Monthly Archives: February 2023

Web3 Domain Alliance Announces New Members for Secure Digital Identities

• The Web3 Domain Alliance has announced 52 new members to improve technological and public policy environments for users of Web3 naming services.
• Unstoppable Domains will contribute technology, including patents, to enable interoperability and security standards.
• New members include Blockchain.com, Rarible, Wyre, Bitdegree, WazirX, and Klever among others.

Web3 Domain Alliance Announces New Members

The Web3 Domain Alliance is a member-led coalition dedicated to improving the technological and public policy environments for users of Web3 naming services. It recently announced 52 new members including Blockchain.com, Rarible, Wyre, Bitdegree, WazirX, and Klever among many others.

Unstoppable Domains Contribution

As part of its commitment to the ongoing development of digital identity technology in Web3, Unstoppable Domains will make contributions such as technology and patents to enable interoperability and security standards. The company has agreed not to assert against Alliance members its patents that are necessary to adopt the Alliance’s interoperability and security standards.

Supporting Innovation in Web3

Unstoppable was recently awarded a patent around resolving blockchain domains and aims to support innovation across the Web3 industry through its IP investments. Members of the Web3 Domain Alliance will engage on topics such as consumer protection and interoperability of blockchain namespaces on different blockchains.

Improvements for Users

Through this partnership with Unstoppable Domains there will be improvements made for users in terms of consumer protection as well as other aspects related to their digital identity in the web 3 space such as privacy and authentication protocols between different blockchains’ namespaces.

Commitment from Companies

All companies involved in this alliance have committed themselves towards ensuring that users can manage their own digital identities securely while still having access to all necessary features needed from web 3 technologies like decentralized applications (dApps).

FLOKI Soars 40% After Elon Musk’s Pet is Named Twitter CEO

• Elon Musk tweeted a photo of his pet dressed as the new CEO of Twitter.
• Following that, FLOKI, DOGE, SHIB and BABYDOGE all increased in price.
• FLOKI rose 41%, while DOGE and SHIB both climbed around 5%.

Elon Musk’s Dog Becomes New CEO of Twitter

Tesla and SpaceX CEO Elon Musk recently uploaded a picture on Twitter featuring his pet dressed as the new Chief Executive Officer (CEO) of Twitter. This prompted an increase in prices for cryptocurrencies such as FLOKI, DOGE, SHIB and BABYDOGE.

FLOKI Soars Over 40% After Joke

The popular meme-inspired cryptocurrency – FLOKI – surged by 41% after Elon Musk posted the image of his dog dressed as the new CEO of Twitter. With Shiba Inus being named Floki, it is no surprise that this token rose so significantly. Currently, it trades at $0.00002959 per coin.

Other Memecoins Also Increase

Other memecoins also experienced a rise in price following Elon Musk’s tweet. Dogecoin (DOGE) went up almost 6%, while Shiba Inu (SHIB) rose by 5%. The South African billionaire has previously been known to trigger a surge in these types of coins too.

Musk Vows to Appoint New CEO

In order for the upcoming leader to be appointed, they must be “foolish enough” according to Musk’s words on social media platform Twitter. His own pet was then nominated to fill the position – resulting in gains for many crypto tokens associated with him..

Conclusion

Overall, many meme-related cryptocurrencies experienced an increase in value due to one tweet from Elon Musk featuring his dog dressed as the new CEO of Twitter – particularly FLOKI which skyrocketed by 41%. Other tokens such as DOGE and SHIB also saw modest gains following this stunt from one of the world’s wealthiest people.

Crypto Investment Firm Sues Signature Bank Over Facilitating FTX Fraud

• British Virgin Islands-based investment management and cryptocurrency trading firm Statistica Capital has filed a lawsuit against New York-based Signature Bank, alleging that the financial institution facilitated the fraudulent activities of crypto exchange FTX before its collapse.
• The class suit was filed at the US District Court for the Southern District of New York in Manhattan on Monday.
• Signature Bank had been aware of FTX’s fraudulent activities since June 2020.

Crypto Investment Firm Sues Signature Bank

British Virgin Islands-based investment management and cryptocurrency trading firm Statistica Capital has filed a lawsuit against New York-based Signature Bank, alleging that the financial institution facilitated the fraudulent activities of crypto exchange FTX before its collapse. The class suit was filed at the US District Court for the Southern District of New York in Manhattan on Monday.

Fraudulent Activities by FTX

The lawsuit alleges that Signature Bank had been aware of FTX’s fraudulent activities since June 2020. Recall that FTX went bankrupt in November 2022 after suffering a severe liquidity crunch. While the exchange is still in court trying to figure out how founder and former CEO Sam Bankman-Fried (SBF) mishandled users’ funds, Signature Bank announced that it will be pulling away from the crypto space. In December, the bank revealed that it was reducing its crypto-tied deposits by $8 billion to $10 billion, citing the 2022 bear market and FTX’s demise. Last month, CryptoPotato reported when crypto exchange Binance warned its users that Signature had set its SWIFT transfer limit to $100,000, further limiting its exposure to the digital asset space.

Signature Bank’s Alleged Role in Fraudulent Activity

The complaint alleged that Signature facilitated and played a significant role in facilitating frauds related to transactions on FFT Exchange platform prior to its bankruptcy filing by allowing customers to open accounts with false information or without adequate due diligence as well as allowing them access to funds held with FFT despite being aware of their involvement in suspicious activity or money laundering schemes. Furthermore, it is argued that this enabled customers who were involved with criminal activity related to FFT’s operations — such as embezzlement — access their assets even after they were frozen and unable to be recovered by other creditors through legal channels due to lack of jurisdiction outside United States law enforcement agencies’ authority over foreign entities operating outside U.S borders like FFT Exchange platform itself or those affiliated with it who were engaged in frauds related thereto prior to bankruptcy filing .    

Signature’s Restrictions on Crypto Transactions

In an effort mitigate further risks associated with these activities and protect itself from potential legal ramifications resulting from future investigations into FFT Exchange Platform’s operations ,Signature bank had taken steps including imposing more stringent requirements for opening new accounts involving cryptocurrencies transactions as well lowering daily transaction limits for existing accounts engaged therein so as not expose themselves any further than necessary .

Summary

 In summary ,Statistica Capital has accused signature bank of helping facilitate fraudulent transactions between customers affiliated with defunct cryptocurrency exchange FTX which resulted heavy losses incurred upon investors dealing through same platform per terms set forth within complaint document filed at US district court southern district located manhattan NYC earlier week while signature bank took action protect itself potential fallout future investigation into matter restricting opening new account involving cryptos well lowering daily transaction limits existing accounts engaging therein