Coinbase Battle Over Tornado Cash, White House Unhappy With Bitcoin Mining + More News

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Bitcoin mining rigs. Source: Adobe/amixstudio

Get your daily digest of crypto-asset and blockchain-related news – by investigating stories that fly under the radar in today’s crypto news.



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Legal news

  • A major crypto exchange Coinbase participated in the organization and pays the costs of a lawsuit against the US Treasury Department on his coin mixer sanctions Tornado Cash, reported Bloomberg. The lawsuit claims that the Treasury exceeded its authority to block financial transactions benefiting foreign terrorists. It also alleges that the department has ensnared law-abiding Americans conducting legitimate digital commerce through an encryption service that offers enhanced privacy and security, according to the report. Coinbase will cover the legal costs of the six people challenging the Office of Foreign Assets Control (OFAC).

Mining News

  • The White House says the environmental impact of producing crypto-assets like bitcoin (BTC) could hamper U.S. efforts to combat climate change, Bloomberg reported, citing a report from the Office of Science and Technology Policy of the White House. The bureau said the United States must take steps to mitigate pollution from crypto production and that the federal government should collect more energy consumption data and work with states and the energy industry. crypto to set standards.

Crime News

  • With the help of law enforcement and crypto industry organizations, over $30 million worth of crypto was stolen from Axie Infinity by hackers linked to North Korea has been seized, according to a blockchain analysis firm On-chain analysis. “This is the first time a cryptocurrency stolen by a North Korean hacking group has been seized, and we are confident it won’t be the last,” they added.
  • DeFi Protocol Finance Neree stated that on September 6, the AVAX/USDC Joe LP NXUSD market was tapped, resulting in the creation of an NXUSD bad debt of $500,000 in the NXUSD protocol. The flash loan exploit reportedly resulted in a gain of $371,000. User funds are not at risk and NXUSD continues to be over-collateralized, the team behind the protocol said.

Investment News

  • Mysten Labsa Web3 infrastructure company and developer of the Sui Layer 1 blockchain, founded by former executives of MetaThe crypto unit, announced the initial close of its $300 million Series B funding round, valuing the company at over $2 billion.
  • Gameplay Galaxya “web-based3” gaming ecosystem, said it raised $12.8 million in a funding round led by blockchain capital. Gameplay Galaxy has announced the launch of its “decentralized Web3 gaming ecosystem” starting with Trial Xtreme and adding other extreme sports games in the future.
  • Spice AI announced a $13.5 million funding round for its platform which aims to enable developers to build data-driven applications for Web3. madrone led the round, they added.
  • Hubble Protocolan issuer of USDH, a Solana (SOL) native stablecoin, said that Multicoin Capital joined the team during a recent strategic fundraising by providing a capital injection of 5 million dollars.
  • Bitcoin savings app Bitcoin Swan said it launched Swan Advisor Services, a platform that offers transactional, monitoring, portfolio management and BTC custody services to financial advisors and their clients.

Trade news

  • The Toronto Crypto Market Coinberryowned by Kevin O’Leary WonderFi Technologies to have lost some $3 million in bitcoin due to a software glitch and has yet to recover two-thirds of that from hundreds of customers, the Financial Post reported, citing a lawsuit.

Regulatory News

  • Banks engaged in crypto-related activities should put in place appropriate measures to manage new risks associated with such activities and to ensure compliance with all relevant laws, including those related to money laundering, Michael S. Barr, Vice President of U.S. Oversight Federal Reservesaid.
  • Great Britain Advertising Standards Authority said crypto-related Instagram ads by reality TV stars Jessica and Eve Gale were misleading. Advertisements must not reappear in the form complained of, and the Gales sisters must “be careful not to trivialize investing in crypto-assets by implying that it was simple or accessible to everyone and not to take advantage of the ‘inexperience or credulity of the consumer in not clarifying [capital gain tax] could be owed on crypto-asset profits,” the authority said.

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Coinbase Battle Over Tornado Cash, White House Unhappy With Bitcoin Mining + More News

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