Digital Ruble Scammers ‘Target Russians in Multiple Regions’

💀 Digital ruble scammers have reportedly struck in multiple Russian regions, with fraudsters apparently hoping to dupe citizens who do not yet fully understand how the CBDC works.

⚡️ Media outlets around the country say that scammers are sending citizens emails that use commercial and Central Bank logos. The emails claim that if citizens do not “convert” their savings to digital rubles, they will lose everything.

⚡️ Other scammers are posing as bank officials, claiming to have selected citizens to take part in digital ruble trials. In both cases, media outlets say, scammers have been trying to navigate people onto phishing sites, where they attempt to gather sensitive personal and financial data.

⚡️ Per Vecherniy Vedmosti, one of the scams appears to have operated in the Sverdlovsk Oblast, the area around the city of Yekaterinburg, in the Ural Federal District.

China’s JD, ICBC to Launch Digital Yuan Supply Chain Financing Solution

🇨🇳 Chinese firms and commercial banks are working on new digital yuan supply chain financing solutions, with a new CBDC smart contract solution set to launch.

🔴 Per CICC (via Cnfol), the latest innovation has been developed by JD Technology, in conjunction with the Industrial and Commercial Bank of China (ICBC).

🔴 JD Technology is the IT services arm of the e-commerce giant JD com (also known as Jindong), China’s answer to Amazon.Both JD and the state-run ICBC have been working with the central People’s Bank of China (PBoC) on the e-CNY pilot for several years.

⏳ The companies said they would release a “comprehensive” and “programmable” supply chain financing solution that will make use of digital CNY smart contract technology.

French Data Watchdog Conducts 'Inspections' at Worldcoin's Office in Paris

🇫🇷 France's data watchdog, CNIL, made an unannounced visit to the office of Worldcoin in Paris this week, intensifying the scrutiny surrounding the cryptocurrency project's controversial privacy practices.

🟣 The surprise inspection took place at Worldcoin's Orb center, a facility where individuals' irises are scanned to grant access to the platform's crypto services, according to two employees who were present during the visit, Reuters reported.

🟣 Representatives from CNIL questioned the top executive responsible for overseeing Worldcoin's operations in France.

🧬 This unexpected action by the data watchdog comes in the wake of deep-seated concerns expressed by CNIL in July regarding the legality and storage of biometric data collected by Worldcoin.

Ripple Objects to SEC's Appeal of Ruling on Crypto as Non-Security

🌍 Ripple Labs has objected to the Securities and Exchange Commission's (SEC) request to appeal a federal judge's ruling that the XRP token is not a security when sold to the public. On Friday, Ripple filed a request with US District Judge Analisa Torres in New York, urging her to deny the SEC's plea, according to a report from Bloomberg.

🔵 The company argued that the SEC is hastily seeking an appeal on a legal question that applies to all digital asset cases, despite differences in factual and legal procedural postures across various SEC enforcement actions.

☀️ To proceed with its appeal, the SEC requires Judge Torres's permission, as her ruling was not a final judgment. In addition to their appeal, the SEC is also seeking to pause its lawsuit against Ripple, which alleges the company offered unregistered securities, until the appeal is resolved.

RBI Governor Touts CBDC as Solution to 'High Cost, Low Speed' Cross-Border Payments

💰 Reserve Bank of India’s (RBI) Governor Shaktikanta Das has touted Central Bank Digital Currencies (CBDCs) as a solution to 'high cost, low speed' cross-border payments.

⚡️ In a recent keynote address at the G20 TechSprint Finale 2023 in Mumbai, RBI Governor emphasized the potential of CBDCs to revolutionize the international payment landscape, addressing issues such as high costs, slow transaction speeds, limited access, and insufficient transparency.

⚡️ India is currently in a trial phase of its national digital currency Digital Rupee. The benefits of streamlined cross-border payments are far-reaching, touching upon the lives of people and economies worldwide, Das said.

🖥 The central bank’s governor pointed out that many central banks worldwide are considering the implementation of CBDCs, recognizing their potential to reshape the future of finance.

