Archive for  June 2022

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Samsung has announced 3-nanometer (nm) chips that can be used for bitcoin mining.
Such chips are fully compatible with ASIC miners and can increase mining speeds by about 15%.
The company emphasized that compared to the 5nm process technology, first-generation 3nm technology can reduce processor power consumption by up to 45%, improve performance by 23% and reduce footprint by 16%.
It is reported that the company’s first customer will be PanSemi and Qualcomm.

The Bank for International Settlements (BIS) plans to allow banks to hold up to 1 percent of their reserves in cryptocurrencies.
The Basel Committee on Banking Supervision (BCBS) released a consultation document titled “Second Consultation on the Prudential Treatment of Crypto Assets.”
The document made a proposal to allow banks to hold up to 1% of funds in Group 1 and Group 2 assets.

Group 1 includes tokenized traditional assets and stabelcoins that meet the conditions of the classification.

Group 2 refers to assets that do not meet the conditions of the classification. It includes specific tokenized traditional assets and stabelcoins, as well as unsecured cryptoassets.
“Banks should apply exposure limits to their aggregate exposure to Group 2 crypto assets, including both direct holdings (cash and derivatives) and indirect holdings (i.e., through investment funds, ETFs/ETNs, special purpose instruments),” the report states.

According to The Block, cryptocurrency exchange FTX began talks with cryptolender Celsius about financial support or buying the company. However, the exchange withdrew from the talks after reviewing Celsius’ financial records.
According to one source, Celsius had a $2 billion hole in its balance sheet.
Celsius had previously suspended withdrawals from its site.

The Monetary Authority of Singapore (MAS) has reprimanded hedge fund Three Arrows Capital (3AC) for providing false information and exceeding the allowed threshold of assets under management.
In 2013, authorities granted the hedge fund registered status on the condition that its assets not exceed $250 million.
However, regulators found that the company violated the threshold between July 2020 and September 2020 and between November 2020 and August 2021.
Authorities also reprimanded 3AC for failing to notify of director changes and for withholding information that 3AC’s offshore entity in the Hungarian Islands had a common shareholder, Su Zhu.
MAS said it would continue to investigate 3AC because it had received information about the fund’s insolvency.
Earlier, the British Virgin Islands court ruled to liquidate 3AC due to default.

Cryptocurrency exchange Binance has signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC).
Binance and SERC will work together to develop a regulatory framework for the cryptocurrency market.
Currently, there is no regulation of the crypto market in Cambodia, and any unlicensed activity using digital assets is strictly prohibited.

Now regulators want to replace the ban with legal regulation.

El Salvador’s ambassador to the United States, Milena Mayorga, said a Swiss consortium will build a photovoltaic power plant in the country that will provide electricity for Salvadorans as well as for bitcoin mining. The investment in the solar power plant will be $200 million.
“Josue Lopez, a young Salvadoran who lives in Switzerland and runs a multi-consortium fund, is going to invest in El Salvador. His company plans to meet El Salvador’s energy needs with a photovoltaic plant that will help us produce more renewable energy and also build a bitcoin mining plant,” said the ambassador.
Mayorga said work will begin this week in Nueva Concepcion, Chalatenango. She added that it will take them about eight months to complete the project.

NFT marketplace OpenSea has reported a leak of user data.

The company said it was caused by the misuse of data by a Customer io email delivery service employee.

OpenSea warned that this could lead to an increase in phishing attacks on the service’s customers’ emails.

The company has already contacted law enforcement.

The Lazarus Group, a North Korean hacker group, was behind the Harmony-based Horizon Bridge hack. That’s the conclusion reached by analytics company Elliptic.
On June 24, the Horizon Bridge attack resulted in the theft of $100 million.
Earlier it was determined that Lazarus also initiated an attack on the Ronin Bridge. At the time, $625 million was stolen.

Polkadot has announced a new version of its governance system called Governance version 2 (Gov2).
With Gov2, the development team hopes to significantly decentralize decision-making in the Polkadot ecosystem.
During the Decoded conference, the Polkadot core team said that the Network Council has exclusive decision-making authority, which is contrary to the idea of decentralization.
The developers decided to remove this governing body and replace it with a “referendum,” a voting system in which everyone can make proposals and get them passed.

“Governance Polkadot v2 offers new building blocks for parachutes for the sake of creating the desired governance process while sharing a common infrastructure. It opens up new possibilities for implementing governance processes with the right balance between decentralization and efficiency,” said Acala co-founder and CTO Brian Chen.
The new management system should be up and running in Kusama’s canary network in the near future.
It will be deployed later on the main Polkadot network.

Crypto-asset management company Grayscale Investments has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC).
On June 29, the company announced that it would challenge the SEC’s decision to reject an application to convert Grayscale Bitcoin Trust (GBTC) into a spot exchange traded bitcoin fund (ETF).
“We are deeply disappointed and strongly disagree with the SEC’s decision to continue to deny spot bitcoin ETFs access to the U.S. market. We believe that during the ETF application process, U.S. investors overwhelmingly expressed a desire for GBTC to convert to a spot bitcoin ETF, which would have opened up billions of dollars of capital while bringing the world’s largest bitcoin fund further into the U.S. regulatory perimeter. We will continue to use all of the firm’s resources to protect our investors and a fair regulatory regime for bitcoin investment vehicles,” said Grayscale CEO Michael Sonnenschein.
Founded in 2013, Grayscale now manages about $13 billion in assets through its GBTC fund.