What happened this week around blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a pointed and compact weekly review.
Selected articles of the week:
In March 2022, Lugano announced a significant initiative, solidifying its status as a pioneer in the blockchain realm. Following Zug, Lugano became the second Swiss city to recognize Bitcoin as a legal tender. This strategic move was propelled not only by an alliance with leading stablecoin issuer Tether but also by the unveiling of an extensive economic initiative named “Plan B.” Through collaboration with crypto-friendly businesses, the city of Lugano aimed to establish itself as a key player in the emerging Crypto Valley and secure a pivotal role in this rapidly evolving landscape. Now, Lugano is deepening its partnership with Tether to further promote its local stablecoin, Luga (LVGA). This token is pegged to the Swiss Franc and can be used for purchases within Lugano.
As part of a broader partnership with the City of Lugano, Tether will operate a validation node for the 3Achain.
Crypto mixers, also referred to as tumblers or mixnets, are tools designed to enhance privacy in the cryptocurrency domain. These protocols obscure transaction traces by combining funds from multiple users, making it challenging to track the origins and destinations of cryptocurrencies. Open-source mixers like Tornado Cash, accessible via the Ethereum blockchain, are occasionally exploited by criminals. The US Department of the Treasury identified various Tornado Cash transactions associated with the North Korean cybercrime organization Lazarus. Consequently, US authorities added the protocol, as the first decentralized smart contract, to the sanctions list. Among other concerns, the developers and founders of the service were implicated in allegedly laundering billions of dollars in illicit funds through Tornado Cash. This week, co-founders Roman Storm and Roman Semenov were arrested and are now facing serious charges.
The developers of Tornado Cash are facing charges of money laundering and violations of U.S. sanctions in the United States.
A novel social media platform has taken the blockchain realm by storm over recent weeks. The mobile platform, Friend.tech, enables users to trade “shares” of other participants through a novel feature. The application grants each user a personalized chatroom, access to which requires the acquisition of the corresponding share. This feature aims to empower online personalities to offer exclusive, tailored activities to their followers. Conversely, users can wager on the success of specific personalities and potentially share in their breakthroughs. Undoubtedly an intriguing concept, however, Friend.tech also grapples with certain drawbacks.
Decentralized social media app Friend.Tech took the crypto space by storm. A comprehensive overview of the platform’s rise.
During the second and third weeks of September, Lugano, Zug, and Zurich are set to become the epicenter of the Crypto Valley. An 11-day series of events promises attendees insightful discussions and a comprehensive program covering various aspects of the Web3 landscape. The kickoff will be the NFT Fest Lugano, seamlessly transitioning into the Swiss Web3Fest 2023 in the German-speaking part of Switzerland. Over 2,000 attendees, 150 speakers, 50 partners, and 80 thematic areas will be present at the event series.
The Web3 community will gather in Switzerland for an 11-day series of events from September 7-17, 2023 – the Swiss Web3Fest.
In addition: In mid-June, the globally leading asset manager, BlackRock, astounded the investment world by filing an application for the first spot Bitcoin ETF. This development was met with enthusiasm by the market, propelling Bitcoin (BTC) to a notable 22% surge within a week. Over the ensuing two months, the valuation of the digital asset stabilized within the resistance range around $30,000. Optimism gradually waned, and a week ago, Bitcoin lost its gains since the BlackRock application. A closer look at the reasons behind the recent correction.
The complete overview of the day’s events in the (crypto) markets. Concisely summarized in the CVJ.CH market commentary.
