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Cryptocurrency universe welcomes the OG Mean Girls through Web3

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The cryptocurrency community has been very receptive to outsiders. It feels even more exciting for crypto aficionados with so many fresh entrants into the crypto-verse. Mean Girls, the cult film of teen girls in the 1990s, is about to walk the ramp as crypto-collectibles through Web3.

Mean Girls (2004), an American teen film, could soon make a Web3 comeback as Paramount Pictures has revealed ambitions to expand the brand into “crypto-collectibles” in trademark filings.
The early 2000s teen comedy featuring former Disney actress Lindsay Lohan was the subject of two trademark applications on 7 September 2022, according to tweets from registered trademark attorney Mike Kondoudis.

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Source: Twitter

The trademark applications include “downloadable virtual products” such as cryptocurrency-collectibles and NFTs as well as “downloadable multimedia files comprising artwork” that are authenticated by nonfungible tokens (NFTs). The application also addresses the transmission and use of “application tokens,” NFTs, and cryptographic valuables.
The 2004 teen comedy movie Mean Girls has a sizable cult following and was the inspiration for innumerable memes and reaction GIFs created by fans. It’s regarded as one of the most quotable films of all time, and it even inspired the annual celebration of Mean Girls Day on 3 October 2022.

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Source: Twitter

Only one day prior, media powerhouse Viacom International submitted a trademark application of a similar nature with the goal of extending the reach of The Teenage Mutant Ninja Turtles brand into the online space.
A rising number of businesses are registering their trademarks for the Metaverse, non-fungible tokens (NFTs), and cryptocurrency-collectibles.

Cryptocurrency, NFTs, and Metaverse trademark applications on rise

The United States Patent and Trademark Office received more than 3,600 trademark applications for cryptocurrency and services linked to cryptocurrencies as of August 31 than it did in all of 2021, according to statistics compiled by intellectual property lawyer Mike Kondoudis on Tuesday. In addition, Kondoudis noted that while the number of trademark applications pertaining to the Metaverse or Web3 had more than doubled from 1,866 in 2021 to 4,150 as of August 2022, the number of NFT applications had increased even further, rising to more than 5,800 in 2022 from 2,087 in 2021.

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Source: Twitter

High-profile companies like Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany & Co. have already made a combined $260 million from sales of NFTs, according to data from Dune Analytics, making the use of NFTs a very lucrative and profitable addition for current firms wishing to expand into Web 3.

Cryptocurrency casino slapped with $400M lawsuit by ex-partner: Stake.com

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There are many wonders in the world of cryptocurrency. It has been rather crazy during the past few months. Lawsuits have been rampant in the market since several ventures failed. A new lawsuit has affected the cryptocurrency sector today. But this time, it involved only one thing. It was revealed earlier today that the creators of Stake.com, one of the largest Bitcoin casinos in the world, were being sued by their former partner.

According to reports, former partner Christopher Freeman sued in the Southern District of New York. He stated in his petition that he had been duped into departing from the design of Stake.com and was seeking $400 million in punitive damages.

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Source: Stake.com

The founders of Stake.com, Ed Craven and Bijan Tehrani, were called to account for their extravagant lifestyles and freshly acquired costly homes. He mentioned that the company had handled wagers worth around $100 billion. All of this was used by Freeman to emphasise the Bitcoin casino’s success.

Cryptocurrency enthusiasts’ fallout

According to reports, Tehrani and Freeman went to the same elementary and high school. In 2013, after meeting Craven at school, they made the decision to launch Primedice, an online casino. Tehrani and Craven had 40% of Primedice, while Freeman had 20% ownership. According to reports, this arrangement matched their initial investments.

Freeman’s ownership, however, was reduced to just 14% in just nine months. In order to reward other members of the development team, this was done. While Freeman did not take kindly to this, he had already proposed the notion of a cryptocurrency casino in 2016. Freeman claimed that, given the anxiety surrounding rules, the other two seemed to be relatively uninterested.

In an unexpected change of events, the pair chose to move on with Stake.com, leaving Freeman completely out in the cold. If Freeman wanted to be a part of the crypto casino, Tehrani and Craven advised him to relocate to Australia. Freeman’s court documents stated,

“Later, when Stake.com launched as a virtual casino which included a competing online dice game and many other features Freeman had proposed and helped design, Tehrani and Craven affirmatively tried to assuage Freeman’s dismay at having been misled by affirming that he still retained his stake in Primedice.”

