CRYPTO AND TECH WEEKEND: TOP UPDATES
Elon Musk; the twitter meme lord breaks the Internet as Cryptocurrency prices react to various market stimulus.
Elon Musk Executes Twitter Shadow Ban
Twitter CEO, Elon musk announced on twitter over the weekend that the platform has implemented a shadow ban, regulating the number of tweets users can read per day. The details are:
- Verified accounts are rate limited to reading 6000 posts per day
- unverified accounts are limited to reading only 600 posts per day
- New unverified accounts can only read 300 posts per day
Poly Network Hacked Again
Poly Network, an interoperability platform, was hacked over the weekend, with the attacker using a vulnerability in the cross-chain bridge protocol to create billions of tokens out of nothing.
The hackers created 24 billion BUSD and BNB on Metis network, 999 trillion SHIB on the Heco blockchain, and millions on other chains. The attacker’s wallet held nearly $43 billion worth of cryptocurrency at one point. However, due to low liquidity, most of these tokens are not able to be sold to realize gains. So far, the estimated gains from the hack are between $400,000 to $4 million.
Fidelity Renews Bid for a Spot Bitcoin ETF
Fidelity, a prominent player in asset management, is taking another shot at launching a spot Bitcoin ETF called the Wise Origin Bitcoin Trust.
Coming right after BlackRock’s iShares unit also filed for a similar offering, signaling a remarkable transformation in the financial landscape.
New Zealand Central Bank: Crypto Regulations Unnecessary
The New Zealand central bank ramped up its monitoring of stable coins and crypto-assets following public submissions, but stopped short of calling for a “regulatory approach.”
Ian Woolford, the Reserve Bank of New Zealand’s director of money and cash, said in a June 30 statement that the RBNZ agrees that “a regulatory approach isn’t needed right now. He however said that crypto and stablecoins should be more closely monitored.
Slovakian Lawmakers Vote to Reduce Crypto Income Tax
Slovakian lawmakers have voted to reduce the cryptocurrency income tax in the country. Crypto income on assets held for at least a year will now only be taxed at 7% instead of the initial 25%.
This amendment will accrue a financial impact of approximately 30 million Euros per year, according to the ministry of finance. The lower rate will make Slovakia one of the crypto-friendly countries in the region with the likes of Slovenia and Switzerland.
Hong Kong Launches Blockchain Task Force
Hong Kong’s local government has just announced the formation of a Task Force on Promoting Web3 Development.
Led by the esteemed Financial Secretary, Paul Chan, this task force aims to harness the immense potential of blockchain technology and the decentralized Internet.
The benefits are remarkable, with low costs and enhanced transparency that can revolutionize various industries.
Belarus Bans Individual Crypto Transfers
Belarus’ Ministry of Internal Affairs has announced a new bill that will prohibit the transfer of cryptocurrencies among individuals. The bill aims to curb the flow of illicit funds obtained through criminal means. By restricting P2P transfers, the ministry hopes to disrupt the activities of criminals who convert stolen funds or facilitate illegal transactions. The proposed legislation would require citizens to carry out crypto transactions solely through authorized exchanges, similar to exchanging foreign currencies.