Ethereum Layer 2 Activity Near All-Time High: L2s Become the New Norm

🔷 Ethereum (ETH) has become the primary hub for the booming decentralized finance (DeFi) sector, hosting thousands of blockchain projects and decentralized apps (dApps).

💬 These applications leverage the Ethereum blockchain to provide a wide range of services, including but not limited to finance, trading, gaming, non-fungible tokens (NFTs), and numerous other offerings.

💰 Among the prominent projects operating on Ethereum are UniSwap, AAVE, GMX, Chainlink, OpenSea, StrongBlock, Tether, 1Inch V4, Ethichub, Zeroex, and Otherdeed.

🔹 However, the continued growth and success of these DeFi platforms have put a strain on the Ethereum network’s ability to process transactions, leading to longer confirmation times and higher transaction fees.

OKX Crypto Exchange and Circle Partner to Introduce Fee-Free USDC Transactions

🐱 On September 7, global web3 technology leader OKX and fintech firm Circle Internet Financial unveiled USDC features on the OKX Wallet and the OKX DEX aggregator.

⚫️ This partnership aims to facilitate gasless USDC transactions, eliminating network fees and enabling cross-chain USDC swaps across multiple blockchains.

⚫️ The integration of OKX DEX aggregator with Circle's Cross-Chain Transfer Protocol (CCTP) now allows for seamless, feeless transactions across 7 blockchain networks: Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C.

📨 This development marks a significant leap forward in user-friendly, permissionless on-chain utility, enabling USDC to flow naturally across diverse blockchain ecosystems.

Judge Orders Teen Hacker to Return $5.2M Worth of Bitcoin Stolen in 2016

🚫 A federal judge has ruled that a young hacker must forfeit approximately $5.2 million worth of Bitcoin (BTC) and a sports car to the US government.

📌 The ruling claims that Ahmad Wagaafe Hared, a resident of Tucson, Arizona, stole cryptocurrency from Northern California crypto executives back in 2016, according to a report from The San Francisco Standard.

📌 The case is currently being heard in San Francisco's federal court.

‼️ While the specific identities of the targeted executives remain undisclosed, Northern California has long been recognized as a hotbed for cryptocurrency startups. The region has been home to numerous crypto organizations, including the renowned Coinbase exchange, which was headquartered in San Francisco before relocating to Mountain View.

Binance.US CEO Brian Shroder Departs, Exchange to Cut One-Third of Workforce

🔶 The head of Binance US, the US offshoot of the largest crypto exchange Binance, has left the digital assets giant as the company is reportedly cutting its workforce by one-third.

🟡 The crypto exchange is planning to eliminate 100 positions, a company spokesperson said in a statement.

🟡 The decision comes as the exchange is grappling with a series of challenges in recent months, including the US Securities and Exchange Commission's (SEC) lawsuit. The regulator, in June, accused the parent company Binance and its head Changpeng “CZ” Zhao, over 13 charges, including mishandling customer funds and securities law violations.

🪙 “The actions we are taking today provide Binance US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” the company representative noted.

Virtual Currency Chief at NYSDFS Leaves to Pursue a Career in Private Sector

🇺🇸 Peter Marton, the deputy superintendent of virtual currency at the New York State Department of Financial Services (NYSDFS), will be stepping down from his position at the end of this month.

💲 According to an internal memo seen by FOX Business, Marton will be leaving his job on September 29 to pursue opportunities in the private sector. In the memo, NYSDFS Superintendent Adrienne Harris praised Marton for his role in building "the largest and most talented team of virtual currency regulators in the nation."

💵 Prior to joining the NYSDFS, Marton served as the director of digital assets at a financial subsidiary of IBM. He has held the position of deputy superintendent for virtual currency for nearly two years and has been responsible for overseeing major policy decisions related to digital assets and blockchain technology.

FTX Claims Portal Back in Action After Cybersecurity Incident in August

🪙 FTX has reopened its customer claims portal, unfreezing user accounts that were affected by a cybersecurity incident in August.