Sadly, Freeman was also turned away from Primedice.

Cryptocurrency casino dismisses Freeman’s accusations

Stake.com’s creators were adamant that Freeman’s assertions were untrue. The company went so far as to say that the lawsuit was an attempt to distribute false information. The statement went on to say,

“The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false.”

The company declared that it will resist Freeman’s pressure and maintain its position. The Bitcoin casino’s creators had a lot of faith that the court would quickly dismiss Freeman’s claims.

Can Pugglit Inu Topple Dogecoin As the Topmost Meme Coin in the Cryptocurrency Market?

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Apart from serving the purpose of creation effectively, every cryptocurrency project aims to attain market success. Market success is measured in various parameters, and most people base it on comparison with existing top coins in the same niche in the coin market. The thoughts of Pugglit Inu (PUGT) toppling Dogecoin (DOGE) in prominence, adoption level, market cap, watchlist inclusion, etc., looks bizarre in the current coin market. 

However, analysts have predicted that after Pugglit Inu’s (PUGT) first 2-3 years in the market, it may become a top meme coin. Pugglit Inu (PUGT) utility and its use case in decentralized finance (DeFi) — a booming sector of the cryptocurrency market, are part of the reason for this submission. Pugglit (PUGT) aims to change meme projects’ description of being ‘internet joke-based cryptocurrencies’ with no use cases. 

With this in mind, review both meme cryptocurrencies below, and examine the chances for Pugglit Inu (PUGT) to become as prominent/successful as Dogecoin in the cryptocurrency market. 

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Can Pugglit Inu Topple Dogecoin As the Topmost Meme Coin in the Cryptocurrency Market? 7

Dogecoin – Can You Teach An Old Dog New Tricks? 

Dogecoin (DOGE) boasts beyond being the topmost meme coin. It’s a top cryptocurrency in general, ranking #10 on Coinmarketcap with a market capitalization of about $9 billion. About 1.6 million individuals are currently watching Dogecoin (DOGE) movement in the market, waiting for strong indications of a price surge before adding it to their portfolios. 

DogeCoin (DOGE) has experienced unprecedented price increase that has turned early adopters into millionaires. This scenario, alongside that of its closest competitor Shiba Inu (SHIB), is why most investors believe having at least one meme in your portfolio is a necessity. Those that missed out on Dogecoin’s and Shiba Inu’s huge price surge regret it to date. 

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Can Pugglit Inu Topple Dogecoin As the Topmost Meme Coin in the Cryptocurrency Market? 8

While there are no real use cases attached to the meme coin, it has become a model for most of the subsequent meme projects after it, including Shiba Inu, which called itself the “DOGE KILLER.” Most credit for Doge’s success always goes to Tesla CEO — Elon Musk. 

Dogecoin (DOGE) adoption increased when Elon tweeted about his love for the project and how he’d be buying some. This also caused the coin to rise in price and eventually make a huge rally that saw people take their biggest profit ever in the coin market. 

Reddit crypto forum and other communities adopt the open-source cryptocurrency as a tipping reward for any satisfactory endeavor within the community.  

Pugglit Inu – There’s New Puppy In Town

Pugglit Inu (PUGT) has all it takes and more to topple Dogecoin (DOGE) as the topmost meme coin in the crypto market. The meme project will leverage uniqueness, utility, community building, incentives, and efficient marketing strategies to achieve this. However, potential adopters and developers shouldn’t expect this early.

Pugglit Inu (PUGT) aims to solve common crypto-related problems like high transaction cost, reduced accessibility, security, and lack of flexibility. Pugglit Inu will be a novel project with streamlined mechanisms to mitigate these problems. This will increase its adoption potential and make it more accessible and beneficial to users.

Pugglit Inu will also leverage utilities that DogeCoin (DOGE) can’t boast of, to get one over the giant meme coin in the coming years. Pugglit Inu utility will include a multichain decentralized exchange (DEX) where Pugglit Inu token holders can exchange their holdings with another token without censorship. The DEX is known as the  ‘Pugglit Swap.’

