News Summary: Crypto.com Hacking, Regulation, Cryptoland
First, I will summarize the terrible week of the crypto market. Bitcoin fell below $ 40,000 and Ether lost support at $ 3,000. More … Twitter reveals support for NFT avatars, growing speculation that Wal-Mart may accept digital assets, and plans for Microsoft to jump into the Metaverse. Molly Jane Zuckerman of
CoinMarketCap also shared the headline she caught this week, confirming that Crypto.com suffered a hot wallet hack on Monday. The exchange emphasized that the customer’s funds are safe, but 483 users have fraudulently withdrawn from their accounts. Discuss what investors should do to protect their assets and whether investors should keep their money on these platforms.
After that, attention is paid to busy weeks when it comes to regulation. Spain has announced plans to tighten rules on crypto advertising. Currently, companies that want to reach more than 100,000 people need to get approval first. The UK is doing the same. When it comes to digital assets, we want to make sure consumers don’t get misunderstood. In addition, Singapore’s Bitcoin ATM has been shut down abruptly after regulators warned that crypto trading was “not suitable for the general public.” Are they right … and does the industry welcome clearer rules about advertising?
Finally, I will explain the recent retreat that Cryptoland suffered with the aim of building a lush paradise for Hodler on the island of Fiji. After the promotional video went viral, the project was not only ridiculed, but also faced a backlash against tweets … and the deal to buy 600 acres of real estate failed. Connor and Molly Jane discuss in more detail what happened.
