Market Watch | Bitcoin | $10,653 | 7 day: -2.4% | | Ethereum | $348 | 7 day: -11.6% | | All crypto | $337b | 7 day: -4% | | Bitcoin dominance | 58.4% | 7 day: +1.6% | Prices as of 4:15 p.m. EDT
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 MakerDAO's popular $1 stablecoin once traded at $0.72 The European Central Bank (ECB) identifies the term "stablecoins" as misleading... Find out why $1 stablecoins can trade for $0.85, $0.72, or even $0, in today's Inside Cryptocurrency Premium. We offer a free 14-day trial on all upgrades. We appreciate your support of independent media. FREE TRIAL  | | | |
 Bithumb has been raided by the police many times The Korea Times claims that South Korean cryptocurrency exchange Bithumb is up for sale. We have reported on police raids at Bithumb here and here at Inside Cryptocurrency. - Police raided Bithumb several times this summer in search of evidence regarding fraud, money laundering, and a $25m issuance of BXA tokens. The investigation by the Intelligent Crime Unit of the Seoul Metropolitan Police Agency continues. A Korea Herald report suggests that the exchange is currently for sale as of Sept. 22.
- Bithumb Holdings, which owns a 74% stake in Bithumb exchange, is reportedly promoting the sale price at approximately $430m to $600m.
- The sale price is low for an exchange that claims to process 50% of South Korea’s cryptocurrency trading volume among its 4.7m customers. For comparison, Coinbase, which processes less than triple the volume of Bithumb's reported liquidity, is valued at $8b or 12X more than Bithumb.
- Samjong KPMG is in charge of the sale.
Be In Crypto 
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Bitfinex announces support for Bitcoin Lightning Network's Wumbo Channels. Bitcoin Lightning Network developers added safeguards to Lightning Network to protect users from sending large transactions by default. Wumbo Channels are opt-in (not default) that allow fast processing of large transactions and other blockchain interactions. - Bitfinex cryptocurrency exchange, which implemented Lightning Network on its platform, announced on Sept. 22 that it will support Lightning Network's Wumbo Channels.
- Wumbo Channels remove the protocol's default safety hard-caps on the number of payment channels on Lightning Network, enabling users to utilize large throughput channels. Bitfinex has already opened three payment channels with a capacity of five bitcoins apiece.
- Through Wumbo Channels, the exchange allows users to sell/buy large amounts of bitcoins using the Lightning Network sidechain, and provides wallet providers open payments channels with faster blockchain queries.
- Bitfinex is defending itself against New York Attorney General.
AMB Crypto
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President of Cleveland Federal Reserve Bank discloses more digital dollar research findings. - Loretta J. Mester, acting President of the Federal Reserve Bank of Cleveland, has revealed details regarding her team's exploration of a possible central bank digital currency (CBDC) to improve the U.S. payment industry.
- During the 20th Anniversary Chicago Payments Symposium held on Sept. 23, Mester shared research, confirmed the Fed's interest in CBDC, and highlighted issues that caused delays in the issuance of pandemic Economic Impact Payments.
- Mester also shared that the Board of Governors has been testing distributed ledger technologies with staff members of several Reserve Banks, including Cleveland Fed software developers.
- The Federal Reserve Bank of Boston has also collaborated with MIT to experiment with CBDC related technologies. See our coverage here.
Federal Reserve Bank of Cleveland
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SEC temporarily suspends trading in securities of Vortex Blockchain Tech (VXBT). - The SEC announced a temporary suspension (Sept. 23 to Oct. 6) of the pinksheet securities of Vortex Blockchain Technologies Inc. (OTC:VXBT), formerly known as UA Granite Corporation, that has been claiming to develop applications for the blockchain space.
- The SEC said that Vortex failed to submit periodic reports, including current and accurate information about its activities.
- Vortex Blockchain's CEO is Craig Bergman, a former political director for former presidential candidate Ron Paul. Bergman owned over 80% of the company in 2018.
SEC
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Global Hash Power releases a platform for "hash power futures" trading... Learn more about Global Hash Power's odd announcement in today's edition of Inside Cryptocurrency Premium. UNLOCK | | | |
South Korean gaming industry regulators postpone an application for a non-fungible token (NFT) game. NFTs were popularized by artists who used Ethereum's Erc-721 standard, although there are many other NFT protocols. CryptoKitties are Erc-721 NFTs. - Regulators from the South Korean gaming industry trade group, the Game Rating and Administration Committee (GRAC), have stalled an application for a non-fungible token (NFT) game called FiveStars.
- According to the game developers, the South Korean gaming committee has postponed rating twice before in August.
- The developing company of NFT-based game FiveStars has ties with the multi-trillion-dollar South Korean technology company Kakao (035720.KS).
- Kakao is South Korea's most popular mobile messenger.
- Ground X is the blockchain affiliate of Kakao, which developed Klaytn.
- Klaytn recently minted its own cryptocurrency "KLAY" which Upbit has listed on its exchange.
- Acquiring a GRAC rating is mandatory for many South Korean games before they gain mainstream public appeal. GRAC could be stalling the application for NFT-based games until implementing its Special Payment Act in 2021.
CoinTelegraph
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The European Commission will establish new rules and issue a European bloc-wide, crypto-asset "passports." - The European Commission is creating new rules for cryptocurrency issuers. Companies using certain blockchain technologies must apply for new crypto-asset "passports," according to a Reuters report.
- The "passport" will serve as single-market access across the EU zone. The intention is to protect investors. Certain proposals aim to replace country-by-country rules and support legitimate cryptocurrencies and blockchain projects.
Meanwhile, in the U.K.: - Gemini cryptocurrency exchange announced its U.K. launch yesterday. Gemini has secured Electronic Money Institution (EMI) and Registered Cryptoasset Firm (RCF) licenses by the Financial Conduct Authority.
- The U.K. Financial Conduct Authority has one of the strictest policies of any European country, with only three Registered Cryptoasset Firms.
Reuters
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Quick Hits: - Venezuela has legalized cryptocurrency mining, but only through a national pool, according to local news. On Sept. 22, the office of Joselit Ramirez, head of National Superintendency of Crypto Assets and Related Activities (SUNACRIP), announced the nearly inaccessible mining pool. Ramirez is a wanted person by the U.S. government.
- DeFi Pulse, an analytics site for decentralized finance, announced a bug fix that misrepresented the total value locked by DeFi protocols as more than $13.2b on Sept. 22. Even its corrected figure of $9.7b might be doubly overstated.
- An independent study released by the Kisspatent website has shown that the $5-trillion Chinese multinational Alibaba Group (9988.HK) has acquired the most blockchain patents of any company this year. Alibaba has acquired approximately 10X more than the U.S. patent giant IBM (NYSE:IBM).
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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