Pugglit Inu will also have a secure wallet to store the tokens you earn. It comes with a user-friendly interface and strong cryptographic security. The interface allows users to make transactions, rewards, token balance, etc. The platform wallet will be referred to as Pugglit Basket. 

Pugglit will also have a customer representative team in a scheme termed Pugglit ‘n’ You to ensure users get swift help when faced with any challenges using the Pugglit platform. The platform will also have a DAO to ensure democratized governance of the ecosystem and give users the right to participate in decision-making. 

Pugglit Inu (PUGT) is set to be available on presale soon. Potential adopters can take advantage of its low price to gain profitable returns in the long run, especially when it successfully topples Dogecoin (DOGE).

 An advantage of buying at presale is the bonuses that come with it. You get a 10% bonus when you purchase during the first presale phase. You can also gain up to 64% bonus if you buy $1000 worth of Pugglit Inu. Be on the lookout for the next big thing in the meme space. 

Find more information here.

Has cryptocurrency been undermined? Here’s what the Ethereum founder has to say

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Vitalik Buterin, the co-founder of Ethereum, recently discussed the advantages of cryptocurrency over traditional payment methods on Twitter. Buterin claims that considering its convenience and resilience to censorship, the bitcoin sector is still underappreciated.

The 28-year-old programmer said that crypto offers a

“Big boost to international business and charity, and sometimes even payments within countries.”

Some influential figures in the sector responded to Buterin’s Tweet.

“The thing that makes cryptocurrency payments super inconvenient is taxes”

John Squire, a supporter of cryptocurrency, responded to the co-founder of Ethereum and stated that cryptocurrencies are here to stay. Squire declared:

“No matter how much they start, no matter how much they try to control crypto, they have come into our lives to stay and nothing and no one can stop it.”

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Source: Twitter

Particularly since the 2021 bull run, cryptocurrency has entered the mainstream. When big coins like Bitcoin (BTC) and Ethereum (ETH) made enormous gains immediately, many new and youthful investors flocked to the growing asset class.

Additionally, donations made in cryptocurrencies are now more prevalent than ever. To date, $54 million in bitcoin donations have been used to combat Russia in the conflict in Ukraine. Additionally, as of April 8th, daily contributions to the cause totaled $114 million. Fiat money has historically been expensive and slow to handle international payments.

Cryptocurrency being misunderstood

The bulk of individuals still do not fully comprehend the cryptoverse. Only a small number of people have made an effort to comprehend the inner workings of how transactions occur over a blockchain. Many also worry about hacks and exploits because they frequently plague space.

Bitcoin, Ethereum, and all the specialized assets in between are examples of cryptocurrencies that are still regarded as a marginal trading option. Millions of traders, even those who have dealt in fiat money for decades, nevertheless seem hesitant to accept cryptocurrencies widely. Even more so, the positions of many major corporations and countries remain dreadfully obscure.

Governmental involvement also happens from time to time. People turned to crypto donations, for instance, when the Canadian Truckers protest’s bank accounts were frozen. However, the private keys to the wallets were somehow obtained by the Canadian government. Many governments are also opposed to the use of cryptocurrencies because it undermines the authority of central banks, a key control mechanism.

There are several excellent reasons to begin using cryptocurrencies in business and to begin investing in it altogether. There are many things that can be done to profit from its advantages while waiting, even though it can take some time before starting to see any significant beneficial adoptions.

Nevertheless, the use of cryptocurrency for payments is growing. Even nations that can control and regulate a cryptocurrency have indicated interest in such a system. One of the cornerstones of the concept, the anonymity aspect of cryptocurrencies, is removed. One thing is for certain, though: crypto is here to stay, and there isn’t much the powerful can do to halt the spread of ideas.

Cryptocurrency balance freeze of Vauld: Indian saga

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The cryptocurrency accounts of Bengaluru-based Yellow Tune Technologies, a provider of financial services, have been blocked, according to a Friday announcement from India’s Directorate of Enforcement (ED). Flipvolt, the Indian division of Singapore’s Vauld, held some of the accounts. The action is related to an ongoing investigation into money laundering by instant loan companies with ties to China. The organisation has intervened in the cryptosphere in relation to that matter twice this week.

