Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating stories that fly under the radar of today’s crypto news.
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legal news
- poloniex exchange deal with Office of Foreign Assets Control of the US Treasury Department (OFAC), Said a press release. It agreed to pay $7.6m to settle its potential civil liability for violations of explicit sanctions against Crimea, Cuba, Iran, Sudan and Syria. The authority claimed that between 2014 and 2019, Poloniex allegedly allowed clients from approved jurisdictions to trade on the platform, worth a combined $15.4m, despite knowing their location.
- A complaint filed one in California District CourtUSA, on 1st May claims that coinbase Violated Illinois’ Biometric Information Privacy Act (BIPA), which requires the company to obtain users’ permission when collecting their biometric data. “Coinbase collects, stores, maintains, otherwise receives, uses, and disseminates biometric data of its Users, including, among other things, Coinbase and its online “app-based” platforms and enhances,” and that it “falsely profits from the facial and fingerprint scans it has collected or otherwise obtained from its users,” the complaint said. It argued that the company’s biometric data database was hacked. But users will have no protection against identity theft, and the exchange must permanently destroy users’ biometric data immediately after a successful KYC check.
- openxA bankruptcy claims exchange established by the founders of bankrupt hedge funds three arrows capital ,3ac), has been formally reprimanded by DubaiK crypto regulator, Virtual Assets Regulatory Authority (Vara), for conducting an unregulated exchange. According To an official notice, “VARA has credited OPNX and its founders for (i) the founding of OPNX; and (ii) the marketing and promotion of OPNX exchange services in February and April. “To address historical and ongoing activity conducted on an irregular basis, OPNX was issued a written reprimand by VARA; 4 founders (Mark Lamb , Sudhu Arumugam, Kyle Davis and Su Zhu); and CEO (Leslie Lamb).
- crypto lender Celsius Network trying to merge UK And We amid allegations among the entities that the distinction between them was a “sham”. Celsius Network Ltd was warned by the country to close UK operations Financial Conduct Authority, and in 2021 the firm established a limited liability company in Delaware, USA, seeking to transfer the assets through a series of financial transactions. “Migration resulted in intercompany chaos” in Celsius filing Said, saying that there are “severe deficiencies” in internal records, making it challenging to sort out the cases of each unit. however, sawdust by a committee of creditors of Celsius Said that the reorganization was a “sham” and a “facade”, and that the billions of dollars transferred between the two entities were fraudulent.
security news
- darknet hacker Allegedly selling verified crypto accounts for as little as $30 per account. Per a report by the data protection provider privacy issues Titled “The Dark Web Price Index”, prices of some of the stolen accounts included: wirex Verified and Hacked Account $2,300; Kraken verified account $1,170; binance $410, crypto.com $300; coinbase $250; And bittrex Verified US account $30.
investment news
- ark investmentInvestment management firm founded by investor Cathy Wood buys 168,869 shares of cryptocurrency exchange coinbase On May 1, Cointelegraph about $8.5 million informed of, citing an investor notification. The company bought 129,604 shares for its ARK Innovation Exchange-Traded Fund (ETF), 23,456 for its ARK Next Generation Internet ETF, and 15,809 for its Fintech Innovation ETF.
mining news
- canadian Electric Utility of New Brunswick, NB PowerProhibited from providing new service to crypto digging operations last year, saying it was concerned about its ability to meet growing demands from the sector, the National Post informed ofCiting a report published on May 1. Details about the moratorium are contained in a cabinet order dated March 2022, which endorses the indefinite halt and instructs Crown-owned NB Power to conduct a review of the industry and submit its findings by the end of May. 2022. The cabinet document confirmed that NB Power had received several “large-scale, short-notice” service requests from unnamed crypto mining companies, it said.
web3 news
- ADIA LabAbu Dhabi-based institute dedicated to basic and applied research in data and computational science, partnered with CrunchDAOA research team of data scientists leveraging Web3 and machine learning to launch ADIA Lab Market Prediction Contest with a total prize pool of $100,000 Said Press release. Participants from all over the world will be able to submit their entries to the tournament starting May 16. The competition will take place in two phases: in the first phase, CrunchDAO will collect models from participants, and in the second phase, from August to November, the models will be tested and winners will be selected.