Daily Crypto News

1. Crypto Markets Brace for Historic Upgrade of Ethereum Blockchain — Ethereum’s revamp — known as the Merge — will make it vastly more energy efficient and over time pave the way for it to scale up and become quicker, according to the network’s developers. They say an update years in the making will go smoothly, though some investors are wary of possible hiccups.
2. Cryptocurrency lobby group seeks to weigh in on SEC vs Ripple’s XRP lawsuit — CDC said in a separate statement that it does not take a view on whether Ripple’s XRP sales are securities transactions in the brief, but it lays out the applicable legal precedent for the initial offering of digital assets and “makes the court aware that no federal law or regulation governs the legal characterization of a digital asset recorded on a blockchain.”
3. Indonesian crypto platform Reku is built for both new and experienced traders — Cryptocurrency transactions in Indonesia hit $60 billion last year, according to the country’s commodities futures trading agency. Crypto exchange and marketplace Reku has been riding the wave with what it says are the lowest fees on the market, and a platform that is aimed at both newcomers and experienced traders. Today, the startup, founded in 2017, announced it has raised $11 million in Series A funding, led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
4. Ethereum Merge Could Shine Light on Chinese Mining Influence, Says VC — Ethereum’s Merge may reveal whether Chinese miners still have an influence on the crypto industry, said Matthew Graham, CEO of Beijing-based crypto investment firm Sino Global Capital. “It will be telling about how much market power Chinese OG miners still have,” Graham said during an appearance on CoinDesk TV’s “First Mover” on Wednesday. Graham added that a large portion of Chinese miners, whether based abroad or in China, are “still heavily involved” in mining.
5. Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream — and explain potential hurdles for widespread adoption — Blockchain gaming raked in $2.5 billion in funding during Q2, 2022, according to a DappRadar report. The burgeoning space has attracted some of the biggest names in Silicon Valley, with Andreessen Horowitz debuting a $600 million fund for gaming startups in May. Animoca Brands, a Hong Kong-based game developer and crypto investor, also secured a $75 million raise at a $5.9 billion valuation in July.
6. US Treasury Blacklists Several More Bitcoin Addresses Allegedly Tied to Iran Ransomware Attacks — The U.S. Treasury Department added nine individuals and six bitcoin addresses to its blacklist Wednesday, under its “cyber-related designations” bucket. The addresses were specifically tied to two individuals — Amir Hossein Nikaeen Ravari and Ahmad Khatibi Aghada — who allegedly helped develop and deploy ransomware as members of Iran’s Islamic Revolutionary Guard Corps (IRGC), according to a press release published by the Treasury Department.
7. ‘Jail Kwon’ Token Surges 387% After Terra Founder’s Arrest —The recently launched jail kwon (jkwon) token, the self-proclaimed home of the world’s first educate-to-earn program, rose 387% to $0.000908, according to the crypto data and analysis firm Messari. The price surge came after a South Korean court issued an arrest warrant for Kwon, the primary developer of Terra’s UST stablecoin, which crashed in May, destroying billions of dollars’ worth of investor wealth. “An arrest warrant has been issued for a total of six people, including Do Kwon, who are currently residing in Singapore,” a spokesperson for the South Korean prosecutors said on Wednesday.
8. Ethereum Merge nears final countdown as bitcoin and ether inch higher — Ethereum’s merge event is set to happen around Wednesday or Thursday, according to the Ethereum Foundation. After selling off roughly 10% on Tuesday following the August inflation data, prices for the two biggest cryptocurrencies by market cap inched higher. Bitcoin gained roughly 0.64% Wednesday to trade at $20,271.80, and ether climbed 1.76% to $1,602.38. The update to the ethereum blockchain has been six years in the making, and experts say it could slash energy consumption by 99%. Ethereum co-founder Vitalik Buterin has said that the goal would be to cut energy by 99.5%.
9. Merge-Focused Hedging Makes Ether Shorts Most Expensive in 16 Months — The cost of holding a short position or a bearish bet in the perpetual futures market tied to ether (ETH) is surging ahead of Ethereum’s technological upgrade, the Merge, slated to happen in less than 24 hours.
10. Ethereum’s Biggest Mining Pool to Stop Offering Services for the Network — Ethermine, the world’s largest Ethereum mining pool, will stop offering proof-of-work (PoW) services after the Ethereum network switches to proof-of-stake (PoS) and won’t be following up with services for the planned PoW forks. The Ethereum network is set to switch its consensus algorithm sometime on Thursday, which will eliminate the need for miners. Some in the community were proposing that the network forks to continue using the PoW method of validating transactions. Ethermine, however, decided not to “offer a dedicated mining pool for any of the planned Ethereum PoW forks,” the pool said in a Wednesday post.

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