Snapshot Web3

August 7, 2023

Regulatory Updates

U.S. Senators Call for Crackdown on North Korea’s Cryptocurrency Funding of Nuclear Program

U.S. Senators, including Elizabeth Warren, express concerns about North Korea using cryptocurrencies to fund its nuclear program. They seek information on the government's actions to address this issue. North Korea has reportedly stolen over $3 billion in cryptocurrencies, and the funds are allegedly used for the missile program. The use of mixing services makes it challenging to trace the funds. The Senators aim to find effective strategies to prevent further funding of North Korea's nuclear ambitions through digital assets.

Chinese regulators reaffirm ‘severe crackdown’ on overseas telecoms dealing in crypto, blockchain

Chinese regulators are warning overseas telecom companies against using digital assets, blockchain, AI, and the metaverse for fraud. They aim to crack down on deceptive tactics used by some entities to deceive victims. The move comes amid China's previous crackdown on cryptocurrency activities, but recent developments suggest a potential shift in its approach to crypto trading.

Innovation and Launches

Tether Releases Bitcoin Mining Software

Tether has released innovative JavaScript libraries for Bitcoin mining hardware, such as WhatsMiner, AvalonMiner, and Antminer. The software aims to improve mining capacity management for more effective operations. Tether has been making various moves in the Bitcoin and mining sector, including allocating 15% of profits to purchase Bitcoin and launching mining operations in different countries.

Trending DApps

NFT and Metaverse

Ether Capsule NFT: A New Way to Collect and Trade Digital Art

Ether Capsule NFT is a collection of 2075 unique characters from the Ether universe, each with different traits, and it serves as a profile picture or online avatar for Ether enthusiasts. The project aims to release high-end fashion pieces designed by expert designers, create limited edition drops, and blur the line between digital and physical goods. The NFTs have been traded with a total volume of 1,150 ETH and a floor price of 0.639 ETH, with prices ranging from 0.639 ETH to 100 ETH for different Ether Capsules. The project also focuses on building a collaborative community for its holders.

Resource of the Day

Some Secure Ways to Enhance the Protection While Using Web3

Enhance your Web3 security with these measures: Never share private keys, use complex combinations. Enable two-factor authentication for added security. Interact with reputable services to avoid malicious attempts. Read transaction messages carefully and avoid unauthorized authorizations. Use decentralized identities to protect against fraud. Regularly update wallets for advanced features and security. Recognize phishing attempts by checking links and messages. Use hardware wallets for offline storage of private keys. Keep seed phrases as recovery codes in case of loss or hacking.

Interesting Reads

Proof of Personhood (PoP): Why it’s Pivotal in Worldcoin

Proof of Personhood (PoP) is a crucial feature in Worldcoin, verifying individuals' uniqueness and humanness through iris biometrics. It prevents multiple registrations and enhances security in the crypto landscape. PoP's significance lies in its ability to establish trust, resist attacks, and address anti-spam issues without relying on centralized authorities. By using Orb's biometric device and WorldApp, users can authenticate and become part of the Worldcoin community securely.

Quick Links

Bitcoin OG bets surprising sum on BTC hitting $100K before the halving

Blockstream CEO Adam Back, an early pioneer of Bitcoin, is confident that the cryptocurrency will surpass $100,000 before the 2024 halving event. Back has bet a million satoshis (around $290) with a user who believes it won't happen until 2025. He expects Bitcoin to reach a new all-time high sooner than the actual halving date, which is scheduled for April 26. Despite the small bet, it reflects a growing bullish trend on Bitcoin's price among market commentators and analysts ahead of the halving. Many experts believe that the upcoming halving will propel Bitcoin to become the "hardest asset in the world" and signal the start of a new bull cycle.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.