Crypto Weekly Roundup: Ledger Under Fire And More

Ledger’s latest seed phase recovery idea has not sat well with the community. Members have even taken to social media to express their displeasure with the proposal. Let’s find out more about the matter and other noteworthy events that happened in crypto this week. 

Bitcoin

USDT-issuer Tether has announced that it will use a portion of its profits and purchase Bitcoin in an effort to shore up its stablecoin reserves. 

Ethereum

Embattled crypto lending firm Celsius is wasting no time in removing its stash of staked ETH (stETH) tokens from the liquid staking platform Lido. 

DeFi

Premier decentralized exchange platform Uniswap is set to launch on Polkadot's Moonbeam parachain, with the integrations tabled through its decentralized governance platform.

Altcoins

Touted as digital silver to Bitcoin’s gold, Litecoin has suddenly awakened, putting on nearly 20% in 4 days.

Technology

Ledger has come under stinging criticism from its community over its latest seed phrase recovery idea, with members taking to social media to voice their disapproval. 

DeFi platform Yield App has formed strategic ties with emerging fintech firm Volt to enhance access and revolutionize crypto engagement.

Business

Britain's most valuable fintech company, Revolut, could face disappointment as the Bank of England plans to reject its application for a banking license. 

Hong Kong-based Hashkey Group, a prominent player in the cryptocurrency investment landscape, is embarking on an ambitious funding drive for a valuation of $1 billion. 

Bankrupt crypto exchange FTX and its sister entity Alameda Research have sued their former executives Sam Bankman-Fried, Gary Wang, and Nishad Singh.

The third iteration of the Voyager bankruptcy plan has finally been approved by the court. According to the terms, affected customers can expect to recover up to 35% of their claims.

The Indian cryptocurrency industry has petitioned the government and the RBI to restore its access to the hugely popular UPI for cryptocurrency-related services and activities. 

Ripple has acquired one of the most well-known crypto custodians, Metaco, for $250 million. 

BlockFi has announced that it plans to liquidate its crypto lending platform to pay back creditors. 

Gibraltar-based Xapo Bank is forging ahead with expanding support for different types of digital assets. 

OpenAI CEO Sam Altman’s Worldcoin project has reportedly secured $100 million in fresh funding. Worldcoin is Altman’s planned iris-scanning cryptocurrency. 

Premier crypto exchange Binance recently announced its shift towards automation with the introduction of Trading Bots.

Regulation

The New York Attorney General’s office has slapped a $4.3 million fine on the crypto exchange Coin Cafe due to its allegedly outrageous fee structure. 

In an apparent hardening of its stance against crypto, Pakistan’s government has stated that it would ban cryptocurrency services operational in the country and would never legalize crypto trading. 

The SEC faced another roadblock in its Ripple lawsuit as a judge ruled against its motion to block the controversial Hinman documents from being made public. 

The UK Treasury Committee released a report compelling the government to regulate retail crypto trading not as financial assets but as gambling instruments.

On Tuesday, EU states voted in favor of MiCA, the world’s first comprehensive set of rules regulating crypto assets.

The SEC has responded to Coinbase’s request for clarity regarding crypto regulation and refused to entertain the exchange’s demands.

G7 committee members recently met in Niigata, Japan, to discuss global financial implications for CBDCs and crypto regulation ahead of the annual G7 summit,

Following a legal dispute, the SEC has revised its fine against LBRY from $22 million to just over $111,000. 

The director of the DOJ’s National Cryptocurrency Enforcement Team (NCET) said the US is stepping up scrutiny of crypto exchanges.

The Reserve Bank of Zimbabwe’s first gold-backed cryptocurrency sale has been a resounding success after selling around 14 billion Zimbabwe dollars’ worth of gold-backed tokens. 

Digital asset firm Bakkt has delisted 25 out of the 36 tokens on its recently acquired Apex Crypto platform. 

Web3

Horizon Blockchain Games and Polygon Labs have announced a strategic partnership designed to revolutionize web3 infrastructure.

Coinbase Cloud, the crypto exchange's cloud services arm, recently announced a partnership with Chainlink Network to expand its presence in the decentralized sphere.

Security

Developers of a decentralized exchange based on Arbitrum called Swaprum have drained $3 million worth of ETH from the protocol in what looks to be an apparent rug pull or exit scam. 

LayerZero Labs and Immunefi have announced their collaboration to launch an unprecedented $15 million bug bounty program. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.