Crypto News Roundup for July 25, 2023 📰

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25 Jul 2023

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Hello and welcome to Crypto News Roundup, where I bring you the latest and most important news from the world of cryptocurrencies. Today, I have some exciting stories to share with you, so let’s get started!

Arkham Intel Exchange Launches First Bounty Hunt for Do Kwon’s Wallets 🚀

The Arkham Intel Exchange, a platform that allows users to submit and verify information related to crypto-related topics, has announced its first-ever bounty hunt on the platform. The bounty hunt involved finding and revealing the wallet addresses belonging to Do Kwon, the former CEO of Terraform Labs, the company behind the Terra blockchain and its native token Luna.

The bounty hunt was approved by the platform’s moderators after receiving a submission from two anonymous users, who claimed to be “on-chain sleuths”. The submission contained evidence that linked several wallet addresses to Do Kwon, which contradicted his public statements that he only held one Luna Foundation Guard wallet, which has a reported balance of 313 BTC.

The submission was rewarded with 9,519 ARKM tokens, worth about $5,000 at the time of writing. The ARKM token is the native token of the Arkham Intel Exchange, which is used to incentivize and reward users for providing and verifying information on the platform.

The bounty hunt has sparked a lot of interest and controversy in the crypto community, as some see it as a way to expose dishonesty and corruption in the industry, while others see it as a violation of privacy and an attack on innovation. Do Kwon has not yet commented on the bounty hunt or the allegations against him.

Source: The Block

Sam Bankman-Fried Agrees to Gag Order After Prosecutors Accuse Him of Leaking Witness Journals 🔎

Sam Bankman-Fried, the former CEO of FTX, one of the largest crypto exchanges in the world, has agreed to a gag order imposed by a federal judge overseeing his criminal case. Bankman-Fried is facing charges of fraud, money laundering, and conspiracy for allegedly operating an unlicensed crypto derivatives platform that catered to US customers.

The gag order prohibits Bankman-Fried and anyone associated with him from publicly discussing or disseminating any information that is not admissible at trial or that is intended to influence public opinion. The order was proposed by prosecutors after they accused Bankman-Fried of leaking private journals of their star witness, Caroline Ellison, to The New York Times.

Ellison is a former employee of FTX who cooperated with the authorities and provided them with evidence of Bankman-Fried’s illegal activities. According to prosecutors, Bankman-Fried leaked her journals in an attempt to discredit her and portray her as a disgruntled and unreliable witness. The New York Times published an article based on her journals that revealed her personal struggles and doubts about working for FTX.

Bankman-Fried has denied any involvement in the leak and has maintained his innocence throughout the case. He claims that he did not know that his platform was violating any laws and that he was trying to provide a valuable service to the crypto community. He also argues that Ellison was not a credible witness because she had a history of mental health issues and substance abuse.

The gag order could have serious implications for Bankman-Fried’s defense strategy, as it limits his ability to communicate with his supporters and potential witnesses. It also puts his bail status in jeopardy, as he could face additional sanctions or even jail time if he violates the order.

Source: Bloomberg

Vitalik Buterin Warns of ‘Major Issues’ with Worldcoin’s Human Identity Verification System 🧐

Vitalik Buterin, the co-founder of Ethereum, has published a long-form essay in which he shared his thoughts and criticisms about Worldcoin, a project that aims to create a global digital currency that is distributed to everyone who verifies their identity using a specialized hardware device.

Buterin identified four “major issues” with Worldcoin’s design, namely privacy, accessibility, centralization, and security. He argued that Worldcoin’s identity verification system could pose serious risks to users’ privacy and personal data, as it requires them to scan their eyes using a device that is controlled by a centralized entity.

He also questioned the accessibility and fairness of Worldcoin’s distribution model, as it could exclude or favor certain groups of people based on their location, availability, or willingness to participate. Moreover, he pointed out the security vulnerabilities of Worldcoin’s device and network, as they could be hacked or manipulated by malicious actors.

Buterin then proposed an alternative solution that involved combining three existing approaches to proof-of-personhood (PoP), which is a concept that aims to verify that each user is a unique human being without revealing their identity or personal information. These approaches are social-graph-based (using existing social networks), general-hardware biometric (using common devices like smartphones), and specialized-hardware biometric (using dedicated devices like Worldcoin’s).

Buterin suggested that by combining these techniques in a clever way, it could be possible to create a more robust and decentralized PoP system that could enable more fair and inclusive digital currencies.

Buterin concluded his essay by acknowledging that finding a perfect solution for PoP is not easy and that it will likely take years to achieve. He also warned that a world without PoP could also have dangers, as it could enable sybil attacks, spam, and fraud on various platforms and applications.

Source: Decrypt

Russia Approves Digital Ruble Law, Paving the Way for a CBDC

Russia has taken a major step towards launching its own central bank digital currency (CBDC) by approving the digital ruble law, which was signed by president Vladimir Putin yesterday. The law, which will take effect from Aug. 1, 2023, will allow the digital ruble to be used as a legal tender alongside cash and non-cash payments in Russia.

The digital ruble law defines the digital ruble as a “digital expression of the monetary unit of the Russian Federation” that is issued and controlled by the Bank of Russia, the country’s central bank. The law also stipulates that the Bank of Russia will manage digital ruble accounts for users and regulate the ways they can spend and transfer their digital rubles. The law also prohibits users from creating or issuing their own digital rubles or using them for illegal purposes.

The approval of the digital ruble law comes after months of consultations and testing by the Bank of Russia, which announced its plans to develop a CBDC in October 2020. The Bank of Russia has stated that the main goals of the digital ruble are to increase financial inclusion, reduce transaction costs, and enhance payment efficiency and security. The Bank of Russia has also said that it will continue to work on the technical and legal aspects of the digital ruble project and that it expects to launch a pilot version of the CBDC by the end of 2023.

Source: CoinDesk

That’s all for today’s Crypto News Roundup. I hope you enjoyed this roundup and learned something new. Stay tuned for more updates and insights from the crypto world. Until next time, stay safe and happy trading!

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