Voyager Resumes, WazirX Frozen, Coinbase Lawsuit and More
ENEDEX Debrief Week 1 August 2022
Welcome to the 14th iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- Voyager plans to resume cash withdrawals on Aug. 11
Crypto lender Voyager Digital Holdings has reported users may be able to make cash withdrawals from the app more than a month after suspending trading, deposits, withdrawals and loyalty rewards.
In a Friday blog post, Voyager said clients with U.S. dollars in their accounts could withdraw up to $100,000 in a 24-hour period starting as early as Aug. 11, with the funds received in 5–10 business days. The announcement followed a judge ruling on Thursday the crypto lending firm was cleared to return $270 million in customer funds held at the Metropolitan Commercial Bank in New York.
With all that has been happening to CEX like Voyager, it’s significantly better to hold your own funds on your own wallet and trade on DEX like ENEDEX
2. Indian authorities freeze $8.1M in WazirX funds as part of AML investigation
India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud.
In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1 million at the time of publication — frozen and conducted a search connected to co-founder Sameer Mhatre.
Yet another example of why you should hold your token outside of CEX and on a Web3 wallet. No one can freeze your funds in there.
3. Coinbase hit with 2 fresh lawsuits amid SEC probe
Coinbase is now facing increased scrutiny from regulators, with the company now becoming the target of multiple lawsuits. The San Francisco-based cryptocurrency exchange, which is presently being investigated by the United States Securities and Exchanges Commission (SEC), now faces two additional legal claims from two law firms.
On Thursday, New York-based legal firm Bragar Eagel & Squire revealed that it would be suing Coinbase for making deceptive claims about its business practices. Pomerantz LLP has also filed a claim against the exchange, alleging that it is entitled to compensation for any losses incurred as a result of the defendant’s violations of federal securities laws. This lawsuit was filed to compensate the plaintiffs.
Do you feel safe holding your token on CEX while it is bombarded by lawsuits? Move your funds to decentralized wallet today and trade more on DEX!
4. The Bank of Thailand to pilot Retail CBDC by the end of 2022
On top of its wholesale central bank digital currency (CBDC) projects and proof-of-concept Retail CBDC testing with corporates, the Bank of Thailand (BOT) will extend the scope of CBDC development aimed at retail to a pilot phase. A possible real-life application of the “Retail CBDC” will be conducted inside the private sector on a limited scale.
The Friday announcement on the official page of the BOT goes:
“The BOT will assess the benefits and associated risks from the Pilot to formulate related policies and improve the CBDC design in the future.”
More on-ramp from fiat to crypto is always a good news!
5. Meta enables Instagram NFT integration in over 100 countries
According to a Meta newsroom post updated on Thursday, the Mark Zuckerberg-led company has begun its nonfungible token (NFT) expansion across 100 countries in Africa, the Asia-Pacific, the Middle East and the Americas. This includes adding support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collectibles minted on the Flow blockchain. The initial rollout targets the popular social media app Instagram.
One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. There are no fees associated with posting or sharing a digital collectible on Instagram.
Wouldn’t be surprising to see people selling their selfies from instagram in a few years from now as an NFT.
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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