The European Union has become the first major jurisdiction to pass a comprehensive crypto law, the Markets in Crypto-Assets (MiCA) regulation, which aims to provide legal certainty for the crypto industry and investors by establishing standard regulations and harmonized rules at the EU level. MiCA may ultimately stifle innovation, impose a one-size-fits-all approach to regulation for decentralized finance (DeFi), increase compliance costs f...
The Kenyan government has inked a deal with Abu Dhabi-based blockchain platform Venom Foundation to launch a blockchain and Web3 hub in Africa. The partnership will attempt to contribute to driving blockchain innovation in the continent’s key sectors, including finance, supply chain, agriculture, business and cross-border trade, the May 10 announcement said.The planned blockchain and Web3 hub will serve as a central platform for African tec...
On May 10, local news outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean won ($176 million) in personal assets frozen as part of ongoing criminal proceedings.Chief Judge Yun Chan-Young of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Do Kwon's Galleria Foret apartment complex in Seoul, a novel officetel and a series of imported cars....
Memes, internet jokes, and popular culture references have become an integral part of online communities. Because of this, cryptocurrencies inevitably gave birth to a new wave of assets called "memecoins." While some argue that these coins are just a fad, others might also believe in their potential to bring financial gain to their investors. One of the most popular memecoins that was recently launched is a frog-themed token called PEPE. Th...
A federal judge has sentenced Ishan Wahi, the former product manager at Coinbase Global accused of insider trading, to 24 months in prison.In a May 9 hearing in United States District Court for the Southern District of New York, Judge Loretta Preska sentenced Wahi to 2 years in prison for his role in using confidential information he obtained during his time working at Coinbase to profit off new listings of tokens, totaling up to $1.5 milli...
While the interest in crypto investments was on the rise last year among home offices, 2023 saw a massive decline in investors’ certainty about the digital assets market. According to a Goldman Sachs report published on May 8 titled “Eyes on the Horizon: Family Office Investment Insights,” 32% of family offices currently hold investments in digital assets. This category includes cryptocurrencies, nonfungible tokens (NFTs), decentralized fin...
A proposal by the United States securities regulator to tighten rules around crypto custody has been met with opposition from at least two proponents of the industry, according to recently filed letters. On May 8 — the deadline for comments on the proposal — crypto industry advocacy body Blockchain Association filed its letter to the Securities and Exchange Commission (SEC) criticizing its proposal to amend its custody rule. Three days earl...
FTX founder and former CEO Sam Bankman-Fried (SBF) is seeking to have up to 10 criminal charges against him dismissed in court, arguing for several counts that there has been a failure to state an offense. According to court documents filed in the southern district court of New York on May 8, SBF’s legal team has pushed to dismiss everything apart from three counts of conspiracy to commit commodities fraud, conspiracy to commit securities f...
Our biweekly roundup for the Web3 gaming community, featuring news, reviews and the latest on new releases.
Storybook Brawl shuts down servers
Months after the spectacular collapse of Sam Bankman-Fried’s crypto empire, the casualties keep coming.
Good Luck Games, the creators of Storybook Brawl – reportedly disgraced FTX CEO Bankman-Fried’s second-favorite game after League of Legends – took down its servers on May 1. The team said it...
Bitcoin (BTC) starts a new week at the center of new crypto industry drama as the highest fees in two years pressure price action.Downside volatility is greeting traders thanks to a full mempool, and explanations point the finger at multiple parties.The largest exchange, Binance, is adding to the confusion, pausing BTC withdrawals several times over what it calls network “congestion.”Amid the turmoil, BTC/USD is showing signs of strain, bre...