After determining that Yellow Tune was a shell company formed by two Chinese nationals using aliases, the financial watchdog declared it was freezing the company’s bank balances, payment gateway balances, and balances in the Flipvolt cryptocurrency exchange for a total of 3.7 billion rupees, or $46.4 million. Newspaper reports claim that the ED spent three days searching locations connected to Yellow Tunes.

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Source: Press Release

The ED discovered 23 entities that had put money into Yellow Tune’s Flipvolt wallets before sending it elsewhere. The ED gave Flipvolt harsh criticism for how company handled the money. The agency further stated,

“Lax KYC [Know Your Customer] norms, loose regulatory control of allowing transfers to foreign wallets without asking any reason/declaration/KYC, non-recording of transactions on Blockchains to save costs etc, has ensured that Flipvolt is not able to give any account for the missing crypto assets. It has made no sincere efforts to trace these crypto assets.”

Cryptocurrency exchanges suspected by ED

The Enforcement Directorate (ED) of India is investigating cryptocurrency exchanges that may have handled transfers from companies under investigation to foreign wallets totaling more than 10 billion rupees, or nearly $130 million. ten cryptocurrency exchanges, at least, are apparently implicated.

However, local publications stated that WazirX, a cryptocurrency exchange, had its bank account suspended.

In a case involving rapid loans, it is claimed that organisations under investigation conducted transactions of up to 1 billion rupees ($1.3 million), or $1.3 million, in the names of individuals who had no relation to the money. These companies frequently had ties to China. Even though anti-money laundering and know your customer procedures indicated that the transactions were suspicious, neither enhanced due diligence nor suspicious transaction notifications were submitted to the ED.

Furthermore, WazirX bank accounts containing 647 million rupees ($8.1 million) were frozen by the ED. claiming that roughly 16 fintech companies under investigation for money laundering received assistance from the exchange.

Release of JustMoney Pay – Cryptocurrency Payment Gateway

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To encourage the mass adoption of cryptocurrency and stimulate the use of cryptocurrency for everyday payments, JustMoney has released a cryptocurrency payment gateway, which has four options to make it easier for businesses and individuals to accept payments with cryptocurrencies:

  • Checkout for e-commerce platforms –  online vendors may extend their e-commerce platform (Woocommerce, Shopify, Magento) by installing our easy-to-use plugin.
  • Mobile Payment Terminal  – Shop owners and other businesses can accept face-to-face payments, using a smartphone or tablet as a payment terminal.
  • Donations – charities, open-source projects, and other fundraisers may embed a small snippet of code on their website to instantly accept crypto donations.
  • Payment Links – split restaurant bills with friends or request money for any reason by sending your friends and family simple payment request links.

JustMoney’s payment gateway, JustMoney Pay, launched in June, 2022, and is already live on their first partner’s website – TronNetwork.store. 

Their powerful core infrastructure stands as the foundation upon which all their other products are built. Multi-chain and cross-chain transactions have become part of their DNA. People can now choose tokens on Tron, Polygon and Binance Smart Chain networks to swap or pay. JustMoney Pay will calculate the exact amount of USDT the vendor requires to complete a given transaction, and will inform the purchaser of the cost of this transaction in their chosen preferred cryptocurrency, before securely completing the transaction through their existing liquidity pools.

No centralized parties are involved as middle-men – only smart contracts deal with the transaction between the user and merchant.

Payment Interface

Millions of PayPal users worldwide are familiar with being redirected from a vendor’s website to the Paypal payment interface. In a similar style, JustMoney Pay users are redirected from a vendor’s website to JustMoney’s own highly-scalable, completely secure and easy-to-use payment interface. Here, the user may select the blockchain network they wish to use, choose which token to pay with, connect their wallet, and authorize the transaction.

Unlike the traditional payment gateways, they do not make money by holding the vendor’s or the purchaser’s funds on their own account for extended periods of time. Instead the payment happens on-chain and it happens instantaneously, releasing the order for immediate processing.

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Release of JustMoney Pay - Cryptocurrency Payment Gateway 13

E-commerce checkout

The e-commerce checkout is an easy to install and easy to use plugin that any merchant can implement in their web-store, in order to immediately start accepting crypto payments. JustMoney have already built a plugin for the WooCommerce e-commerce platform and they are now working on creating plugins for Magento and Shopify. By 2021 estimates, around 15 million online vendors use one of these three platforms to accept online payments. Once all three plugins are completed, this would give those 15 million vendors the option to accept cryptocurrency as a payment method on their stores, giving countless numbers of customers the option to pay using cryptocurrency as a day-to-day alternative to FIAT cash.

