12/12

Good Morning. Deloitte India release a report that talks about the Metaverse hype, SBF was arrested in the Bahamas, and a bunch of people laundered billions of dollars in China through cryptos ( talk about "to the moon").

Today's news looks a lot like a Savdhan India episode of the crypto world lol. Anyway, we have survived half of the week. Good luck for the next half 🙃

• Deloitte India Checks The Hype Behind The Metaverse In A New Report: The report points out how the adoption of these technologies will mean traversing challenges & risks to sustain business in a dynamic marketplace. The scale of adoption will be driven by the cost of compatible devices (VR, headsets, smart wearables) and the ability to develop technical skills and readiness. The report says that Key use cases have been seen across diverse sectors such as fashion, consumer durables, real estate, retail and e-commerce, banking, health care, and manufacturing.

• Product House Announces Partnership With Unstoppableweb To Help Users Log In To The Decentralized Web Easily: The product house, one of the leading educational platforms of India in web3, has partnered with Unstoppableweb in order to let its community members mint a domain and lets them log in to the decentralized web much easily. Unstoppableweb is a leading web3 domain provider. People were able to make their own domain such as Akash.nft, Akash.crypto, akash.blockchain and so on. This is very interesting since participants just had to RT and comment on the original tweet of The Product House and they would enter the giveaway contest.

• Sam Bankman-Fried Arrested in The Bahamas: According to a statement from the government of the Bahamas, SBF was arrested on Monday following the "receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition." The government of The Bahamas noted that if the US government make a request for extradition, they would process it "promptly." The Southern District of New York, which is investigating Bankman-Fried and the collapse of FTX and its sister trading firm Alameda, confirmed his arrest on Twitter.

• Alibaba’s Alipay & Taobao Platform to Launch Digital Yuan Pay Functions: An affiliate of the Chinese tech giant Alibaba has claimed that it will allow customers to pay with the digital yuan on its Taobao e-commerce platform, in addition to the market-leading Alipay e-payments platform. The announcement was made by Li Chen, Chief Compliance Officer of the Ant Group – Alibaba’s fintech arm. Li Chen was quoted as telling attendees at a digital trade forum in Zhejiang: “Alipay has joined the digital yuan acceptance network. It is the first payment platform to support the digital yuan.”

• Group Arrested in China for Laundering $1.7 Billion in Cryptocurrency: Police in China arrested 63 people accused of laundering ¥12 billion ($1.72 billion) via crypto. The Public Security Bureau of Inner Mongolia’s Tongliao city in northern China stated that starting from May 2021, this criminal group converted the proceeds from illicit sources - including pyramid schemes, fraud, and gambling - into the major stablecoin tether (USDT). Furthermore, the funds were distributed across multiple crypto accounts, which the suspects allegedly used to convert the money back into Chinese yuan.

Full Stack Developer (Blockchain and web3) At Mensari

What is mining?: Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers worldwide that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, and the coins provide an incentive for the miners to maintain the blockchain.

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