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Last Week [In] Crypto: Ethereum Merge, Crypto Sanctions, Illegal Crypto Mining

Over the past five months, Iranian authorities have arrested over 9,000 illegal cryptocurrency mining rigs in Tehran.Become[In]In case you missed it, Crypto has collected the crypto industry’s most important stories from the past week.

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Ethereum Merger

The developers of Ethereum (ETH) have warned about the network’s future “mergetransition from ‘ proof of work to (PoW) Proof of Stake (PoS) Consensus.The merge is set to happen at or around September 15th And we will see the ETH network move from its current decentralized proof-of-work consensus algorithm to a new proof-of-stake algorithm.

co-founder of Ethereum, Vitalik Buterin, has always been a proponent of the PoS protocol. In my November 2020 blog post, I elaborate on why I think PoS is a better system than PoW.These include safety Attacks that are more secure “for the same cost” and easier to decentralize and “recover”.

chain link Accepted the announcement that we plan to support PoS chains after the merge. Ethereum is moving away from a network that requires miners to validate transactions, to an opportunity for so-called validators to “stake” Ethereum tokens and approve transactions on their behalf.

crypto sanctions

Many Attack on digital currencygovernments around the world have come up with regulations that crypto companies must follow. Reportedly, $620 million stolen from Axie Infinity’s Ronin sidechain was transferred through an illegal crypto mixer. I was.

A private key is used to withdraw ETH, us dollar coin (USDC) A crypto bridge created to help Axie Infinity players exchange tokens between blockchains, from the Ronin sidechain.

On May 6, 2022, the U.S. Treasury will Licensed After revealed Bitcoin (BTC) mixing service was used by North Korean hackers to launder cybercrime money. The Treasury Department said Mixer processed his $500 million Bitcoin transaction on his Axie Infinity when the hack occurred.

in a letter to Secretary of the Treasury Minnesota 6th District Rep. Tom Emmer Janet Yellen has asked for an explanation for the unprecedented ban on a similar cryptocurrency mixer called Tornado Cash.

Growth of NFTs

Non-fungible token (NFT) platforms have seen rapid growth in recent months as users show high interest in buying, selling and trading these digital assets.

Recently, NikeOne of America’s most famous sports brands, the gaming company topped the list of the most profitable brands for digital tokens. The company leads the industry with his $185 million in sales, according to data from. Dune analysis.

Illegal cryptocurrency mining

The Iranian government has seized more than 9,000 people Illegal cryptocurrency mining Tehran has used rigs in the past five months, and more are expected to be confiscated in other parts of the country.

The development comes after the Iranian government cracked down on cryptocurrency mining farms that used subsidized electricity to operate. In some cases, these farms were stealing electricity from state-owned power companies.According to the Central Bank of Iran (CBI), it is illegal to buy or sell cryptocurrencies in Iran, but cryptocurrencies are mined and imported. is legal to use to pay for

The Islamic Republic of Iran recently made its first import order, is worth $10 million using cryptocurrencies, raising concerns about sanctions evasion. According to the bank chief, those with official approval are allowed to mine digital currency for these kinds of imports.

Cryptocurrency scam

Cryptocurrency fraud is a major problem in the cryptocurrency industry, with billions of dollars lost to scammers each year. This has become a major challenge for investors within the crypto space and for governments trying to control it.

and report August 22, bored monkeyPurchased for $116,000 was scammed just two hours after purchase.latest boredom monkey The incident is just one of several thefts that occurred during August as ownership of one of Sal’s NFTs became increasingly tenuous.

con man Over $100 million stolen between July 2021 and July 2022. Last summer, NFT sales skyrocketed, bringing an influx of new investors and cryptocurrency enthusiasts unfamiliar with the space. Many of these individuals have been scammed out of their investments.

Crypto innovation

samsung The tech giant is considering launching its own cryptocurrency platform next year, when it plans to launch its own cryptocurrency.Developed by a Korean giant wallet Features of the Galaxy line of smartphones, and TVs that support NFT and Cardano (ADA).

In 2023, six more prominent companies will have cryptocurrency trading platforms on exchanges, including Mirae Asset Securities. This may attract investors to cryptocurrency companies as they feel more secure when investing in reputable companies. Samsung’s cryptocurrency exchange news has been welcomed by the crypto community as it helps legitimize the industry.

Japan to review corporate tax rules

The Japanese government’s Financial Services Agency (FSA) and Ministry of Economy, Trade and Industry (METI) review corporate tax rates. crypto company The review will primarily focus on crypto companies offering cryptocurrencies to raise funds used to build their businesses.

The new system is considering whether companies that own digital tokens will be taxed only if they make a profit upon sale. In July 2022, Japanese cryptocurrency supporters Tax cut.


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