TronNetwork.store has already added the plugin on their WooCommerce site and anyone can now go and purchase any products there and choose JustMoney Pay as the payment provider. JustMoney have also created an API integration for those who want to do a custom integration. You can find the API documentation from here.

You can also find the instructions for WooCommerce integration at the same link. The repository for the plugin can be found here.

Mobile Payment Terminal

This product is designed for shop owners and other businesses who are dealing with customers face-to-face. By using a smartphone or tablet as a payment terminal, they can now easily accept cryptocurrency as a payment method.

The retail interface requires the shop owner to input the amount that the customer needs to pay. It will then generate a QR code that the shop owner shows to the customer.The customer then scans the QR code using the barcode scanner of their mobile crypto wallet (e.g. the Tronlink Pro or Metamask app) and they will be taken to the payment interface to authorize and complete the transaction.After the payment is finalized and confirmed on the blockchain, the shop owner will see a message on their payment terminal that the transaction was successful. The terminal will then be available for the shop owner to process the next customer.

Payment Links

This works similar to the Mobile Payment Terminal but is more targeted for personal users who wish to request a one-time payment, by creating a web-link and sharing it with the person paying.Some usage examples:A person sells an item on the internet. They send the payment link to the buyer and wait until payment is confirmed before dispatching the item.Someone is owed money and sends a payment link to request it.Someone pays a bill in a restaurant and shares the cost with the other diners by sending a payment link.

Donation Button

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Release of JustMoney Pay - Cryptocurrency Payment Gateway 14

This allows any website to accept cryptocurrency donations. Whether it’s an open-source code project, a charity or any other cause, it allows the project to accept donations in USDT from donors who can make the donation in one of the wide range of coins or tokens listed on JustMoney Swap.

The organization embeds a small snippet of code onto their website, along with their destination wallet addresses, and it will render a button like the one shown (above on the right). When a visitor clicks the button, it will open a small popup window (shown above on the left) where the visitor can input the amount to donate and click the “go to payment” button. They will then be taken to the payment interface to complete the transaction which is sent directly to the project’s defined wallets. 

The colors of the button can easily be customized to match the branding of the page.

Instructions and documentation can be found here.

You can test the payment interface in demo mode on their website pay.just.money and also you can find a demo of the donation button there.

In addition, you can just start using Payment Links and Mobile Payment Terminal straight away on their site  without any need to register.

These products are JustMoney’s first contribution to promote the mass adoption of cryptocurrencies and they will keep working hard to expand and improve their payment ecosystem. 

About JustMoney

JustMoney is building an ecosystem for the next generation of decentralized applications, to power Web3 and DeFi.

Launched on 17/08/2021, JustMoney.exchange is a decentralized, automated market maker (AMM) exchange. Its decentralized finance (DeFi) application allows users to swap tokens and provide liquidity for various cryptocurrency pairs. JustMoney.exchange is a cross-chain swap that, at the time of writing,  supports Binance Smart Chain, Tron, Polygon, Zenith and Bittorrent Chains. Each chain has a full taxed token support meaning that liquidity adding and removal is tax free and estimated amounts on the UI are calculated correctly, taking the tax into account. 

$JM is the utility token of JustMoney.

JustMoney’s main product is Justmoney.exchange which is an AMM multi-chain DEX.

Other products and tools include: 

* JustMoney Launchpad, allows new tokens to launch with an AMM “fair launch”

* A web widget that allows other projects to embed the swap on their own web sites 

* JustMoney Pay – Cryptocurrency Payment Gateway

* A telegram bot for listed projects to display live prices and historical charts in their own telegram groups.

* JustMoney Bridge for transferring assets between chains. At the moment Tron, BSC, Polygon and Bittorrent chains are supported. 

* JustMoney.gift, a platform where users can send cryptocurrency as a gift with an e-card.

* Coin Eyes Generator – A fun way for other projects to raise their visibility, by

Did someone say cryptocurrency ready? Here comes Hong Kong

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The existence of cryptocurrency depends on public approval, but for it to become widely used, governments must establish a supporting infrastructure that meets both the needs of the technology and the general public.

