Blubenx Halt Withdrawal, Oasis Block Wallets, Digital Ruble, and More
ENEDEX DeBrief — Week 2, August 2022
Welcome to the 14th iteration of ENEDEX Debrief, where we recap 5 major news stories in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- BlueBenx fires employees, halts funds withdrawal citing $32M hack
BlueBenx, a Brazilian crypto lending platform, reportedly blocked all of its 22,000 users from withdrawing their funds following an alleged hack that drained $32 million (or 160 million Brazilian real). While no details about the hack were made available, the company allegedly laid off most of its employees.
BlueBenx joins the growing list of crypto companies that failed to deliver on their promise of exorbitant yield returns this crypto winter. The Brazilian crypto lender promised up to 66% returns for users investing in cryptocurrencies via various in-house earning avenues.
Another dire warning not to hold your crypto on Centralized Exchange. Hold yours on Metamask and trade with DEX like ENEDEX
2.Uzbekistan blocks access to foreign crypto exchanges over unregistered trading
The government of Uzbekistan, which has previously made significant steps toward a moderate approach to crypto, announced Wednesday that it has restricted access to a number of large international crypto exchanges due to accusations of unlicensed activity.
In a statement from Aug. 10, the National Agency of Perspective Projects (NAPP) projects informed that “various electronic platforms” provide services for trade and exchange of crypto-assets without obtaining the required license in violation of the existing legislation and thus access to them was restricted.
Be your own bank! They can censor Centralized transactions, but they won’t be able to trace Decentralized transactions using DEX or P2P
3. DeFi platform Oasis to block wallet addresses deemed at-risk
According to a new community Discord post on Thursday, decentralized finance (DeFi) platform Oasis.app says that sanctioned addresses will no longer be able to access the application. As a result of the change to the terms of service, wallets flagged as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, such a category of users must interact directly with the relevant underlying protocol where funds are stored or find another service.
If they can block wallets, are they really decentralized?
4. Russia plans to roll out digital ruble across all banks in 2024
The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years.
According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024. That would be an important year for Russia as the country is expected to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to get re-elected.
By that time, the central bank expects to complete “real money” customer-to-customer transaction trials as well as the testing of customer-to-business and business-to-customer settlements.
Will you trust CBDC? Let us know in the comment below.
5. Robinhood to face class action lawsuit from meme stock debacle
Cryptocurrency and stock trading platform Robinhood will allegedly face allegations of market manipulation as part of a class-action lawsuit brought by investors in “meme stocks” from nine different companies during a January 2021 rally.
According to a Thursday report from Reuters, United States District Court Judge Cecilia Altonaga of the Southern District of Florida ruled that investors in GameStop, AMC and seven other unnamed stocks — which may include Nokia and BlackBerry — could proceed with a lawsuit alleging that Robinhood artificially increased the supply of stocks. In January 2021, the price of several assets, including the meme token Dogecoin (DOGE), rose to all-time highs after Redditors on r/Wallstreetbets pumped up interest in certain stocks and cryptocurrencies.
Another day another lawsuit for Centralized Exchange. Move to DEX, be free.
Those are 5 notable news stories about cryptoverse this week! Anything that we missed?
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