Daily Crypto News

1. Justice Department Forms National Network of Prosecutors Focused on Crypto Crime—The Justice Department has tapped more than 150 federal prosecutors across the country to bolster law enforcement’s efforts to combat the rise in crime linked to the use of cryptocurrencies such as bitcoin, officials said. The Digital Asset Coordinators Network is intended to designate subject-matter experts in U.S. attorneys’ offices on the complex technical and legal complications posed by cryptocurrency cases, the officials said. The Biden administration is announcing the new effort Friday alongside the release of a broader set of frameworks from other agencies concerning regulatory approaches to developing the digital currency ecosystem.
2. Two Sigma Ventures Raises $400M for Two Funds, Plans Crypto Investments — Two Sigma Ventures announced plans on Wednesday to invest $400 million across two new venture capital funds, confirming to CoinDesk that crypto investments will be included. The early-stage focused Two Sigma Ventures IV fund and growth-stage Opportunity Fund will invest across a number of industries, including enterprise software, financial technology and consumer technology. The company doesn’t have a dedicated crypto fund, but about 15% of its capital will go toward crypto and Web3 projects, Two Sigma partner Dan Abelon told CoinDesk during an interview.
3. Grayscale Investments Declares Rights to 3.1M ETHPoW — Grayscale Investments, a subsidiary of CoinDesk parent company Digital Currency Group, has filed with U.S. regulators to distribute Ethereum proof-of-work tokens (ETHPoW) or the cash equivalent to owners of some of its products. The token was created as a “fork” in the wake of the “Merge,” the Ethereum blockchain’s big software update that was completed on Thursday.
4. Ethereum Miner Chandler Guo Predicts 90% of PoW Miners Will Go Bankrupt — Ethereum miner Guo told CoinDesk TV’s “First Mover” program on Friday the miners with access to cheaper electricity will be the ones that survive. “Some people [miners] have free electricity and can [continue] to work on that,” Guo said, referring to the PoW fork. “The other 90%, bankrupt.”
5. Blockchain Tool Developer Infura Plans to Launch Decentralized Protocol — Blockchain development tool Infura plans to launch a decentralized infrastructure protocol early next year to address concerns that its product is too centralized to underpin the Ethereum ecosystems’ decentralized applications (dapps).
6. Vitalik Buterin says Ethereum’s merge slashes global energy consumption by 0.2%, making it one of the biggest decarbonization events ever — The Ethereum merge this week slashed global energy consumption by 0.2%, Vitalik Buterin wrote in a tweet Thursday, citing a crypto researcher. The long-awaited event successfully transformed the blockchain from a proof-of-work consensus mechanism to proof-of-stake. Proponents have touted the transition for making ethereum an almost-net zero technology. The switch also makes gas fees, or transaction costs, lower and means the network will be able to process transactions faster.
7. F2Pool, Poolin, Antpool launch ETHW mining pools—Mining pools F2Pool, Poolin and Antpool have launched their ETHW (EthereumPoW) mining pools, according to their respective websites, while a few other large mining pools have also said they would support the mining of the fork token.
8. Bitcoin and Ether Close the Week Lower — Bitcoin (BTC) recently declined 0.42% on moderate daily volume. Overnight prices traded in a tight range between $19,500 and $19,800. Prices declined 0.85% as U.S. markets opened around 9:30 a.m. ET before reversing course during the next hour. Ether (ETH) fell 3% on Friday, marking the fifth decline within the last six trading days. Trading volume for the second-largest cryptocurrency by market cap after bitcoin aligned with its average daily volume over the most recent 20 days.
9. Tornado Cash Ban Will Aid China’s AI Goals — If the U.S. government fears China’s progress in artificial intelligence, why is it giving Beijing a treasure trove of highly valuable crypto data with which to train its machine-learning models? That’s the rhetorical question that developer Anish Mohammed left with me when we caught up at the NEARCon gathering in Lisbon this week. It gave me a new, rather alarming perspective on the anti-privacy, self-censoring crackdown that’s playing out in crypto circles following the U.S. government’s sanctioning of Ethereum-based transaction mixer Tornado Cash.
10. Ethereum Miners Are Quickly Dying Less Than 24 Hours After the Merge — Earlier Thursday, Ethereum, which is the world’s second-largest blockchain network, switched its consensus algorithm to proof-of-stake from proof-of-work in order to boost efficiency and lower energy consumption. However, the software update — dubbed the Merge — also meant that miners were no longer needed to secure the network, and so rig operators moved their machines to other PoW blockchains. “Graphics processing units (GPU) mining is dead less than 24 hours after the Merge,” tweeted Ben Gagnon, chief mining officer at bitcoin miner Bitfarms (BITF). The three largest GPU chains have very low profits, and “the only coins showing profit have no market cap or liquidity,” he added.

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