NewsBriefs - Justin Sun elected as prime minister of Liberland

Oct 10, 2:56 PM The Block

Justin Sun elected as prime minister of Liberland

Justin Sun, Tron founder, was elected prime minister of Liberland, a crypto-focused micronation between Croatia and Serbia. Liberland, established in 2015, was the first country to adopt Bitcoin as its official currency. The election used a blockchain-based system, promoting transparency. Sun's crypto expertise is expected to advance Liberland's blockchain projects. The micronation operates on a decentralized online platform, allowing resident participation in governance.

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• Oct 10, 4:07 PM Crypto Briefing

  Ripple files cross-appeal notice in SEC lawsuit over XRP sales

  Ripple Labs has filed a cross-appeal notice challenging a $125 million fine for institutional XRP sales. This follows the SEC's appeal of a ruling that XRP tokens on secondary markets aren't securities. The fine is significantly less than the SEC's initial $2 billion demand. Both appeals will be consolidated into one case at the US Court of Appeals for the Second Circuit. Ripple's CLO had previously hinted at this move in response to the SEC's appeal.

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• Oct 10, 3:15 PM Hand-Picked

  Schwab survey reveals 45% of respondents plan to invest in crypto ETFs

  A $9 trillion Charles Schwab survey shows growing interest in crypto ETFs, with 45% of respondents planning to invest in Bitcoin and crypto ETFs in 2024, up from 38% in 2023. US equities remain the top asset class at 55%, while bonds hold steady at 44%. Millennials show higher interest in fixed income and alternatives. The survey comes as the SEC recently approved 11 Bitcoin spot ETFs, expanding the crypto ETF market.

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• Oct 10, 2:56 PM The Block

  Justin Sun elected as prime minister of Liberland

  Justin Sun, Tron founder, was elected prime minister of Liberland, a crypto-focused micronation between Croatia and Serbia. Liberland, established in 2015, was the first country to adopt Bitcoin as its official currency. The election used a blockchain-based system, promoting transparency. Sun's crypto expertise is expected to advance Liberland's blockchain projects. The micronation operates on a decentralized online platform, allowing resident participation in governance.

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• Oct 10, 2:46 PM Crypto Briefing

  Uniswap launches Unichain, an Ethereum layer 2 solution

  Uniswap Labs unveiled Unichain, an Ethereum layer 2 solution built on OP Stack. The launch boosted UNI token by 13% to $8.13. Unichain aims to tackle high gas fees, improve execution quality, and address liquidity fragmentation. It features verifiable block building, trustless revert protection, and Flashbots' Rollup-Boost technology. Uniswap plans to support V2, V3, and preview V4 protocols, with potential extensions to enhance security and fairness.

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• Oct 10, 4:15 AM The Block

  Optimism distributes 10.3 million OP tokens in fifth airdrop to Superchain users

  Optimism rolled out its fifth airdrop, distributing 10.3 million OP tokens worth $16 million to 54,700 Superchain users. The airdrop rewards activity on various chains within the Superchain ecosystem, including OP Mainnet, Base, and Zora. Eligibility criteria include interacting with at least 20 contracts between March and September 2024. Optimism has distributed over 265 million OP tokens through five airdrops, with 550 million tokens remaining for future distributions. The OP token currently trades at $1.55 with a market cap of $1.9 billion.

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• Oct 9, 9:09 AM The Block

  Caroline Ellison agrees to hand over assets to settle FTX lawsuit

  Former Alameda Research CEO Caroline Ellison has agreed to transfer most of her assets to FTX debtors to settle a lawsuit. The settlement aims to recover $28.8 million in bonus payments. Ellison will retain only personal physical property and cooperate with ongoing investigations. This development follows FTX's bankruptcy filing in 2022 and recent court approvals of its reorganization plan. Ellison was previously sentenced to two years for her role in FTX's collapse, while founder Sam Bankman-Fried received a 25-year sentence.

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• Oct 8, 5:19 AM Coindesk

  Hong Kong SFC plans to approve more crypto exchange licenses by year end

  Hong Kong's SFC aims to approve more crypto exchange licenses by year-end. CEO Julia Leung revealed 11 applicants have undergone on-site reviews. HKVAX recently became the third approved exchange, joining HashKey and OSL. The move follows criticism of strict regulations hampering Hong Kong's crypto hub aspirations. Some international firms withdrew applications, while lawmakers debate regulatory approaches. The SFC is also considering licensing for crypto OTC and custody services.

