The Japanese arm of bankrupt crypto exchange FTX will reportedly resume its withdrawal facility weeks after it paused the service due to FTX’s bankruptcy filing.
Media reported that FTX recently announced a roadmap to “unpause withdrawals” of the assets of its Japanese arm as they are not part of the bankruptcy proceedings.
FTX stated that its customers’ assets "should not" be considered part of its Japanese arm because the law in Japan requires crypto exchanges to separate client funds from its assets, media reports said, citing Landis Rath & Cobb LLP, the law firm representing FTX Group in the Chapter 11 bankruptcy proceedings.
Bot Scams Flood YouTube
Bot scams or crypto frauds on YouTube have become endemic and are expected to increase by more than six-fold by the end of 2022, cybersecurity firm Certik said in a report on Thursday. CertiK found that bot frauds lure people with free daily returns as high as 10 times but end up stealing people's money.
Certik's probe found that 84 per cent of YouTube videos “addressing front-running bots" were scams, which rose from 28 videos in 2021 to 168 videos in December 2022, up by 500 per cent.
Stripe Launches Fiat-To-Crypto Payment Gateway
Stripe Inc., a payments processing company, has launched a fiat-to-crypto payment facility for businesses in several countries. The product, a configurable widget, can be placed directly into a decentralised exchange (DEX), non-fungible token (NFT) platform, wallet, or decentralised app (Dapp) to allow customers to acquire cryptocurrencies in Web3 apps instantly.
Stripe will provide customisable services for onboarding, know-your-customer (KYC) processes, payments, and fraud and compliance challenges.
MakerDAO Votes To Raise Savings Rate To 1%
MakerDAO, one of the major decentralised finance (DeFi) protocols, conducted a community vote to raise the reward rate, or DAI Savings Rate (DSR), for its DAI stablecoin to 1 per cent.
During the polling, which ended Thursday, over 71 per cent of voters preferred a 1 per cent raise, the highest possible option, an incentive for investors at a time when respectable yields in cryptocurrency are hard to come by.
The return is still less than what is offered by conventional investments that produce yield, like US government bonds.
New York Plans To Charge Crypto Firms
New York’s Department of Financial Services (DFS) has presented a proposal to amend the state legislation to enable it to tax licenced cryptocurrency firms as part of efforts to regulate them. DFS Superintendent Adrienne Harris, who is leading the initiative, made the announcement on December 1. The proposal will be open for public feedback for the next ten days.
