This Week In Crypto – 15 October To 21 October 2022

Alhashmi, the cofounder of the Islamic Coin, claimed that ISLM is “the first digital money that is Shariah-compliant, which can be used by Islam followers without any limitations.” With a token supply of 100 billion, 20 billion of which were minted in the genesis block, this currency is the native token of the Haqq blockchain. 10% of each new currency would be sent to the Evergreen DAO, which in turn would donate to Islamic charities or invest in Islamic internet initiatives, facilitating charity works for Muslims. Islamic Coin would have a $720 billion market cap if 3% of the 1.9 billion Muslim population embraced it. As this cryptocurrency asset complies with Shariah, the Islamic law, Alhashmi believes that this will eventually take place in the future.

FIFA announced the opening of its virtual environment, “FIFA World,” in the Roblox metaverse in advance of the 2022 World Cup in Qatar. For all football lovers, this ecosystem offers a fully immersive online environment where they can hang out in online communities and participate in tasks to gain rewards. Recently, FIFA has been growing interest in the metaverse. FIFA wants to evolve its competitions with the introduction of this virtual ecosystem. Recently, FIFA has launched the FIFA+ Collect platform and filed a patent to register the 2026 World Cup in the metaverse and virtual sports products as well.

Recently, Mastercard developed the AI-driven Crypto Secure system, which is underpinned by the blockchain security start-up CipherTrace. Currently, Mastercard has launched Crypto Source^™to give banks access to trading capabilities. To complement this service, they acquired technologies including Finicity, Ekata, RiskRecon, and CipherTrace. In the future, The Crypto Source wants to provide users of crypto a seamless experience, consequently it is now running pilot programs for this system.

The Terra LUNA Classic community decided to lower the LUNC tax burn rate for on-chain transactions from 1.2% to 0.2% with the approval of Proposal 5234. At this rate, however, LUNC is now anticipated to meet its objective of obtaining a supply of 10 billion in more than 28 years. Crypto exchange Binance indicated that it will update when the community proposal is approved. The LUNC tax burn mechanism will adjust the deposit and withdrawal costs once it is operational.

The queue for the beta edition of the decentralized social media platform Bluesky has more than 30,000 signups. Bluesky, a Jack Dorsey backed decentralized social media protocol, is working to create a protocol that would let users transition between apps without losing their data or the connection they had established in the previous app. Anyone, including Jack Dorsey’s rival DeSo, could utilize the protocol, he said.

By exploiting the platform, a hacker recently stole $114 million from Mango Markets, a DeFi exchange on Solana. A proposal by Mango Markets was approved, enabling the hacker, Avraham Eisenberg, to keep $47 million and give up the remaining $67 million. Over 473 million people voted in favor of this measure, providing it with 97% approval. Despite the fact that many people think the prize is excessive because the hacker is supposed to be arrested, Avraham describes the event as a “highly profitable trading strategy”. This is the biggest bounty ever offered.

A hack in the first week of October gave the attacker access to $100 million, and only a few days ago, it was compromised once more. Following the exploitation of $1 million worth of BNB Chain and Polygon-based tokens on October 18, the wallet provider stated that users who incurred losses will be paid, through a compensation portal. The team claimed to have “managed to contain the emergency and stopped the hacker.” The transaction was subsequently put on hold to prevent more violations. PeckShield, a blockchain security business, was the first to disclose the attack. BitKeep released a plan and guaranteed impacted users a full refund. Numerous projects have been breached in recent weeks; in only the first two weeks of October, over $718 million has been hacked.

To encourage less energy-intensive consensus algorithms, the European Union is attempting to quantify the energy efficiency of crypto assets. The consensus model used by Bitcoin and many other cryptocurrencies is called PoW, or Proof-of-Work. This method uses a lot of energy, which might impact the environment. According to a CoinShares analysis, coal and gas account for 59% of the energy needed for Bitcoin mining, nuclear energy accounts for 11%, and the bulk of the remaining energy comes from renewable sources like solar and wind. For blockchains implementing Proof-of-Stake, or PoS, consensus algorithms, like Ethereum post-merge and Solana, this standard may be advantageous.

The Lord of the Rings: The Fellowship of the Ring NFT collection will be available, according to a Warner Bros. studios announcement. Two separate editions of the NFT collection will be available for $30 and $100, respectively. An expanded version of the full-length feature film in 4K Ultra High Definition will be included in the Premiere Mystery Edition (UHD). The cost of the collection is $30. An extremely uncommon collection of 999 NFTs is called the Premiere Epic Edition. This edition’s cost will be $100.

The draft of the individual tax return forms 1040 and 1040-SR for the fiscal year 2022, give away the possibility of taxable NFT gains as were provided by the United States Internal Revenue Service (IRS), which is expected to receive $80 billion in government financing. Any digital assets that were given to clients in exchange for services or that were sold to clients in order to make money must be disclosed. The IRS may audit a person if they fail to respond to the crypto question on Form 1040. The IRS then has the option of fining the taxpayer or filing a tax evasion complaint against them.

Most Reddit NFT wallets were made specifically for non-fungible avatars. On the Reddit Vault, 3 million wallets have now been generated. It’s noteworthy to note that OpenSea, the largest NFT marketplace on the market, has just 2.3 million active wallets. This suggests that Reddit could have more active wallets than OpenSea.

The twins’ employment with Gemini Europe Ltd. was terminated, and Stephanie Herriger and Gillian Lynch were named to take their place, according to a recent filing. Blair Halliday, the company’s previous managing director for the UK, will be succeeded by Gillian Lynch as its new head of Ireland and the EU.

Gavin Wood, a co-founder of Ethereum and Polkadot, resigns as CEO of Parity Technologies. He will take on the new position of Chief Architect while continuing to be a majority shareholder. “Anyone who has worked with me knows where my heart lies. I’m a thinker, coder, designer, and architect, ” he said. “I can act at being a CEO well enough for a short while, but it’s not where I’m going to find eternal happiness. A good CEO needs to be available to others on a far more continuous basis.”

After a trial in Norway in September 2022, Magnus Granath (also known as Hodlonaut) prevails in a defamation action against Australian computer scientist Craig Wright. The judge determined that there was sufficient information to support Hodlonaut’s inference that Wright was not who he claimed to be, Satoshi Nakamoto. With a devoted group of bitcoin maximalists and friends who contributed to his legal defense, Hodlonaut toasts his success.

Crypto researcher Colin Wu claims that the address linked to TRON CEO Justin Sun took $50 million in BUSD from Aave V2. Wu claims that Sun afterwards transferred 70 million to Paxos, using Etherscan data. Sun has already taken $50 million BUSD out of Aave V2 earlier this week. Justin Sun has transferred $236 million to Circle during the last half-month. The USDC Circle transaction, according to TRON CEO Justin Sun’s reaction, was essentially a “internal capital deployment with double counting.”