DAO CryptoFed filed an S-1 with the SEC / Coinbase signed $455K gov. contract / SK crypto taxes expected in 2022

Plus: pNetwork was exploited in a 277 BTC ($12.7M) hack.

Inside.com Part of   Network September 20, 2021

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The global crypto market cap is $1.91T 10.39%▼ with a 24-hour market volume of $137.25B 65.94%▲. Bitcoin's dominance is currently 42.81% 0.60%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $43,362.85 9.17% ▼ 2 Ethereum ETH $3,025.22 10.05% ▼ 3 Cardano ADA $2.07 11.72%▼ 4 Binance Coin BNB $365.70 12.09%▼ 5 XRP XRP $0.9181 14.16% ▼ *Prices as of 3:30 p.m. ET.

Wyoming-based DAO CryptoFed filed an application with the SEC to become a public company. American CryptoFed DAO LLC is the first DAO to seek SEC recognition through an S-1 filing. More: The DAO project aims to be its own token economy with a non-USD-backed monetary supply and inflation/deflation rate. CryptoFed holds itself out to be the first legally recognized DAO under Wyoming’s newly enacted DAO legislation. According to the filing, CryptoFed is looking to establish two native tokens, Ducat and Locke, in a dual token distribution system. Ducat token will be used to set the price of transactions, while Locke will enable holders to participate in governance.

The U.S. Department of Homeland Security signed a contract with Coinbase to use its blockchain tracking software, Coinbase Analytics. The deal is budgeted at $455,000 for one year, potentially increasing to $1.4M through 2024. More: The U.S. agency hopes that Coinbase Analytics will assist with their cyber crimes unit. Coinbase CEO Brian Armstrong previously announced the company’s aim to strengthen its relationships with law enforcement agencies. This announcement precluded its controversial acquisition of Neutrino, which was founded by members of the Italian spyware company Hacking Team. Coinbase stressed to users that the information from Coinbase Analytics is entirely separate from Coinbase's internal data.

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🍋 Fresh Funding🍋  Rarestone Capital announced a direct strategic investment in NFT gaming and DeFi platform Rainicorn. The strategic investment deal includes purchasing Rainicorn’s RAINI token, direct marketing support, and community and brand assistance. More: Rainicorn offers various play-to-earn, NFT-based games such as the trading card game The Lords of Light. The top 12 play-to-earn games within the Rainicorn ecosystem have processed over $1B in transactions to date. In addition to play-to-earn, the project also includes a cross-chain NFT platform and marketplace and a token launchpad.

▲ TOP GAINERS / ▼ LEAST LOSERS # Name Price 24h % 1 OMG Network OMG $10.48 5.18% ▲ 2 Celo CELO $5.86 0.73% ▼ 3 UNUS SED LEO LEO $2.96 2.70% ▼ 4 Celsius CEL $5.10 6.73% ▼ 5 Nexo NEXO $1.50 7.07% ▼ ▼  TOP LOSERS # Name Price 24h % 1 Tezos XTZ $5.29 23.80%▼ 2 Fantom FTM $1.13 22.41%▼ 3 THORChain RUNE $7.46 22.00%▼ 4 Terra LUNA $27.37 21.72%▼ 5 Harmony ONE $0.1267 21.58%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:30 p.m. ET.

South Korea's Finance Minister Hong Nam-ki stated that its upcoming crypto tax laws will take effect in 2022. Capital gains and income tax legislation in South Korea have been continuously debated and delayed since last October. More: The new law will require 20% capital gains tax and 2% local income tax on crypto gains over 2.5M won ($2,100). The legislation will also require traders to keep accurate records of all their trading activities and file them with the National Tax Service. Officials from the ruling Democratic Party believe that South Korea still lacks the proper crypto infrastructure to effectively implement the law and track all trading activity.

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DeFi protocol pNetwork was exploited in a hack for 277 BTC ($12.7M).  The developers tweeted a proposed $1.5M bounty for the safe return of the funds. More: The pNetwork team identified the bug that resulted in the hack and is "working on fixing it." pNetwork offers users a bridge between Bitcoin and Etherum blockchains, effectively “wrapping” Bitcoin into pBTC. pBTC can be substituted for BTC on any Etherum compatible blockchain. The team called the bounty a “long shot” but hopes the return of the funds will allow the DeFi ecosystem to continue to grow. pNetwork has yet to announce its plans to reimburse the affected users of the hack.

The U.S. Commodity Futures Trading Commission (CFTC) is reportedly investigating Binance for alleged insider trading and market manipulation. The investigation is looking into whether the company or its staff members exploited customers by leveraging their trading activities. More: An anonymous source told Bloomberg that the CFTC has been reaching out to potential witnesses over the past couple of weeks. Binance said it has a strict ethics code and a zero-tolerance policy for insider trading. In August, Binance denied similar allegations that the exchange was trading against its users and committing market manipulation.

QUICK HITS Have you ever wanted an exclusive Q&A with Emmy Award Winning star Dan Levy? Now's your shot. Register for Elevate today to save your spot!* El Salvador bought the dip, adding an additional 150 BTC to its now 700 BTC ($30.2M) bag. Kusama’s (KSM) Moonriver reported $1M in transactions just three weeks after its launch.  NFT project Emblem Vault sales soared 225% this week, marking it as the second-largest NFT project behind Axie Infinity. A dormant Bitcoin wallet holding 616 BTC ($29.4M) moved for the first time since 2012, when it was only worth $8,195. British stock trading app Freetrade snatched Revolut’s Paul Brooking as its new CFO. Black Blockchain Summit, organized by Sinclair Skinner and Cleve Mesidor, is set to take place Friday and Saturday this week. The event is said to be an opportunity for participants to “have conversations that are not being covered in mainstream crypto.” The best customer experiences start with Zendesk. Qualifying startups get 6 months free — apply now!* * Sponsored content

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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