September 3, 2023

Al-Khwarizmi Weekly #9: Crypto & Blockchain Weekly News Summary

UK's crypto Travel Rule, which aims to combat money laundering and terrorism financing, is now in effect. Ronaldinho denies involvement in the crypto scam that stole nearly $60 million. The SEC delays decisions on all ETF applications. Dive in to read more about these and other top headlines from this week in crypto.
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Top Global Headlines


SEC Postpones Decision on Bitcoin ETF Applications, Including BlackRock and Fidelity

The regulatory authority has recently declared delays for all six of the newly submitted ETF applications. This delay will last until October as firms such as BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets await the pending decision from the U.S. Securities and Exchange Commission (SEC).


X (Twitter) Adds ‘X Coin’ To Code As Elon Musk Moves Toward Integrating Crypto Payments

A new digital asset has been introduced to X’s algorithm, opening up the possibility of incorporating cryptocurrency payments into the platform. Through a recent screenshot leak, payments and earnings in so-called “x coins” and “diamonds” are expected to be added to the latest version of the app. This exciting development paves the way for enhanced transaction options, offering users even greater flexibility and convenience.


Technology Theorist Predicts Real-world Asset Tokenization

An increasingly popular belief in both crypto and traditional finance circles is that the tokenization of real-world assets (RWAs) will play a crucial role in the upcoming bull run. This trend is expected to facilitate the transfer of trillions of dollars worth of value into the crypto space. Renowned professor Carlota Perez posits that technology follows predictable patterns. The next “golden age.” is predicted to be ushered in by the rise of Web 3.0 and Decentralized Finance (DeFi).


Oprah and The Rock Join Forces To Gather Cryptocurrency Donations for Maui Wildfire Victims

Dwayne “The Rock” Johnson and Oprah Winfrey teamed up to establish the People’s Fund of Maui, an initiative aimed at offering direct financial assistance to individuals impacted by the recent wildfire tragedy. With the acceptance of cryptocurrency donations, the Fund is helping to bridge the divide between traditional finance and crypto by showcasing the utility of digital assets when it comes to reducing middleman costs and facilitating efficient transfers.


Intelligence Agencies In The US and UK Warn The Public of a New Form of Crypto Malware

Multiple intelligence agencies from the United States and the United Kingdom have collaborated to release a joint report cautioning users about a recently discovered malware named “Infamous Chisel.” This malicious software specifically targets Android devices. The malware has been linked to the operations of Sandworm, a cyber warfare unit operating under Russia’s military intelligence agency, the GRU.


Ronaldinho Refutes Any Involvement In The Alleged $61M Cryptocurrency Scam

During a congressional hearing, the ex-professional soccer player expressed his grievance regarding the unauthorized use of his image to promote a supposedly deceptive cryptocurrency scheme. The $61M cryptocurrency scam allegedly used a previously taken photograph that was meant to be a part of a watch campaign that never went through. Ronaldinho denied any involvement with the project and decided to remain silent when asked about reimbursing the victims of the scam.


US Residents Upset Over Company Proposal To Mine Bitcoin, Which Involves Burning Tires

Residents and environmental groups in Pennsylvania are expressing their concerns as a crypto-mining company plans to utilize tire burning for Bitcoin mining. This initiative has sparked an outcry due to its potential environmental impact. Stronghold Digital Mining claims to be repurposing waste materials, although critics express concerns about potential emissions and their impact on human health.


The UK Travel Rule Is Now In Effect, Potentially Causing Disruptions To Specific Cryptocurrency Transfers

Implemented on September 1st, the crypto Travel Rule serves as a measure to combat on-chain money laundering and terrorist financing activities. On August 17, the Financial Conduct Authority (FCA) introduced regulations aimed at virtual asset service providers (VASPs). These regulations mandate that VASPs based in the U.K. must “collect, verify, and share information” regarding transfers of crypto-assets. The same principle would also extend to British individuals seeking to make international payments beyond the United Kingdom.


Lufthansa Introduces NFT Loyalty Rewards In collaboration With Uptrip On The Polygon Network

Uptrip travelers are rewarded with NFT trading cards that capture the essence of each journey they embark on. Each collection necessitates specific cards and, upon completion, provides exclusive rewards such as business lounge vouchers, complimentary mileage, and unlocking frequent traveler status. Uptrip is rapidly gaining momentum as a frontrunner in the travel and loyalty rewards industry, with registrations surpassing 20,000 users and the distribution of over 200,000 trading cards.