🟩 In a recent statement, FTX clarified that the freezing of customer accounts was a precautionary measure and emphasized that additional security measures have been implemented on the claims platform to ensure the safety of user accounts.

🔵 According to FTX, account holders of the defunct crypto exchange can now access their accounts and proceed with the claims process for the digital assets they held on the exchange prior to its bankruptcy filing in November 2022.

🤮 The claims portal is available to individuals who hold accounts with FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid.

Islamic Coin Launches Public Offering of Tokens – Here's What You Need to Know

🇯🇴 Islamic Coin, a digital currency that aims to Shariah principles and promote ethical values, has initiated its Reg D Token Offering to the public in collaboration with OpenDeal Broker, a subsidiary of Republic. In a Monday press release, Islamic Coin said it has partnered with Republic to support its market entry strategy.

💡 Republic Crypto, the crypto advisory services division of Republic, will assist in customizing tokenomics, implementing DAO governance, and ensuring sustained economic utility value for the Islamic community. The collaboration also involves establishing relationships with potential strategic partners, exchanges, and market participants.

💰 "Following this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities for providing liquidity, staking their holdings, and earning tokens during the liquidity mining phase," the announcement said.

PayPal’s Stablecoin PYUSD is Available on Venmo to Select Users

💎 PayPal-operated peer-to-peer mobile payments platform Venmo has started offering PayPal USD stablecoin (PYUSD) to selected users, starting September 20. “We are pleased today to announce that PayPal USD is now available on Venmo to select users and will be rolling out fully in the coming weeks.”

☀️ The launch enables Venmo users to purchase the stablecoin and send it via PayPal, Venmo and other compatible external wallets, a company press release read. PYUSD is an Ethereum-based stablecoin, backed by U.S. dollar deposits and other liquid equivalents, such as short-term treasuries. The stablecoin was launched by the payment giant in August and is issued by Paxos Trust.

🌊 PayPal USD stablecoin is already available to users on leading exchanges including Kraken, Coinbase and Crypto com, to name a few. The stablecoin also received a green light from the New York State Department of Financial Services (NYDFS), “making it easier for virtual currency entities licensed in New York,” it added.

🐰 Besides, the company release said the move marks the first time users can transfer a stablecoin between PayPal and Venmo at no cost.

Consensys Announces Sunset of Ganache and Truffle Toolkits, Marking the End of an Era for Ethereum Development

😯 On September 22, ConsenSys, a leading Ethereum software company, announced the sunset of Truffle and Ganache, two widely used toolkits that were instrumental in developing and testing smart contracts on Ethereum. The company is redirecting its focus towards MetaMask toolkits like Snaps and SDK to empower developers.

😊 To ensure a seamless transition, ConsenSys will be partnering with HardHat to support developers in writing and deploying new software on the Ethereum network.

🌞 Truffle Suite, acquired by ConsenSys in 2020, has been a pivotal development framework since its deployment in 2015. It facilitates the building, testing, and deployment of smart contracts on Ethereum, complemented by Ganache, which aids in creating, evaluating, and deploying smart contracts.

👀 In the Ethereum development community, these two toolkits constitute a highly sought-after tech stack.

India Struggles to Curb Rising Crypto Frauds, Victims Left in a Legal Abyss Amid Regulatory Ambiguity

🇮🇳 India is currently witnessing an alarming surge in cryptocurrency-related frauds, leaving investors in despair and criminals largely unchecked.

🟡 The absence of clear regulations in the cryptocurrency space can largely be attributed to the encouragement of these illicit activities.

🟡 In a conversation with CryptoNews, Gaurav Mehta, a forensic expert who provides consultancy services to the Indian law enforcement agencies in investigating crypto-related crimes and the co-founder of Catax, shed some light on the challenges faced by India's cryptocurrency ecosystem and the quest for solutions.

🔥 India is among the top countries in the world when it comes to crypto adoption. This is despite the lack of clear regulations and heavy tax policies on crypto gains.