A nation’s willingness to adopt cryptocurrencies is indicated by elements including the installation of cryptocurrency ATMs, pro-crypto policies, startup culture, and a just tax system. With a crypto-readiness score of 8.6, Hong Kong was found to be the nation best prepared for widespread cryptocurrency adoption according to a Forex Suggest study. The United States and Switzerland made it to the top three despite having greater crypto infrastructure than the island nation, with scores of 7.7 and 7.5, respectively, as seen below.

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The number of cryptocurrency ATM installations in relation to the jurisdiction’s population and geographic extent as well as the number of blockchain startups per 100,000 people were the two most important variables in the study used to determine a nation’s preparedness. Hong Kong topped the list as a result of its smaller land mass.

According to data from CoinATMRadar, 88 percent of all crypto ATM installations worldwide are located in the U.S. On the other hand, Hong Kong only installed 146 crypto ATMs, or 0.4 percent of all crypto ATMs placed worldwide. Hong Kong citizens are never more than 4.3 miles (7 kilometers) from a cryptocurrency ATM due to the limited region.

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Source: Forex Suggest

In contrast, Switzerland has one ATM for cryptocurrency every 161.5 miles (260 km), while the United States has one every 168.3 miles (271 km).

Cryptocurrency taxes- Obstacles to crypto adoption

The largest barriers to the widespread adoption of cryptocurrencies are crypto taxes. For the lowest crypto capital gains taxes, Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey tie for first place.

The success of a nation’s initiatives to support a developing crypto infrastructure significantly depends on investor opinion. However, investors from developed nations like Australia, Ireland, and the United Kingdom have expressed the greatest interest in cryptocurrencies, indicating robust global competition for cryptocurrencies.

Cryptocurrency regulation enlightenment, courtesy BOE Deputy Governor

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The “same risk, same regulation” premise should guide the development of cryptocurrency rules, according to Jon Cunliffe, the deputy governor of the Bank of England.

On 12 July 2022, Jon Cunliffe gave a speech in which he discussed some of the most important takeaways from the crypto winter. He underlined the need for a quick regulatory framework for cryptocurrencies.

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Jon Cunliffe, the deputy governor of the Bank of England

Cunliffe discussed the most current developments in the cryptocurrency world. The crypto bear market has proven to be challenging for many due to falling cryptocurrency values and unstable cryptocurrency companies. Despite the fact that cryptocurrencies contribute in the development of finance, he continued, appropriate regulation should be put in place to reduce the risks involved. He said,

“Crypto–technologies offer the prospect of substantive innovation and improvement in finance. But to be successful and sustainable innovation has to happen within a framework in which risks are managed: people don’t fly for long in unsafe aeroplanes”

Does cryptocurrency have no intrinsic value?

Cunliffe emphasised a number of cryptocurrencies and their lack of inherent worth using the example of the preceding months. He continued by stating that these cryptocurrencies are extremely volatile and subject to sudden changes in value.

He talked about bitcoin and claimed that, despite the coin’s promises to be an inflation hedge, it is a speculative and dangerous asset. Cunliffe also discussed how the collapse of the algorithmic stablecoin Terra pressured the market as a whole.

Cunliffe also emphasised the risks associated with utilising leverage in cryptocurrency trading. He claimed that losses might increase significantly, particularly when the projections differed from those of the investors.

He also emphasised the necessity of swiftly establishing a regulatory framework. According to Cunliffe, digital assets are still not in a position to constitute a systemic risk. Cunliffe further stated,

“Or to put it the other way around, the lesson we should not take from this episode is that ‘crypto’ is somehow ‘over’ and we do not need to be concerned about it anymore.”

Cunliffe also emphasised that the existing banking system will eventually incorporate the underlying technologies of digital assets. The “same risk, same regulatory consequence” idea should be applied to rules, he added. In order to reduce the same dangers associated with cryptocurrency, the regulators should disseminate the already in place financial rules.

Huobi subsidiary hoops US license for yet another way of cryptocurrency transactions

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In order to offer cryptocurrency transactions, Huobi Technologies (1611.HK) said that its brokerage subsidiary, HBIT, has secured a license to carry out foreign exchange and money transfer activities in the U.S.

