Here are the latest developments from the world of crypto over the last few days
Gnosis will perform its variant of the Merge to swap out its proof-of-authority (PoA) chain with a proof-of-stake (PoS) beacon chain. Upon reaching a specific preset total terminal difficulty (TTD) and block height, “The Merge” will occur approximately on December 8, 2022.
After the Ethereum Blockchain’s Merge in September, which replaced its outdated Proof of Work architecture with a Proof of Stake architecture, this will be the second “Merge” event. The Gnosis “Merge” will be a little different this time, because the PoA will be replaced with a PoS.
FTX Hires Financial Analysts To Track Missing Funds
The new leadership of the bankrupt cryptocurrency exchange, FTX, has recruited a group of financial forensic analysts to locate the missing cryptocurrency funds, which are valued at billions of dollars, according to a Wall Street Journal report.
An ex-chief accountant of the Securities and Exchange Commission (SEC), Matt Jacques, heads the financial advising firm AlixPartners, which was picked for the project.
Celsius Ordered To Refund $50 Million To Users
Cryptocurrency lender, Celsius, has been ordered to refund digital assets worth $50 million to users of custodial accounts by a US bankruptcy judge participating in the Celsius Networks bankruptcy case, Bloomberg reported.
Around 58,300 users of Celsius have placed more than $210 million with its custody and withheld services, and 15,680 of them have “Pure Custody Assets” that are worth about $44 million.
The Bankruptcy Court for the Southern District of New York, which is in charge of the case, has scheduled a hearing for October 6 2023.
Steve Aoki And Justin 3LAU Launches NFT
Steve Aoki and Justin “3LAU” Blau, two DJs, have collaborated on PUNX, a creative music and art project influenced by their own CryptoPunks non-fungible tokens (NFTs).
The project, which employs CryptoPunks in its visual imagery, will be “an innovative audio-visual IRL-meets-metaverse supergroup”, according to a press statement. They are the first DJ duo affiliated with CryptoPunks’ NFTs, which was bought by Yuga Labs in August and granted intellectual property rights (IP) to owners.
Bank Of Korea Plans To Monitor Stablecoins
The Bank of Korea (BoK) intends to oversee Stablecoins, given that Stablecoins require higher regulation than other crypto assets, as they have the power to weaken financial stability.
The BoK research mirrors the worries of governments drafting Stablecoin regulation proposals all over the world. To reduce the likelihood that the risks of digital assets would be passed to the payment and settlement system, the research contends that Stablecoin issuers should be obliged to have sufficient reserve holdings.