Weekly cryptocurrency news roundup 16/05/2022

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The Flamingo Casino Club, which was offering fraudulent NFT users, was asked by five US states to cease operations The trading company of cryptocurrency Talos claimed on Tuesday that she became a unicorn when she hit 1, 25 billion after raising 105 millions The Bitcoin miner HIVE Blockchain wants to implement the consolidation of the shares with the aim of improve institutional visibility IOSCO predicts that the cryptocurrency sector could get laws within the next year Chile should think further before issuing a digital weight, central bank says NFTs linked to virtual casino metaverse have been asked to cease operations in five states The states of New Jersey, Kentucky, Wisconsin, Alabama and Texas have claimed that Flamingo Casino C lub was running a scam offering NFTs linked to a metaverse casino. In fact, on Wednesday the regulators of the respective states issued an emergency or dini requesting that the platform stop offering fraudulent NFTs and in violation of current regulations. Flamingo Casino is said to be ” s soliciting NFT fraudulently ” via social media, using influencers to promote sales for the platform. The platform apparently presented an elaborate scam, offering potential NFT holders poker tournaments, virtual concerts, and tennis courts as some of the perks. The virtual platform has lured investors with the promise of plans to build a virtual entertainment facility and casino in the Sandbox metaverse. Regulators have also ruled that the Flamingo Casino Club was founded in Russia in March 2022. The platform does not even have a “tangible” physical address and the telephone number indicated is out of order, thus ideally masking its location. To gain legitimacy at face value, the virtual casino forged a partnership with the longtime royal casino: Flamingo Las Vegas Hotel and Casino. The casino club is also guilty of ” deception and fraud ” for claiming to have links with MarketWatch and Yahoo, both of which have since been found to be untrue. KuCoin, Chainalysis and Talos complete relaunches Cryptocurrency trading firm Talos announced the 1 May 0 to have raised 105 millions of dollars in a funding round series B which brought the platform to unicorn status with a valuation of 1, 25 billion dollars. Notable figures who were part of the investment parties include BNY Mellon, Wells Fargo Strategic Capital and Voyager Digital in a round led by General Atlantic. In addition to the new figures, the company’s initial investors, including Andreessen Horowitz, Fidelity Investments and PayPal Ventures, have also extended their partnership by participating in this round. Talos said it will use the accumulated funds to continue its expansion strategy in Europe and APAC. The cryptocurrency exchange KuCoin of Johnny Lyu revealed on the same day that he raised 150 millions in a pre-Series B round led by the crypto division of Jump Capital, Jump Crypto. Other investors, including Matrix Partners, Circle Ventures and IDG Capital, also helped push the exchange’s valuation to 10 billions of dollars. On Thursday, blockchain analytics platform Chainalysis said it achieved a rating of 8, $ 6 billion after raising 170 millions of dollars. Singapore-based firm GIC led the F Series, with the participation of Accel, Dragoneer, Blackstone and BNY Mellon. Chainalysis Aims For Better Global Reach And Greater Product Innovation. Bitcoin Miner HIVE Blockchain Announces 5: 1 Stock Consolidation On Tuesday, cryptocurrency mining company HIVE Blockchain announced a plan to increase the attractiveness of the platform for institutional investors. The crypto-miner said it intends to complete a consolidation of its common stock to take effect on 20 May. The consolidation would see the issued and outstanding ordinary shares of HIVE reduce from the current 411. 209. 923 to new 82. 241. 984 shares. Canadian Bitcoin miner predicts this move would add “ shareholder value. ” The platform’s CEO, Frank Holmes, said it is currently difficult for shareholders to compete with HIVE with peers in the sector due to an overflow of outstanding shares. Holmes explained that HIVE suffers from the effects of the low share price even though the market capitalization and fundamentals such as debt-to-equity ratios exceed those published by industry peers. He added that HIVE offers impressive fundamentals relative to tech stocks and the higher share price resulting from the consolidation would only make the miner even more tempting. He noted that institutional visibility is a significant advantage to be gained with the upcoming change. HIVE shares are expected to grow above the $ 5 price, below which most institutional investors do not participate. Crypto may become a global regulator in the next year, says Hong Kong CEO SFC The crypto regulatory scene is expected to change in the future as the cryptographic technology and blockchain. The president of the International Organization of Securities Commissions (IOSCO) and CEO of the Hong Kong Securities and Futures Commission, Ashley Adler, has suggested that a joint crypto regulatory body could take effect within the next year. Adler spoke at a virtual conference organized by the Official Monetary and Financial Institutions Forum (OMFIF). She noted that the rise of cryptocurrencies is now a major focus area along with climate change and the COVID pandemic – 19. He also noted that with the growing relationship with traditional finance, digital assets have been put in the spotlight. The SFC Executive Hong KONG explained that the cryptocurrency sector is fraught with dangers such as ” cybersecurity, operational resilience and lack of transparency “, which requires a globally coordinated effort to regulate. IOSCO president said his proposed solution to the current uncertainty would see the creation of something natural for climate finance structures like that of the group of the major economies of the G 20. Chile delays CBDC plans, planning to undertake more in-depth analysis Chile said last September that this year he would decide on a strategy to launch a currency Central Bank Digital (CBDC), a digital burden. However, as per a recently released report, the Central Bank of Chile refrained from launching the government-controlled digital token, anchoring the decision on the need to carry out more analyzes to concretely establish benefits and risks. Wednesday’s report explained that there is currently no adequate information to justify a final decision. The bank plans to conduct a series of information sessions, including seminars and presentations. The central bank acknowledged that even with this, a CBDC could work to improve a ” system of competitive, innovative and integrated payment ” with adequate and resilient protection of user information. He added that issuing a CBDC could help remedy the potential problems of large-scale use of virtual asset payments as cryptocurrencies grow. Bank governor Rosanna Costa said that for Chile to adopt a CBDC, it must be operational for online and offline payments and facilitate traceable transactions. Speaking at an event hosted by the Bank of International Settlements (BIS), Costa noted that the technology to facilitate this is still not that efficient.


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