Multichain Halts Operations Due To Lack Of Funds And CEO Arrest, Indonesia To Launch National Crypto Exchange This Month, US SEC Acknowledges Bitwise Spot BTC ETF Application

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Get your daily, bite-sized roundup of crypto asset and blockchain-related news, digging into the stories flying under the radar in today’s crypto news.

police news

  • cross chain project multichain Announced which ceased its operations due to lack of operating funds. He confirmed that CEO Zhaojun was detained by Chinese police who took away his computers, phones, hardware wallets, and mnemonic phrases. Although the project is protected by multi-party computing, the servers running it were controlled by Zhaojun’s personal cloud server account. Therefore, all those responsible for signing transactions had their access revoked. “All operating funds and investor investments have been under Zhaojun’s control. This also means that all team funds and access to servers are with Zhaojun and the police,” the team said. Zhaojun’s sister transferred certain funds to accounts she controls and was detained on Thursday.
  • A Hong Kong post-secondary student was among six people arrested in a crackdown on a cross-border syndicate that used cryptocurrency to launder more than HK$100 million (US$12.7 million) in crime proceeds, the South china morning post reported. According to police, the student was suspected of helping the group launder funds by using digital wallets to exchange crypto, thereby concealing the origins and flow of crime proceeds, and ultimately transferring the coins to offshore wallets to evade detection, they added. The other suspects include the alleged ringleader, a watch store clerk, and two accused of using bank cards to purchase resalable goods.

exchange news

  • from indonesia Commodity Futures Trading Superintendency (also known as Bappebti), plans to launch the long-awaited national crypto exchange this month, according to local news agency Tempo. reported. Bappebti boss Didid Noordiatmoko said that once the exchange launches, all crypto transactions can be completed through it alone. “Yesterday we agreed on the rules of the stock exchange. So the know-your-customer (KYC) process and all kinds have been regulated there,” he said, adding that the agency has already carried out integration tests of the system between merchants, exchanges , compensation and depositary.

ETF news

  • The United States National Stock Market Commission (SEC) officially recognized digital asset manager bit by bitThe spot bitcoin exchange-traded fund (ETF) application, first filed in October 2021, then modified and filed again in June 2023. The SEC issued the “Notice of Filing of a Proposed Rule Change for Listing and trade Bitwise Bitcoin ETP shares under confidence NYSE Ark Rule 8.201-E (Commodity-Based Trust Actions).” saying that “notice is given that, on June 28, 2023, NYSE Arca [filed with the SEC] the proposed rule change as described in Articles I, II and III below, articles that have been prepared by the self-regulatory organization. The Commission is issuing this notice to solicit comments on the proposed rule change from interested persons.”

wallet news

  • Self-custodial Lightning Wallet, Mutiny Wallet, Announced that its beta version is now available to everyone. It operates on the web and aims to help users control their funds without relying on app store downloads from Apple or Google, the team said. Among other things, he took advantage of Jack Dorsey’s Lightning Development Kit project Block. “In the future, we will add the ability to use your same wallet on multiple devices simultaneously, but for now stick to one device, otherwise bad things will happen,” he said.

nft news

  • Auction house Christie’s and luxury fashion brand gucci are teaming up to launch a collection of non-fungible tokens (NFTs) of digital art. The collaborative auction, called “Future Frequencies: Explorations in Generative Art and Fashion,” will be open for bidding from July 18-25. It will offer 21 NFTs of talent in the digital art space, focused on generative systems and artificial intelligence. world water day reportedincluding Claire Silver, Emi Kusano, Emily Xie, William Mapan, Zach Lieberman, Botto, Helena Sarin, and DRAUP, among others.

Political news

  • New York City (USA) Mayor Eric Adams will modify his financial disclosure form to reflect that he owns cryptocurrency, the Daily News reported, citing Adam’s spokesman. The news outlet claimed that the form does not include information on bitcoin (BTC) and ethereum (ETH) that the mayor claimed to have invested in. He answered “no” to a question about whether “by the end of 2022” he had a stake. in “any security (such as stocks, bonds, ETFs, mutual funds, or cryptocurrencies) with a market value of $1,000 or more,” despite “the fact that you said upon taking office that you would convert your first three paychecks “, value about $30,000 before taxes and deductions, in BTC and ETH. As recently as November 2022, Adams said that he still had that cash in these cryptocurrencies, according to the report.

career news

  • crypto exchange Binance announced the appointment of Eleanor Hughes, a legal professional with 15 years of experience, as its General Counsel. According According to the press release, Hughes will lead the company’s legal affairs along with a team of 85 attorneys. She joined the legal team in November 2021 and was promoted to Head of Legal for APAC and MENA for Binance. “She will also work closely with the global compliance team to support Binance’s commitment to grow the industry responsibly in close collaboration with regulators and lawmakers globally,” the exchange said.