The ‘Crypto’ Market had a quiet weekend with $BTC hovering around $19.5k-$20k. The cryptocurrency business is thriving, but there are a lot of things happening, including Cardano’s Vasil hard fork after the Ethereum Merge, Tax Payments in Crypto, XRP’s native Stablecoin and much more!
In this issue:
- Cardano’s Vasil hard fork launch is scheduled for September 22nd.
- Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto.
- XRP Ledger Might Have It’s Native Stablecoin Soon: What is Stably USD (USDS)?
- Binance identifies the Hack Suspects involved in KyberSwap, which involves law enforcement.
- The repayment date is set for Mt. Gox Exchange.
- Meta announces Facebook and Instagram users can post NFTs from their digital wallets.
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Cardano’s Vasil hard fork launch is scheduled for September 22nd.
Developers at Input Output and the Cardano Foundation announced that Cardano’s Vasil hard fork will occur on September 22, just one week after the Ethereum Merge predicted date of September 15.
“Vasil is the most significant Cardano update to date, bringing increased network capacity and lower cost transactions,” Cardano developer Input Output tweeted Friday.
What is Hard Fork?
A hard fork is when participants on a blockchain network decide to split the chain, which can happen for various reasons, resulting in two versions of the same network or protocol.
IOHK mentioned that most of the Crypto Centralized Exchanges are ready/in progress for the new upgrade.
Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto.
Mendoza, an Argentinian province, has implemented a system that allows taxpayers to pay their taxes fully with cryptocurrencies. The system, launched this week, is part of a strategic push for the modernization and digitalization of payments carried by the tax authority of Mendoza and uses the services of a third party to process the transactions.
The system, launched on August 24, is part of a strategic move by the authorities of the province to modernize the payment of tax and state tributes, offering several options to citizens to fulfill their obligations.
Nicolas Chávez, general director of the Mendoza tax administration authority, stated:
“It is one more door to facilitate the payment of taxes to taxpayers. This is a service offered by the payment processor with which we have incorporated new technology, such as virtual wallets and cryptocurrencies.”
XRP Ledger Might Have Its Native Stablecoin Soon: What is Stably USD (USDS)?
Blockchain platform XRP Ledger might be the next addition to the array of networks that support regulated multi-protocol stablecoin USDS by Stably USD.
According to the official announcement shared by blockchain company Stably, it has inked a partnership with U.S.-based digital payments giant Ripple. With this partnership, XRP is set to provide all necessary technical support for the implementation of the Stably USD (USDS) blockchain on the XRP Ledger (XRPL) platform. New XRPL-based stablecoin will be issued under the USD ticker. Thanks to its integration with U.S.-regulated banking institutions, Stably USD (USDS) will allow partners from 200 countries to seamlessly mint and claim their stablecoins on XRPL.
Kory Hoang, CEO of Stably stated:
“This integration will be the first-ever fiat-to-stablecoin integration for the XRP Ledger ecosystem providing its B2B and B2C customers with a completely new experience: We are very excited to partner with Ripple and support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably’s top priorities and we look forward to bringing more of these benefits to the XRPL community.”
Binance identifies the Hack Suspects involved in KyberSwap and involves law enforcement.
Binance security team identified two suspects for the KyberSwap hack on September 2nd. Mr. Changpeng Zhao (CEO of Binance) mentioned in a tweet:
‘We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).’
According to Kyber Network:
“At 3.24 pm GMT+7 on September 2nd, we identified a suspicious element on our front end. Shutting down our front end to conduct investigations, we identified a malicious code in our Google Tag Manager (GTM) and immediately disabled it.
We have compiled a complete list of confirmed and suspected, attacker addresses used during this period, including tracking interactions with centralized exchanges and opensea.
$265K (USD) of user funds were lost, with 2 affected addresses, and users will be compensated. It appears the attacker was targeting whale wallets.”
Further, they mentioned, “We strongly urge all Defi projects to conduct a thorough check on your frontend code & associated Google Tag Manager (GTM) scripts as the attacker may have targeted multiple sites. Let’s work together as one Defi community to defend against these malicious attacks.”
The repayment date is set for Mt. Gox Exchange.
The Mt. Gox Bitcoin payments have been long anticipated. The process has lasted several years, and finally, in 2021, there is some relief for all who were affected. Attorney-at-law Nobuaki Kobayashi has been appointed as the Rehabilitation Trustee and will be in charge of the repayment process. This is expected to happen over a number of months, and a concrete date has now been set for when repayments may commence.
Mt. Gox trustee Nobuaki Kobayashi released updated information on Wednesday, August 31st regarding the rehabilitation plan for creditors of the long-defunct crypto exchange.
According to the file, the restriction reference period starts on September 15. During the phase, “the assignment, transfer or succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited.”
Mt. Gox was one of the earliest cryptocurrency exchanges, and at one time facilitated more than 70% of all trades made within the blockchain ecosystem. Following a major hack in 2011, the site subsequently collapsed in 2014 due to alleged insolvency; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC. In November 2021, the exchange’s trustee confirmed that the rehabilitation plan was in Japan’s court system. It is one of the final steps in a long process that began in 2018 with a petition to compensate creditors.
Meta announced Facebook and Instagram users can post NFTs from digital wallets.
Meta in one of it’s official tweets announced:
“We are introducing the ability to post digital collectibles across Facebook and Instagram. You can now connect your digital wallet to either app to share your NFTs on both.”
Connecting digital wallets to either Facebook or Instagram seems to be limited to the apps rather than through third-party web browsers. However, expanding the reach of NFTs into each and every smartphone with one of Meta’s apps installed could result in additional earnings or adoption for the social media giant.
In May, Meta also filed applications with the United States Patent and Trademark Office for its namesake to be used in a crypto payments platform called Meta Pay.
Closing
That’s it for now! Thanks for reading todays newsletter! Be sure to have a look at the Blog section to read our previous editions as well! Have a look at our Guides section if you’re interested in learning more about crypto! And finally, don’t forget to follow us on Twitter!
