Mon 12/18

Good Morning. Telangana signed an MoU with Coinbase, the US introduced a digital money laundering act, Binance's auditor stopped its ongoing audits (seems fishy), and more to read today.

• Telangana Memorandum of Understanding with Coinbase on Web3: Principal secretary (IT, Industries and Commerce) and director of emerging technologies wing Jayesh Ranjan and Rama Devi Lanka from Coinbase Inc signed the agreement as per which the private company will be supporting Web 3.0 entrepreneurs of Telangana through capacity building sessions, mentorship programs, and promoting initiatives with the help of Telangana's innovation ecosystem partners. Coinbase Inc. will also work with the state on upcoming Web 3.0 Regulatory. Sandbox is aimed at supporting organisations working with Web 3.0 tech to navigate regulatory systems. "This is a wonderful opportunity for Telangana to establish itself as the hub of Web 3.0 technology in India," Ranjan said

• Goa Witnessed Its First Web3 Residency Program At Morjim: Urban Nomads organised a one-of-a-kind Web3.0 Residency Program, where Investors, Builders, Creators, and Enthusiasts gathered at Urban Nomads, Morjim. The founders of Urban Nomads, Nakul Rajpurohit, Navin Kishore Singh, and Amit Kumar, are building a platform that fosters co-working and creating a community. Throughout the weekend, the mentors and founders delivered powerful sessions about their journey into Web3, Entrepreneurship, Tokenomics, Creator Economy, and Community Building. The program also witnessed an ideathon and pitch session where the builders were grouped to brainstorm ideas that could impact society at the grassroots.

• Co-Founder of OneCoin Pyramid Scheme Pleads Guilty: One of the founders behind OneCoin, Karl Greenwood, pleaded guilty to federal charges on Friday after one of the largest financial scams of all time, according to the U.S. Department of Justice. The purported cryptocurrency project was fraudulent from its 2014 beginnings, prosecutors said, with OneCoin – co-founded by Greenwood – setting up a pyramid scheme to market it to millions of people, generating as much as $4 billion in revenue. Greenwood, 45, who allegedly called the investors “idiots” in an internal message, pleaded guilty to wire fraud and conspiracy to launder money..

• U.S. Senators Elizabeth Warren and Roger Marshall Introduce "Digital Asset Anti-Money Laundering Bill": The Act would direct the Financial Crimes Enforcement Network ("FinCEN") to promulgate a rule classifying custodial and self-custody wallet providers, cryptocurrency miners, validators, independent network participants, and similar crypto infrastructure providers and users as "money service businesses" ("MSBs"). This would, among other things, require these entities to identify their customers and users and track their transactions. Currently, unhosted wallets, miners, and validators are not considered MSBs.

• Binance Proof-of-Reserves Auditor Mazars Pauses All Work for Crypto Clients: Mazars has deleted Binance's proof-of-reserves assessment, which found its bitcoin reserves were overcollateralized. "Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Mazars said in an emailed statement that it had only paused its work for crypto firms relating to proof-of-reserves reports. "This is due to concerns regarding the way these reports are understood by the public," the company said.

Fullstack Blockchain Developer At FXDX

Gas And Fees: Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on Ethereum successfully.

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