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Taliban Outlaws Crypto & Samsung’s Exchange Platform – News Roundup

Taliban Outlaws Crypto & Samsung’s Exchange Platform – News Roundup

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Whether it’s blockchain, cryptocurrencies or NFTs, we make sure you always know what’s happening in the crypto space. Our mission is to highlight all the most talked about cryptocurrency news every week so you don’t miss any important information. From companies taking over the NFT space, to bitcoin adoption and crypto hacking. Everything you need to know about last week’s cryptocurrency news.

Encrypting Taliban Outlaws

On August 26, the terrorist pseudo-government in Afghanistan banned cryptocurrency and began detaining traders. This is in response to some Afghans trying to hide their wealth from the Taliban by storing it in crypto.

It also served as a way for Afghans to interact economically with foreign economies to avoid international sanctions that have been imposed on the country since the Taliban took over Afghanistan by force in August 2021.

On Friday, thirteen individuals and twenty companies were investigated for links to cryptocurrency.

Read more about Finbold

The Taliban have banned cryptocurrency and started detaining traders.

Samsung will launch a cryptocurrency exchange platform in 2023

Samsung announced on August 25 that it plans to launch its own cryptocurrency exchange platform in the first half of 2023. With Samsung being one of the two biggest mobile giants, this could be a huge step towards making cryptocurrencies accessible to potential investors who might otherwise be too nervous to try platforms from unknown entities, even those as big as Binance and Coinbase.

This move comes after South Korea enacted new laws favoring the growing crypto market there.

The platform plans to serve a variety of digital assets, including Bitcoin (BTC), Ethereum (ETH), and non-fixable tokens (NFT).

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Forbes finds that 50% of Bitcoin trading is fake

On August 26, Forbes reported that according to their study of transactions on 157 cryptocurrency exchanges, about half of all transactions are laundromats.

Forbes estimates that “the industry’s global daily bitcoin volume was $128 billion as of June 14. That’s 51% less than the $262 billion that would be obtained by taking self-reported volume from multiple sources.”

As Forbes points out, one of the biggest problems is that there is currently no reliable method of tracking cryptocurrency trading volumes, as many transactions are either cross-platform or wallet-to-wallet, and not just through cryptocurrency exchanges. .

This leads to different calculation methods being adopted by different exchanges, which produce highly variable data, as can be seen by visiting different platforms and comparing their 24-hour trading statistics.

Read more at Forbes

Forbes investigation into fake bitcoin trades
Real Bitcoin trading volume chart as part of an investigation into fake Bitcoin transactions.

On August 24, computer science professor Matthew Green re-uploaded the code for mixing service Tornado Cash to GitHub, just days after the platform was suspended on suspicion of intentionally aiding money laundering.

Green did so because he feels it is a useful tool to teach his students concepts related to cryptocurrency and blockchain technology. He also considers it important that the code remains available in the spirit of truly decentralized community development, as well as for protection and freedom of expression.

The source code was removed from GitHub when Tornado Cash’s founder’s account was suspended on August 9 as a result of sanctions imposed on the US platform.

Read more about Finbold

Bored Ape Yacht Club NFTs are playable in Alpha Season 3 of The Sandbox

August 24, the latest season Sandbox alpha released with thirteen new NFTs, including Bored Ape Yacht Club (BAYC), Moonbirds, and World of Women NFTs became available as 3D playable characters.

Sandbox alpha is a platform that allows users to try different upcoming metaverse experiences for a short period of time according to the length of each season. In the current season, users have access to more than 90 experiences.

Read more about The Block

Sandbox Alpha 3
The Sandbox Alpha Season 3

Bankrupt crypto company Voyager gives $1.6 million in bonuses to top staff

On August 22, it was discovered that Voyager Digital plans to give out $1.6 million in bonuses after it filed for bankruptcy protection last month. These are to be distributed among the best 38 of its 350 employees.

Its creditors are highly critical of the move because the company has not taken any steps to reduce overhead costs, especially as it comes three weeks after Voyager filed a legal appeal to advance a “key personnel retention plan” (KERP) that will cost $1.9 million.

Read more about Blockworks

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