Daily Crypto News | November 5th, 2022

Daily Crypto News | November 5th, 2022

Daily Crypto News | November 5th, 2022

Welcome to Barmy’s Daily Crypto News – November 5th, 2022

1. Tattoo industry plans to move into the NFT space

For thousands of years, tattoos have been an international phenomenon that has endured cultural changes and technology advancements. In an effort to stay relevant in an increasingly digital environment, the art is now making inroads into the nonfungible token (NFT) field as it continues to expand.

Keith McCurdy, better known as Bang Bang in the tattoo community, is one of the artists attempting to combine the tattoo culture’s ethos with disruptive technologies. He’s applying a novel rewriteable tattoo ink that changes appearance depending on the amount of light.

He views technology as a means of bridging the NFTs’ undeniable distinctiveness with the tattoo culture’s demand for individuality. He sold the first rewritable tattoo as a 1/1 NFT back in June for 100 ether (ETH), which was equivalent to around $100,000 at the time.

Indelible is a firm that is attempting to connect the tattoo community to Web3. It gives owners the opportunity to utilize their intellectual property rights by creating new tattoos and adding to already-existing profile image (PFP) NFTs.

2. How cheap is it to send vast sums of money across the internet

A Bitcoin user delivered more than 50,562 BTC ($1 billion) to a blockchain address for a cost of about 2,513 Satoshis (the smallest unit of currency in Bitcoin), or around half a dollar.

Less than 0.0001% of the total transaction amount was paid by the enigmatic wallet address. Simply put, the user spent 50 cents to move Tonga’s GDP, which supports Bitcoin, by two times. The $1 billion transaction was carried out in block 761374 at a charge of just 15 satoshis (sats) per vByte of data.

For the purpose of estimating the cost of transmitting sizable sums of money via traditional financial tools, Cointelegraph experimented with a variety of online banking providers. A well-known remittance company charges a minuscule fraction, 0.3%, or $30,000, for the transfer of $10 million. That is a million times more expensive than sending money over the Bitcoin blockchain.

3. Regarding the Twitter layoffs, Elon Musk is facing a class-action lawsuit

Multiple sources claim that Musk began mass layoffs at Twitter on November 4, which resulted in a reduction of 7,500 employees. Just a few days after purchasing Twitter for $44 billion on October 27, the CEO was rumoured to fire up to 3,500 employees, or up to 50% of the company.

Employees of Twitter filed a class action lawsuit against Musk in San Francisco federal court as a result of the layoffs, according to Bloomberg. The lawsuit claims that by terminating employees without providing adequate notice, Twitter is breaking both federal and Californian regulations.

The federal Worker Adjustment and Retraining Notification Act, which prohibits big businesses from implementing mass layoffs without at least 60 days’ notice, is particularly mentioned in the action. The rule, which is applicable to all California firms with more than 75 employees, has been utterly disregarded, according to renowned civil rights lawyer Lisa Bloom.

Despite the continued slump in the IT sector, mass layoffs are not limited to Twitter; numerous businesses throughout the world have been making employee reductions. For months, tech behemoths like Meta, Amazon, Microsoft, and Google have either stopped hiring or reduced their workforce.

4. Do Kwon is charged with manipulating Terra’s price

According to a local newspaper from South Korea, the country’s prosecutors have evidence that suggests Do Kwon, a co-founder of Terraform Labs, once gave instructions to an employee to influence the price of Luna Classic (LUNC).

According to a report on Nov. 3 by Korean Broadcasting System (KBS), a prosecutor’s office representative from South Korea claimed they had gotten a “conversation history” in which CEO Kwon directly ordered price manipulation.

The price action of Terra’s LUNC, formerly Terra (LUNA), during the last bull market was without a doubt one of the most outstanding across all cryptocurrencies, even though the specifics of the price manipulation are still unknown.

5. Popular Russian cryptocurrency exchange aggregator is unblocked by Uzbekistan

The National Agency of Perspective Projects (NAPP), which oversees Uzbekistan’s crypto industry, has lifted limitations placed on Bestchange.ru, a well-known exchange aggregator in Russia and the former Soviet Union.

In August, the NAPP, which reports to the Tashkent presidential administration, started imposing restrictions on foreign-based cryptocurrency trading platforms. Even established exchanges with a global presence, like Binance and FTX, were impacted by the measures.

According to the agency, the banning was carried out in accordance with a decree issued by President Shavkat Mirziyoyev in 2018 that specified citizens and businesses with Uzbek corporate status would only be permitted to acquire and sell crypto assets through local suppliers as of January 1, 2023.

It also outlawed trading on international platforms prior to that date at the same time. The DRC noted that this had created a conundrum where Uzbek citizens were forced to use the services of the government-controlled Uznex, the only regulated exchange in the nation at the time.

The management of the NAPP eventually heard the legal firm’s arguments after receiving a number of appeals and concurred that Bestchange.ru’s primary activity, which is essentially a monitoring website, constitutes an exemption and that its operations shouldn’t be prohibited.

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