Crypto News Headlines (17-Aug-2022)

Dogecoin prices have surged this week following retail interest in Polygon Edge-based network Dogechain, a bridge that allows traders to convert dogecoin (DOGE) to weighed dogecoin (wDOGE) and allows them to use tokens, non-fungible tokens (NFT) and products built on the network.

Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions, according developer documents.

DOGE prices rose some 10% in the past 24 hours even as the broader crypto market remained largely flat. This added to a 25% increase over the past week, CoinGecko data shows, and is currently seeing resistance at the $0.088 price level.

Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states:

The company will proactively exit the crowded crypto exchange space by closing the exchange.

The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes.

Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” today announced regulatory approval from the UK’s Financial Conduct Authority (FCA) to act as a crypto business.

According to the FCA filing, the exchange is registered under FORIS DAX UK LIMITED. With this approval in hand, the firm also meets local anti-money laundering (AML) regulations.

Kris Marszalek, CEO and co-founder of, said in the official announcement: “We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”

Hodlnaut, a cryptocurrency lender and borrower based out of Singapore has recently filed an application for judicial management. This shall help the platform restructure its business.

A little over a week ago, the crypto platform had suspended its withdrawals, deposits and swaps.

It also has frozen user assets on its platform itself. The crypto lender precisely allows users to deposit cryptocurrencies such as Bitcoin and Ethereum and then earn interest.

Hodlnaut is among one of many crypto lenders that have faced the aftermath of the crypto downturn.

Hodlnaut had recently informed its users that they have applied to the Singapore High Court for judicial management.

Judicial management is a law in Singapore that lets financially beleaguered companies get a breather in order to restore itself.

The company has mentioned,

We are aiming to avoid a forced liquidation of our assets as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices. Instead, we believe that undergoing judicial management would provide the best chance of recovery.

Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy.

Since July 2022, Celsius Networks stands at the crosshair of United States officials after reports of bankruptcy surfaced, which risks losing the live savings of numerous crypto investors.

During the second day of the case hearing, chief bankruptcy judge Martin Glenn, Southern District of New York, approved Celsuis’ request for running BTC mining and selling operations as a means to reinstate financial stability.

However, Glenn raised concerns related to the immediate profitability of BTC mining as he rightly pointed out the high upfront investments needed for setting up mining infrastructure..

Crypto advocates in the U.K. have largely welcomed a new bill that could bring digital assets like stablecoins into the scope of local payments regulation. But there’s uncertainty about how the new rules will look like, should the bill pass.

The bill is scheduled to be debated in Parliament for the first time in September. It will move through a complex legislative process that could be slowed further by the recent cabinet shuffle, and crypto advocates are awaiting indications from regulators on how they plan to interpret and enforce the rules.

“We will have to wait to see what new rules are introduced as a consequence of the bill to fully understand the new powers and approaches of the various regulators,” James Alleyne, legal counsel at the London-based law firm Kingsley Napley, who advises crypto firms on compliance, told CoinDesk in a statement.

Luxury resort chain Soneva has reportedly begun accepting payments in bitcoin and ethereum at its resorts.

Soneva has three resorts in the Maldives (Soneva Fushi, Soneva Jani, and Soneva in Aqua). The company also has a resort in Thailand (Soneva Kiri). Bitcoin and ether can also be used to pay for Soneva Villa Ownership.

In order to accept cryptocurrencies, Soneva has partnered with two companies: crypto payment solutions provider Triple A and payment platform provider Pomelo Pay. Triple A is licensed by the Singapore Monetary Authority (MAS).

Soneva explained that bitcoin and ether payments are 100% non-refundable but credits can apply per its flexible cancellation policy. The company’s terms and conditions detail that cryptocurrencies will be processed through third parties with their own terms and conditions. “Soneva will only accept and, where required refund, cryptocurrencies for their USD value at the moment of the transactions and excluding any additional fees from the third parties,” its website states.

A California court has given the U.S. Internal Revenue Service permission to issue a “John Doe” summons to prime brokerage SFOX.

If issued, the summons would seek both user identification and transaction records for anyone who completed at least $20,000 worth of transactions from 2016 through the end of 2021.

In a memo about the SFOX summons, Hubbert wrote that IRS Agent Seng Lee has identified 10 different taxpayers believed to be SFOX customers who are suspected of skirting tax laws.

Those taxpayers include a person who was “allegedly involved in a Ponzi scheme” and received approximately $1 million in deposits through SFOX, but did not report it to the IRS in 2016, 2017, or 2018. The DOJ and IRS are also seeking information on a “Youtube creator and online gambler” who the IRS estimates received approximately $120,000 in cryptocurrency from their subscribers, exchanged it for U.S. dollars through an SFOX account, but did not report it on their tax return.

Crypto liquidity staking platform Lido on Tuesday announced the first steps and technical details about stETH expansion across the Layer-2 DeFi ecosystem. In the initial launch phase, Ethereum (ETH) staking derivatives are bridged to Layer-2 solutions Arbitrum and Optimism.

With Ethereum scaling using Layer-2 ZK-rollups, Lido is also supporting Ethereum by bringing stETH on Layer-2.

Lido Announces Details on Expanding stETH to Layer-2

Ethereum staking provider Lido Finance aims to create highly liquid staking assets having widespread applications across the DeFi space. Lido in a series of tweets on August 16 announced updates on its Layer-2 expansion plan, giving details on the initial phases of development and technical guidelines.

The initial step is bridging ETH staking derivatives to Layer-2 solutions Arbitrum and Optimism, using wrapped stETH (wstETH). It will allow Lido to build Layer-2 ETH staking in the future.

The core developer team developed the bridge contracts for both Layer-2 solutions. It has successfully cleared the audit and all smart contracts are now successfully deployed.

National Football League (NFL) team Houston Texans has become the first organization in the league to sell single-game suites in exchange for crypto.

The move comes as part of a deal with Texas-based crypto firm BitWallet, which as of Tuesday, became the official crypto wallet provider for the team. BitWallet will also provide intermediary services by exchanging crypto for cash for the Houston Texans.

According to an announcement from the Texans, local digital marketing agency EWR Digital made the first single-game suite purchasing using crypto shortly after the offer launched, making it the first time a game suite has been sold in exchange for digital assets in the history of the sport.

It appears the crypto deal is just for suites, as there has been no mention of being able to purchase regular game day tickets with digital assets at this stage.