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OlympusDAO mistake lets user spend $50,000 to buy $1.43 million in OHM

A mistake enabled someone to spend $50,000 to receive $1.43 million of olympus (OHM) tokens when they should have received far less, according to an update in the OlympusDAO Discord. “Earlier today someone bonded an OHM/DAI bond that was presumed to be closed off. This enabled the user to have a substantial discount resulting in the user receiving 1697 ohm instead of 59 ohm. After this occurred, we took immediate action and the bond contract has been shut down in …

US banking regulators plan to publish crypto guidance throughout 2022

Federal bank regulators in the United States issued a statement Tuesday summarizing the results of their inter-agency sprint towards clearer crypto regulations. The regulators, comprised of the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, have identified “a number of areas” they feel need to be publicly clarified, according to their joint statement. The stated plan is to issue additional communications on this front throughout 2022.  Today’s statement does not seek to …

Indian government is expected to introduce a crypto bill in Parliament

The government of India is expected to introduce a crypto bill in the winter session of Parliament, according to an official bulletin. The bulletin, published Tuesday, lists “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” for introduction, consideration and passing. The bulletin is published by the Lok Sabha — the lower house of India’s bicameral Parliament. It confirms recent reports that said a crypto bill will be presented in the winter session of Parliament, which begins on November …

The Sweet Spot: Financial Products Built on Sound Fundamentals with High Transparency

What potential could investors realize if they had access to a financial product built on a sound store of value, supported by highly liquid global markets, and with daily transparency reporting to enable the investor’s trust? A bitcoin ETF offers a sweet spot the SEC and legacy investors should be ready for.  Industry proponents have long considered a bitcoin ETF (BTC ETF) an important step in changing the perception of bitcoin from that of a murky financial tool favored by shadowy super coders …

Circle invests $13.5 million into the UK’s Crowdcube

UK crowdfunding platform Crowdcube has raised $13.5 million from payments infrastructure company Circle in a bid to expand into Europe, according to a press release. Existing investors Balderton Capital and Molten Ventures also participated in the round.  The European Commission recently acknowledged that the crowdfunding market in the EU is underdeveloped compared to other major economies such as the US and the UK. On November 10, it enacted new regulation on uniform rules across the European territory. Crowdcube hopes to …

ORIGYN secures $20M for NFT-based authentication certificates

ORIGYN Foundation, a Switzerland-based non-profit organization, has completed a $20 million strategic raise from backers like Bill Ackman’s Table Management, Polychain Capital, and American singer and media personality Paris Hilton. Other investors include GD10 Ventures, Vectr Ventures, Jaeson Ma, Div Turakhia, Carter Reum, and Coinko, among others.  According to the Tuesday announcement, the $20 million capital raise puts the foundation at a $300 million valuation. ORIGYN uses non-fungible tokens (NFTs) as digital certificates to identify and authenticate luxury physical and …

South Korea’s financial regulator lays groundwork for ICO regulations

South Korea’s 2017 ban on initial coin offerings (ICOs) may soon be overturned following calls by the country’s financial regulatory agency to include crypto token fundraising in the country’s Capital Market Act. According to a report by Money Today on Tuesday, Do Gyu-sang, vice chairman of South Korea’s Financial Services Commission (FSC), called for expedited action on ICO regulations. Appearing before the Political Affairs Committee of the South Korean National Assembly on November 17, the FSC vice chairman stated that …

UK’s Payhawk raises $112 million as expenses fintech race heats up

Automated expenses fintech Payhawk has closed a $112 million Series B round, valuing the company at $570 million, according to an announcement. Greenoaks led the round whilst existing investors QED Investors, Earlybird Digital East and Eleven Ventures participated.  The news comes with competition among expense management startups in Europe heating up. Spendesk, Soldo and Revolut Business are some of the main players. Last month, Switzerland’s Yokoy raised $26 million from Left Lane. The US market is ruled by the likes of Ramp …

IMF warns El Salvador of bitcoin-related risks in new statement

El Salvador should not use bitcoin as legal tender due to the financial and consumer risks it poses, International Monetary Fund (IMF) staff wrote in a concluding statement related to a mission in the Central American country.  “Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability,” the November 22 IMF communication states. “Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should …

Here’s how El Salvador’s president plans to use bitcoin bonds

El Salvador’s president, Nayib Bukele, is planning to use a so-called bitcoin bond to fund a new municipality called “Bitcoin City,” which would be powered with geothermal energy from a volcano.  Bukele announced the plan in the late evening of Nov. 20, speaking on stage during an elaborate grand finale to wrap up the LABITCONF conference. He was also joined by Blockstream chief strategy officer Samson Mow. The same night, The Block reported that El Salvador struck a deal with …