According to a statement released on Tuesday, HBIT has been granted a Money Services Business Registration License (MSB) by the U.S. Financial Crimes Enforcement Bureau (FinCEN).

According to the blog, this represents yet another step forward in Huobi Technology’s compliance process and lays a solid compliance foundation for the company to conduct future digital currency-related business in the United States, furthering the strategic objectives of globalization and compliance.

The laws governing digital money in European and American countries are rather clear, from the bill’s drafting to the closely guarded oversight. It has been stated that United States stands out among them because it encourages the orderly growth of digital assets and is imaginative in the speed of regulatory development.

With this license in hand, HT’s brokerage company is now authorized to operate as a money transmitter and a dealer in foreign exchange across the entire country.

The firm is anticipated to maintain the momentum of foreign business expansion in the future while continuing to offer users in the United States secure and legal digital asset services.

Huobi scores another one with its trust company

In December 2020, Huobi Trust Company, a division of Huobi Technology (HT) that provides trust services for digital assets, received a trust license from the Nevada Financial Institutions Division. The organization was permitted to provide custodial and compliance services in the US thanks to the license.

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Furthermore, it has been claimed that in the future, HT intends to “consolidate the momentum of international business expansion” and offer additional digital asset services to U.S. users.

The subsidiary of the Huobi Group, which manages the Huobi Exchange, called Huobi Tech is listed in Hong Kong. Despite not having a formal affiliation, the two businesses have Leon Li as a common stakeholder and use similar branding.

Huobi Group first made an entry into the US crypto market in 2018. Due to regulatory concerns, the firm had to exit the market. However, in February this year, the founder Du Jun said that the company planned to make yet another entrance into the US crypto market.

Cryptocurrency theft from Harmony hack allegedly leads to N.Korea

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A recent attack on the Horizon bridge resulted in the theft of over $100 million in cryptocurrency assets. Ethereum (ETH), Tether (USDT), Wrapped Bitcoin (WBTC), and BNB were among the stolen coins.

Elliptic, a well-known blockchain analysis company, has tracked the flow of funds to give a thorough picture of how the money was moved.

The $100 million in cryptocurrencies was taken from Horizon Bridge on June 24. The Harmony blockchain and other blockchains can transfer assets thanks to the Horizon Bridge service.

The thief quickly used the decentralised exchange (DEX), Uniswap, to convert a sizable amount of these items into 85,837 Ethereum tokens (ETH). This is a common way to launder money to avoid having stolen items seized.

On June 27, the assailant began transferring Ethereum into Tornado Cash, a mixer typically used to conceal illicit proceeds. Over 35,000 Ethereum worth $39 million have already been injected into Tornado Cash.

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Source: Elliptic

By transferring the crypto through Tornado, the hacker tried to erase the transaction trail connecting the crypto to the initial theft. As a result, cash withdrawals from an exchange are easier.

But utilising its Tornado demixing skills, Elliptic was able to track the stolen cryptocurrency through Tornado Cash to a number of new Ethereum wallets. This suggests that exchanges and other cryptocurrency businesses may use Elliptic’s transaction screening software to identify any incoming money that arrived via the Horizon Bridge Hack, despite using the Tornado Cash mixer.

Lazarus group involved in the cryptocurrency theft?

Elliptic’s analysis suggests that the Lazarus group might have been responsible for the assault. Although no one component specifically points to Lazarus, a number of other aspects do.

Over $2 billion worth of cryptocurrency has been stolen by The Lazarus Group in various activities. Recently, it has begun concentrating on DeFi services such cross-chain bridges. For instance, it’s believed that the gang planned the $540 million Ronin Bridge attack.

The Lazarus group also favours the Asia-Pacific region. Although Harmony is headquartered in the US, a large portion of its core workforce is from the Asia-Pacific region.

Furthermore, the constancy of the cryptocurrency deposits into Tornado over extended times shows the use of an automated approach. This approach is comparable to that employed in the Ronin hack. The brief periods during which funds are no longer transported out of Tornado cash are also consistent with Asia-Pacific midnight hours.

These evidence suggests that the Lazarus group was responsible for the assault. Furthermore, following the recent crypto crash, North Korea’s holdings have dramatically decreased. That the sanctioned country needs more money for its weapons projects makes logical.