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Launched NFT initiatives in ticket sales, social media and college football

By Christina O. Gotsis

According to a recent press release, a major ticket sales and distribution company announced that event organizers who sell tickets on its platform can now issue NFTs before, during and after live events. To date, the company has reportedly created over 5 million digital memories on the Flow blockchain that can be activated to access additional engagement opportunities.

In a recent blog post update from May, a major US tech company announced that users of two of its social media platforms can now post NFTs by linking their digital wallets to their social media accounts. According to the blog post, “This will allow people to connect their digital wallet once to either app in order to share their digital collectibles between the two.” Social media platforms support posting and sharing minted NFTs on the Flow blockchain or from wallets that support Ethereum or Polygon.

In a latest development, according to a press release, Fantastec SWAP, a technology company specializing in sports NFTs, recently launched limited edition digitally signed NFTs for two college football teams ahead of the football season. Each athlete’s digital signature would have been recorded and authenticated on the Flow blockchain.

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US banking regulators release DeFi analysis, address crypto in speeches

By Joanna F. Wasick

Earlier this month, the US central bank’s board published an article that provides a general overview of the DeFi ecosystem and analyzes the potential benefits and risks of adopting DeFi. The paper warns that while DeFi “has not yet reached the point of becoming systemically important,” policymakers should assess DeFi’s impact on “financial stability” in case DeFi increases in popularity and usage. This increase may occur, according to the document, if cryptocurrency prices stabilize, if blockchain services gain greater interoperability with existing payments and financial systems, or if crypto assets become a system. separate parallel financial institution that provides real economy services. The paper also examines how DApps, smart contracts, and other DeFi products and services operate in the DeFi ecosystem, and it highlights the need for greater regulatory oversight across the space. Following the paper’s publication, Michael Barr, the recently appointed vice chairman of the US central bank’s board, delivered his first official speech, echoing some of the paper’s calls for greater crypto oversight. . Specifically, Barr said that greater transparency was needed overall and that banks engaged in crypto-related activities needed to put in place appropriate measures to manage new risks associated with such activities and ensure compliance with all relevant laws, including those related to money laundering.

Earlier this week, Michael Hsu, Acting Chief of the Office of the Comptroller of the Currency (OCC), also spoke out on the crypto industry. He noted that under his leadership, the OCC took a cautious approach to allowing national banks and federal savings associations to engage in certain crypto activities. He welcomed this approach, given the fragility of the crypto ecosystem, as evidenced by the collapse of Terra Stablecoin in May and its aftermath, in which billions of dollars of investor value were wiped out. Hsu said that the OCC builds on the work he has done over the past five years in the fintech/crypto space when it comes to policy and service providers and when it comes to oversight of IT and operational resilience. He said the OCC also works closely with other agencies to help ensure the benefits of shared intelligence and understanding. However, he warned, “there is still a lot of work to do”.

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DOJ Targets Crypto Fraud, House Subcommittee Addresses Consumer Risks

By Robert A. Musiala Jr.

In a recent press release, the US Department of Justice announced the extradition of a Latvian in connection with “a six-count indictment charging him with wire fraud, securities fraud and of conspiracy to commit wire fraud and securities fraud in connection with the operation of eight companies that claimed to offer, invest in or operate digital assets.According to the press release, the defendant operated a series of entities “who advertised through email campaigns, social media and dedicated cryptocurrency websites” and made false claims to solicit investments related to initial coin offerings, platforms cryptocurrency investment and cryptocurrency mining operations, resulting in losses of at least $7 million from victims in the United States and elsewhere.

Another recent press release announced that a representative of the United States, chairman of the subcommittee on economic and consumer policy, sent letters to the United States Department of the Treasury, the Securities and Exchange Commission (SEC) of the United States, the United States Commodity Futures Trading Commission and the United States Federal Trade Commission, as well as five major U.S. cryptocurrency exchanges, “requesting information on the steps they are taking to combat cryptocurrency fraud and scams and additional actions needed to protect Americans.” According to the press release,[T]The federal government has been slow to crack down on cryptocurrency scams and fraud, and existing federal regulations do not comprehensively or clearly cover digital assets under all circumstances.

According to reports last month, a major U.S. cryptocurrency investment firm recently revealed in public filings that it had responded to SEC staff regarding securities law analysis related to native cryptocurrencies. of Stellar (XLM), Zcash (ZEC) and Horizen (ZEN) blockchains. Among other things, the disclosures would diverge from previously filed documents by acknowledging that ZEC, ZEN and XLM “may currently be a security, based on the facts as they exist today.”

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FBI cites DeFi hack threats as hacks continue; Reports identify ISIS NFT

By Jordan R. Goldsmith

The US Federal Bureau of Investigation (FBI) recently issued an investor warning that cybercriminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal cryptocurrency from investors. Finding that nearly 97% of the $1.3 billion stolen in cryptocurrencies between January and March 2022 came from DeFi platforms, the FBI noted that this represents an increase from 72% in 2021. The warning also noted that the FBI observed cybercriminals exploiting vulnerabilities in smart contracts governing DeFi platforms. The warning urges investors to research all DeFi platforms they use and ensure DeFi platforms are secure.

A lending protocol based on Avalanche recently fell victim to such a hack. A blockchain cybersecurity firm reported that a hacker stole $371,000 worth of coins using a smart contract exploit. Protocol then released a detailed statement about the incident, explaining that an “exploiter” had deployed a custom smart contract that used a $51 million flash loan from Avalanche to artificially manipulate the price of the pool for a single block. . After consulting with security experts, Protocol developed a mitigation plan, notified law enforcement, and paused the operated market.

According to recent reports, blockchain analysts and intelligence officials have noticed that the Islamic State of Iraq and Syria (ISIS) has started using non-fungible tokens (NFTs) for recruitment and funding. The report describes an NFT “visible on at least one NFT trading website” that bears the ISIS emblem and is titled “IS-NEWS #01”. According to the report, although the ISIS-themed NFT does not appear to have been traded, its existence on the blockchain makes it nearly impossible to remove or censor, unlike other online recruiting and messaging tools. line.

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