corporate accounting standards with the Accounting Standards Committee on July 11. Both entities agreed that legal ownership be considered alongside economic aspects when making accounting disclosures. However, since the local crypto sector has no clear accounting guidelines, firms may fail to provide accurate information.

The cryptocurrency payment industry continues to evolve with a new cryptocurrency payment option coming to crypto-friendly Telegram messenger.

Wallet, a Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin BTC

$30,555, has launched a crypto payment solution based on The Open Network (TON) blockchain.

The new Wallet Pay service provides crypto payment transactions between users and retail businesses, enabling direct payments within the Telegram interface.

Announcing the news on July 13, Wallet told Cointelegraph that the new payment feature is immediately available within all jurisdictions supported by the wallet service.