A coalition of U.S. crypto firms has developed a solution for the Travel Rule. The solution, referred to as the Travel Rule Universal Solution Technology (TRUST), is a platform governed by participating exchanges that will allow firms to securely collect and transmit customer data. What's the travel rule? The travel rule protects against money laundering and terrorist financing by requiring virtual asset service providers to collect names, account numbers, and locations of both the sender and recipient of a transaction. - The rule has long been a part of the banking system, but crypto has lacked the infrastructure to comply until recently.
The participating exchanges: Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets SM, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, Tradestation, Zero Hash, and Zodia Custody. The solution: - Information will be directly transmitted between a platform's users through end-to-end encrypted channels.
- The proof of address ownership helps financial institutions prove they are the intended recipient of the customer's information prior to the information's transmission.
- To use TRUST, platforms must undergo a third-party compliance audit and be unanimously voted in by all existing members.
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JP Morgan has unveiled its virtual lounge inside Decentraland along with a report calling the metaverse a multi-trillion-dollar market. The bank believes that the metaverse could do $1T in annual revenue as creators look for new ways to monetize. It doesn't stop there: - The report stated that the total addressable market of China's metaverse alone will reach $4T as it swaps mobile internet for a more immersive experience.
- Once the metaverse disrupts offline activity like education, the TAM could reach $8T, according to JP Morgan.
- JP Morgan also predicts in-game advertising on popular metaverse platforms to swell to over $18B by 2027.
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Colorado will begin accepting crypto for taxes by the end of this summer, according to Gov. Jared Polis. Due to the speculative risk, the state will not hold the crypto payments, instead enlisting the help of crypto companies to provide a transactional layer. More: - Prior attempts to allow crypto for tax payments were piloted in Ohio and Florida but were ultimately unsuccessful.
- Gov. Polis has a long history of being pro-crypto. He was one of the first U.S. politicians to accept bitcoin for campaign donations in 2014.
- Colorado is hosting the ETHDenver conference this week.
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 Evidence seized from the alleged hackers' apartment An update on the Bitfinex hackers Chief U.S. District Judge Beryl A. Howell called the government’s evidence against Heather Morgan and Ilya Lichtenstein "so weighty as to be overwhelming," calling it the electronic equivalent to a smoking gun. - A search of the couple's apartment found $40,000 in cash, over 50 electronic devices and bitcoin wallets, hollowed-out books, and a bag marked "burner phone."
- The "smoking gun" comment refers to the encrypted key codes found in Lichtenstein's cloud storage account. Federal agents used those codes to unlock and seize $3.6B worth of bitcoin.
Ilya Lichtenstein's pledge of a $5M bond package, including his parents' home, was rejected by Judge Howell, who instead ordered him to be held in a Washington, D.C. jail. Lichtenstein's wife and accomplice, Heather Morgan, was let out on a $3M bond package that also included her parents' home. - She is placed under home incarceration along with electronic bracelet monitoring and limits to virtual currency access.
- The judge said it appears Morgan's involvement began after the hack and only included money laundering.
Prosecutors believe the couple to be "extraordinarily sophisticated" cybercriminals with the skills and finances needed to flee and avoid accountability for their wrongdoing. - An estimated $368M in cryptocurrency linked to the hack remains unaccounted for.
- The couple purchased ~$200,000 worth of gold coins that have not yet been confiscated
- Lichenstein's files point to an attempt to acquire fake banking, passport, and identification credentials.
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The DAO that funds the student attendance of crypto events, Padawan DAO, has lost half its treasury. The loss was incurred through the liquidation of its collateralized debt position on the DAI stablecoin. More: - When the price of Ether fell below $2,200 on Jan. 27, the DAO's DAI position went underwater, and 53 ETH was liquidated.
- Although the DAO's budget was essentially halved, its members believe it provided an important, albeit expensive, lesson in treasury management.
- Padawan DAO was started by open-source designer Rick Burton and was funded largely through donations.
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- x2y2 has begun another vampire attack on OpenSea.
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 |  | Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering. Connect with him on Twitter @trevorisonline |   | | 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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