Welcome to Barmy’s Daily Crypto News – November 22th, 2022
1. Qatar World Cup Goes Metaverse in China
Numerous businesses will have the possibility to test their metaverse technology implementations at the FIFA World Cup in Qatar in 2022. The state-owned carrier China Mobile’s subsidiary Migu said it would create a “world first” virtual environment so that its subscribers could watch the cup matches in an immersive and “surreal” atmosphere. CCO Gan Yuqing of Migu made this announcement.
Similar to this, Bytedance, the company behind the well-known social networking site Tiktok, has revealed that it will enable users of its VR goggles to watch soccer matches in virtual environments and invite friends for a group metaverse viewing experience.
China can assess the whole quality of the industry chain in the area of virtual reality technology and thus acquire an early foothold in the market by applying various scenarios in the metaverse of this World Cup.
On Nov. 1, China unveiled a plan to advance virtual reality technology while also expanding the use of this technology throughout Chinese culture. The strategy asks for research into how to make VR headsets more useful. The plan includes important details about, among other things, eye tracking, gesture tracking, and odor simulation.
2. Brazilian Bank to Debut Crypto Custody Offering
One of the biggest private banks in Brazil and Latin America, Itau Unibanco, has made the decision to enter the crypto-related services market. On November 17, 2022, the business declared its intention to begin offering bitcoin custody services in 2023. The technology underlying this solution will be handled by Itau Digital Assets, the company’s section that deals with everything related to cryptocurrencies.
In this context, custody is crucial since it gives investors security, especially in a developing market like crypto assets. Assets belonging to customers will be protected by us in a secure setting.
The implementation of the cryptocurrency custody service will happen in two stages. Customers of the bank will be able to purchase these services in the initial phase. In the second stage, these services will be made available to organizations and other third parties. In Q2 2023, Itau Unibanco anticipates releasing its custody solution.
Itau Unibanco is also a participant in this year’s LIFT Lab, where a number of institutions showcase their innovations aimed at modernizing the financial system as it is now. The business was chosen to present a Brazilian real pegged stablecoin solution, which would enable swift exchange between tokens corresponding to different fiat currencies in a decentralized financial setting.
3. Binance is attempting to break into the hardware wallet industry
Binance, a cryptocurrency exchange, is moving into the hardware wallet market. Binance Labs, a strategic investor, will head the upcoming Series A round of hardware wallet company Ngrave in Belgium.
Ngrave, a self-custody company founded in 2018, offers a security package made up of three main components: the Liquid mobile app, the Graphene key backup tool, and the connectionless hardware wallet Zero.
Security continues to be one of the largest obstacles to the adoption of cryptocurrencies, according to Yi He, co-founder of Binance and head of Binance Labs. He added that self-custodial wallets are among the most secure ways to store digital assets and that Binance intends to keep supporting businesses that improve user security.
Early in November, Binance also established a partnership with hardware wallet developer Ledger to enable Binance customers to make direct cryptocurrency purchases using their bank cards via the Ledger app.
On November 14, Binance CEO Changpeng Zhao even acknowledged that as investors turn to self-custodial options, centralized exchanges might become obsolete. Centralized exchanges won’t exist or probably won’t need to exist, which is fantastic, according to Zhao. “If we can have a means to allow people to store their own assets in their own custody securely and readily, so 99% of the general public can do it, that is terrific,” Zhao said.
4. The hacker behind the theft on the crypto exchange FTX has split nearly $200M in ETH across 12 wallets
The hacker who stole more than $447 million worth of cryptocurrency from the cryptocurrency exchange FTX has been seen moving the stolen money once more.
According to Etherscan statistics, on November 21 between 4:11 and 4:17 p.m. UTC, the attacker transferred 180,000 ETH across 12 freshly formed wallets, giving each one 15,000 ETH. At current pricing, the total amount traded was $199.3 million. At the time of publication, none of the 12 wallets had any ETH in them.
In order to confound investigators, some in the crypto community speculate that the attacker may intend to divide it into smaller and smaller quantities.While this was going on, some Ethereum users seem to have sent the hacker encrypted messages requesting a piece of the spoils. In an effort to draw attention, they sent 21 transactions totaling 0.000001 Ether to the hacker’s address.
5. HashFlare founders have alleged involvement in a $575 million crypto fraud conspiracy.
The two HashFlare founders were detained in Estonia on suspicion of participating in a $575 million crypto fraud scheme.
A cloud mining business called HashFlare was established in 2015. Customers would supposedly be able to rent the company’s hashing power to mine cryptocurrency in exchange for a piece of the revenues.
The company, which at the time was regarded as one of the top names in the industry, ceased mining operations in July 2018. They ran a massive Ponzi scheme by capitalizing on both the allure of cryptocurrencies and the mystique surrounding cryptocurrency mining, he claimed.
The HashFlare founders face up to 20 years in prison if found guilty of conspiracy to commit wire fraud, 16 charges of wire fraud, and one count of conspiracy to launder money by using shell companies, fictitious invoices, and contracts.
The indictment claims that despite HashFlare’s claims to be a “massive cryptomining enterprise,” it only mined at a rate of less than 1% of that rate and paid out withdrawals by buying Bitcoin from third parties rather than from profits from mining operations.
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