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• Oct 7, 4:13 AM Metaplanet

  Metaplanet buys another ¥1 billion worth of BTC

  Japanese company Metaplanet bought 108,786 Bitcoin for 1 billion yen, averaging 9,192,359 yen per coin. Their total holdings now reach 639,503 Bitcoin, valued at 59.65 billion yen. This follows a previous purchase of 107.91 Bitcoin on October 1. Metaplanet's long-term Bitcoin investment strategy mirrors approaches by MicroStrategy and El Salvador, aiming to profit from future price growth.

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• Oct 7, 2:58 AM Cointelegraph

  G7 antitrust authorities may take action on AI sector competition

  G7 antitrust watchdogs signaled possible enforcement action to protect AI sector competition. They aim to reduce bottlenecks hindering new entrants, prevent collusion between AI firms, and address concerns about copyright, consumer protection, and data privacy. The group emphasized fair competition, interoperability, and open technical standards to promote innovation and prevent market concentration in AI.

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• Oct 6, 7:11 PM The Block

  US aims to seize $2.7 million from North Korean crypto hacks

  The US is seeking to seize $2.67 million in crypto stolen by North Korea's Lazarus Group from Deribit and Stake.com hacks. Funds were traced through mixers like Tornado Cash, Sinbad, and Yonmix. Hackers converted stolen assets to USDT and Bitcoin, using cross-chain bridges and mixers to obscure transactions. Law enforcement froze some funds but the majority was successfully laundered. Despite improved tracing capabilities, Lazarus Group remains active in crypto hacks.

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• Oct 5, 5:00 PM LinkedIn

  MicroStrategy looking to hire Bitcoin Advocacy Manager

  MicroStrategy, the top corporate Bitcoin holder, is hiring a Manager of Bitcoin Advocacy to lead initiatives and corporate adoption strategies. The role involves overseeing an annual Bitcoin conference, driving education efforts, and solidifying MicroStrategy's position in the Bitcoin community. The manager will work across departments, leveraging partnerships and contributing to marketing campaigns. A DC-based hub for Bitcoin community interactions is also planned. The job posting has received 37 applications so far.

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• Oct 3, 9:52 PM Reuters

  IMF urges El Salvador to strengthen Bitcoin oversight and regulation

  The IMF has again called on El Salvador to strengthen its regulatory framework and oversight of Bitcoin. The organization recommends narrowing the scope of the bitcoin law and limiting public sector exposure to crypto. This continues the IMF's longstanding concerns since El Salvador made Bitcoin legal tender in 2021. Despite these warnings, El Salvador currently holds 5892 BTC, worth about $345 million. President Bukele claims the country's Bitcoin strategy has been "net positive" despite lagging adoption.

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• Oct 3, 12:31 PM Cointelegraph

  Visa unveils tokenized asset platform for digital asset management

  Visa introduced the Visa Tokenized Asset Platform (VTAP) for issuing and managing fiat-backed tokens, including stablecoins and CBDCs. VTAP offers end-to-end infrastructure for minting, transferring, and settling digital assets on public and permissioned blockchains. Currently in sandbox phase with BBVA testing, VTAP aims for a live pilot on Ethereum in 2025, targeting institutional investors and central banks.

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• Oct 2, 3:20 PM Eric Balchunas

  BlackRock and Fidelity Bitcoin ETFs rank among top 10 biggest ETF launches this decade

  BlackRock's IBIT and Fidelity's FBTC Bitcoin ETFs have rapidly become two of the top 10 largest ETFs launched in the 2020s. IBIT overtook Grayscale's GBTC to become the largest spot Bitcoin ETF in the US, holding over $22 billion worth of Bitcoin. The success of these crypto-based funds highlights increasing mainstream adoption and investor interest in Bitcoin as an asset class.

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• Oct 2, 8:18 AM Beincrypto

  Australian police crack crypto wallet, seizes $6.4 million

  Australian Federal Police seized $6.4 million in crypto linked to a global crime syndicate as part of Operation Kraken. The AFP arrested Jay Je Yoon Jung, the suspected mastermind behind the encrypted communication app Ghost. A CACT analyst cracked the seed phrase from wallets on Jung's devices, enabling the fund recovery. The operation has led to 46 arrests, 93 search warrants, and the seizure of illegal firearms and drugs. This development highlights the ongoing challenge of cybercrime in the crypto industry, with attacks surging to $2.1 billion in 2024.

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