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Saturday, 10 September 2022
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Forty billion dollars was reported to have been lost in the Terra debacle which shook the crypto industry to its root. And it does not look as if the crypto community has moved on from the Terra ecosystem collapse.
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Four months after the occurrence, a crypto project has launched a meme token called “JailKwon” in ‘honour’ of Terra’s founder, Do Kwon.
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Here is our weekly newsletter roundup. Now get a bucket of popcorn and follow through. First, a brief summary….
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Summary of the news
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- New UK government will embrace crypto
- Balon d’Or winners to receive NFTs
- Crypto project launches $JailKwon
- $30M recovered from Ronin Hack
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New UK government will embrace crypto
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The new United Kingdom government has moved promptly to make its position on cryptocurrencies known and has signaled its intent to make the country a “hospitable place” for the industry.
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In a speech delivered to the House of Commons (HoC) on Wednesday, Richard Fuller, the Economic Secretary to the Treasury, said that the U.K now had a choice to “either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies. The Government choose the latter course.”
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Fuller stated in quotes taken from the UK Tech Sector website Business Cloud:
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“As crypto technologies grow in significance, the UK government are seeking ways to achieve global competitive advantage for the United Kingdom. We want to become the country of choice for those looking to create, innovate and build in the crypto space. By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of UK financial services into a new era.”
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It seems the new UK government has understood the almost limitless opportunities that arise out of blockchain and crypto and are ready to harness it.
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Balon d’Or winners to receive NFTs
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Organisers of Ballon d’Or, the most prestigious individual award for professional footballers, have announced for the first time the winners will receive NFTs alongside the trophy, according to a report by French news outlet Le Figaro on Thursday.
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The award by France-based Equipe Media group will for the first time unveil the NFTs to the winners during the 66th ceremony while the public will have an opportunity to buy other collections related to the prize.
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Besides giving the NFT award to the best male and female football players, the collectibles will also be available alongside the awards of Kopa Trophy (best hope), Machine Trophy (best goalkeeper), and Müller Trophy (best striker).
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According to the media group, incorporating the NFTs into the Ballon d’Or is part of a longer-term strategy. The project is a partnership with blockchain platform Tezos and Door-Sport, a creative agency interested in sports and Web3.
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Crypto project launches $JailKwon
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A crypto project which is aimed to hit out at the Terra leader, Do Kwon has been launched. The project is called “JailKwon,” and it went live on the BNB Chain last Saturday.
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According to the project’s 12-page whitepaper, the token aims to be the first “educate-to-earn” cryptocurrency. It’s currently tradable under the ticker $JKWON on PancakeSwap.
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“Every time you see or hear Do Kwon, LUNA, [or] LUNC the Jail Kwon token will never be far from thought” the document reads, adding that Kwon’s infamy would provide the token with a lifetime of “free marketing and spontaneous pumps.”
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Following the Terra crash in May, Both Do Kwon and Terraform Labs have been the subject of multiple lawsuits in South Korea and the United States. Among other things, Kwon has been accused of tax fraud, racketeering, misleading investors, and running a Ponzi scheme.
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$30 million recovered from Ronin Hack
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Chainalysis has helped to recover $30 million stolen in the attack on Ronin Network and Axie Infinity earlier this year. Though $600 million was stolen, the recovered amount represents about 10% of the amount stolen from Axie.
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Chainalysis’ senior director of investigations Erin Plante appeared at Axie Infinity’s AxieCon to discuss the investigation. Plante noted that Chainalysis, with the aid of other organizations, helped law enforcement to seize some of the stolen funds.
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The attack was carried out by Lazarus Group, an infamous state-backed hacking group based in North Korea. Plante noted that the recovery marks “the first time ever that cryptocurrency stolen by a North Korean hacking group has been seized.”
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Ronin Network was initially attacked in March of this year. Other attempts to recover funds also occurred at that time. Leading crypto exchange Binance recovered $5.8 million from the attack in April. Also, Axie Infinity developer Sky Mavis dedicated a $150 million fundraiser to user compensation.
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Other stories we are following
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