The crypto community on X (formerly Twitter) has not had much to discuss over the previous seven days. That’s because there hasn’t been any significant news. Here are the few topics that made headlines.
Last Monday, China-based blockchain reporter Colin Wu revealed that crypto exchange Bitget had joined the likes of KuCoin and OKX in ramping up its KYC (Know-Your-Client) policy. Regulators across the world have scrutinized crypto companies in recent months, with some accused of facilitating money laundering due to their failure to implement strict KYC policies.
According to Wu’s report, Bitget users who won’t complete KYC verification by September 30 will only be able to close positions, withdraw funds, and cancel orders. To complete the KYC procedure, users are required to submit government-issued documents and face recognition.
Meanwhile, XRP has fallen to the level it was before its famous victory against the US SEC. Crypto enthusiast @CryptoKaleo shared the news. On July 13, Judge Annalise Torres delivered her ruling in favor of XRP’s issuer, Ripple, declaring that the token didn’t constitute a security. Before that, Ripple and the SEC had locked horns in the court since 2020.
On Tuesday, prominent Exchange-Traded Fund (ETF) expert James Seyffart wrote that the efforts of crypto asset manager Grayscale to make its Bitcoin Trust an ETF were working. Seyffart expressed optimism that Grayscale will have an ETF within six months.
NFT Owners Continue to Hold Despite Recent Price Downturn
That day, crypto researcher @punk9059 posted some interesting details about NFTs. He disclosed that over 70% of the leading NFT collections have yet to be traded this year. The data suggested that many NFT owners have opted to continue holding their digital assets despite recent price drops.
On Wednesday, USDC issuer Circle revealed its plan to expand the presence of its stablecoin to various blockchains, including Polygon, Polkadot, NEAR Protocol, Cosmos, Base, and Optimism. That means USDC will run on 15 networks. The move comes a few days after Coinbase and Circle dissolved Centre Consortium, as the former acquired shares in the latter.
Later that day, Wu broke the news about the arrest of Tornado Cash co-founder Roman Storm, who is accused of money laundering and violating several sanctions. The journalist also shared a document from the United States Department of Treasury’s Foreign Assets Control Office, indicating that another Tornado Cash co-founder, Roman Semenov, had been included in the Specially Designated Nationals and Blocked Person List. The document showed that Semenov currently lives in Dubai and is Russian by Birth.
On Thursday, crypto researcher at Kaiko, Riyad Carey, detected something fishy between crypto exchanges Bequant and HitBTC. According to him, the two had identical monthly volumes on their stablecoin-stablecoin trading pairs. Carey later discovered that both exchanges were owned by the same company. He is now convinced that the company is conducting wash trading on Bequant and HitBTC.
Nvidia Becomes Bigger Than Crypto
Meanwhile, Nvidia’s stock hit a $1.3 trillion market cap, overtaking crypto thanks to the buzz over Artificial intelligence technology. Sizechad, a contributor at blockchain company OffChain Labs, was the first to share the news. Nvidia shares have been on the rise since the start of the year when AI started gaining popularity. They are trading at $458 as of this writing.
On Friday, as the PEPE maintained its 2-week price fall, a multi-sig wallet owned by the meme coin’s developers sent over 16 trillion PEPE tokens estimated to be worth $16.67 million, to several crypto exchanges, including Bybit, OKX, Binance, and Kucoin. X user @CryptoNoddy wondered why the multi-sig wallet had adjusted the threshold to just 2 out of 8 signatures.
Hours after the massive transfer, PEPE’s official X account wrote that a section of its developers had executed a rug pull, and only one was left. The remaining developer promised to continue building the project. However, most crypto fans were unconvinced that anyone was left to oversee PEPE. @Klown said only newbies would believe PEPE’s story.
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