The US Justice Department (DoJ) is increasing its efforts to investigate cryptocurrency-related crimes by revamping and expanding its National Cryptocurrency Enforcement Team (NCET). The team, which was launched two years ago, will now have more than double the number of prosecutors available to handle the growing caseload. Claudia Quiroz will serve as the acting director of the team, following the departure of its current director, Eun Young Choi. This move reflects the department’s commitment to combating crimes in the cryptocurrency space.
The Vermont Department of Financial Regulation (DFR) has issued a warning about rising crypto investment frauds on popular social media sites. They cited the case of a 74-year-old man who lost over $340,000 to a cryptocurrency scam he found on Instagram. According to the Federal Trade Commission, Instagram is the top platform connected to crypto fraud cases, followed by Facebook, WhatsApp, and Telegram. The DFR emphasized the need for caution and vigilance when using or investing in cryptocurrency, especially on social media platforms.
In the world of blockchain, the Wormhole project has announced the release of its Wormhole Gateway, an application-specific blockchain (appchain) developed within the Cosmos ecosystem. The Gateway aims to enable seamless interoperability between Wormhole’s connected blockchains and the Cosmos network, allowing users to bridge funds to any Cosmos appchain with zero additional bridging fees. This development is particularly useful for Cosmos developers looking to onboard users and liquidity from other ecosystems like Ethereum and Solana.
Indonesia’s stock market and clearing house for digital assets has finally become operational after several delays. This milestone signifies the government’s efforts to create a fair and regulated crypto asset trading ecosystem that offers legal certainty and protects the public. The Indonesian Commodity Futures Trading Supervisory Agency (Bappebti) stated that the establishment of exchanges, clearing houses, and storage managers for crypto assets demonstrates the government’s commitment to creating a safe environment for crypto traders.
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In the decentralized finance (DeFi) sector, Worldcoin has announced the public availability of its World ID Software Developer Kit (SDK). This privacy-preserving digital ID protocol allows users to sign in to websites, mobile apps, and crypto dapps securely. The technology stack migration is complete, marking an important step towards scaling web3 identity and governance on the OP Superchain. World App now supports Uniswap on OP Mainnet, and Safe wallets have been deployed to OP Mainnet, showcasing the project’s progress in creating a user-friendly and secure environment for decentralized applications.
Neon EVM, an Ethereum Virtual Machine operating on Solana, has integrated with Covalent to enhance transparency and visibility of assets across both ecosystems. Covalent’s Unified API provides data accessibility for more than 25 billion transactions, 30,000 price feeds, and 200,000 smart contracts. It indexes data from Neon EVM transactions, such as log and trace events, and offers customizable dashboards to users. This integration further strengthens the relationship between the Solana and Ethereum ecosystems, facilitating collaboration and interoperability.
In terms of investments, MIDAO, a provider of DAO registry services based in the Marshall Islands, has successfully raised $1 million to expand its legal and regulatory framework for Web3 projects and decentralized autonomous organizations (DAOs). The funding will support MIDAO’s efforts in creating Web3-friendly legislation, talent acquisition, sales and marketing initiatives, and strategic partnerships. With the support of investors such as Balaji Srinivasan, FJ Labs, and The LegalTech Fund, MIDAO is well-positioned to contribute to the growth and development of the DAO space.
These developments in the cryptocurrency and blockchain industries reflect the ongoing efforts to combat crimes, protect investors, and foster innovation. As the industry continues to evolve, it is crucial to stay informed and exercise caution when engaging with cryptocurrencies and related platforms, especially on social media where scams abound. By promoting regulatory compliance, interoperability, and user-friendly solutions, the industry can build trust and drive mainstream adoption of these technologies.
