Al-Khwarizmi Weekly #8: Crypto & Blockchain Weekly News Summary

After last week’s major crypto price drops, traders and investors have been waiting to see which direction the market will take from here while top headlines remain a mixture of positive and negative news.

Top Global Headlines

Solana Announces Integration with Shopify

Solana Pay has taken a major step towards revolutionizing the commerce industry by integrating with Shopify Inc. This integration enables millions of businesses to embrace decentralized payments through Solana Pay. By eliminating intermediaries, this protocol eliminates the inconveniences associated with bank fees, chargebacks, and extended holding periods.

Tornado Crash Co-Founders Arrested Due to Laundering Allegations

U.S. government officials initiated enforcement actions against the co-founders of Tornado Cash, a virtual currency mixer, on Wednesday. This development comes shortly after a federal judge ruled in favor of the government, granting them the authority to impose sanctions. Roman Semenov, the mixer’s co-founder, is accused of providing support to the Lazarus Group, a North Korean hacking organization, among other activities. He is believed to be hiding in Dubai and is wanted by the U.S. authorities for his alleged crimes.

The UK Considers Complete Ban on Cold-Calls Promoting Crypto Asset Investments

The U.K. Treasury has published a consultation paper seeking to understand real-world consequences of implementing a comprehensive prohibition on cold calls for crypto-related investments. These strategies are claimed to have been responsible for substantial losses, primarily because they’re abused by scammers to target inexperienced investors.

Binance Suspends Crypto Debit Card Offering in Latin America and The Middle East

Without citing a reason, Binance discontinues its crypto debit cards in both Latin America and the Middle East. The crypto debit card services in these regions will be discontinued on September 21st. However, the exchange assures that refunds and disputes will continue to be processed until December 20, 2023. Like traditional debit cards, crypto debit cards enable users to make payments for everyday purchases. The key distinction lies in the fact that these cards are backed by digital assets rather than fiat.

Atomic Wallet Faces Lawsuit from Victims of a Hack that Caused $100 Million in Losses

After failing to disclose information regarding a security breach, Atomic Wallet is now facing a class-action lawsuit, which accuses the platform of neglecting to inform its users and authorities about a hack that led to massive losses. This lawsuit was launched by a group of upset investors that use the Atomic Wallet for self-custody of crypto funds. The lawsuit seeks compensation for this group who were among the victims of the $100 million hack in June.

VCCRI and Filecoin Collaborate to Revolutionizing Cardiac Research

The Victor Chang Cardiac Research Institute (VCCRI) has partnered with Filecoin, a decentralized data storage network, to expand the reach of its pioneering cardiac research. This collaboration aims to make their findings more accessible to a wider audience, fostering advancements in the field of cardiac health. Through Filecoin’s decentralized data network, over 125 Terabytes (TB) of cardiac research data will be stored, effectively making it accessible by researchers globally.

Coinbase in Discussion with Major Canadian Banking Institutions

Earlier this month, the US-based crypto exchange commenced operations in Canada in what commentators label a strategic move for its global expansion. This decision comes amidst a regulatory crackdown in its home country. Lucas Matheson, director of Coinbase’s operations in Canada, has been engaging in discussions with Canada’s leading banks. This could potentially help Coinbase overcome some of the roadblocks it’s facing in the country as well as open up new opportunities for the exchange.

HashKey Hong Kong is Set to Launch Its Retail Trading Operations

HashKey, the pioneering licensed virtual asset provider in Hong Kong, is set to unveil its retail trading services to residents on August 28th. According to local news sources, the platform reportedly intends to restrict investors to investing a maximum of 30% of their net worth towards cryptocurrencies. This measure aims to ensure responsible investment practices while utilizing the platform.