China’s WeChat bans crypto and NFT-related accounts

The top social media platform in China, WeChat, has updated its policies to ban accounts that provide access to crypto or NFT-related services.  Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs will be either restricted or banned and will fall under the “illegal business” category. The policy also covers secondary NFT trading, with the firm noting that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.” The…

JPMorgan trials blockchain for collateral settlement in after-hours trading

Multinational investment bank JPMorgan Chase & Co is reportedly trialing the use of its own private blockchain for collateral settlements. According to Bloomberg JPMorgan conducted a pilot transaction last Friday which saw two of its entities transfer a tokenized representation of Black Rock Inc. money market fund shares A money market fund is a type of mutual fund that is considered as a low risk investment as it offers exposure to liquid and short term assets such as cash, cash equivalents and debt-securities with high credit ratings. In terms of…

Ethereum Beacon Chain experiences 7 block reorg: What’s going on?

Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization (reorg) yesterday. According to data from Beacon Scan, on May 25 seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 AM UTC. The term reorg refers to an event in which a block that was part of the canonical chain, such as the Beacon Chain, gets knocked off the chain due to a competing block beating it out. It can be the result of a…

SEC can’t confirm if video of Bill Hinman is actually Bill Hinman in Ripple case

The U.S. Securities and Exchange Commission (SEC) is unable to confirm or deny if a video predominately featuring Bill Hinman actually features Bill Hinman. Bill Hinman, also known as William Hinman, is the former director of the SEC’s Division of Corporation Finance, and he has become a key factor in the long-running legal dispute between SEC vs Ripple Labs over alleged unregistered securities offerings via XRP tokens. Speaking at the 2018 Fintech Week Conference — while serving at the SEC — Hinman stated that the sale of Ether (ETH) did…

Miami and New York City coins tank despite Mayoral endorsements

Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs. According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by 80% since its March 3 high of $0.006 to trade at $0.0014. With investors getting burned across many other crypto assets of late, demand for MIA and NYC coins has…

Crypto capital gains one of four key areas for Australian Tax Office

The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly…

Steve Irwin’s zoo conservation NFTs, SportemonGo is gone, and more

The Crocodile Minter Australia Zoo, the famous animal sanctuary owned by Terri Irwin, the widow of Steve Irwin or the crocodile hunter, has launched an NFT project called “Wildlife Warriors.” Wildlife Warriors is also the name of a non-profit organization founded by the Irwins in 2002 which focuses on the protection of injured, threatened or endangered wildlife. All profits from the NFT sales will be donated to the Australia Zoo and Wild Warriors conservation efforts. The NFT collection is a part of the 20th-anniversary celebration of the Australia Zoo, and…

L2 transaction fees need to be under 5c to be ‘truly acceptable’

Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be “truly acceptable.” Buterin made the latest comments in response to a Twitter post from the Bankless podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fees for eight Ethereum Layer-2 platforms. The data is from L2fees.info, a website that compares the cost of Ether’s Layer-1 network in comparison to Layer-2s built on top of it. The only Layer-2 to meet Buterin’s desired transaction fee under $0.05 is the Metis…

Weiss Ratings issues warning over crypto mortgage risks

Florida-based ratings and research firm Weiss Ratings has fired out a warning over the risks of crypto mortgages amid the current economic climate in the United States. The company paid particular focus to Milo, a digital banking startup from Miami that offers 30-year mortgages backed by Bitcoin (BTC), Ethereum (ETH), or stablecoins as collateral. The firm requires zero down payments, and its loan rates vary between 3.95% and 5.95%. In the May 3 report, Weiss analyst Jon D. Markman urged caution with such mortgages, citing the poor performance of stocks…

Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hack

The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month. As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) worth more than $612 million at the time. Earlier this month the Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it…